The Lagos State Government, through the Ministry of Economic Planning and Budget, has released its budget performance report for the first quarter of 2025, reaffirming its commitment to transparency, fiscal discipline, and efficient public financial management. The report, released through its official website on Thursday, stated that, ‘The Lagos State generated total revenue of N582.45 billion,in Q1 2025, reflecting 79% …

Lagos has received a significant boost to its economic standing as the international ratings agency, Fitch Ratings, upgraded the state’s Long-Term Foreign- and Local-Currency Issuer Default Ratings from ‘B-’ to ‘B’. The announcement, posted on Fitch’s website on Friday, also confirmed similar upgrades for Kaduna, Kogi, and Oyo states, with the outlook for all four rated as stable. This positive …

The International Monetary Fund (IMF) has advised Nigeria to enhance transparency in the oil sector to ensure that the subsidy removal savings are transferred to the government’s budget. The director of the African department at the IMF, Abebe Selassie, gave the advice on Friday while presenting the findings of the Regional Economic Outlook for Sub-Saharan Africa report at the IMF …

Nigeria has officially gazetted and transmitted to the African Continental Free Trade Area (AfCFTA) secretariat, the Economic Community of West African States (ECOWAS) Schedule of Tariff Offers for Trade in Goods under AfCFTA. With agreement, which establishes zero duties on 90% of tariff lines for trade in goods, Nigerian goods are now competitively positioned in the African market, ensuring greater …

Nigeria’s credit rating was upgraded to B by Fitch Ratings, remaining in the speculative-grade category. According to Bloomberg, Fitch citied improved policy credibility and reduced near-term risks to macroeconomic stability as justification for the imrpovement. ‘The upgrade reflects increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including …

The Director-GeneraI of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has said that the recent tariffs announced by the United States would have significant implications for global trade and economic growth prospects. On 2 April, President Donald Trump announced sweeping global tariffs on all imports into the US, imposing 14 percent on Nigeria. In a statement on Thursday, Okonjo-Iweala …

In a significant step towards curbing illegal mining, the Mining Marshals have successfully dismantled a heavily fortified illegal mining site in Rafin Gabas, Kokona Local Government Area of Nasarawa State. According to a statement on Thursday by Mr. Segun Tomori, Special Assistant on Media to the Minister of Solid Minerals Development, the site, which had long evaded law enforcement, was …

Governors are on the same page with the Federal Government on the Tax Reform Bills, according to Nasarawa State Governor, Engr. Abdullahi Sule. According to him, the four Tax Reform Bills passed on 18 March by the House of Representatives contain the adjustments made to the original Bills by the governors. Senate Leader Opeyemi Bamidele also said that the Senate …

A report by the National Bureau of Statistics (NBS), said the inflation figure fell from the 24.48% recorded in January following the rebasing of Nigeria’s Consumer Price Index (CPI). The update of the CPI made 2024 the base year for price increment instead of 2009 practised before. The new figure still falls short of the 15% targeted by the federal …

An e-commerce platform, Atlaxa has launched its maiden operations in Abeokuta, the Ogun State capital. At a media conference of the soft launch of Atlaxa Online Marketplace, the Chairman of Atlantica Financial Services Limited (parent company of Atlaxa Multi Resources), High Chief Olabode Mustapha said that Atlaxa was born out of a powerful vision to create a bridge between African …