The Senate today revealed that 15.09 trillion naira will be expended to service national debt, with aggregate revenue to fund government’s expenditures projected at 33.19 trillion naira in the 2026 budget. It also disclosed that aggregate expenditure in the budget is estimated at ₦58.47 trillion, amid a 25.27 trillion naira budget deficit as t...
•Akpabio, Oniha, Tinubu, Edun and Abbas As the All Progressives Congress (APC) pushes back on debt sustainability concerns, the Debt Management Office (DMO), Labour Party (LP) and other stakeholders have demanded a more transparent borrowing and documentation culture. Whereas data in the public space pegs the public debt stock as at the end of...
•Dollar and Naira notes The depreciation of the local currency against the dollar continued yesterday as the naira exchanged for 1,540.57 at the official market. This is coming against the backdrop of the increasing demand for dollars, which has seen the naira losing value against the foreign currencies, reports Daily Trust. The Central Bank o...
The resuscitation of Port Harcourt refinery and the coming of the DanÂgote refinery may not bring about a drastic crash in fuel prices expected by Nigerians. The expectation can only be realised until there is a reduction in crude oil prices at the internaÂtional market and naira gains at the foreign exchange market, an expert […]
•Finance minister, Wale Edun Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that there is no going back on President Bola Tinubu’s reforms in the forex as well as the oil and gas sector. Edun made the disclosure when he received the newly assigned minister of state for finance, Doris […]
The Manufacturing companies recorded N1.5 trillion in foreign exchange-related losses in the first six months of the year, following the impact of the unsettled forward contracts worth $2.4 billion by the Central Bank of Nigeria, CBN. Consequently, the Manufacturers Association of Nigeria (MAN), warned that the continued non-redemption of the ...
•CBN Governor Cardoso The Central Bank of Nigeria (CBN) says it has settled all outstanding foreign exchange (FX) obligations. Acting Director of Corporate Communications, Mrs Sidi Ali, said in a statement made available to journalists yesterday. Ali said the financial regulator recently concluded the payment of obligations to bank customers, ...
•Oyerinde Mr. Adewale Oyerinde , Director-General of the Nigeria Employers’ Consultative Association (NECA), in this exclusive interview with Daily Independent, speaks on how if federal government reforms are deepened, and when necessary applied with human face the nation’s economy will stride on a trajectory of unlimited growth. Excerpts: We ...
•Nuhu Ribadu Two Binance executives — an American and a British- Pakistani — have been detained on the orders of National Security Adviser (NSA) Nuhu Ribadu over alleged involvement in foreign exchange manipulations. Their names were not made available. It was learnt last night that the federal government obtained a Court Warrant to detain the...
•Naira and Dollars The Central Bank of Nigeria (CBN) has rolled out stringent measures on Bureau De Change (BDCs) as part of measures to tackle the forex crisis in the country. The naira had hit an all-time low of N2,000 against the dollar as the economic crisis in the country took a worse turn, reports […]
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