The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the monetary policy rate, which measures the benchmark interest rate, to 27.25 per cent. The monetary policy rate is the baseline interest rate in an economy. Every other interest rate used within an economy is built on the MPR. Addressing journalists at an ongoing press briefing …

The Federal Government has approved a 50 per cent increase in the feeding allowance for inmates in Nigeria, effective from August 2024. This measure aims to address rising food costs and improve inmate welfare. The spokesperson for the Nigeria Correctional Service, Abubakar Umar, confirmed the increase during an interview with  newsmen today. He described it as the “first phase” of …

The Federal Government has set up a 10-member committee to enforce the Supreme Court judgment delivered on 11th July, 2024 granting financial autonomy to Local Governments in Nigeria. Director, Information & Public Relations in the Office of the Secretary to the Government of the Federation OSGF, Segun Imohiosen disclosed this Tuesday in Abuja. He said the SGF, Senator George Akume, …

Netflix has announced a price adjustment for its subscriptions in Nigeria, with the Premium Plan now set at N7,000 per month, up from N5,000. This marks the platform’s second price adjustment in three months with the introduction of the most recent price increase in April of this year. At the time of filing this report, confirmation is pending regarding whether …

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the benchmark lending rate to 26.75 per cent. The hike in the Monetary Policy Rate was disclosed by the CBN Governor, Dr. Olayemi Cardoso, at the end of the 296th MPC meeting in Abuja on Tuesday. The MPC had maintained a hawkish stance to tame inflation …

The Edo State Governor, Godwin Obaseki, has increased the minimum wage for workers in the state from N40,000 to N70,000, effective 1st May 2024. The governor made the announcement at the inauguration of the newly built ultra-modern Labour House secretariat complex for labour unions in the state, along Temboga Road, Ikpoba-Hill, Benin City. This is as the Nigeria Labour Congress …

The Nigerian Electricity Regulatory Commission (NERC) has approved an increase in electricity tariff for customers under the Band A classification. NERC’s Vice Chairman, Musliu Oseni, said the increase will see the customers paying N225 kilowatt per hour from the current N66. It was reported that customers under Band A are those who enjoy 20 hours of electricity supply daily. Speaking …

The Confederation of African Football has increased the cash prize money for the upcoming 2023 TotalEnergies African Cup of Nations by 40 per cent. The continental football body disclosed this on Thursday on its website. CAF stated that the winner of the 2023 AFCON will receive $7 million while the runner-up will now get $4 million. Each of the two …