Category: Economy
Budget Minister Defends Expansionary Spending, Says It’s Key to Economic Growth
Amid growing concerns over Nigeria’s increasing budget size and deficits, the Federal Government has defended its preference for an expansionary fiscal policy, which involves running large budget deficits and accumulating debt. Senator Abubakar Bagudu, Minister of Budget and Economic Planning, explained the government’s stance during a media chat in Lagos, stating that the expansionary budgetary…
CBN Monetary Policies Yielding Results, but Fiscal Challenges Loom
After months of trial and error, the Central Bank of Nigeria (CBN) appears to be on the right track with its monetary policies. The exchange rate is stabilizing, and the gap between the official and parallel market rates has significantly narrowed. For the first time in years, Nigeria is close to achieving a relatively stable…
Transcorp Group Records 132% Growth in Profits to N136.7 Billion in 2024
Transnational Corporation Plc (Transcorp Group) has announced a remarkable 132% increase in Profit Before Tax (PBT) to N136.7 billion for the operating year ended December 2024, up from N58.8 billion in the previous year. The impressive financial performance was disclosed in the company’s audited results, which also revealed a 107% surge in revenue to N408…
Global Tariff War Impacts Nigeria’s Oil Revenue Target as Prices Decline
The ongoing global trade war, particularly between the United States and several developed economies, has intensified the decline in crude oil prices, posing a significant threat to Nigeria’s 2025 budget. Bonny Light, Nigeria’s premium crude oil grade, hit a new low of $70.3 per barrel over the weekend, marking a 13% decline since the 2025…
NNPC Ltd Expands Domestic Gas Supply with Landmark Agreement for 80mmscf/d Supply to Ssonic Petroleum
In a significant move to bolster domestic gas utilization and support Nigeria’s industrial and economic growth, the Nigerian National Petroleum Company Limited (NNPC Ltd) has signed a landmark Gas Sale and Purchase Agreement (GSPA) with Ssonic Petroleum Ltd. The agreement, executed on Thursday, March 6, 2025, will see NNPC Gas Marketing Ltd (NGML), a subsidiary…
Shehu Sani Slams NPC’s ₦1 Trillion Census Budget as “Madness”
Former federal lawmaker and social critic, Shehu Sani, has strongly criticized the National Population Commission (NPC) for requesting nearly ₦1 trillion to conduct a national census. Describing the request as “madness,” Sani questioned the rationale behind such a hefty budget, especially at a time when the country is grappling with economic challenges and competing priorities….
BOI Disburses N108 Billion to 921 Women-Owned Businesses to Bridge Gender Gap
In a significant move to empower women entrepreneurs and bridge the gender gap in Nigeria’s economy, the Bank of Industry (BOI) has disbursed N108 billion in loans to 921 women-owned businesses. The initiative, announced during BOI’s commemoration of International Women’s Day 2025, underscores the bank’s commitment to expanding access to financing and business opportunities for…
National Theater Transformation to Unlock $25 Billion Creative Sector Potential, Says CBN Governor Cardoso
Lagos, Nigeria – The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has declared that the transformation of the National Theater in Lagos will serve as a catalyst for unlocking the $25 billion income potential of Nigeria’s creative sector. Cardoso made the statement during a press briefing following a tour of the upgraded National Theater,…
Fuel Price War: Nigerians to Enjoy Further Petrol Price Reductions as NNPC, Dangote Refinery Compete
Nigerians can expect further reductions in the price of Premium Motor Spirit (PMS), commonly known as petrol, as the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery engage in a price war. This development comes as both companies have recently slashed their petrol prices, sparking competition that is set to benefit consumers. On Monday,…
Naira Depreciates to N1,510/$ in Parallel Market, Gains Slightly in Official Market
The Nigerian Naira experienced mixed fortunes in the foreign exchange markets yesterday, depreciating in the parallel market while recording a slight gain in the official Nigerian Foreign Exchange Market (NFEM). In the parallel market, the Naira fell to N1,510 per dollar from N1,505 per dollar over the weekend, reflecting a N5 depreciation. However, in the…