ECONOMY

Customs says it recorded a surge in monthly revenue collection from N202 billion to N333.9 billion in the past four months. Comptroller-general of Nigeria Customs Service Mr. Adewale Adeniyi says the service recorded a surge in monthly revenue collection from N202 billion to N333.9 billion in the past four months....

  Tracka, BudgIT’s service delivery promotion platform, which allows citizens to collaborate, track, and give feedback on public projects in their communities, has uncovered N8.6 billion payments to 26 contractors for 19 projects across nine states that have either been abandoned or not done. According to a press statement on...

  Fitch Ratings has affirmed Nigeria’s long-term foreign-currency issuer default rating at ‘B-‘with a stable outlook, citing the reforms being implemented by the administration of President Bola Tinubu. It would be recalled that a year ago, the global rating agency lowered the country’s credit score to ‘B-‘ from ‘B’ and...

Fitch Ratings has affirmed Nigeria’s long-term foreign currency credit default outlook at B- citing recent policies by President Tinubu as responsible for the stable outlook. It also raised concerns over the proposed $10 billion forex loan which the government plans to use to offset forex backlogs and inject liquidity into...

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reiterated that under his leadership, the Bank would focus mainly on the core mandate of price stability. The bank dislosed yesterday that Mr. Cardoso restated the direction of his leadership, while playing host to the Impact Investing...

The Federal Government on Monday approved a N2.18 trillion supplementary budget for the 2023 fiscal year to cover additional spending in defence, works as well as welfare packages such as wage awards and conditional cash transfers agreed with the Organised Labour. Unveiling the details to State House correspondents at the...

The Federation Account Allocation Committee has shared a total of N903.480 billion September 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils. This was contained in a communique by the FAAC at the end of its October meeting held in Abuja on Tuesday. The communique indicated...

  The Federal Executive Council (FEC) on Monday endorsed the formation of a $5 million annual trust fund dedicated to humanitarian and poverty alleviation initiatives  in the country. President Bola Tinubu chaired the weekly FEC meeting and communicated the approval to the cabinet members present at the State House. Betta...

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the federal budget cannot be sustained by the Ways and Means advances from the Central Bank of Nigeria. The Minister made this statement on Monday when speaking at the National Economic Summit in Abuja. He...

The International Monetary Fund (IMF) has predicted that South Africa may overtake Nigeria as Africa’s largest economy, according to its World Economic Outlook. South Africa, the most industrialised country on the continent, aims to achieve a gross domestic product (GDP) of $401 billion by 2024. However, at current prices, Nigeria...