FG Secures $134m AfDB Loan to Boost Food Production Nationwide

The Federal Government of Nigeria has secured a $134 million loan from the African Development Bank, AfDB, to enhance seed and grain production, according to a press release from the Federal Ministry of Agriculture and Food Security. The Minister of Agriculture and Food Security, Senator Abubakar Kyari, disclosed this during the launch of the 2024/2025 National Dry Season Farming initiative in Calabar. The event was attended by the Deputy Governor of Cross River State, Peter...

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

…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,...

Minimum Wage: Nigeria Labour Congress To Commence Indefinite Strike

Members of the Nigeria Labour Congress, NLC in states yet to commence the implementation of the new minimum wage are to begin an indefinite strike from December 1, 2024. This is contained in a communique issued after the NLC National Executive Council, NEC, meeting held at the weekend. The communique of the meeting read in part, “The NEC notes with deep frustration the persistent delay and outright refusal by some state governments to implement the...

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

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...

Fuel Scarcity in Nigeria to End Soon, Says IPMAN Official

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...

Central Bank Says No Expiration Date for Old Naira Notes

The Central Bank of Nigeria, CBN)l, has dismissed reports suggesting that the old naira notes will cease to be legal tender by 31 December 2024. In a statement issued on Thursday via its official social media accounts, the CBN’s acting Director of Corporate Communications, Sidi Ali Hakama, reaffirmed that both the old and redesigned N200, N500, and N1,000 notes will remain legal tender indefinitely as mandated by the Supreme Court on 29 November 2023. The...

Fuel Price Hike: Tinubu Introduces CNG at N200 as Alternative

“Nigeria’s motorists can buy petrol at N1,000 per litre or equivalent gas per Standard Cubic Meter at N200..” President Bola Ahmed Tinubu has disclosed that Nigerian motorists can now purchase petrol at N1,000 per litre. However, he added that the equivalent of a litre of petrol—measured as one Standard Cubic Meter of Compressed Natural Gas, CNG—is available at N200. Tinubu made this statement during a meeting with executives of the Nigerian Independent Petroleum Company, NIPCO,...

Nigeria’s Growth Outlook Dims as IMF Cuts 2024 GDP Forecast to 2.9%

The International Monetary Fund, IMF, has revised Nigeria’s 2024 economic growth forecast downward to 2.9 per cent from the earlier projection of 3.1 per cent in July. The downgrade, contained in the IMF’s latest World Economic Outlook, WEO, report, attributes the adjustment to disruptions in oil production, severe flooding, and persistent inflation. The report notes that flooding, coupled with ongoing security and maintenance challenges in the oil sector, has significantly affected economic activities. “Over the...

Reps Demand Reversal of Petrol Price Hike as Talks with Labour Stall

The House of Representatives has called on the federal government to reverse the recent hike in petrol and cooking gas prices. This resolution was reached during plenary on Wednesday following the adoption of a motion co-sponsored by Kingsley Chinda, Aliyu Madaki, and 109 other lawmakers. On 9th October, the Nigerian National Petroleum Company, NNPC, Limited increased the price of petrol across its retail outlets, a move that has sparked public outcry. While presenting the motion,...

World Bank: Naira Among Worst-Performing Currencies in 2024

The Nigerian naira has been ranked among the worst-performing currencies in sub-Saharan Africa for 2024, according to the World Bank’s latest Africa’s Pulse report. The report revealed that the naira depreciated by 43 per cent as of August 2024, placing it alongside the Ethiopian birr and South Sudanese pound. “By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region,” the World Bank said. The report...

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