Nigeria’s total public debt stock increased to N46.25 trillion or $103.11 billion as of December 2022, the Debt Management Office (DMO) disclosed on Thursday. According to the DMO, the new figure is made up of the domestic and external total debt stocks of the Federal Government and the sub-national governments (36 state governments and the Federal Capital Territory). The DMO …

The Special Assistant on Payment to the Governor of the Central Bank of Nigeria (CBN), Mrs Mary Fasheitan has said that usage of the digital naira called eNaira currency, will address the scarcity of cash in the country. Fasheitan stated this while sensitising traders and people of the state in Akure to the need to embrace the cashless platform for …

The Gateway Agro-Cargo Airport, located along Iperu-lishan Road in Ikenne Local Government Area of Ogun State, on Thursday witnessed the maiden commercial flight. At the event, the Ogun State Governor, Prince Dapo Abiodun noted that the airport marked the actualisation of a dream by former Governor Gbenga Daniel. He added that the development of the airport was in alignment with …

The Federation Account Allocation Committee (FAAC) shared N750.17 billion among the three tiers of government in January 2023, according to a communiqué issued at the end of the committee’s latest meeting in Abuja on Monday. The figure represents a decrease of N240.02 billion compared to the N990.19 billion shared in December 2022. The amount includes gross statutory revenue, Value Added …

President Muhammadu Buhari on Wednesday urged the Ministry of Finance Incorporated (MOFI) to grow its Assets Under Management from the current value of N18 trillion to at least N100 trillion by 2033. President Buhari gave the charge at the launch of the new MOFI and inauguration of the governing council and board of directors of the body shortly before the …

The 2022 floods in various parts of Nigeria led to an estimated economic loss of $9.12 billion (N4.2 trillion official exchange rate), the Federal Government announced on Friday. This was revealed after a post-disaster assessment of the 2022 flooding. The report was released in Abuja by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development. Presenting the report, …

The Murtala International Airport Command of the Nigerian Customs Service has disclosed that it generated total revenue of N28 billion last year. In a statement on Wednesday, the Customs Area Controller in charge of the command, Muhammed Gidado said that there was a N11.8 billion increase in revenue when compared to the N19 billon the command collected in 2021. He …

The latest prediction of the International Monetary Fund (IMF) that a third of the global economy will enter another recession in 2023 is unsettling news for Nigeria’s economy, which has consistently wasted chances to achieve growth and sustainable development. The World Bank has also decreased its projection for numerous regions. It estimates the rise in per capita income in sub-Saharan …

A former Minister of Solid Minerals, Dr Oby Ezekwesili has said that the presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar was not the Head of the Economic Management Team (EMT) during the period he was deputy to President Olusegun Obasanjo. Obasanjo was president between 1999 and 2007, while Atiku served as vice president. Ezekwesili was Minister …

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele resumed duty on Monday after his annual vacation abroad, according to a statement by the apex bank’s Director of Corporate Communication, Mr Osita Nwanisobi. Since his absence from the public view last month, there have been speculations about his status as the No 1 banker, including allegations of …