On Wednesday, President Bola Ahmed Tinubu presented the 2025 Appropriation Bill to the National Assembly, unveiling a comprehensive financial plan to drive economic recovery and sustainable growth. Themed “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” the proposal underscores a commitment to economic stabilization, inclusive development, and infrastructure renewal. Here are the 10 major highlights from…
The scarcity of naira notes is once again disrupting banking operations, with banks across Nigeria rationing cash withdrawals at their branches and ATMs. This development has led to significant challenges for customers and a sharp rise in charges by Point of Sale (PoS) operators. Banks Limit Cash Withdrawals Over the past few days, customers have…
The Presidential Fiscal Policy and Tax Reforms Committee and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) are at odds over the constitutional authority to manage and distribute Value Added Tax (VAT) revenues. Both entities advocate for tax reforms but differ sharply on constitutional interpretations and the implications for revenue sharing. RMAFC’s Position: Defending Constitutional…
The Nigerian naira has continued its downward slide against the US dollar, with rates in the parallel market soaring to N1,745 per dollar. This marks a sharp reversal from the sub-N1,600 levels recorded earlier, raising concerns about the currency’s stability. On Wednesday, unofficial market rates fluctuated, with some platforms quoting N1,715 while others listed prices…
The Nigerian currency, the Naira, has experienced a remarkable turnaround, making significant gains against major global currencies. This unexpected appreciation follows the Central Bank of Nigeria’s (CBN) adoption of a new electronic foreign exchange market system designed to stabilize the currency. A Game-Changer: The Electronic Foreign Exchange Matching System (EFEMS) Banking professionals attribute this upward…
Africa’s Richest Man Races to Transform Nigeria’s Oil Industry and Reduce Fuel Imports Aliko Dangote, Africa’s wealthiest businessman, is making significant efforts to secure billions of dollars to enhance crude supply for his state-of-the-art oil refinery on the outskirts of Lagos. The $20 billion facility, the largest in Africa and one of the most ambitious…
Rising Debt Burden Sparks Concerns Amid Economic Reforms IntroductionNigeria’s external debt could escalate to $45.1 billion by the close of 2024, raising concerns about the country’s debt sustainability. This projection follows the Federal Government’s approval of a $2.2 billion external borrowing plan, intended to finance the 2024 Appropriation Act. With Nigeria’s external debt already rising…
As the world undergoes rapid demographic shifts, population trends are set to reshape the global landscape. Experts predict that the countries with the highest population in 2100 will be vastly different from today’s rankings, driven by factors such as fertility rates, urbanization, and economic development. These shifts highlight emerging global powerhouses and present challenges for…
Nigeria’s Economic Reforms Face Setbacks Food sector stakeholders score policies low A recent report by the International Monetary Fund (IMF) has revealed that Nigeria’s broad-based economic reforms, initiated 18 months ago, have yet to yield substantial positive results. The report, which focuses on sub-Saharan Africa, highlighted that while some nations in the region are making…
A Record-High National Budget Aiming to Address Development Needs, Boost Infrastructure, and Tackle Economic Challenges In a significant move toward economic expansion and infrastructural investment, the federal government has unveiled its proposed 2025 Nigerian Federal Budget, setting it at an unprecedented N47.9 trillion. This budget proposal reflects the government’s response to pressing economic challenges and…
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