Category: Economy
SERAP Demands Tinubu Probe Missing N233bn, Reject $1.08bn World Bank Loan
LAGOS – The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to investigate and recover over N233 billion in missing public funds instead of accepting a $1.08 billion (approx. N1.6 trillion) World Bank loan approved last week. In a letter dated April 5, 2025, SERAP urged the president to direct the…
Naira Plummets to N1,600/$ in Official Market as Parallel Market Gap Widens
The Nigerian naira suffered another significant blow on Friday, crashing to N1,600 per US dollar in the official Nigerian Foreign Exchange Market (NFEM) for the first time in three months. Market Breakdown: What This Means:The latest depreciation marks: Market Reactions:Financial analysts attribute the slide to: CBN’s Challenge:The widening gap between official and parallel rates presents…
World Bank Approves $1.08 Billion for Nigeria’s Education, Nutrition, and Economic Resilience
The World Bank has greenlit $1.08 billion in concessional financing to bolster Nigeria’s education, nutrition, and economic recovery efforts, targeting vulnerable populations across the country. Breakdown of Funding Allocations Objectives and Expected Impact Broader Implications The funding aligns with Nigeria’s push to address systemic challenges in human capital development, particularly post-pandemic economic strains. The World…
Trump Slaps 14% Tariff on Nigerian Exports in Sweeping Trade Policy Shift
Washington D.C., USA – In a move that could significantly impact Nigeria’s economy, former U.S. President Donald Trump announced a new 14% tariff on Nigerian exports to the United States during a “Make America Wealthy Again” event at the White House Rose Garden on Wednesday. Key Details of the New Trade Policy Trump’s Justification Trump…
Nigeria’s Foreign Exchange Reserves Rebound to Three-Year High, But Structural Challenges Loom
The Central Bank of Nigeria has announced a dramatic recovery in the country’s foreign exchange reserves, with net reserves climbing to $23.11 billion in 2024 – the highest level since 2021. This financial turnaround comes as the Lagos business community warns that without fundamental reforms to Nigeria’s power sector and debt management, these gains may…
President Tinubu Overhauls NNPC Leadership, Appoints New Board to Drive Oil Sector Reforms
April 2, 2025 | Abuja In a sweeping move to revitalize Nigeria’s energy sector, President Bola Ahmed Tinubu today announced a complete reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, replacing Chairman Pius Akinyelure and Group CEO Mele Kyari alongside all board members appointed in November 2023. New Leadership TeamThe newly constituted 11-member…
NNPCL Prepares for Landmark Public Listing Amid Transparency Concerns
The Nigerian National Petroleum Company Limited (NNPCL) has entered the final stages of its long-anticipated transition to a publicly traded entity, announcing plans to list its shares on the capital market in compliance with the Petroleum Industry Act (PIA) 2021. The move, revealed Thursday by Chief Corporate Communications Officer Olufemi Soneye, marks a pivotal moment…
Tinubu Administration Budgets N164 Million for Tyres Amid Economic Strain
Revelation comes after N366 million tyre expenditure in 2024, raising fiscal responsibility questions Abuja, Nigeria – The State House under President Bola Tinubu has allocated N164 million for tyre purchases in its 2025 budget, documents reveal, continuing a pattern of heavy spending on vehicle maintenance despite Nigeria’s economic challenges. The allocation follows last year’s N366…
Organised Labour Threatens Total Shutdown Over Zamfara’s N70,000 Minimum Wage Violations
Unions issue 14-day ultimatum, demand reinstatement of sacked workers Tensions escalated in Zamfara State on Tuesday as the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) delivered a stern two-week ultimatum to the state government, demanding full compliance with the N70,000 minimum wage law or face a total paralysis of government operations. Core Grievances…
NBS Vows Transparency Amid Inflation Data Controversy, Clarifies Rebasing Process
The National Bureau of Statistics (NBS) has moved to quell growing concerns over its inflation reporting methods, pledging enhanced transparency after confusion arose from its recent Consumer Price Index (CPI) rebasing exercise. Data Integrity Assurances In an official statement, Acting Director of Communications Folorunso Alesanmi confirmed the bureau’s commitment to “quality data publication,” emphasizing that…