Inflation
Minister: Nigeria won’t stop borrowing
Notwithstanding Nigeria owing $86.39 billion (N32.9 trillion) to external creditors, the nation will continue to borrow to finance infrastructural development, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said yesterday.
Fitch revises Nigeria’s 2021 GDP forecast to 1.6%
It pointed out that rising oil exports would be the main growth driver for the country in 2021, while consumer spending and business investment were likely to be subdued because of persistently high inflation and the slow rollout of a Covid-19 vaccine.
How ICPC is combating corruption in MDAs, stopped diversion of N189 billion personnel cost
In the past few years, the Independent Corrupt Practices and Other-Related Offences Commission, as part of its statutory mandate, has been conducting systems study and review of ministries and organisations in the federal public service.
Economic expert: Key lessons learnt from exiting recession
Economic expert, Prof Uche Uwaleke has listed four major lessons to be learnt from National Bureau of Statistics (NBS) report which stated that Nigeria has exited the current economic recession.
ICPC uncovers budget fraud in federal MDAs
An investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Wednesday said it has uncovered deep-seated corruption bordering on budget manipulation by various Ministries, Departments and Agencies (MDAs).
Nigeria inflation hits 16.47 percent
Nigeria’s headline inflation rose to 16.47 per cent in January 2021, the National Bureau of Statistics said on Tuesday.
Forex: Nigerian manufacturers seek policy review, rates unification
Manufacturers and industrialists on Wednesday appealed to the Federal Government and the Central Bank of Nigeria for a review of the available foreign exchange (FX) policies in the country.
Analysts foresee faster economic recovery as oil price hits $60
Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil prices, at $60 per barrel, hit a new high since February 2020.
IMF: Nigerian economy at ‘critical juncture’
The International Monetary Fund (IMF) on Monday said the Nigerian economy is at a critical juncture, having been weakened by falling per capita income, double-digit inflation, limited buffers, significant governance vulnerabilities, and the global pandemic.
IMF: Nigeria’s economic outlook remains challenging
The International Monetary Fund (IMF) says that Nigeria’s outlook remains challenging and charged the federal government to urgently undertake policy adjustments.
Report: NESG describes closure of land borders as wrong policy choice
The Nigeria Economic Summit Group (NESG) has advised the Federal Government to always consider its economic policy choices, before taking decision, in order to FastTrack economic growth, its recently launched 2021 Economic Outlook has said.
NGF: Nigeria to get 140 million doses of coronavirus vaccines in 2021, 2022
The 36 state governors under the aegis of the Nigeria Governors’ Forum, NGF, have disclosed that the country will take delivery of 80 million doses of COVID-19 vaccines to cover 40 percent of the nation’s population this year, while another 60 million doses were being planned for 2022.
Nigeria’s foreign reserves gains $1.3 billion on crude sales
The Central Bank of Nigeria says Nigeria’s Foreign Exchange Reserves rose from $34.94 billion in November 2020 to $36.23 billion as at January 21.
CBN: Another coronavirus lockdown’ll wound economy
The Central Bank of Nigeria, CBN, yesterday warned the Federal Government (FG) against imposing another total lockdown of the country, saying such a move would be catastrophic to Nigerians and the economy.
Nigeria’s central bank retains lending rate
On Monday, the currency exchanged for 475 at the parallel market, against the 383 central bank’s official rate. Inflation hit 15.75 per cent in December 2020, the highest in three years, according to the National Bureau of Statistics.
MPC: Expert urges central bank to curb inflation rates
As Central Bank of Nigeria (CBN) opens its Monetary Policy Committee (MPC) meeting on Monday, a financial expert, Mr Okechukwu Unegbu, has advised the committee to address rising inflationary rates.
APC chieftain slams Nigerian government’s plan to build 38 oxygen plants at N6.8 billion
A former member of the House of Representatives and chieftain of the All Progressives Congress (APC) in Lagos State, Moshood Adegoke Salvador, at the weekend came hard on the federal government for its plan to build oxygen plants in 38 locations in the country at cost of N6.8 billion.
Doyin Salami: Nigeria spent N1.85 trillion on food importation in 2020
The Nigerian government spent N1.85 trillion on food imports in 2020 after it closed the country’s land borders, the chairman of the presidential economic advisory council, Doyin Salami, has said.
2021 Outlook: Nigeria will record positive GDP growth – economist
An economist, Ms Razia Khan, also Managing Director/Chief Economist, Africa and Middle East, Global Research, Standard Chartered Bank, on Tuesday said Nigeria would see a restoration of positive growth.
CSOs condemn Nigerian government’s proposed sale of public assets to fund 2021 budget
As Nigerian and Nigerians grapple with economic recession and second wave of COVID-19 pandemic, Civil Society Organisations, CSOs, Monday, disagreed and condemned the alleged move by the Federal Government to sell public assets to implement 2021 budget.
NGO predicts hike in food prices over insecurity
Abundance of Hope Initiative, an NGO, on Monday in Abuja predicted further increase in prices of food items if more efforts were not intensified to address clashes between herdsmen and farmers.
Fitch forecasts $42 billion external reserves for Nigeria in 2021
Fitch Ratings has predicted that Nigeria’s external reserves would rise to $42 billion in 2021, higher than the $35.374 billion it stood at the end of 2020. This is according to figures obtained from the website of the Central Bank of Nigeria (CBN).
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U.S. Africa Command leadership visits Nigeria on security cooperation
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Group drags Osun government before EFCC over ‘flyover’ project
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NAF bombs many bandits in airstrikes in Kaduna
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2023: Group donate N10 million for Asiwaju Tinubu ‘presidential bid’
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Security: Northern governors, NSA, IGP meet in Kaduna
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PDP chair urges Rep Elumelu to reinvigorate opposition in green chamber
As part of reconciliatory moves, the leadership of the Peoples Democratic Party (PDP) has met with the minority leader of the House of Representatives, Hon. Ndudi Elumelu and recognised him as the leader of the party in the green chamber.
Nigerian government warns speculators to leave mine sites
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