FG settles N4.83trn ways & means advances to CBN using T-Bills,bonds

The federal government has earmarked a total of N4.83 trillion out of the proceeds of Nigerian Treasury Bills (NTBs) and Bonds issued in 2024 to settle part of the N7.9 trillion Ways and Means advances received from the Central Bank of Nigeria (CBN), which is approximately N3.07 trillion short of the outstanding advances as of […]

Climate Action Africa takes the lead on sustainability with CAAF24

Onome Amuge Climate Action Africa (CAA) has announced the launch of the Climate Action Africa Forum (CAAF24), a new international platform that will convene thought leaders from around the world to share insights on how to encourage collaboration, catalyse solutions, and encourage governments, businesses, and individuals to invest in climate-friendly initiatives.  The announcement for the […]

Nigeria inflation rate reaches new peak at 31.70% in February – NBS

March 2023 Inflation - Inflation rises for the third consecutive time this year

Business a.m. Nigeria experienced an unprecedented spike in inflation, with a new all-time high of 31.70 per cent recorded in February 2024, an indication that prices of goods and services in Nigeria have increased significantly over the past year, placing further strain on consumers,according to the National Bureau of Statistics (NBS). The NBS in its […]

Alarm bells set off as CBN goes aggressive in monetary tightening 

Commercial banks’ loan to government hits N26trn,says CBN

  ONOME AMUGE    As the Central Bank of Nigeria’s (CBN) recent monetary policy announcements reverberate through the financial sector, a chorus of cautionary voices from economic pundits fills the air. Analysts and experts alike are assessing the implications of these policy decisions, weighing their potential impact on the economy.   The monetary policy rate, […]

NLC calls off nationwide protest, issues March 13 ultimatum to FG

NLC declares nationwide strike from Wednesday over fuel price increase

Business a.m The Nigeria Labour Congress (NLC) has announced the suspension of its nationwide protest, citing the success of the first day of protests. The Congress has however extended its deadline to the federal government to March 13 to implement all its demands. NLC said that it had achieved almost all of its objectives for […]

CBN hikes MPR to record-high 22.75% amid rising inflation

Business a.m The Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR) for the ninth time in a row since May 2022, increasing it by 400 basis points to a record high of 22.75 per cent.  In addition to the MPR hike, the CBN also raised the Cash Reserve Ratio (CRR) – […]

FAAC allocation rises 2.47% in January as federal govt,subnationals receive N1.149trn

Business a.m The Federation Account Allocation Committee (FAAC) released a total of N1,149.816 trillion  among the 774 local governments, 36 state governments, and the federal government for January 2024,representing a 2.47 per cent increase from the N1,127.408 trillion distributed in December 2023.  The February 2024 meeting of the Federation Accounts Allocation Committee (FAAC) was held […]

Nigeria fails to impress on customer service, survey reveals

Business a.m The results of the 2023 Nigeria Customer Service Index (NCSI) findings  were not promising for Nigeria, as Africa’s biggest economy scored 61.8 per cent out of 100 in terms of customer service satisfaction, a low score that signifies a lot of room for improvement.  The first-ever Nigeria Customer Service Index (NCSI) report was […]

Nigeria’s money supply hikes to all-time high of N93.72trn in January 

Business a.m The latest figures from the Central Bank of Nigeria (CBN) has indicated that the country’s broad money supply has reached a historic high of N93.72 trillion as of January 2024. This represents a significant increase of N40.48 trillion, or 76 per cent, from the figure of N53.14 trillion recorded in January 2023.  A […]