FMBN Task Team Recovers N12bn From Non-Performing Loans

EconomyNewsNigeriaFMBN Task Team Recovers N12bn From Non-Performing Loans

Hassan Umar Shallpella (Regional Correspondent)August 27, 2024

The Recovery Task team set up by the Federal Mortgage Bank of Nigeria (FMBN), has so far recovered N12 billion from non-performing loans. The Managing Director of the bank, Shehu Usman Osidi disclosed this on Monday during his opening address at the 2024 Management Retreat. “The recent engagements with institutions such as MOFI, CBN, and Shelter Afrique Development Bank have already begun to yield tangible results, including the recovery of N12 billion previously trapped by...

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NBS Reports Strong Economic Performance with 3.19% GDP Growth in Q2 2024

EconomyNewsNigeriaNBS Reports Strong Economic Performance with 3.19% GDP Growth in Q2 2024

By Ezinwanne Onwuka (Senior Reporter)August 27, 2024

Nigeria’s Gross Domestic Product, GDP, grew by 3.19 per cent in the second quarter of 2024, surpassing the 2.51 per cent growth recorded in the same period last year, according to the National Bureau of Statistics, NBS. In its Q2 2024 GDP Report released on Monday, the NBS highlighted that this growth rate outpaced both the 2.51 per cent achieved in the second quarter of 2023 and the 2.98 per cent recorded in the first...

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First Lady, Oluremi Tinubu Disburses N50M Grants To 1,000 Edo Women

EconomyNewsNigeriaFirst Lady, Oluremi Tinubu Disburses N50M Grants To 1,000 Edo Women

Uzoamaka Ikezue (Staff Reporter)August 24, 2024

The first lady, Senator Oluremi Tinubu, has provided a lifeline to 1,000 women petty traders in Edo State through her “Renewed Hope Initiative” (RHI) in a powerful demonstration of the Federal Government’s commitment to grassroots economic empowerment. A total of N50 million was distributed, with each beneficiary receiving a grant of ₦50,000. Betsy Obaseki presented the cheques on behalf of the First Lady of Nigeria, Senator Oluremi Tinubu at the empowerment ceremony, held at the...

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Bumper harvests: Food Prices Normalize In Kano, Kaduna, Katsina

EconomyNewsNigeriaPoliticsBumper harvests: Food Prices Normalize In Kano, Kaduna, Katsina

Hassan Umar Shallpella (Regional Correspondent)August 19, 2024

Reports from Kano, Kaduna and Katsina, states indicate that with the bumper harvest, prices of food items have normalize in some parts of the states while prices have remained high in certain areas. Investigations revealed several factors influencing the varying prices of foodstuffs, impacting the purchasing power of ordinary citizens in these states. In Kano State, the arrival of new harvests has led to a reduction in the prices of some food items. A survey...

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Nigeria’s Inflation Rate Drops to 33.40% in July

EconomyNewsNigeriaNigeria’s Inflation Rate Drops to 33.40% in July

By Ezinwanne Onwuka (Senior Reporter)August 16, 2024

The National Bureau of Statistics, NBS, has announced a decline in Nigeria’s headline inflation rate to 33.40 per cent in July, representing a 0.8 per cent point decrease from the 34.19 per cent recorded in June. According to the NBS Consumer Price Index and Inflation Report for July, released on Thursday in Abuja, the year-on-year inflation rate in July 2024 was 9.32 per cent higher than the rate recorded in July 2023, which stood at...

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CBN Raises Interest Rate to 26.75% as Inflation Bites Harder

BusinessEconomyNewsNigeriaCBN Raises Interest Rate to 26.75% as Inflation Bites Harder

By Ezinwanne Onwuka (Senior Reporter)July 24, 2024

The Central Bank of Nigeria, CBN, on Tuesday, announced a 50 basis point increase in the monetary policy rate, MPR, from 26.25 per cent to 26.75 per cent. CBN Governor, Olayemi Cardoso, made the announcement at the end of the 296th meeting of the Monetary Policy Committee, MPC, in Abuja on Tuesday. The increase is a desperate attempt to tame the rising inflation rate, which stood at 34.19 per cent as of last week. The...

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Nigerians Feel the Pinch as Inflation Hits Record High of 34.19%

EconomyNewsNigeriaNigerians Feel the Pinch as Inflation Hits Record High of 34.19%

By Ezinwanne Onwuka (Senior Reporter)July 16, 2024

Nigerians are feeling the heat as inflation skyrockets to a record-breaking 34.19 per cent in June 2024, according to the National Bureau of Statistics, NBS. This marks a jump from May’s 33.95 per cent and a massive 11.40 percentage points higher compared to the 22.79 per cent recorded in June 2023. “This means that in the month of June 2024, the rate of increase in the average price level is higher than the rate of...

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Trucks of Rice Delivered to States as Tinubu’s Government Battles Food Crisis

EconomyNewsNigeriaTrucks of Rice Delivered to States as Tinubu’s Government Battles Food Crisis

By Ezinwanne Onwuka (Senior Reporter)July 16, 2024

To alleviate the impact of rising food prices, the Nigerian government has announced the distribution of trucks of rice to all 36 states and the Federal Capital Territory, FCT, Abuja. This comes as the National Bureau of Statistics reported a record-breaking inflation rate of 34.19 per cent in June 2024, with food prices experiencing a particularly sharp increase. Each State and the FCT received 20 trucks, although previous reports suggested each state would receive five....

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Federal Government Suspends, Tariffs, Taxes On Imported Food Items

BusinessEconomyNewsNigeriaFederal Government Suspends, Tariffs, Taxes On Imported Food Items

Hassan Umar Shallpella (Regional Correspondent)July 10, 2024

In its effort to achieve food security and economic stability in the country, the Federal Government has suspended duties, tariffs, and taxes on some essential food items imported through land and sea borders. Abubakar Kyari, Minister of Agriculture and Food Security who announced this at a press briefing held at the National Press Centre, Abuja on Monday, said the move is part of the Presidential Accelerated Stabilization and Advancement Plan aimed at achieving food security...

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Nigeria’s Cost of Living Crisis Worsens As Inflation Rate Hits 33.95%

BusinessEconomyNewsNigeriaNigeria’s Cost of Living Crisis Worsens As Inflation Rate Hits 33.95%

Hassan Umar Shallpella (Regional Correspondent)June 17, 2024

The National Bureau of Statistics, NBS, released data on Saturday showing Nigeria’s inflation rate climbed to a staggering 33.95 per cent in May, the highest level in 28 years. This represents a 0.26 percentage point increase from April’s already concerning rate of 33.69 per cent. The report highlights a relentless rise in the cost of living, with food prices at the forefront. Food inflation specifically reached 40.66 per cent in May, up from 40.53 per...

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