Business
After 8 months of decline, Spike in food prices push inflation to 15.63%.
Following the surge in food prices , the country’s consumer price index, which measures the rate of increase in the price of goods and services, increased to 15.63 percent in December 2021 — Coincidentally, the recent spike is the first since recording consecutive drops since March 2021 which is as a result of surge in …
BudgIT uncovers 460 duplicated projects worth N378.9bn in 2022 budget
A civic-tech non-profit organisation, BudgetIT says it has uncovered 460 projects amounting to N378.9 billion duplicated in the 2022 budget. This was made public by Iyanu Fatoba, communications associate at BudgIT, in a statement. It would be recalled that president Muhammadu Buhari On December 31, 2021,signed the N17.13 trillion 2022 appropriation bill into law. Before the passage of …
World Bank projects 2.5% growth for Nigeria’s economy to in 2022
According to the World Bank forecast, the country’s economy is expected to grow by 2.5 percent in 2022, up from an estimated 2.4 percent growth in 2021. The Washington-based institution d made this known in its latest Global Economic Prospects report released on Tuesday. The bank based its projection on the rebound to higher oil …
Former Lagos commissioner for Finance, Ayo Gbeleyi appointed AS CHAIRMAN, FEDERAL MORTGAGE BANK
A former commissioner for finance, Mr Ayodeji Ariyo Gbeleyi as been appointed by President Muhammadu Buhari as the Chairman of the Board of Directors of the Federal Mortgage of Bank of Nigeria (FMBN). Mr Ayodeji Gbeleyi is a Chartered Accountant and an Associate of the Chartered Institute of Taxation, he is a well-known financial expert …
BREAKING: Doyin Salami appointed as Chief Economic Adviser to the President
After close to 6 years as president, President Muhammadu Buhari has appointed a foremost professor of economics, Doyin Salami, as his Chief Economic Adviser. Up on till now, Professor Salami was the Chairman of the Presidential Economic Advisory Council (PEAC). “A 1989 doctorate degree graduate in Economics of Queen Mary College, University of London, Doyin Salami, …
Ahead of the Yuletide season, Naira gains against the dollar at parallel market for N565/$1.
Ahead of the Yuletide season, the Nigerian naira has gained marginally against the US dollar at the parallel market to trade at N565 per dollar. Going by this figure, it is N5 or 0.9 percent higher than the N570 it traded last week. According to The cable, the Street traders across forex markets in Lagos …
Togo, Benin and Niger still owe FG N770m electricity bill in Q2 2021
According to the Nigerian Electricity Regulatory Commission (NERC) , the Republic of Benin, Niger Republic and Togo made no payment for the electricity supplied to them from Nigeria in the second quarter of 2021. This was disclosed by the commission in its second-quarter report for 2021. According to the report, the neighbouring countries and other …
Despite evident hardship, Nigeria’s finance minister hints at additional taxes in 2022
ByAgency Report Despite the consistent rising inflation and perceived hardship in the country, the Minister of Finance, Zainab Ahmed, has hinted that there might be an introduction of new tariffs and levies in 2022 ”as the economy was now on a recovery path”. Mrs Ahmed made this disclosure while addressing ‘stakeholders’ at a public hearing …
Otedola becomes single largest share holder in FBN Holdings, after acquiring additional 2.5% stake.
After months of speculation, billionaire buisness man, Femi Otedola, is now the single largest share holder after acquiring additional 2.5 percent in FBN Holdings Plc, this is according to TheCable. FBN Holdings is the parent company of First Bank of Nigeria (FBN). According to inside sources, the move now places Otedola’s stake far above the …
JUST IN: Aftermath of strike, AEDC management gets the boot over workers’ unpaid salaries.
Following the strike by the Abuja Electricity Distribution Company (AEDC), President Muhammadu Buhari has approved the sack of the management of the Company (AEDC) . The Nigerian Union of Electricity Employees (NUEE) staged a strike on Monday and left areas serviced by the AEDC without power for hours on Monday. Some of the areas serviced …