ECONOMY

  Nigeria’s headline inflation jumped to 24.08 per cent, standing at 18 year-high in July 2023, the National Bureau of Statistics (NBS) has revealed. The last time Nigeria recorded an inflation rate above 24 per cent was in September 2005. In June, inflation was recorded at 22.79 per cent, but...

  The Central Bank of Nigeria (CBN) has revealed its plans to implement new measures aimed at stabilizing the naira against the dollar as part of efforts to address the persistent depreciation of the local currency. The Acting Governor of the CBN, Folasodun Shonubi, disclosed this during a press briefing...

BudgIT, a civic-tech organization leading the advocacy for transparency, accountability, and effective service delivery in Nigeria, calls for an immediate release of a transparency and accountability plan to ensure President Bola Ahmed Tinubu's promises are fulfilled following the President’s July 31st national broadcast concerning the nation’s current economic crisis. According...

  The Campaign for Equal Rights and Opportunities for all Nigerians (CERON) has urged President Bola Tinubu to take urgent steps to save the Nigerian Naira from further slid. The group warned that the slid in the Naira is taking its toll on Nigerians and pushing more Nigerians into poverty...

  FIRS to be the sole collecting agent The Nigeria Customs Service and 62 other Ministries, Departments and Agencies (MDAs) of the Federal Government will stop direct collection of revenue, the Presidential Committee on Tax Policy and Fiscal Reforms revealed. This was disclosed by the Chairman of the Committee, Taiwo...

  meets with Tinubu in Aso Rock The Director-General of World Trade Organisation (WTO) Professor Ngozi Okonjo-Iweala on Tuesday promised that  she alongside her team will do their best to support Nigeria at this difficult time. She stated this while speaking with State House correspondents after meeting with President Bola...

  President Bola Tinubu has expressed his administration’s commitment to break the cycle of overreliance on borrowing for public spending that results in the burden of debt servicing. Inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms on Tuesday in Abuja, the President charged the committee to improve the...

  Ajay Banga, World Bank president, has commended President Bola Tinubu for his early macro-fiscal reforms and commitment to economic stability. Banga spoke to journalists after a meeting with Tinubu in Abuja on Friday. He said the World Bank would support Nigeria not only with financial aid but also with...

The United Kingdom (UK) through its Foreign, Commonwealth and Development Office (FCDO) has promised to continue to focus on building future investment links and collaborate with Nigerian Exchange Limited (NGX) to ensure Nigeria’s economic potential is unlocked. This was even as the UK government announced the Mobilising Institutional Capital Through...

The International Monetary Fund (IMF) has revealed that economic growth in Nigeria in 2023 and 2024 is projected to decline gradually due to security issues in the oil sector. This is contained in the IMF’s latest World Economic Outlook (WEO) Update Report for July 2023: “Near-Term Resilience, Persistent Challenges”, released...