The General Overseer of the Redeemed Christian Church of God (RCCG) Pastor Enoch Adeboye has said without divine intervention, the exchange rate could have soared to ₦10,000 to $1. Speaking during the Special Holy Ghost Congress in Abuja, Adeboye linked Nigeria’s financial struggles to its heavy reliance on fuel imports, despite being a significant oil-producing…
President Bola Tinubu reiterated yesterday that his vision to strengthen Nigeria’s economy is progressing as planned. He made the statement through the National Security Adviser (NSA) at the opening of the 24th Comptroller-General of Customs Conference in Abuja. “When I assumed office last year, I set out with a clear and unwavering vision – to…
In a bid to make rice more affordable for Nigerians, sachets of rice have been reintroduced into the market, following the surge in prices of the staple food. A 50kg bag of local rice now costs between N78,000 to N90,000 in the country, depending on the location and brand. These values are higher than the…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a new agreement with Dangote Petroleum Refinery that could reduce petrol prices nationwide. IPMAN’s National President, Abubakar Garima, revealed the agreement during a press briefing in Abuja, following a meeting of the association’s National Working Committee. Under the new arrangement, IPMAN will now source PMS…
A data review for the second quarter debt portfolio of the country released by the National Bureau of Statistics (NBS) has shown that the debt owed by every Nigerian on the average stood at N619,501. According to the data published by the Debt Management Office, Nigeria’s public debt stood at N134.297 trillion as of the…
The cost of building materials in Nigeria has risen sharply, exacerbating the country’s already dire housing crisis and threatening to undermine the government’s efforts to provide affordable homes for citizens. As of October 2024, the price of cement, a key construction material, has surged from N4,000 to N8,800 per bag, marking a 100% increase in…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that President Bola Tinubu’s economic policies have now reached the result-delivery stage. The minister made this known on Thursday evening at an interactive session with the Senate Committee on Finance at the National Assembly Complex, Abuja. He further expressed appreciation for…
The average price of imported high-quality loose rice has risen by 144.77 per cent over the past year, according to a report by the National Bureau of Statistics (NBS). The selected food prices report published by the Bureau said the average price for a 50kg bag of imported rice has jumped from N49,103 in September…
President Bola Tinubu on Monday announced that Nigeria’s debt service-to-revenue ratio has decreased from approximately 97 per cent when he assumed office 17 months ago to 65 per cent currently. Tinubu stated that his administration has managed to keep the country afloat despite inheriting an economy on the brink of bankruptcy. The President stated while…
Minister of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed a new government policy that would permit Nigerians who are keeping dollars outside the banking system to bring those funds into the financial system. Edun, said such individuals have a nine-month grace period to comply with the directive without attracting legal liability…