ECONOMY

The Bill was passed after the upper chamber reviewed key highlights of the bill, which outlines a total aggregate expenditure of 54.99 trillion naira. The budget breakdown includes significant allocations for recurrent spending, capital projects, and debt servicing, as well as a projected fiscal deficit. Key Budget Allocations include Total...

The Nigeria Employers’ Consultative Association (NECA) has demanded a reversal of the four per cent charge on the Free on Board (FOB) value of imports by the Nigeria Customs Service (NCS). NECA’s Director-General, Mr Adewale-Smatt Oyerinde, made the call in a statement on Sunday. The NCS spokesman, Mr Abdullahi Maiwada,...

President Bola Tinubu has asked the National Assembly to increase the 2025 budget by N4.5 trillion, raising the total from N49.7 trillion to N54.2 trillion. The president’s request was contained in a letter read by the Senate President, Godswill Akpabio, during plenary on Wednesday. The letter was also read by...

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says the apex bank is determined to curb inflation and stabilise the nation’s economy. He stated this in Abuja during the Monetary Policy Forum 2025, featuring fiscal authorities, legislative, private sector, development partners, subject-matter experts, and scholars. Speaking on...

Tracka, BudgIT’s service delivery promotion platform, which allows citizens to collaborate, track and give feedback on public projects in their communities, has uncovered payments worth N2.4 billion to seventeen contractors for fifteen projects across nine states—yet no contractor has commenced work on these sites. According to Ayomide Ladipo Head, Tracka...

The Nigerian Economic Summit Group (NESG) has said that headline inflation could drop to 24.7 per cent in 2025 if there is improvements in fiscal and monetary policy alignment. The economic advocacy group similarly forecasts the foreign exchange rate to stabilise at an average of N1,300 to the dollar. It...

A group, the Citizens Network for Peace and Development in Nigeria, has faulted the Nigeria Governors Forum’s VAT sharing formula for states in the proposed Tax Reform Bill. The group in a communiqué issued on the proposed bill at the end of its citizen’s engagement on Friday in Abuja, said...

The Nigerian Economic Summit Group (NESG) has painted a positive picture of the nation’s economic outlook for 2025 with the potential to achieve a 5.5 per cent GDP growth rate. NESG, however, pointed out that this positive outlook was only possible provided the current reforms are sustained. The projection was...

President, African School of Governance (ASG) in Kigali, Rwanda, Professor Kingsley Moghalu, has said Nigeria needs a new constitution to overcome the problem of its state formation and the state of the economy. He stated that many Nigerian leaders have continued to shy away from the conversation about a new...

The Nigerian National Petroleum Company Limited (NNPCL) has remitted N10 trillion to the federation account, making it the highest taxpayer in the country and remains the only company in Nigeria that publishes 100% of its account statements annually. This is according to the Group Chief Executive Officer (GCEO), Malam Mele...