The Federal government has disclosed plans to borrow N9 trillion from the debt market to fund 35 percent of next year’s budget, according to the Director General of Budget of the Federation, Mr Ben Akabueze. Speaking on the sidelines of…
By Sodiq Adelakun President Bola Ahmed Tinubu has received an interim report on a new tax policy aimed at reducing the tax burden on poor Nigerians. The current tax to Gross Domestic Product (GDP) ratio is less than 8 percent,…
During the 29th Nigeria Economic Summit (#NES29), Wale Edun, the Minister of Finance and coordinating minister of the Economy, revealed plans for the federal government to automate transactions in the entire foreign exchange market. Speaking during the first-panel session, Edun…
By Sodiq Adelakun The Federal Government’s debt to the Central Bank of Nigeria (CBN) has decreased to N4.36trillion after a significant portion of it was restructured in June 2023, according to provisional data from the CBN’s quarterly statistical bulletin for…
By Sodiq Adelakun The naira has been experiencing a tumultuous week, with the currency hitting a fresh low in the official market due to high demand for safe-haven currencies. The naira’s decline on the unofficial market has been even more…
The Association of Bureau De Change Operators of Nigeria (ABCON) has maintained that BDCs do not need more than the approved N35million capital base to operate efficiently and profitably. This is coming against the backdrop of earlier reports that the…
By Sodiq Adelakun Nigeria’s currency, the naira, has reached a record low as it traded at N1,100 per dollar on the black market. This information was obtained from forex traders on Wednesday morning, October 18, 2023. Traders confirmed quotes ranging…
In a significant development, the International Monetary Fund (IMF) has projected that South Africa may soon surpass Nigeria as the largest economy in Africa, according to its latest World Economic Outlook. This revelation comes as South Africa, the most industrialised…
Nigeria’s equities market continued its upward trend on Wednesday, albeit with a slight increase of 0.04 percent or N16 billion. The banking, insurance, and oil & gas sectors saw increased demand, while industrial goods stocks were sold off by investors.Eterna…
The federal government’s debt service to revenue ratio has increased to 183 percent in the first quarter of 2023. This information was revealed in the budget implementation report for the same period.The report highlights that the government had initially budgeted…
