Senate President Godswill Akpabio has said that the implementation of the 2024 Appropriation Act would be extended to June 2025. During the joint session of the National Assembly where President Bola Tinubu present the Federal Government’s 2025 budget proposal, Akpabio said the bill extending the 2024 budget would soon be transmitted to the President for approval. In December 2023, the …

The Federal Government has projected a revenue of N36.35 trillion for 2025. On the heels of President Bola Tinubu’s 2025 budget proposal presentation to the National Assembly on Wednesday, the Director-General, Budget Office of the Federation, Mr. Tanimu Yakubu said that the budget is anchored on improved non-oil revenue generation. These, he explained, included expanded tax collections, customs duties, and …

Nigeria’s annual inflation rate rose to 34.60 per cent in November from 33.88 per cent in October, the National Bureau of Statistics (NBS) said on Monday. This marks a continuation of the upward trend observed from September, when the nation recorded a reversal of a two-month decline. The statistics office said the November 2024 headline inflation rate showed an increase …

The National Economic Council (NEC) on Thursday approved the request by the Revenue Mobilisation, Allocation and Fiscal Commission to seek a National Assembly amendment to its existing Act and to provide an alternative funding source for the commission. This also includes an approval of 0.05 per cent of non-oil federation revenue as an alternative funding source for the commission. NEC …

The Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has advised Nigerians against leaving the country (Japa). He assured that the apex bank is building an economy where everybody and business can thrive. Cardoso gave this advice in a keynote address at the 59th annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria, CIBN, in Lagos. …

President Bola Tinubu has assured Nigerians of better economic output as the economy continues to expand following the newly released third quarter Gross Domestic Product report by the National Bureau of Statistics. According to the NBS, Nigeria’s GDP grew by 3.46%, compared to the 3.19% growth recorded in the second quarter. The growth in GDP shows that President Tinubu’s quest …

The 2025 Appropriation Bill targets N34.8 trillion revenue, it was learnt yesterday. The Bill also projects a comprehensive debt restructuring strategy aimed at freeing up funds for critical infrastructure development. This approach is one of the key components of the 2025-2027 Medium-Term Fiscal Framework and Fiscal Strategy Paper (MTEF/FSP), which the Federal Executive Council (FEC) approved on Thursday. The MTEF/FSP …

The Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Mr. Taiwo Oyedele has said that four tax reform bills, which President Bola Tinubu submitted to the National Assembly would empower Nigerian youths to play a key role in the digital economy space. On his X handle , Oyedele said that the changes to the income tax laws were …

Vice-President Kashim Shettima has projected that Nigeria’s economy will grow in “leaps and bounds” by 2025. At a retreat organised for presidential aides and heads of units in his Abuja office on Saturday, Shettima referenced the crude oil production of 1.8 million barrels per day recorded recently as part of the country’s economic improvements so far. According to the Vice President, …

Nigeria’s external debt may rise to $45.1 billion by the end of 2024 as the Federal Government advances plans to secure additional external funding. The Debt Management Office (DMO) revealed in its latest report that the country’s external debt stock increased by $780 million in the second quarter of 2024, growing from $42.12 billion in March to $42.9 billion as …