Nigeria’s average crude oil production in May dropped to 1.25 million barrels per day (bpd) from 1.28 million bpd recorded in April 2024, according to direct communication from the Organisation of Petroleum Exporting Countries (OPEC). This data comes from the OPEC Monthly Oil Market Report for May, based on direct […]

PRESIDENT TINUBU APPOINTS NEW DIRECTOR-GENERAL OF THE BUDGET OFFICE OF THE FEDERATION President Bola Tinubu has approved the appointment of Mr. Tanimu Yakubu as the Director-General of the Budget Office of the Federation, following the expiration of the tenure of Mr. Ben Akabueze. Mr. Yabuku is an accomplished economist and […]

Credit scheme: FG to integrate credit score into NIN, targets 80 million Nigerians The Federal Government has said it would leverage the National Identification Number (NIN) to document the credit behaviour of every Nigerian under its consumer credit scheme. The Chief Executive Officer of the Nigerian Consumer Credit Corporation (CREDICORP) […]

Wale Edun, the minister of finance and coordinating minister of the economy, has announced the approval of two major “financial support packages” by the World Bank — valued at $2.25 billion. According to a statement on Thursday, this is part of President Tinubu’s ongoing efforts to stabilise the economy, reposition […]

The Naira yesterday depreciated in the parallel market to N1,500 per dollar from N1,485 per dollar on Tuesday. Similarly, the Naira depreciated to N1,476.24 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,476.24 per dollar from […]

The African economy is projected to continue its recovery, with an expected growth rate of 3.5 percent and 4 percent in 2024 and 2025, respectively, as African Continental Free Trade Area (AfCFTA) is seen to boost growth. “The forecast steady growth trajectory signals economic recovery and stability,” said Yemi Kale, […]

The Supreme Court has reserved judgment in the suit filed by the Federal Government against the 36 State governors seeking full autonomy for the 774 local governments in the country. Justice Garba Lawal on Thursday, told the parties that the date for the judgement will be communicated to them. The […]

The Nigeria Labour Congress (NLC) has reacted to the Democracy Day Speech by the President, Bola Tinubu, where he gave assurance of a new minimum wage for the workforce, saying he failed to give them the much expected gift on June 12. Ag. President of NLC, Comrade Prince Adewale Adeyanju […]

Only 5.3 million Nigerians working in the formal sector will benefit from the new minimum wage, available data have shown. In other words, of Nigeria’s total population of 229 million people, 76 million (33.2 per cent) are workers, but not all of them will directly benefit from the wage increase because […]

The Minister of Power, Adebayo Adelabu, on Tuesday, said Nigeria enjoys cheaper electricity tariffs in Sub-Saharan Africa. Adelabu disclosed this in Abuja at a public hearing organized by the House of Representatives Joint Committee on Power, National Planning, and Delegated Legislation. He also disclosed that the introduction of band A […]