Abuja, 19 States Face Over 40% Food Inflation Rate As Christmas Nears
As Christmas draws near, Nigerians are feeling the pressure of rising food prices. A recent report from the National Bureau of Statistics (NBS) revealed that in November 2024, Abuja and 19 other states recorded food inflation rates above 40%. This sharp rise in food prices is adding to the financial strain on many families across […]
Davido Wears Nigerian Flag on His Head After Backlash Over Comments on Nigeria’s Economy
Davido, the world-renowned Nigerian singer, recently made headlines when he wore a durag in the colors of the Nigerian flag. This move came after he faced backlash for discussing the country’s struggling economy in a recent interview abroad. In the interview, Davido spoke about the poor state of Nigeria’s economy, including issues like inflation. His […]
Nigeria’s Reforms Struggling to Make Impact, IMF Report Suggests
Nigeria’s ongoing economic reforms are still facing challenges, according to the latest report from the International Monetary Fund (IMF). Nearly 18 months after these reforms began, Nigeria’s growth rate remains below the regional average for Sub-Saharan Africa. The IMF’s report highlights that inflation, exchange rates, and debt burdens continue to hold back the country’s economic […]
Fuel Subsidy Removal is a Major Win for Nigeria – Senator Sani
Nigeria is undergoing significant economic changes aimed at improving the country’s financial future. One of the most impactful steps taken by President Bola Tinubu’s administration has been the removal of the fuel subsidy, which had cost the government billions of dollars each year. Senator Sani Musa, who leads the Senate Committee on Finance, believes this […]
Nigerian Workers Facing Greater Financial Hardship – Oshiomhole
Adams Oshiomhole, former president of the Nigeria Labour Congress (NLC) and ex-governor of Edo State, recently spoke about the financial struggles of Nigerian workers. According to him, today’s workers are poorer than those from previous decades, even though wages have increased on paper. During a lecture at the National Institute of Security Studies in Abuja, […]
Businessman Expresses Concern Over Rising Business Costs in Nigeria
A Nigerian businessman recently took to social media to express his frustration over the steep increase in business costs across the country. In a video he posted, he described how things have changed drastically over the past few years. He recalled that back in 2018, he used N2.4 million to buy 800 bags of groundnuts. […]
Don’t Reverse Current Reforms, World Bank Tells FG
The World Bank has advised the federal government not to reverse the ongoing economic reforms. According to the World Bank, rolling back these changes could lead to negative consequences for Nigeria’s economy. One of the key reforms, the removal of fuel subsidies, along with the end of multiple exchange rate systems, were policies introduced by […]
Higher Interest Rates Are Difficult for Borrowers But Essential for Controlling Inflation – Cardoso
The Central Bank of Nigeria (CBN) has recently taken a decisive step to combat rising inflation by raising the Monetary Policy Rate (MPR) to 27.25%. This bold move, announced by Governor Olayemi Cardoso, reflects the bank’s commitment to addressing the economic challenges facing the country. While this decision may be painful for borrowers, Cardoso insists […]
Naira Ranks Among World’s Worst Performing Currencies
Recent reports have highlighted a troubling trend for the Nigerian naira, which has been listed among the ten worst performing currencies in the world, according to Bloomberg. This ranking reflects broader economic challenges faced not only by Nigeria but also by several other African nations. In the global economy, currency performance is often a reflection […]
We Will Do Everything to Save Nigeria – VP Shettima
Vice President Kashim Shettima has assured Nigerians that the government is dedicated to protecting the nation from failure. He emphasized that President Bola Ahmed Tinubu’s administration will do whatever is necessary to prevent Nigeria from collapsing. Shettima made this statement during the 17th Annual Banking and Finance Conference in Abuja, organized by the Chartered Institute […]