Nigerians seek refuge in personal loans as inflation nightmares linger

Mobile money transaction value hits $1trn globally in 2021, GSMA finds

CYNTHIA EZEKWE IN LAGOS As the cost of living continues to soar, an increasing number of Nigerians are seeking out credit facilities from financial institutions to finance their daily expenses, a move that has become a widespread coping mechanism in the face of rising economic pressures. The Central Bank of Nigeria (CBN), in its recently […]

Nigeria welcomes $24 billion in FX inflows in Q1’24-CBN

Business a.m. Nigeria’s economic inflows from foreign sources soared to $24 billion during the first quarter of 2024, according to a recent statement from Olayemi Cardoso, Nigeria’s central bank governor. Cardoso, in an interview with Bloomberg TV, stated that the measures taken by the Central Bank of Nigeria (CBN) have had a positive impact on […]

Nigeria’s debt jumps 25% to N121.67 trn in Q1’24-DMO

Nigeria’s total public debt rose to N121.67 trillion or about $91.46 billion, increasing by N24.33 trillion or 24.99 percent in the first quarter ended March 31, 2024, according to the Debt Management Office (DMO). According to the DMO, domestic debt stood at N65.65 trillion or $46.29 billion while external debt was N56.02 trillion or $42.12 […]

Soaring inflation makes mincemeat of Tinubu’s shaky economic agenda 

May CPI pile more misery on household  Millions more hit multidimensional poverty hole ONOME AMUGE IN LAGOS, NIGERIA Nigeria’s economy witnessed a rapid escalation in inflation rates soon after President Bola Ahmed Tinubu’s administration removed fuel subsidies and liberalised foreign exchange in 2023. This move had far-reaching implications on energy costs, leading to a domino […]

Organised Labour suspends strike, gives FG 5 days to resolve minimum wage issue

Business a.m. The Organised Labour, comprising the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), have agreed to suspend their nationwide strike for a period of five days. This move follows an intense six-hour meeting with representatives of the federal government in Abuja on Tuesday. where both sides discussed the contentious issue of the […]

Minimum wage:NLC, TUC tug Nigeria’s economic crisis edge with nationwide strike 

ONOME AMUGE IN LAGOS, NIGERIA With a resolute commitment to achieving the goal of a substantial minimum wage for Nigeria’s working populace, the organised labour movement, consisting of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), have initiated a nationwide strike action that has already begun to reverberate throughout the Nigerian economy. […]

Labour’s N494,000 wage demand could cripple the Nigerian economy

Business a.m. The federal government has raised concerns over the potential economic implications of the proposed N494,000 minimum wage demanded by organised labour, comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), stating that the increased expenditure of N9.5 trillion could cripple the nation’s economy. Mohammed Idris, the minister of information and […]