Category: Economy
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Nigerians Seek Alternatives as Energy Costs Soar Under Tinubu’s Government
Nigerians are finding creative yet sometimes unhealthy ways to cope with skyrocketing energy costs following the removal of fuel subsidies by President Bola Tinubu’s administration. When Tinubu assumed office in May 2023, his first major decision was to eliminate the petrol subsidy, resulting in a dramatic increase in fuel prices from N200 to over N1,000…
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Reps C’ttee Meeting: FIRS Refutes Rumour of New Tax Regime, Job Loss in Nigeria
From Lateef Taiwo The Chairman of the House of Representatives Committee on Finance, Hon James Abiodun Faleke yesterday met with a delegation of management team of the Federal Inland Revenue Service at the National Assembly Complex to get first hand information about the service on several tax related sundary issues. Speaking during the meeting, Hon…
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Labour Commends Sanwo-Olu for Approving N85,000 Minimum Wage
The organized labor in Lagos State has expressed appreciation for Governor Babajide Sanwo-Olu’s recent approval of an N85,000 minimum wage for state workers. This decision was hailed as a significant step forward by labor leaders in interviews with the News Agency of Nigeria (NAN) on Thursday. During a televised interview, Sanwo-Olu announced that his administration…
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Yuan Weakens to 7.122 Against the Dollar
Aaior K. Comfort The central parity rate of the Chinese renminbi, or Yuan, weakened by 29 pips to 7.122 against the US dollar on Thursday, as reported by the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan is permitted to fluctuate within a range of two percent from the central…
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IMF Chief Praises China’s Commitment to Climate Goals at ESG Conference
International Monetary Fund (IMF) Managing Director Kristalina Georgieva commended China’s significant strides in achieving its climate objectives during her address at the 2024 ESG (Environmental, Social, and Governance) Global Leaders Conference held in Shanghai. Speaking via video link on Thursday, Georgieva emphasized China’s robust commitment to its climate goals, attributing the country’s rapid progress to…
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Bauchi Governor Criticizes Federal Government’s Policies, Cites Widespread Hardship
Aaior K. Comfort Governor Bala Mohammed of Bauchi State has expressed concerns over the economic policies of the Federal Government under President Bola Tinubu, citing increasing hardship across the country. Speaking at the launch of the Nigeria Development Update report by the World Bank in Abuja on Thursday, Mohammed stated that the current policies are…
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Forex Crisis Grounds Four Inland Dry Ports Projects
Maritime operators have attributed the stalled progress of four out of seven approved inland dry ports in Nigeria to the ongoing foreign exchange crisis and other challenges. Mr. Rotimi Hassan, the immediate past Managing Director of the Kaduna Inland Dry Port, discussed these issues in an interview with The PUNCH. In March 2006, the Federal…
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Oyetola Urges Investors to Tap Marine Sector Potential
Aaior K. Comfort The Minister of Marine and Blue Economy, Adegboyega Oyetola, has urged private sector investors to capitalize on the vast potential of Nigeria’s marine and blue economy sectors. Speaking in Abuja during the Broad-Based National Stakeholders’ final Validation Workshop for the Draft National Blue Economy Strategy, Oyetola highlighted the importance of investor involvement…
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Fuel Subsidy Removal and Exchange Rate Unification Part of Long-Term Strategy – Shettima
Vice President Kashim Shettima has emphasized that removing fuel subsidies, unifying exchange rates, and improving debt management are crucial parts of the government’s strategy to achieve long-term economic stability. Speaking at the 30th Nigerian Economic Summit (NES30) in Abuja, Shettima underscored the importance of these reforms for restoring economic balance and ensuring sustainable growth. “Stability…
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IMF Cuts Borrowing Costs for Countries by 36%
The International Monetary Fund (IMF) has announced a significant reduction in borrowing costs for countries, cutting them by 36%, equivalent to $1.2 billion annually. This decision follows a comprehensive review of the Fund’s Charges and Surcharge Policy, aimed at easing financial pressure on countries in need of support. IMF Managing Director Kristalina Georgieva emphasized the…