The naira has further depreciated against the dollar in the official foreign exchange market as of Monday. According to FMDQ data, the naira fell to N1,548.89 per dollar on Monday, down from N1,543.03 recorded last Friday. This represents a decline of N5.86 compared to the previous week’s closing rate. In the black market, the naira…
The Debt Management Office, DMO, says that the Federal Government has made robust budgetary provisions to offset Nigeria’s foreign and local debt. It was gathered that in the 2025 budget of the Federal Government currently before the National Assembly, the administration of President Bola Tinubu plans to spend N16.327 trillion on its debt obligations, apart…
President Bola Tinubu has set a N1500/dollar target in the 2025 Appropriation Bill presented to the joint session of the National Assembly on Wednesday in Abuja. The President said the objective was to enable the Federal Government to ensure the smooth implementation of the 2025 budget reports DAY which marks a reduction of about N200…
President Bola Tinubu on Wednesday presented the N47.90 trillion budget estimates for 2025, assuring the public that his administration would continue to stimulate the country’s economy through targeted fiscal stimulus packages, public expenditures, and non-inflationary spending. During the formal presentation of the 2025 budget, titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” to a joint…
The Nigerian National Petroleum Company Limited (NNPCL) has announced its commitment to collaborate with key stakeholders to increase crude oil production to over two million barrels per day (bpd) by the end of 2024. Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, shared this information in a statement on Monday, addressing concerns regarding discrepancies…
On Thursday, the Federal Executive Council (FEC) approved a proposed national budget of N47.9 trillion for the 2025 fiscal year. Atiku Bagudu, the Minister of Budget and Economic Planning, shared this information with State House correspondents following the FEC meeting chaired by President Bola Tinubu. This approval is part of the Medium Term Expenditure Framework…
The federal government is urging both local and international investors to explore opportunities in Nigeria’s sugar market, which is valued at approximately $2 billion. Kamar Bakrin, the Executive Secretary and CEO of the National Sugar Development Council (NSDC), emphasized that Nigeria’s annual sugar consumption ranges from 1.4 to 1.6 million metric tonnes. Bakrin stated that…
Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has stated that the four tax bills currently under consideration by the National Assembly pose no threat to the existence of any government agency or the jobs of individuals. Adedeji provided this reassurance on Wednesday in Abuja during a meeting with the chief executive officers…
The National Economic Council, which includes members of the Nigerian Governors Forum, has recommended that the presidency withdraw the Tax Reforms Bill from the National Assembly. This request is based on the necessity for broader consultations and consensus among stakeholders. Oyo State Governor Seyi Makinde stated that this recommendation was part of the resolutions made…
On Tuesday, the naira saw an increase in value against the dollar in the official foreign exchange market. According to FMDQ data, the naira rose to N1630.35 per dollar on Tuesday, up from N1670.65 on Monday, marking an appreciation of N40.3. In contrast, the black market saw the naira decline slightly, trading at N1748 per…
