Users of Liquefied Petroleum Gas (Cooking Gas) paid an average retail price of N6,591.62 in March for refilling a 5kg Cylinder of the commodity, representing an increase by 42.97% from N4,610.48 they paid for the same volume in March 2023 On a month-on-month basis, the average price paid the users indicated 7.10% increase from N6,154.50 […]
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has disclosed that a total sum of N7,314,129,314,386.08 accrued into the Federation Account in fiscal year 2023. The figures were contained in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) titled “CBN Federation Account Component Statement”. In a […]
The latest report by the National Bureau of Statistics (NBS) and the International Labour Organisation (ILO) released on Thursday indicated that over 24 million Nigerian children between the ages of 5 to 17 were engaged in child labour. According to the report titled ‘Nigeria Forced Labour Survey 2022’ a total of 24,673,485, representing 39.2% of […]
The International Monetary Fund (IMF) on Tuesday predicted that Nigeria’s inflationary pressure will ease to 26% this year. The Bretton Woods institution made the prediction during its presentation of global projections from its World Economic Outlook at a news conference in Washington DC. Speaking during a press conference, Division Chief of the Research Department at […]
Researchers at the Centre for the Study of Economies of Africa (CSEA), a leading economic research firm with primary focus on developments in African economies, have advocated the need for the Federal Government to review its debt management procedures and framework to ensure that borrowing is resorted to only when necessary and that borrowed funds […]
Nigeria’s Consumer Price Index (CPI) or inflation rate increased in March 2024 to 33.20%, up from the 31.70% recorded in February this year. The National Bureau of Statistics (NBS) in its CPI and Inflation Report March 2024’ published on its website on Monday, indicated that the March 2024 headline inflation rate showed an increase of […]
The latest Purchasing Managers’ Index (PMI) report on Nigeria released by Stanbic IBTC for March this year showed that the headline PMI was unchanged at 51.0 in March, indicating no change in manufacturing activities from the index recorded in February. Analytically, the report implies that major activities in the manufacturing sector for the month remained […]
The Ogun State Government has unveiled plans to conduct household surveys to develop a framework that will assist in planning, management, and evaluation of the multi-dimensional poverty human development index in the state. The survey is expected to go one step further than the NBS’ Multi-dimensional poverty index by allowing the Prince Dapo Abiodun-led administration […]
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at the end of its two-day meeting in Abuja on Tuesday raised the Monetary Policy Rate (MPR) by 200bps to 24.75% and also changed the asymmetric corridor from +100/-700 t0 +100/-300 around the MPR. Today’s upward review of the (MPR), which is the […]
The Deputy Governor of the Economic Policy Directorate of the Central Bank of Nigeria (CBN), Muhammad Sani Abdullahi, has projected that Nigeria’s headline inflation will rise to 32.63% in March this year given the prevailing micro and macroeconomic indices of the economy Abdullahi made this forecast in his paper presented at the CITI-CEEMA Macro Conference […]