The Nigeria Labour Congress, yesterday, warned the federal government against heeding the advice of the World Bank to increase the pump price of Premium Motor Spirit popularly called petrol to N750/litre. The NLC’s Head of Information, Benson Upah, in an interview with our correspondent, said any further increase in the price of petrol would l...
Nigeria and other developing countries have spent about $441bn on debt-serving in the past 40 years, according to a new World Bank report. The World Bank report also disclosed that Nigeria received $2.9b and topped the recipients of its fresh loans in 2022. According to its International Debt Report for 2023, Nigeria was followed by […]
•CBN Governor Yemi Cardoso Critical flaw in the implementation of the naira redesign policy is responsible for the prevailing cash scarcity, Central Bank of Nigeria (CBN) Governor Yemi Cardoso, said yesterday. Cardoso acknowledged the “glaring defects” in various CBN policies and announced a comprehensive review initiative, reports The Nation....
The naira depreciated yesterday to N1,260 per dollar in the parallel market from N1,220 per dollar Tuesday. Similarly, the naira depreciated to N904.65 per dollar in the official Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N904.65 per dollar from N865.03 per dollar on Tues...
The World Bank has said the Tinubu-led federal government may still be paying for petrol subsidy as fuel prices in Nigeria are currently not cost-reflective. It said Nigerians should pay about N750 per litre as against the current price of N650 in some places. Petrol is already selling at around N690 in Kano and Sokoto, […]
•Lagos Speaker Obasa and Gov Sanwo-Olu The 2024 budget proposal of N2.246 trillion presented by Governor Babajide Sanwo-Olu today faces the realities of daunting economic challenges and must be tailored towards improving the lives of residents, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has said. Speaking at th...
•Power Minister Adebayo Adelabu In another attempt to end the inefficient operation of the electricity distribution chain and ownership crisis in many of the eleven Distribution Companies (DisCos), the federal government has decided to sell off its 40 per cent shares in the firms. Director-General of the Bureau of Public Enterprises (BPE) Alex...
•TUC President Festus Osifo The Trade Union Congress (TUC) leadership today expressed concern about Nigeria’s escalating debt profile, urging the Federal government to promptly reduce borrowing. This call to curtail borrowing is a key resolution from the TUC’s National Executive Council meeting in Abuja. The TUC also cautioned against the pote...
Many households are not finding it easy as the ability to purchase daily and basic needs is becoming a tall order for many amid rising inflation and falling incomes. The households, mostly those in the low-income level, have lamented that nearly 100 per cent of their earnings are now spent on food, whose prices continue […]
•CBN The Central Bank of Nigeria (CBN) yesterday assured Nigerians that banks in the country are resilient and none of them has failed integrity test. This was contained in a statement signed by the Acting Director, Corporate Communications of the bank, Mrs. Sidi Ali, Hakama. The statement reads, “The attention of the Central Bank of [&hell...
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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