The Conference of Nigeria Political Parties (CNPP) has commended the Central Bank of Nigeria (CBN) over its move to redesign the N200, N500 and N1, 000 banknotes. In a statement in Abuja on Thursday by its Secretary General, Chief Willy Ezugwu, CNPP said: “Only politicians who intended to buy votes” and other equally ill-motivated elements would criticise CBN’s action. The …

Three existing Nigerian currency notes – N200, N500 and N1,000 – will cease to be legal tender from 31st January next year, that is 98 days away. The Central Bank of Nigeria (CBN) announced on Wednesday that Nigerians and others in possession of the notes should return them the banks, in place of the redesigned notes. According to the CBN Governor, …

For the first time in 17 years, Nigeria’s inflation rate rose to 20.8 percent as a result of soaring food prices and supply chain disruption, according to  the National Bureau of Statistics (NBS). The Consumer Price Index report for September 2022 released on Monday shows that inflation figure for the preceding month – August – was 20.52 percent. The NBS …

In its eight-year reign, the Muhammadu Buhari administration budgeted N93.45 trillion (2016 to 2023 budgets). But 72.1 percent of that figure, amounting to N67.4 trillion, was committed to recurrent expenditure, leaving 27.9 percent for capital spending on infrastructure in health, works, education and other sectors. Recurrent expenditure includes salaries, emoluments and allowances of public officers and civil servants. On the …