We Maintain Zero Borrowing Policy In Project Financing, Ekiti Govt

EconomyNewsNigeriaWe Maintain Zero Borrowing Policy In Project Financing, Ekiti Govt

Uzoamaka Ikezue (Staff Reporter)January 30, 2025

Ekiti State Government has said that it has maintained a zero borrowing policy in project financing. This was disclosed on Thursday when the government presented a breakdown of the N375.7 billion 2025 Budget signed into law by Governor Biodun Oyebanji on 30th December 2024 to the general public, with a confirmation that the administration has not borrowed a dime to finance its projects. Giving an highlight of the 2025 budget tagged “ Budget of Sustainable...

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Festive Season Drives Inflation to 34.80% in December

BusinessEconomyNewsNigeriaFestive Season Drives Inflation to 34.80% in December

By Ezinwanne Onwuka (Senior Reporter)January 15, 2025

Nigeria’s inflation rate increased for the fourth consecutive month, reaching 34.80 per cent in December 2024, compared to 34.60 per cent recorded in November. This was disclosed by the National Bureau of Statistics (NBS) in its latest report released on Wednesday. The NBS attributed the rise to heightened demand during the festive season, with food and non-alcoholic beverages being the key contributors to the surge. Despite the rise in overall inflation, food inflation slightly eased...

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Dangote Refinery Slashes Petrol Price to ₦899.50

EconomyNewsNigeriaDangote Refinery Slashes Petrol Price to ₦899.50

By Ezinwanne Onwuka (Senior Reporter)December 19, 2024

The Dangote Petroleum Refinery, Africa’s first privately-owned oil refinery, has announced a reduction in the price of its Premium Motor Spirit (PMS), popularly known as petrol, to N899.50 per litre. The price cut is intended to ease transport costs for Nigerians during the Christmas and New Year celebrations. This development was disclosed in a statement issued on Thursday by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina. Mr Chiejina explained that...

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Cost-of-Living Crisis Worsens as Inflation Hits 34.60% in November

EconomyNewsNigeriaCost-of-Living Crisis Worsens as Inflation Hits 34.60% in November

By Ezinwanne Onwuka (Senior Reporter)December 16, 2024

Nigeria’s inflation rate has climbed again, reaching 34.60 per cent in November, up from 33.88 per cent in October. This was revealed in the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) on Monday. The rising cost of living has been linked to the naira’s devaluation and repeated petrol price hikes, both of which have pushed many Nigerians into tough financial situations. To tackle the inflationary pressure, the Central Bank...

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Economy: Group Defends NBS Reports On GDP, Unemployment Figure

EconomyNewsNigeriaPoliticsEconomy: Group Defends NBS Reports On GDP, Unemployment Figure

Uzoamaka Ikezue (Staff Reporter)December 12, 2024

A Think Tank group, the Independent Media and Policy Initiative (IMPI) has defended the two recently released reports by the National Bureau of Statistics (NBS) on Nigeria’s latest Gross Domestic Product (GDP) figure and the unemployment rate, saying that reports agree with global metrics. This is against the backdrop of claims by some critics who had sought to discredit the reports that is why were largely positive a few weeks after they had hailed a...

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Nigeria’s GDP Grows by 3.46% in Q3 2024

BusinessEconomyNewsNigeriaNigeria’s GDP Grows by 3.46% in Q3 2024

By Ezinwanne Onwuka (Senior Reporter)November 26, 2024

Nigeria’s economy grew by 3.46 percent in Gross Domestic Product (GDP) in the third quarter (Q3) of 2024, up from 3.19 percent in Q2 2024, the National Bureau of Statistics (NBS) reported. This marked an improvement from 2.54 percent in Q3 2023. “In the quarter under review, aggregate GDP at basic price stood at N71.13 trillion ($42.15 billion) in nominal terms,” the NBS stated, noting a year-on-year growth of 17.26 percent compared to N60.66 trillion...

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Nigeria’s Unemployment Rate Drops to 4.3% in second quarter, 2024

EconomyNewsNigeriaNigeria’s Unemployment Rate Drops to 4.3% in second quarter, 2024

By Ezinwanne Onwuka (Senior Reporter)November 25, 2024

…GDP Grows by 3.46% Nigeria’s unemployment rate has decreased to 4.3 per cent in the second quarter (Q2) of 2024, showing a reduction from 5.3 per cent in Q1 2024, according to the latest report by the National Bureau of Statistics, NBS. The report, released on Monday, also indicated a slight increase in unemployment compared to 4.2 per cent recorded in Q2 2023. The report shows that male unemployment stood at 3.4 per cent, while...

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CBN Reports 39.77% Rise in 2024 Nigeria’s Foreign Debt Payments

BusinessEconomyNewsNigeriaCBN Reports 39.77% Rise in 2024 Nigeria’s Foreign Debt Payments

By Ezinwanne Onwuka (Senior Reporter)November 13, 2024

…State Debt Soars to N11.47 Trillion, Fuelled by Currency Devaluation The Federal Government of Nigeria spent $3.58 billion on foreign debt servicing from January to September 2024, reflecting a 39.77 per cent increase from the $2.56 billion spent in the same period in 2023, according to data from the Central Bank of Nigeria, CBN. The CBN’s report on international payment statistics indicates that the highest monthly debt servicing expenditure in 2024 was recorded in May,...

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Fuel Price Hike: Car Owners in Kano Now Use Bicycles, Electric Bikes

BusinessEconomyNewsNigeriaFuel Price Hike: Car Owners in Kano Now Use Bicycles, Electric Bikes

Hassan Umar Shallpella (Regional Correspondent)November 11, 2024

Due to high cost of petroleum which jumped to N1, 150, 00 in Kano state, some car owners have abandoned their vehicles and resort to trekking, while others use bicycles, electric bikes and commercial tricycles for mobility. It was observed that the number of pedestrians, bicycle riders and electric bike users have increase with fewer cars on the road. One of the pedestrians, Sani Isa, said he resorted to the use of a bicycle because...

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Fuel Scarcity in Nigeria to End Soon, Says IPMAN Official

EconomyNewsNigeriaFuel Scarcity in Nigeria to End Soon, Says IPMAN Official

By Ezinwanne Onwuka (Senior Reporter)October 27, 2024

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has assured that the ongoing fuel scarcity across the country will soon end. The association’s publicity secretary, Ukadike Chinedu, disclosed to journalists that disruptions in the supply chain were responsible for the shortage, but he assured that fuel would become available in the coming weeks. “The supply chain is dependent on the importation of petroleum products, but now the federal government has decided that they will not...

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