The National Bureau of Statistics (NBS) reported on Wednesday that the nation’s Gross Domestic Product (GDP) grew by 2.31% (year-on-year) in real terms in the first quarter of 2023. The Bureau, which is Nigeria’s statistical system coordinating agency, in its just published ‘Nigeria Gross Domestic Product Q1 2023’, disclosed that the Q1 2023 growth rate […]
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) concluded its meeting in Abuja on Wednesday by increasing the benchmark interest rate (MPR) for the third time this year by 50 basis points to 18.5%. The latest 18.5% MPR is the highest approved by the committee in the past 22 years in […]
….promises to refund past deductions Nigeria’s 36 state governors under the auspices of the Nigeria Governors Forum (NGF) on Tuesday disclosed that the Federal Government had agreed to stop further deductions from the State Governments’ federal accounts monthly allocations to offset Local Government Councils’ London/Paris Club debt obligations. The outgoing Chairman of NGF, Governor Aminu […]
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has projected that the commencement of operations of the Dangote Refinery had the potential of saving Nigeria over $25 billion in foreign exchange (FX) in energy imports and provide $10 billion as exports. Emefiele, who made this forecast on Monday during the commissioning of the […]
The Federation Account Allocation Committee (FAAC) reported on Thursday that it shared a total sum of N655.932 billion in April 2023 from Federation Account revenue to the three tiers of government even as it stated that Excess Crude Account (ECA) dropped to $473,754.57 as of the date of its meeting in May this year. The […]
The Nigerian Communication Commission (NCC) has said that a sum of N700 billion will be needed to fill the gap in access to telecommunication services in the country. The commission’s Executive Vice-Chairman, Prof. Umar Danbatta, gave this figure when he appeared before the House of Representatives Committee currently probing the commission over the alleged failure […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that Nigeria’s crude oil production decreased to an average of 998,602 barrels per day (bpd) in the month of April 2023. Data released by the commission on the hydrocarbon resources output in the month under review, showed that the country produced 1.2 million (mbpd) April, comprising […]
The Director General, Budget Office of the Federation, Mr. Ben Akabueze has expressed some concern about Nigeria’s borrowing rate which is fast exceeding its borrowing limit Akabueze, who raised his concern about the surging public debt stock during the induction of newly-elected lawmakers of the 10th National Assembly at the International Conference Centre in Abuja, […]
….Says New Tax Hike Will Hurt Economy KPMG Nigeria, one of the leading tax advisory and economic research firms in the country, has charged the Federal Government to adopt fiscal measures to boost revenues from the nation’s hydrocarbon resources sector rather than hiking non-oil taxes in order to achieve an efficient fiscal system in […]
With just a few days to the inauguration of Dangote Refinery, the Lagos Chamber of Commerce and Industry (LCCI) on Wednesday commended the efforts of its visioner, Alhaji Aliko Dangote, and the Federal Government for translating the local crude oil refining dream into a reality. The leading organized private sector (OPS) group, in a statement […]