ECONOMY

Nigeria Customs Service (NCS) has revealed that it lost N1.3 trillion in 2023 due to waivers and concessions that former President Muhammadu Buhari’s administration granted to investors. The Customs also said it was not privy to details of the Custom’s $3.2bn modernisation project. The NCS Comptroller-General, Adewale Adeniyi, disclosed this...

    Nigeria’s headline inflation rate rises to 27.33 per cent in October 2023, according to the data released on Wednesday by the National Bureau of Statistics (NBS). The NBS disclosed this in its Consumer Price Index, CPI, and Inflation Report for October, which was released in Abuja today. According...

  The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has unveiled the potential for Nigeria to amass over $13.3 billion in annual revenue by establishing a national asset register. Edun made this known during the Afrinvest 2023 Nigerian Banking Sector Report launch in Lagos. During...

President Bola Tinubu has secured a multi-billion dollar infrastructure funding package from the Islamic Development Bank (IDB) to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria. Business247News reports that this was disclosed in a statement by presidential spokesperson Ajuri Ngelale on Tuesday. The...

  Nigeria’s headline inflation rate has been tipped to hit 30 per cent by December 2023, global financial advisory service firm, Klynveld Peat Marwick Goerdeler (KPMG) has predicted. KPMG in its macroeconomic review for the first half of 2023 and outlook for the year’s second half (H2) noted that recent...

  Around half of Nigerian workers who earn the minimum wage in the country allocate their entire income towards covering their fundamental food requirements. This is according to a survey conducted by SBM Intelligence, a Nigerian geopolitical intelligence platform, and published on their website to highlight Nigeria's escalating inflation and...

    The International Monetary Fund (IMF) has disclosed that China’s declining growth is set to affect Nigeria’s economic fortune. IMF noted that because China has forged deep economic ties with countries in sub-Saharan Africa over the past 20 years, its recent declining growth may affect growth in Nigeria by...

  Delta, Rivers, Akwa Ibom top recipients The Federation Account received total revenue of N14.38 trillion in 2020 and 2021 with the minerals sector contributing N6.4 trillion or 45 per cent of total revenue remitted and the non-minerals sector contributing N4.8 trillion or 33 per cent of the total revenue,...

The Central Bank of Nigeria (CBN) has instructed its branches nationwide to continue issuing both old and redesigned naira notes in ample quantities to deposit money banks. The directive comes on the heels of reports of cash scarcity in major cities despite earlier assurances from the CBN about sufficient cash...

President Bola Tinubu signed the N2.176 trillion Supplementary Appropriation Act on Wednesday in Abuja to strengthen Nigeria’s security architecture and address the critical infrastructure deficit, amongst other considerations. According to a statement by the presidential spokesperson, Ajuri Ngelale, the president signed the Supplementary Appropriation Act, 2023, in his office at...