Naira records highest depreciation against US dollar
The Nigerian currency has fallen to its weakest level yet against the US dollar, marking a new low that has raised fresh concerns among businesses and citizens. Analysts say the sharp drop reflects ongoing pressure from foreign exchange demand, limited dollar supply, and economic uncertainties. Financial observers note that currency depreciation can increase the cost […]
15 per cent import duty on fuel: Coalitions reject Tinubu govt’s suspension of tariffs
Several coalitions and industry stakeholders have criticized the federal government’s decision to suspend the 15 percent import duty on fuel, arguing that it undermines local production and revenue generation. The move, announced by the Tinubu administration, was intended to reduce pump prices, but many groups say it sends the wrong signal to investors. The coalitions […]
CBN refutes reports of involvement in oil sector forex use
The Central Bank of Nigeria has dismissed reports claiming it disbursed $1.259 billion to big oil companies for importing fuel and other petroleum products. According to the apex bank, the report is false and misleading. In a statement released by the bank’s spokesperson, Hakama Sidi Ali, the CBN clarified that the quoted $1.259 billion figure […]
Tinubu’s fiscal revolution rebuilding Nigeria ‘brick by brick’ – Lagos APC
The All Progressives Congress (APC) in Lagos State has hailed President Bola Tinubu’s fiscal reforms, describing them as a “revolution” that is steadily rebuilding Nigeria “brick by brick.” The party praised the administration’s financial discipline and the transformation taking place within the Federal Inland Revenue Service (FIRS) under the Renewed Hope agenda. In a statement […]
Tinubu’s Presidential Pardon Can Damage Investors’ Confidence – CPPE
The Centre for the Promotion of Private Enterprise (CPPE) has expressed serious concern over President Bola Tinubu’s recent presidential pardon, warning that it could weaken investors’ confidence in Nigeria’s economy. The organisation said the decision to pardon individuals convicted of economic and financial crimes sends the wrong signal to both domestic and foreign investors. In […]
“You cannot pay a minister less than N1m per month and expect him to put in his best” FG considers pay raise for President and other political office holders
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it is reviewing the salaries of political office holders in Nigeria. During a press briefing in Abuja on Monday, August 18, the Chairman of RMAFC, Mohammed Shehu, explained that President Bola Tinubu earns N1.5 million monthly, while ministers earn less than N1 million. These salaries have […]
Tinubu’s Economic Reforms, Uncoordinated, Reactive – Peter Obi Counters Okonjo-Iweala’s Claim
Labour Party’s 2023 presidential candidate, Peter Obi, has disagreed with claims that President Bola Tinubu’s policies are reviving Nigeria’s economy. Obi argued that Tinubu’s economic strategies are not well-planned but rather reactive responses to issues. His comment came after the World Trade Organization’s Director-General, Dr. Ngozi Okonjo-Iweala, said on Thursday that Nigeria’s economy had stabilized […]
US tariffs: Stop playing politics, cut interest rate – Trump to Fed Reserve Chairman
Former U.S. President Donald Trump is asking Federal Reserve Chairman Jerome Powell to cut interest rates. He believes now is the perfect time to make the move and says Powell should stop playing politics. Trump made the statement on his social media platform, Truth. He criticized Powell for usually being late in making decisions but […]
With the Naira’s fall, Nigeria is arguably now more competitive – Chatham House warns FG against strengthening Naira
Chatham House, a UK-based think tank, has advised the Nigerian government not to strengthen the naira. The organization believes that the naira’s decline has made Nigeria’s economy more competitive and warns that reversing this trend could do more harm than good. According to Chatham House, President Bola Tinubu’s economic reforms have led to a sharp […]
BREAKING: President Tinubu arrives NASS for presentation of 2025 budget
In a highly anticipated event, President Bola Tinubu has arrived at the National Assembly to present the 2025 national budget to a joint session of lawmakers. This momentous occasion comes after several delays in the budget presentation, which has captured the attention of the nation. The President’s arrival at exactly 12:10 PM was a significant […]