Economy

Nigeria’s public debt increases by N24.33trn in three months, now N121.67trn

Nigeria’s total public debt is now ₦121.67 trillion ($91.46 billion), the Debt Management Office (DMO) said Thursday.   The DMO…

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Again, cost of food items pushes Nigeria’s inflation rate to 33.95%

The National Bureau of Statistics (NBS) has reported that in May 2024, the headline inflation rate increased to 33.95 per…

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FG approaches World Bank for $500m loan

The federal government said it is seeking a $500million loan from the World Bank for rural road infrastructure and agricultural…

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After countless denials, FG admits to N5.4trn oil subsidy in 2024

In a surprising turn of events, the federal government has finally admitted Africa’s biggest oil-producing country will be spending up…

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External reserves fall by $1.8bn in 10 weeks – Report

Nigeria’s foreign exchange reserves have fallen by $1.8bn in 10 weeks, according to data from the Central Bank of Nigeria.…

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Naira slumps further in parallel market

The Naira yesterday depreciated in the parallel market to N1,525 per dollar from N1,520 per dollar last weekend.   However,…

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There’s no record of remittances by NNPCL as expected by law — FRC

The Fiscal Responsibility Commission (FRC) yesterday, said the agency had no record of remittances by the Nigerian National Petroleum Company…

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CBN raises interest rate to 26.25% amid soaring inflation levels

The Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points from 24.75 per cent to…

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With Cybersecurity Levy, it will cost about N135 to transfer N10,000

With the addition of the Cybersecurity Levy, it will cost N80.88 to transfer N10,000 and N54 to receive it as…

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CBN directs banks to suspend charges on deposits till September

The Central Bank of Nigeria has directed banks to stop charges on cash deposits until September 30, 2024.   The…

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