President Tinubu has officially enacted the 2025 budget appropriation bill. The National Assembly approved a total budget of N54.99 trillion for the upcoming fiscal year. Originally set at N49.7 trillion, the budget was increased to N54.2 trillion following a request from President Bola Tinubu. The budget allocation details indicate that N3.645 trillion is designated for…
The World Bank has confirmed its approval of $2.2 billion in new loans for the Nigerian Federal Government in 2025. As outlined in the World Bank’s project list, this funding will be distributed across six distinct initiatives. Among the allocations, $500 million is designated for the ‘Community Action for Resilience and Economic Stimulus Programme,’ which…
The Arewa Consultative Forum (ACF) has presented a report to the National Assembly, detailing its perspectives and suggestions regarding the Tax Reform Bills. This report was prepared by a specialized committee of experts. In a statement released yesterday by its National Publicity Secretary, Tukur Muhammad-Baba, the ACF emphasized that “the proposed tax reforms will have…
Aliko Dangote, President of Dangote Industries Limited, has announced that his refinery possesses a substantial supply of Premium Motor Spirit (PMS) to adequately fulfill Nigeria’s local demand. The billionaire made this statement following a tour of the refinery by a delegation from the Zambian government, headed by Minister of Energy, Mr. Makozo Chikote. Dangote revealed…
The inflation rate fell to 24.48% in January 2025, as reported by the National Bureau of Statistics (NBS). Prince Adeyemi Adeniran, the Statistician of the Federation and CEO of NBS, shared this information during a briefing in Abuja on Tuesday. He also noted that food inflation stood at 26.08% year-on-year. Adeniran explained that the updated…
Aminu Gwadebe, the National President of the Association of Bureau de Change Operators, has disclosed that the recent increase in interbank proceeds to Bureaux de Change, as mandated by the Central Bank of Nigeria, along with other contributing factors, has led to a notable appreciation of the Naira against the dollar over the past week….
The Naira has continued its upward trend against the dollar in the parallel foreign exchange market as of Thursday. Abubakar Alhasan, a Bureau De Change operator in Wuse Zone 4, Abuja, reported that the Naira appreciated to N1,570 per dollar on Thursday, up from N1,575 on Wednesday. This indicates a slight gain of N5 against…
Nigeria’s recent Treasury bills auction has garnered a remarkable total subscription of N3.22 trillion. The Debt Management Office, acting on behalf of the Central Bank of Nigeria, held the auction on February 5, with allotments taking place the following day, February 6. According to the auction results released on Saturday, the Federal Government offered N670…
The Central Bank of Nigeria (CBN) has released new guidelines regarding the sale of foreign exchange (FX) to Bureaux De Change (BDC) operators. These details were provided in a statement from the CBN’s Trade and Exchange Department on Wednesday. This move follows the CBN’s previous authorization that granted temporary access to existing BDCs to participate…
Nigeria’s external reserves have experienced a notable decline of approximately $1.19 billion over the past three weeks. This information comes from the Central Bank of Nigeria (CBN), which has released data on gross external reserves. As of January 31, 2025, the reserves stood at $39.723 billion, down from $40.877 billion at the end of December…
