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Economy
CBN’s has injected N7t into economy in three years , says official

CBN’s has injected N7t into economy in three years , says official

The Central Bank of Nigeria (CBN), under the leadership of Godwin Emefiele, has injected N7 trillion in loans in three years, with his loan to deposit ratio (LDR) policy. This was disclosed by the Deputy…

Economy
A’ Ibom Assembly passes N586.88b 2022 Appropriation Bill

A’ Ibom Assembly passes N586.88b 2022 Appropriation Bill

The Akwa Ibom House of Assembly has announced the passage of the state’s 2022 appropriation bill valued at N586.88 billion The budget, tagged “Budget of Re-defining Standards” was passed on Friday by the House, as the Chairman…

Economy
World Bank faults CBN’s FX policies as disincentive to foreign investment, fueling inflation 

World Bank faults CBN’s FX policies as disincentive to foreign investment, fueling inflation 

The World Bank has stated that  the Central Bank of Nigeria’s exchange rate management  policies continue to discourage investment and fuel inflation. This was disclosed by the World Bank  in the November 2021 edition of its Nigeria Development Update tagged “Time…

Economy
IMF tells FG to remove fuel, electricity subsidies in 2022

IMF tells FG to remove fuel, electricity subsidies in 2022

The International Monetary Fund (IMF) has urged the Federal Government to remove fuel and electricity subsidies completely early next year and implement revenue-based fiscal consolidation. The IMF, in a statement at the end of its…

Economy
Nigeria’s GDP grows by 4.03% in Q3 2021 as oil sector contracts by 10.73%

Nigeria’s GDP grows by 4.03% in Q3 2021 as oil sector contracts by 10.73%

Nigeria’s Gross Domestic Product (GDP) grew by 4.03% (year-on-year) in real terms, in the third quarter of 2021, showing sustained growth over the last four quarters since the recession witnessed in 2020. This is according…

Economy
FAAC revenues drop by N68b as govt tiers share N671.9b for October

FAAC revenues drop by N68b as govt tiers share N671.9b for October

Revenue accruals to the  Federation Accounts Allocation Committee (FAAC)  slumped by N68.055 billion in October as the the three tiers of government shared the sum of N671.910 billion as federation allocation for the month compared…

Economy
Producers warn, say price of pure water could increase from N20 to N50

Producers warn, say price of pure water could increase from N20 to N50

Water Producers Association of Nigeria (WAPAN) has stated that the price of ‘pure water’ could  rise from the present N20 to about N50 per sachet if the federal government implements the proposed Excise Duty on…

Economy
World Bank says 5.6m Nigerians to fall into poverty over high inflation

World Bank says 5.6m Nigerians to fall into poverty over high inflation

The World Bank has said that the drivers of Nigeria’s inflation rate are unique to the nation alone as it differs from what is experienced in other parts of the world. The report also claimed…

Economy
Bauchi governor laments, says VAT war between FG, Rivers affecting state’s budget

Bauchi governor laments, says VAT war between FG, Rivers affecting state’s budget

The Bauchi State Government has said that the disagreement between Federal government and Rivers state over who should collect Value Added Tax (VAT) affected its projections in the budget proposal for 2022 fiscal year.  Speaking…

Economy
Southwest leads as states generate N849b IGR in H1 2021

Southwest leads as states generate N849b IGR in H1 2021

Nigerian states generated a sum of N849.12 billion as internally generated revenue (IGR) in the first half of 2021, representing a 38.5% increase compared to N612.87 billion recorded in the corresponding period of 2020. This…