The World Bank has released a $1.5bn loan to Nigeria following the Federal Government’s implementation of a few of its economic reforms, including removing fuel subsidies and introducing tax policies. This was after the apex bank said it had approved two operations: $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET)…
Food crises have been reported in 31 states of the country, while the North East region is severely affected. The situation is compounded by rising production costs as witnessed in Maize production costs, which have surged by 69.7 percent, with the attendant significant food price increases like cowpea prices, which have gone up by 300…
President Bola Tinubu has stated that his administration’s tax reforms have come to stay. The Nigerian leader stated this on Monday night while speaking during his first presidential media chat in Lagos State. The tax reform bills, which are before the National Assembly, have generated controversies and met push back especially from the Northern leaders,…
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down. The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday. Soneye said the claim was false and urged the media…
The federal government has unveiled its strategy to reduce inflation from the current 34 percent in 2024 to a targeted 15 percent by the end of 2025. This was disclosed by a source at the Budget Office of the Federation deeply involved in the 2025 budget preparations. The source identified four key measures embedded in…
In a sign of stability in the downstream sector, the Major Energy Marketers Association of Nigeria, MEMAN, has said that the landing cost of Premium Motor Spirit, PMS, also known as petrol declined marginally to N970 in December 2024, from N971 per litre in November 2024. This comes against the backdrop of a similar drop…
The Nigeria Customs Service (NCS) has announced the removal of Value Added Tax (VAT) on Liquefied Petroleum Gas (LPG) also known as cooking gas, and the Compressed Natural Gas (CNG). It also announced zero per cent import duty for the products. Its National Public Relations Officer, Mr. Abdullahi Maiwada broke the news in a press…
President Bola Tinubu says the 2025 budget forecasts that inflation will decline from current 34.6% to 15% next year. He said this during his presentation of the N47.9 trillion 2025 budget proposal to a joint session of the National Assembly on Tuesday. The President also said that the exchange rate will improve from approximately N1,700…
The Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer. This was contained in a circular to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents, titled ‘Cash-out limits for agent banking transactions,’. The apex bank of Nigeria, CBN, said the restriction…
Nigeria’s annual inflation rate rose to 34.60 per cent in November from 33.88 per cent in October, the National Bureau of Statistics (NBS) said on Monday. This marks a continuation of the upward trend observed from September, when the nation recorded a reversal of a two-month decline. The statistics office said the November 2024…