The International Monetary Fund (IMF) has cut its forecast for Nigeria’s economic growth in 2024 to 3.1%. The downgrade is contained in a newly released report ‘in the July 2024 World Economic Outlook’ published Tuesday. The IMF cited a weaker growth recorded in the first quarter of the year, Q1’24 as reason for the new … [Read more…]
Nigeria’s inflation figure has reached a new high, hitting 34.19 % for June 2024, according to the latest data from the National Bureau of State Statistics (NBS). This is an increase of 0.24% points when compared to the inflation figure for May 2024 released by the NBS. “In June 2024, the headline inflation rate increased … [Read more…]
The Federal Inland Revenue Service (FIRS) says tax collection in the first quarter of the year increased by 56% to N3.94 trillion when compared to the N2.52 trillion it collected in the same period of last year. According to the News Agency of Nigeria (NAN), the Special Adviser to the FIRS Chairman, Femi Olarinde made this statement … [Read more…]
Nigeria has a total Treasury Bills (T-Bills) debt of N10.4 trillion, a 60% rise in just three months, according to data from the Debt Management Office (DMO). This is the largest T-Bills debt balance on record based on an analysis by Nairalytics, the research arm of Nairametrics, dating back to at least 2010 per central … [Read more…]
Nigeria’s external reserve hit a new milestone in June, rising to $34.07 billion, the highest level since March 2024. This information comes from the Central Bank’s external reserve position as of June 26, 2024. Nairametrics reported last week that the external reserve reached a three-month high when it rose to $33.5 billion. Reserves have continued … [Read more…]
President Bola Ahmed Tinubu’s efforts at stabilising the economy and scaling up support for the most vulnerable citizens have received a $2.25 billion World Bank boost. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, broke the news of two major financial support packages in a statement last night. They include $1.5 … [Read more…]
There is no N5.4trillion provision for fuel subsidy this year, the Presidency said yesterday. It said its position on fuel subsidy removal has not changed. In a statement by Mr Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Ahmed Tinubu, the presidency said subsidy on fuel ended in May last year. It said: “Our … [Read more…]
The average fare paid by commuters for intercity bus journeys in Nigeria surged by 78.31% year-on-year to N7,122.57 in April 2024, up from N3,994.51 in April 2023. This data, sourced from the National Bureau of Statistics (NBS) Transport Fare Watch for April 2024, highlights the significant increase in transportation costs over the past year. The … [Read more…]
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the federal government is providing up to N1 billion in credit facilities to large enterprises, including manufacturers, at a 9% interest rate. The Minister made this statement during an interview on Channel TV on Sunday on the state of the … [Read more…]
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the federal government has settled a swooping N7.3 trillion in ways and means advances to the Central Bank. Edun made this statement during an interview with Channels TV on Sunday in Abuja. The Minister stated that the country is no … [Read more…]
The Central Bank of Nigeria (CBN) has directed all Bureau de Change operators (BDCs) in the country to reapply for new operational licences by June 3, 2024 in order to continue to operate in the forex market. The BDCs are also to meet the new deadline of N2billion for tier 1 and N500million for tier … [Read more…]
The Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points from 24.75 per cent to 26.25 per cent. Following a two-day meeting, the bank’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate(MPR) for the third straight time to rein in the country’s soaring inflation levels pegged at … [Read more…]