The Federal Government on Monday said Nigeria would likely borrow to finance another budget deficit of N11.3 trillion in 2023, thereby taking the country’s debt stock to N50 trillion. Zainab Ahmed, cabinet minister in charge of finance and national planning, said the regime plans to spend N19.76 trillion next year, out of which the government … [Read more…]
Soothing news came the way of foreign airlines on Friday, as the Central Bank of Nigeria (CBN) says it has released $265 million to them to repatriate funds accrued from ticket sales. A breakdown of the figure indicates that the sum of $230 million was released as special FX intervention while another sum of $35 … [Read more…]
The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) dropped to N45 trillion in the second quarter of 2022 as against the N45.32 trillion recorded in the first quarter. On a year-on-year basis, however, the nominal GDP rose by 3.54 per cent. This was contained in a statement issued by Statistician-General Semiu … [Read more…]
The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn in December 2021 to N19.91tn in June 2022. According to data from the CBN, this shows that the Federal Government borrowed N2.45tn from the apex bank within six months. The N19.91tn owed the apex bank by … [Read more…]
Nigeria displaces Vietnam on World Bank’s list of chronic debtors Nigeria has moved up on the World Bank’s top 10 International Development Association (IDA) borrowers’ list. In its newly released audited account, for the Fiscal Year 2022, known as the IDA financial statement, the World Bank showed that Nigeria is fourth on the list with $13 billion … [Read more…]
Despite the compounding damage from the COVID-19 pandemic and the Russian invasion of Ukraine, which has magnified the slowdown in the global economy, the country’s capital market activities remain positive in the first half of 2022 as both local and foreign investors on the Nigerian Exchange Limited (NGX) traded N831.83 billion worth of equities. N485.4bn … [Read more…]
With an escalating demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has assured that it would continue to make deliberate efforts in the foreign exchange sector to avert further downward slide in the value of the naira, which it said was fuelled by speculative tendencies. The … [Read more…]
Naira has fallen further against the U.S. dollar at the official market on Tuesday, a day after the currency recorded an insignificant gain at the spot market. According to data released by the The Nigerian Autonomous Foreign Exchange Fixing (NAFEX), where forex is officially traded, naira which opened at N427.30 closed at N431.00 to a … [Read more…]
Nigeria recorded a N3.09 trillion deficit in its 2022 budget operations between January and April. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, made the startling revelation on Thursday at the Public Consultative Forum on the draft Federal Government 2023-2025 Medium Term Fiscal Framework & Fiscal Strategy, in Abuja. According to the … [Read more…]
Nigerians using naira to buy dollars will be arrested; it’s illegal: CBN “For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that,” Godwin Emefiele, CBN governor, said Tuesday at the Monetary Policy Committee (MPC) meeting in Lagos. … [Read more…]
NNPC now free from institutional regulations- Buhari President Muhammadu Buhari on Tuesday officially unveiled the Nigerian National Petroleum Company Limited and declared that the new entity was henceforth free from institutional regulations. Buhari, who made this public at the Presidential Villa, Abuja, stated that the oil firm would conduct itself under best international business practices. … [Read more…]
Unofficial deregulation: Fuel marketers dare FG, raise price above N165/litre Strong indications that fuel markets may have settled for an unofficial deregulation with majority of filling stations selling Premium Motor Spirit (PMS), popularly called petrol above the officially approved pump price of N165 per litre. Their decision may not be unconnected with what they termed … [Read more…]