Economy

The naira is taking an unprecedented bashing in our foreign exchange markets. In the parallel market, the dollar sold for as high as N280 and the pound sterling N398 some days back. In an era […]

The National Chairman of the All Progressives Congress, Chief John Odigie-Oyegun, has said the eventual removal of fuel subsidy is inevitable. According to him, the gradual removal of subsidy is necessary in view of emerging […]

ABUJA (Reuters) – Nigeria expects its budget deficit to double to 2.2 trillion naira ($11 billion) in 2016 as the government plans to revive a flagging economy by tripling capital expenditure, President Muhammadu Buhari said […]

Nigerian President Muhammadu Buhari asked lawmakers to approve the country’s biggest ever budget on Tuesday as he looks to revive an economy hit by collapsing oil prices. Buhari outlined plans for the government to spend […]

The All Progressives Congress and the Peoples Democratic Party have disagreed sharply on the N6.08tn ‘Budget of Change’ presented by President Muhammadu Buhari to a joint session of the 8th National Assembly on Tuesday. While […]

The United States Ambassador to Nigeria, Mr. James Entwistle, has described Nigeria as a country conducive for direct foreign investments, pledging that the US will continue to encourage American companies to invest in Nigeria. Entwistle […]

The new electricity tariff regime approved by the Nigerian Electricity Regulatory Commission (NERC) has removed fixed charges for all classes of electricity consumers. This is contained in a statement on the company’s website, signed by […]

Nigeria’s central bank has ordered commercial banks to stop customers from using their debit and credit cards abroad, a source has told the BBC. One bank has emailed customers to this effect, stressing it is […]

In July 2014, the Federal Government allocated N630.32bn to all the three tiers of government – Federal, States and Local Governments. In August 2014, N601.65bn was allocated to the states. For September 2015 the figures […]

Many Nigerians do not seem to understand the role of the CBN in an economy. Some believe that the CBN is an authority in itself and does not take instruction from government. Yes, it is […]

The Central Bank of Nigeria is obviously, currently losing the battle to arrest inflation and the unyielding slide in the Naira’s exchange rate. Regrettably, with inflation persistently closer to 10%, all static incomes have lost […]

Oil workers in the industry’s three regulatory agencies have rejected the redrafted Petroleum Industry Bill (PIB) soon to be presented to the National Assembly. The PIB is to replace the one passed by the Seventh […]

Banks are desperately searching for how to invest the over N1 trillion of excess cash in their vaults. This desperation was reflected in trading for treasury bills (government securities) where banks and other investors demanded for […]

LAGOS (Reuters) – Nigerian exports plunged in the third quarter from a year ago and imports also fell, the national bureau of statistics (NBS) said, as currency controls introduced by the central bank this year […]

ABUJA (Reuters) – Nigerian state oil firm NNPC will award new crude for oil products swap agreements to Total, Varo Energy, Cepsa and ENI, the head of its crude marketing unit said on Friday. Despite […]

Nigeria’s foreign exchange crisis has continued to take its toll on bank customers as more stringent measures are still being rolled out to curtail liabilities. Diamond Bank has sent a message to its customers announcing […]

The price of crude oil fell to US$36 a barrel recently and even at that Nigeria is even finding it difficult to sell its sweet crude oil. This is because of a glut in the […]

ONE of the obviously well-meaning questions President Muhammadu Buhari asked during his electioneering campaign, for which he was justifiably lauded by Nigerians, was, “Who is subsidising who?” He was responding to a question on the […]

Six commercial banks are likely to seek mergers and acquisitions in the New Year – no thanks to the shock created in their assets and balance sheet sizes in the face of declining oil prices. […]

Kemi Adeosun spent most of the past four years clamping down on corruption and turning around the finances of Ogun, a Nigerian state of five million people. Now she is tasked with doing the same […]