After an initial rise in oil price earlier in the week, prices inched lower yesterday as the market weighed worsening economic prospects against expectations of United States crude inventory declines and plans by OPEC+ producers to reduce output. Opec+ is a group of 23 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world …

The Federal Government has secured $800 million from the International Bank for Reconstruction and Development (well known as the World Bank) to provide post-petroleum subsidy palliatives for over 50 million Nigerians ahead of June 2023. After this week’s Federal Executive Council chaired by President Muhammadu Buhari at the Aso Rock Villa, Abuja on Wednesday, the Minister of Finance, Budget and …

The former Governor of the Central Bank of Nigeria (CBN), Muhammed Sanusi has said that Nigeria is currently more divided than it was during the civil war between July 1967 and January 1970. He said Nigeria has been “divided dangerously” along ethnic and religious lines, putting the integrity of public institutions in question. At the Third Nigerian Leadership Colloquium in …

The Federal Government on Thursday blamed powerful interests for the massive deforestation in states where lumberjacks fell trees for the commercial production of charcoal. It said the activities of these interests were against the federal government’s target to plant 25 million trees by 2030 under the afforestation policy of the Buhari regime. Minister of Environment, Barrister Mohammed Abdullahi disclosed this …

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, …