Petrol price stood at N1,214.17 in November 2024 – NBS
The National Bureau of Statistics (NBS) has published its latest report on fuel prices, showing sharp increases in the average prices of petrol and diesel across Nigeria in November 2024. According to the Petrol Price Watch report, the average price of a litre of petrol rose to N1,214.17 in November 2024 from N648.93 in November […]
Untamed inflation: Nigerian workers eye 50% wage increase
Nigerian workers are calling for a 50% wage increase to help cope with the country’s high inflation. This demand was made by a senior official of the Nigeria Labour Congress (NLC) in an interview with DAILY POST. Although the minimum wage was raised in July 2024, workers say that the increase has been wiped out […]
Petrol price may rise as crude hits $81 per barrel
The price of petrol in Nigeria may soon increase due to a rise in the cost of crude oil. Brent crude oil, one of the key global benchmarks, has surged to $81.09 per barrel, up from $76 last week. The Nigerian government had set its 2025 budget benchmark for crude oil at $75 per barrel. […]
Zenco Spends Over ₦1Billion On Casket, Tent, Others At Mother’s Burial
Zenco, the billionaire real estate mogul, is pulling out all the stops for his mother’s burial, ensuring she receives a grand send-off. Cletus Oragwa, known as Zenco, is reportedly spending over ₦1 billion on the funeral, with expenses covering luxury items such as a tent, casket, and transportation services. The burial preparations have already begun, […]
Tinubu govt’s intervention: 180 days after, food prices yet to crash
In July 2024, the Nigerian government announced bold measures to address rising food prices. The plan included a 150-day duty-free import window for essential food items like maize, rice, wheat, and cowpeas. These measures aimed to reduce food inflation within 180 days. However, six months later, food prices remain stubbornly high, leaving Nigerians frustrated. Experts […]
Nigerian Govt gets $255m Chinese loan for Kano-Kaduna railway project
The Nigerian government has secured a $255 million loan from the China Development Bank (CDB) to fund the Kaduna-Kano railway project. This major transportation initiative aims to enhance connectivity and promote economic growth in the region. The loan, announced by CDB on Tuesday, is the first installment for the project and will provide essential financial […]
Audit report uncovers N515bn infractions in NNPCL transactions
An audit report from Nigeria’s Office of the Auditor-General has uncovered a troubling financial situation at the Nigerian National Petroleum Company Limited (NNPCL) in 2021, with irregularities amounting to N515 billion. This investigation sheds light on how the company handled funds, pointing out several mismanagement issues during the year. The report details four major infractions. […]
2025: Nigerians Hopeful About Revived Economy Despite Hardship
2024 was a tough year for Nigerians as they faced rising inflation, high fuel prices, and a volatile currency. However, the reopening of domestic refineries and economic reforms have sparked some hope for a better 2025. Over the past year, Nigerians dealt with significant economic pressures. Inflation soared to 34.6%, with food inflation climbing to […]
Exchange Rate Ends 2024 At ₦1,535/$1, Marking A 40.9% Depreciation
The Nigerian naira faced a challenging year in 2024, ending at ₦1,535/$1 against the US dollar. This marked a significant 40.9% depreciation from the previous year’s rate of ₦907.11/$1. Despite various reforms and policies by the Central Bank of Nigeria (CBN), the currency struggled to maintain stability. On the parallel market, where exchange rates are […]
Nigeria’s FX turnover surges to N23.95tn
Nigeria’s foreign exchange (FX) market saw remarkable growth in November 2024, with total turnover reaching $14.39 billion, equivalent to N23.95 trillion. This was revealed in the latest FMDQ Markets Monthly Report. The report highlighted that the FX turnover for the spot and derivatives markets totaled N58.22 trillion and N0.81 trillion, respectively. The Spot FX Market […]