President Tinubu Increases Nigeria’s 2025 Budget to N54.2 Trillion, Citing Additional Revenue from Key Agencies
In a recent development, President Bola Tinubu has proposed an increase in Nigeria’s 2025 budget from the initial N49.7 trillion to N54.2 trillion. This adjustment is attributed to additional revenues generated by key government agencies, including…
Lawmakers Resume Tax Reform Discussions Following Prolonged Deadlock
After a prolonged four-month impasse between the House of Representatives and the Presidency concerning the proposed tax reform bills, there are signs of progress as lawmakers gear up to deliberate on the general principles of the legislation. The…
Naira Strengthens to N1,610/$ in Parallel Market Amid Sustained Low Dollar Demand
The Nigerian Naira continued its upward trajectory in the parallel market, appreciating to N1,610 per dollar from N1,615 per dollar recorded last Friday. This marks a consistent trend of strengthening, fueled by subdued dollar demand. According to data…
Subsidy Removal Triggers Surge in Oil Marketers’ Borrowing, Consumers Bear the Cost
The removal of fuel subsidies in Nigeria has led to a sharp increase in borrowing among oil marketers, who have passed the burden onto motorists through higher fuel prices. Financial Vanguard reports that major petroleum marketing companies borrowed over…
Telcos Warn NLC Against Actions That Could Cripple Telecom Sector
Telecommunications operators in Nigeria have cautioned the Nigerian Labour Congress (NLC) against proceeding with its planned nationwide protest scheduled for February 4, warning that it could severely impact the already struggling telecom sector. The…
CBN’s Policy Interventions Averted 42.81% Inflation Surge in 2024 – Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stated that without the bank’s proactive monetary policy interventions, Nigeria’s inflation rate could have skyrocketed to 42.81% by December 2024. He further projected a substantial…
FG Secures $1.1 Billion AfDB Loan to Expand Electricity Access for 5 Million Nigerians by 2026
The Federal Government of Nigeria has successfully secured a $1.1 billion loan from the African Development Bank (AfDB) to expand electricity access to five million people by the end of 2026. This significant financial boost aligns with Nigeria’s ongoing…
Revealed! : Southeast Rakes in Over 3x Their VAT Contribution with N341.45bn Allocation in 2024
The five Southeastern states in Nigeria contributed N101.09 billion to the country’s Value Added Tax (VAT) pool in 2024 and received N341.45 billion in return. According to data from Agora Policy, a Nigerian think tank focused on practical national…
Nigeria’s Debt Per Citizen Rises to N624,527, Increases by 63% Under Tinubu
Nigeria’s public debt has grown significantly, with each citizen’s share of the debt rising by 63%, according to data from the Debt Management Office. When President Bola Tinubu assumed office in June 2023, the national debt stood at N87.3…
CBN Forecasts 4.1% Economic Growth for 2025 Amid Inflation Decline and Surge in Forex Inflow
The Central Bank of Nigeria (CBN) has projected a 4.1% economic growth rate for 2025, alongside a significant reduction in inflation and an increase in foreign exchange inflows. This optimistic forecast was unveiled by CBN Governor, Mr. Olayemi Cardoso,…