The Group Chief Executive Officer of the NNPC Limited, Malam Mele Kyari has attributed the rise in petrol pump prices in Nigeria to market forces. This follows a recent price increase from N540 to N617 per litre, which he said reflects the dynamics of a market-regulated pricing model. After a closed-door meeting with Vice President Kashim Shettima at the State …

Nigeria’s headline inflation rate rose to a 17-year high of 22.79 per cent last month as against 22.41 per cent in the previous month. The accelerated increase is for the sixth consecutive time, according to data by the National Bureau of Statistics (NBS) released Monday. The NBS report read: “In June 2023, the Headline inflation rate rose to 22.79 per cent …

President Bola Tinubu on Thursday declared a state of emergency on food security as the Federal Government stepped up efforts to tackle food inflation following the removal of fuel subsidy. The President also approved that all matters pertaining to food and water availability as well as affordability, as essential livelihood items, be included within the purview of the National Security …

The Institute of Chartered Accountants of Nigeria (ICAN) has applauded the unification of Nigeria’s foreign exchange rate, saying that it would stimulate the growth of the securities market and attract foreign investments into the country. The Institute said that it is expected that the action would generally lead to short-term pains that will yield long-term gains. A statement by the …

The Bank of America has said the Monetary Policy Committee of the Central Bank may need to increase interest rates by at least 700 basis points before the end of the year to curb inflation. In an interview with Bloomberg on Monday, the bank’s sub-Saharan Africa Economist, Tatonga Rusike, said the hike was necessary to tackle soaring inflation occasioned by …

Nigeria’s total public debt as of 31st March 2023 has grown to N49.95 trillion ($108.30 billion). The country’s public debt added another N3 trillion between December 2022 and March 2023. In its quarterly assessment of the country’s debt profile, the Debt Management Office (DMO) said the new figure of N49.95 trillion does not include the N22.719 trillion Ways and Means …

President Bola Ahmed Tinubu’s Policy Advisory Council has recommended the declaration of a state of emergency on revenue generation in the country. The council also proposed the merger of the Federal Inland Revenue Service, Nigerian Customs Service, and the Nigerian Maritime Administration and Safety Agency into the Nigerian Revenue Service in order to enable an efficient collection of all direct …

President Bola Tinubu inaugurated the National Economic Council (NEC) at the Council Chamber of the State House, Abuja on Thursday. Thursday’s inauguration comes a week after the President directed council members to concretise intervention plans to mitigate the effects of the petroleum subsidy. President Tinubu said the task of growing the nation’s economy is quite enormous. “Therefore, there will be …

The Federal Government on Friday inaugurated Bollard Pull Tug Boats (vessels) at the Lagos ports acquired by the Nigerian Ports Authority (NPA). Justifying the need for the unveiling of the new vessels, NPA Managing Director/CEO, Mohammed Bello Koko said the government was driven by the need to provide efficient domestic cargo needs, win back transit cargo hitherto lost to neighbours …

The Federal Government said on Monday that more investment was needed to support the over four million persons experiencing hunger and malnutrition in the northeast. The government and the United Nations urged international partners to support Nigeria with funds to address food shortage in the region. At the lunch of the lean season food security and nutrition crisis, multi-sector plan …