The Central Bank of Nigeria (CBN) has significantly reduced its loan exposure to the Federal Government by over ₦4 trillion in 2024, marking a major shift in its monetary policy stance. This development reflects the apex bank’s commitment to restoring fiscal discipline and reducing its direct financing of government deficits. According to the CBN’s audited
The Nigerian naira concluded the trading week with a modest gain, appreciating to ₦1,598.72 per U.S. dollar at the official foreign exchange market on Friday, May 16, 2025. This reflects a ₦0.60k increase from Thursday’s rate of ₦1,599.32, marking a 0.03% appreciation, according to data from the Central Bank of Nigeria (CBN). Earlier in the
Nigeria’s inflation rate showed signs of easing in April 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The headline inflation rate dropped to 23.71% year-on-year, down from 24.23% recorded in March 2025, and significantly lower than the 33.69% rate observed in April 2024. On a
The Speaker of the House of Representatives, Tajudeen Abbas, has raised concerns over Nigeria’s port inefficiencies, stating that over 75 percent of goods offloaded in the Benin Republic are ultimately bound for Nigerian markets. Abbas made the remark on Wednesday while receiving a delegation from the Presidential Enabling Business Environment Council (PEBEC) at the National
President Bola Tinubu has reiterated his commitment in undertaking bold and comprehensive reforms to reposition the country’s fiscal architecture for resilience, inclusiveness and economic growth. Tinubu said this during the 27th Annual Chartered Institute of Taxation of Nigeria (CITN) Tax Conference in Abuja on Tuesday. The theme of the conference was, “Taxation for development, policies,
The World Bank has raised concerns over Nigeria’s 2025 budget projections, describing the government’s assumptions of producing 2.06 million barrels of oil per day at $75 per barrel as overly optimistic. This skepticism stems from Nigeria’s current production levels, which hover around 1.6 million barrels daily, and the prevailing international oil price of approximately $60
The Mining Cadastre Office (MCO) says it has generated N10.9bn between January and April 2025. The Director-General of the MCO, Mr Stephen Nkom, disclosed this in a statement issued by the Head of Press of the organisation, Mrs Grace Okeke, on Sunday in Abuja. Nkom explained that the achievement was due to the reforms introduced
ActionAid Nigeria (AAN) has called on the media to step up advocacy for increased investment in inclusive and sustainable food systems to ensure food and nutrition security for all Nigerians. The call was made in Abuja, during a media workshop on Inclusive and Sustainable Food Systems Reporting, organised under the Inclusive Food Systems Project, funded
Gov. Babajide Sanwo-Olu of Lagos State has unveiled the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) to provide access to finance for Small and Medium Scale Enterprises (SMEs) and registered cooperative societies in the state. Sanwo-Olu unveiled the initiative at the Adeyemi Bero Auditorium, Alausa, Ikeja, on Wednesday in partnership with Bank
Nigeria’s persistent electricity challenges are costing the nation more than ₦2 billion annually, according to the United Nations Development Programme (UNDP). This revelation was made by UNDP Resident Representative, Elsie Attafuah, during the inaugural National Legislative Conference and Expo on Renewable Energy held in Lagos. Attafuah highlighted the detrimental impact of inadequate power supply on
