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Nigeria’s inflation rate rose to 33.95 percent in May, with food inflation reaching 40.66%. As prices of food and non-alcoholic beverages continued to surge, the 33.95 percent inflation represents an increase of 0.26% points when compared to the April 2024 headline inflation rate of 33.69 percent. The National Bureau of Statistics (NBS) made this known […]

The World Bank has announced the approval of two significant financial operations aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations. According to a statement from the bank on Thursday, the combined package, totalling $2.25 billion, comprises the $1.5 billion Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program […]

The International Monetary Fund (IMF) has projected Nigeria’s economy will rise to at least $1.85 trillion in purchasing power parity terms by 2029. PPP is a metric used to compare the value of different currencies and their ability to buy the same things. It is used for comparing economic productivity and standards of living between […]

After decelerating for four consecutive months, Kenya’s inflation rate increased to 5.10% in May 2024. This is 0.12 percentage points above the 4.98% recorded in April. Higher food, transport and energy costs primarily drove the uptick. Meanwhile, following the May 29 parliamentary elections, the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) […]

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the benchmark interest rate by 150 basis points from 24.75 per cent to 26.25 per cent. The monetary policy rate (MPR) is the baseline interest rate in an economy, which banks use to set their interest rates. CBN Governor, Yemi Cardoso […]

President Bola Tinubu has reassured investors in the energy sector of his administration’s resolve to further enhance the business environment and ensure investment convenience. The President inaugurated three milestone gas plants , which are the expanded AHL Gas Processing Plant; the ANOH Gas Processing Plant, and the 23.3km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering […]

Nigeria’s inflation rate climbed to a new high in April 2024, reaching 33.69 per cent, according to latest data released by the National Bureau of Statistics (NBS) on Wednesday. The latest jump in inflation figure represents a significant increase from the 33.2 per cent recorded in March and a substantial jump compared to April 2023 […]

The International Monetary Fund (IMF), says it  remains positive with Nigeria’s bold economic reforms. Highlighting the autonomy of the Central Bank of Nigeria (CBN), it  cautioned against the proposed amendment to the Act establishing the  apex bank. The position of the Fund was contained in the Article IV Staff Consultation Report of the Board of […]

The Central Bank of Nigeria (CBN) has again issued a circular to all Bureau De Change (BDC) operators This announcement details a new initiative to directly sell US dollars to them at a reduced rate of N1,021 per dollar. This initiative represents the second such occurrence this month and the fourth instance this year, underlining […]

President Bola Tinubu has projected an annual economic benefit of approximately $2.7 billion US dollars from paperless trade alone, with the take-off of the National Single Window Project. The President, who disclosed this on Tuesday, at the launch of the National Single Window Project at the State House, Abuja, said the project will also be […]

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A Federal High Court sitting in Kano has nullified all steps taken by Kano state government sequel to the Kano Emirates Council (Repeal) Law 2024, which reinstated Muhammadu Sanusi II, as the 16th Emir by the Kano State Government. The presiding judge, Justice A.M. Liman, who gave the ruling on Thursday, ordered the parties involved […]

An Akure High Court, in Ondo state has declared as unconstitional and illegal the creation of the 33 Local Government Development Areas (LCDAs) by the Ondo State government. Justice Adegboyega Adebusoye, in his verdict described the LCDAS signed into law by late Governor Oluwarotimi Akeredolu as inchoate and not lawfully created. Akeredolu had on September […]

The Court of Appeal sitting in Port Harcourt, Rivers State, has reserved judgement in the appeal filed by Martin Amaewhule and 24 others against Speaker Victor Oko-Jumbo and four others. The appellate court also adjourned till 21st June, Friday, for further hearing on three other suits on the political crisis in the state pending before […]

Nigeria’s President, Bola Tinubu has told his South African counterpart, Cyril Ramaphosa the need for both leaders to work together. Tinubu spoke onThursday in Johannesburg, South Africa, during a private meeting with President Ramaphosa. His Special Adviser on Media and Publicity, Ajuri Ngelale, confirmed in a press statement that the closed meeting held at Radisson […]

The Super Eagles have experienced a decline in the latest FIFA men’s ranking, which was released on Thursday morning. The three-time African champions dropped eight places from 30th position to the 38th position in the FIFA ranking. Following a 1-1 draw against South Africa’s Bafana Bafana in Uyo, Akwa Ibom State, and a subsequent 2-1 […]

Global Crypto Exchange, Binance, has been ordered to pay 188.2 million Indian Rupees ($2.25 million) in penalties by India’s financial watchdog. The Financial Intelligence Unit (FIU) imposed the fine on Binance in an order dated Wednesday, June 19, 2024, for violating the rules under the country’s Prevention of Money Laundering Act. FIU said it issued […]

The Academic Staff Union of Universities (ASUU) has issued a three-week ultimatum to the Federal Government to respond to its demands to avoid industrial action. The Federal University of Dutse (FUD) Branch ASUU Chairman in Jigawa State, Comrade Salim Ahmed gave the warning at an emergency press conference held at the in Dutse. “The Members […]

The Nigerian Ports Authority (NPA) has shed more light on why the $27.29billion Escravos Deep seaport project, which is being promoted by a Nigerian firm, Mercury Maritime Concession Company in collaboration with EDIB International of Hong Kong, has stalled. Responding to enquiries on the delay of the project via his X (formerly Twitter) handle, the […]

Nigeria has re-affirmed its commitment to implement the tenets of the Biological Weapons Convention by not developing, producing, acquiring or retaining biological weapons in line with the international community’s efforts to address the proliferation of Weapons of Mass Destruction (WMD). Secretary to the Government of the Federation (SGF), George Akume, made the disclosure at a […]

The Police Service Commission (PSC) has asked President Bola Tinubu to immediately sack the Inspector-General of Police (IGP) Kayode Egbetokun for undermining the police recruitment process. PSC also faulted the alleged corruption case leveled against the PSC. Briefing reporters in Abuja on the development, Chairman of the Association of Senior Civil Servant of Nigeria (ASCSN) […]

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