Economy

Nigeria’s public debt stock as at Dec. 31, 2023 was N97.341 trillion (108.229 billion dollars), according to data released by the Debt Management Office (DMO) on Friday in Abuja. The DMO said that the amount comprised domestic and external debt stocks of the Federal Government, the 36 states governments and…

The newly appointed Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola says the agency’s management under his leadership will build a purpose driven organisation, while also prioritising effective communication at all levels to enhance innovation, collaboration and synergy. In his maiden address on his…

The Minister of Information and National Orientation, Mohammed Idris, has said the vision of President Tinubu is to create an enabling environment where businesses can thrive through streamlining regulations, investment incentives, provision of infrastructure, and robust policies aimed at fostering economic stability and prosperity. The Minister stated this in Kano…

The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr. Olayemi Cardoso, to process an inherited backlog of US$7 billion in claims. This was disclosed by the Bank’s Acting Director, Corporate Communications, Mrs.…

Nigeria’s aggregate Company Income Tax (CIT) for Q4 2023 dropped by 35.40 per cent to N1.13 trillion from N1.75 trillion recorded in Q3 2023, the National Bureau of Statistics (NBS) said. This is as the aggregate Value Added Tax (VAT) rose 26.61 per cent to N1.20 trillion from N948.07 billion…

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has appealed to the Economic and Financial Crimes Commission (EFCC) to help tackle the menace of crude oil theft in the country. The Group Chief Executive Officer of the company, Mr. Mele Kyari, made the appeal at an interactive session with the…

The Central Bank of Nigeria (CBN) reported a significant increase in foreign exchange inflow into the economy in February 2024, with marked increments in remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors. Speaking with newsmen in Abuja,  the Bank’s Acting Director of Corporate Communications,…

The Central Bank of Nigeria (CBN), has announced revocation of operational licences of 4,173 Bureaux De Change (BDCs) for failure to observe some regulatory provisions. According to a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi, the move is in exercise of the powers conferred on…

Nigeria’s House of Representatives Public Account Committee (PAC) has summoned the Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso to appear before it on or before Tuesday, March 5, or face arrest warrant. Rep. Bamidele Salam, the chairman of the committee said this in Abuja on Tuesday at the…

Story by: Abiodun Folarin   The Monetary Policy committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday increased interest rate- the Monetary Policy Rate (MPR) by 400 basis points from 18.75 per cent to 22.75% saying that the  hike in policy rate will help tame inflation pressure. The…