Category: Economy
-
Buyers and Sellers Struggle as Christmas Decorations Become Unaffordable
With Christmas just around the corner, the atmosphere at decoration and gift stores in Ibadan is far from festive. Basic Christmas decorations have become unaffordable luxuries, as both sellers and buyers voice concerns over rising prices and reduced purchasing power. At Dugbe Market, Miss Grace Aletile, a seller, explained that low patronage has forced her…
-
Nigeria’s $42.01bn External Reserves can finance importation of goods, services for Nine months – CBN…Assures Nigerians of better economic fortunes 2025
From Lateef Taiwo The Central Bank of Nigeria declared in Abuja Wednesday that the $42.01billion external reserves of the country, can finance importation of goods and services for more than nine months . This is as the apex bank , assured Nigerians of better economic fortunes in 2025 . The Governor of the apex bank…
-
Bayelsa Government Approves N80,000 Minimum Wage for Local Government Workers
The Bayelsa State Government has approved a new N80,000 minimum wage for local government staff following pressure from the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC). This decision, announced by acting Governor Lawrence Ewhrudjakpo, aims to address concerns from labor unions and ensure fair compensation for workers. During a meeting at the Government…
-
Gov Mbah presents N971bn budget estimate for 2025, as education gulp 33%
From Lateef Taiwo with Correspondent Reports Gov. Peter Mbah of Enugu State, on Tuesday, presented a proposed record-breaking N971 billion budget estimate bill for the 2025 Fiscal Year to the Enugu State House of Assembly. Presenting the budget estimate bill entitled: “Budget of Exponential Growth and Inclusive Prosperity”, Mbah said the proposed estimates comprised N837.9…
-
Cooking Gas Prices in Nigeria See Slight Decline
The price of cooking gas in Nigeria has seen a slight decrease, offering some relief to households struggling with high living costs. A recent market survey revealed that the average price of 1kg of cooking gas is now ₦1,350, though prices can vary based on location and cylinder size. While the reduction is welcomed by…
-
Moghalu Warns Against Relying on Hope to Solve Nigeria’s Economic Crisis
Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria (CBN), has expressed optimism about Nigeria’s future but emphasized that hope alone cannot resolve the country’s ongoing economic hardship. He stressed that the country must focus on improving state capacity for effective governance in order to tackle its challenges. Moghalu urged Nigerians to be…
-
Nigeria’s Inflation Rate Rises to 33.88% in October – NBS
The National Bureau of Statistics (NBS) has reported an increase in Nigeria’s inflation rate, which rose to 33.88% in October 2024. This marks a 1.18% rise compared to 32.70% recorded in September 2024. Year-on-Year Inflation Increase On a year-on-year basis, the inflation rate in October 2024 was 6.55% higher than the 27.33% recorded in October…
-
Electricity Consumers Protest as DisCos Hike Prices of Prepaid Meters
Electricity consumers in the Federal Capital Territory (FCT) have voiced strong opposition to the recent increase in prepaid meter prices by Electricity Distribution Companies (DisCos). The price hikes, effective from November 5, follow a previous increase in August, and have raised concerns about the affordability of prepaid meters amid Nigeria’s ongoing economic challenges. DisCos announced…
-
EMIR Extols GOV Idris’ Economic Dev. Strategy.
By : Our Correspondent The Emir of Zuru, Major-General Muhammadu Sani Sami Gomo ll, has restated his conviction that Kebbi state will witness an unprecedented economic development under the leadership of comrade Governor Nasir IdrisThe Emir’s observations were contained in a goodwill message made available at the occasion of the flag off of the construction…
-
Naira Appreciates to N1,725/$ in Parallel Market
By Aaior K. Comfort The Nigerian Naira appreciated in the parallel market, rising to N1,725 per dollar yesterday from last week’s rate of N1,735. However, it showed a contrasting trend in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where it depreciated to N1,676.9 per dollar, compared to N1,666.72 per dollar last Friday. According to data…