Fed Government Says Economy Witnessing Significant Turnaround

EconomyNewsNigeriaFed Government Says Economy Witnessing Significant Turnaround

Uzoamaka Ikezue (Staff Reporter)May 14, 2025

The Federal Government has said that the economy is witnessing significant turnaround, garnering investors’ confidence, and a renewed focus on national priorities. The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, noted that the turnaround is driven by bold reforms, improved coordination, and a renewed focus on national priorities. In a feature interview for an upcoming TV documentary marking President Bola Ahmed Tinubu’s second anniversary, the Minister declared that the government’s “Renewed Hope...

CONTINUE READING
Poverty to Rise in Nigeria by 3.6% By 2027, Says World Bank

BusinessEconomyNewsNigeriaPoverty to Rise in Nigeria by 3.6% By 2027, Says World Bank

By Ezinwanne Onwuka (Senior Reporter)April 24, 2025

The World Bank has raised fresh concerns over Nigeria’s economic outlook, warning that poverty levels in the country are likely to rise by 3.6 per cent between now and 2027. The projection is contained in the latest edition of the Africa’s Pulse report, which was released this week during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C. “Poverty in resource-rich, fragile countries—including large economies like Nigeria and...

CONTINUE READING
Nigerian Stock Market Recovers with ₦101 Billion Gain

BusinessNewsNigeriaNigerian Stock Market Recovers with ₦101 Billion Gain

By Ezinwanne Onwuka (Senior Reporter)April 10, 2025

On Tuesday, the Nigerian stock market saw a positive change, recovering ₦101 billion after several days of losses. The total value of all the stocks on the market rose by ₦101 billion, ending the day at ₦65.589 trillion, up from ₦65.488 trillion on Monday. The stock market’s key index also went up by 159.88 points, closing at 104,376.75, a small but welcome rise from the previous day. However, not all stocks performed well. While some...

CONTINUE READING
CBN Reports $6.83bn Balance of Payments Surplus in 2024

BusinessNewsNigeriaCBN Reports $6.83bn Balance of Payments Surplus in 2024

By Ezinwanne Onwuka (Senior Reporter)April 10, 2025

The Central Bank of Nigeria (CBN) has announced a remarkable turnaround in the country’s external financial standing, recording a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year. This marks a significant recovery from a deficit of $3.34 billion in 2023 and $3.32 billion in 2022. According to a press release on 9 April 2025, the CBN stated that the surplus “reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance,...

CONTINUE READING
FG Set To Review 2025 Budget Assumptions 

BusinessNewsNigeriaPoliticsFG Set To Review 2025 Budget Assumptions 

Uzoamaka Ikezue (Staff Reporter)April 8, 2025

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy has said that the federal Government would take a second look at the 2025 budget assumptions. Edun’s statement is coming after US President Donald Trump slapped a 14 per cent tariff on non-mineral exports. This was disclosed at the corporate governance forum on Monday in Abuja, where a performance scorecard for State Owned Enterprises (SOEs) was also launched. In the 2025 Appropriation Act,...

CONTINUE READING
World Bank Injects $1.08bn into Nigeria’s Development

BusinessNewsNigeriaWorld Bank Injects $1.08bn into Nigeria’s Development

By Ezinwanne Onwuka (Senior Reporter)April 3, 2025

The World Bank has approved three operations in Nigeria, amounting to $1.08 billion in concessional financing, to improve education quality, enhance nutrition, and support economic resilience for vulnerable communities. The funding includes $500 million for the Hope for Quality Basic Education for All (HOPE-EDU) initiative, $500 million in additional financing for the Nigeria: Community Action for Resilience and Economic Stimulus (NG-CARES) programme, and $80 million for Accelerating Nutrition Results in Nigeria (ANRIN 2.0). The NG-CARES...

CONTINUE READING
CBN Reports Strongest Net Foreign Exchange Reserve Position in Over 3 Years

BusinessEconomyNewsNigeriaCBN Reports Strongest Net Foreign Exchange Reserve Position in Over 3 Years

Anthony O. OgboApril 2, 2025

The Central Bank of Nigeria (CBN) has announced a significant improvement in Nigeria’s Net Foreign Exchange Reserve (NFER), which has surged to $23.11 billion, the highest level in over three years. This marks a sharp increase from $3.99 billion at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021. The CBN attributed this growth to strategic policy measures, including a deliberate reduction in short-term foreign exchange liabilities, such as FX swaps...

CONTINUE READING
Fuel Prices Surge as Dangote Refinery Suspends Sales in Naira

BusinessEconomyNewsNigeriaFuel Prices Surge as Dangote Refinery Suspends Sales in Naira

By Ezinwanne Onwuka (Senior Reporter)March 20, 2025

Nigerians are bracing for another fuel price hike after Dangote Petroleum Refinery temporarily halted the sale of refined petroleum products in naira, citing currency mismatches in crude oil purchases. The refinery announced that its sales in naira had surpassed the value of naira-denominated crude received, making it necessary to suspend local currency transactions. “To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result,...

CONTINUE READING
Nigeria’s Inflation Rate Falls for Second Consecutive Month

BusinessEconomyNewsNigeriaNigeria’s Inflation Rate Falls for Second Consecutive Month

By Ezinwanne Onwuka (Senior Reporter)March 18, 2025

Nigeria’s inflation rate dropped to 23.18 per cent in February 2025, down from 24.48 per cent in January, according to the National Bureau of Statistics (NBS). This marks the second consecutive month of decline following the rebasing of Nigeria’s Consumer Price Index (CPI) in January 2025. The rebasing updated the base year from 2009 to 2024 and expanded the number of goods and services tracked from 740 to 960, providing a more accurate picture of...

CONTINUE READING
Reps Approve Tinubu’s Tax Reform Bills, Retain 7.5% VAT

BusinessEconomyNewsNigeriaReps Approve Tinubu’s Tax Reform Bills, Retain 7.5% VAT

By Ezinwanne Onwuka (Senior Reporter)March 14, 2025

The House of Representatives has approved four tax reform bills proposed by President Bola Tinubu, aiming to overhaul the nation’s tax system. The bills, however, underwent notable amendments during the legislative process. The approved bills—the Nigerian Tax Bill, Tax Administration Bill, Revenue Tax Board Bill, and Nigerian Revenue Service Establishment Bill—are designed to modernise the country’s tax system and boost revenue generation. The key amendments include retaining the Value Added Tax rate at the current...

CONTINUE READING

Newer Posts

Older Posts

WP2Social Auto Publish Powered By : XYZScripts.com