Nigeria’s poverty populace to increase by 13 million between 2019 and 2025, says World Bank
Cynthia EzekweApril 17, 2023
By Cynthia Ezekwe With Nigeria’s population growth continuing to outpace poverty reduction and persistently high inflation, the number of Nigerians living below the national poverty line is expected to rise by 13 million between 2019 and 2025. The World Bank made the projection in its latest report tagged “Macro Poverty Outlook for Nigeria: April 2023. […]
Buhari leaves on a ‘high’ as inflation, 9% in May 2015, prints 22% in March 2023
Onome AmugeApril 17, 2023
By Onome Amuge President Muhammadu Buhari took over as head of government of Nigeria with inflation at 9.01 percent, but with the March inflation data recently released by the National Bureau of Statistics (NBS) showing no signs of a let up, it is now all but certain that this must be one of the ways […]
Nigeria’s total debt stock rises 14% to N46.25trn in 2022
Business a.m.March 30, 2023
By Business A.M. Nigeria’s debt stock, comprising the domestic and external debt stocks of the federal government,sub-national governments and the Federal Capital Territory, surged in the fourth quarter of 2022 to N46.25 trillion or $103.11 billion, according to a latest figure by the Debt Management Office (DMO). The new figure by the DMO, represents a […]
NLC suspends proposed nationwide strike over cash scarcity
business AMMarch 28, 2023
By Business AM The Nigeria Labour Congress (NLC) has suspended its proposed nationwide strike scheduled to commence on Wednesday, March 29, over the unavailability of naira notes. NLC made the disclosure in a press conference in Abuja at the end of its national executive council meeting, noting that it would monitor the availability of cash […]
UNECA recommends people-centered strategies to accelerate economic recovery in Africa
Onome AmugeMarch 22, 2023
By Onome Amuge The United Nations Economic Commission for Africa (UNECA), has urged African leaders to swiftly invest in and implement people-centered strategies to mobilise financial resources and accelerate continental economic recovery. Antonio Pedro,acting executive secretary, UNECA, stated this during the ministerial segment of the 55th Session of UNECA’s Conference of African Ministers […]
CBN raise interest rate to 18% to tame rising inflation
Onome AmugeMarch 21, 2023
By Onome Amuge The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has in its March 2023 meeting, raised the monetary policy rate (MPR) by 50 basis points from 17.5 per cent to 18 per cent. Godwin Emefiele, the CBN governor made the disclosure at a press briefing following the end of […]
24.8 million Nigerians risk starvation in 2023, FAO warns
Onome AmugeMarch 17, 2023
By Onome Amuge Over 24 million Nigerians in 24 states and the Federal Capital Territory (FCT) are at risk of acute food shortages between June and August 2023, according to the March 2023 cycle of the Cadre Harmonise (CH) report by the Food and Agriculture Organisation (FAO). The CH, recognised as a relevant analytical tool, […]
Nigeria sees inflation hit 17-year high at 21.91% in February 2023
Onome AmugeMarch 15, 2023
By Onome Amuge Nigeria’s inflation rate rose for the second consecutive month in the year to a new 17-year high of 21.91 per cent in February 2023, from 21.82 per cent recorded in the previous month of January, representing an increase of 0.09 percentage points when compared to January 2023 headline inflation rate. The […]
Nigerians optimistic as CBN okays acceptance of old naira notes
Cynthia EzekweMarch 14, 2023
By Cynthia Ezekwe Nigerians have expressed optimism over the Central Bank of Nigeria (CBN) directive that the old N200, N500, and N1,000 remain legal tender alongside the redesigned banknotes till December 31,2023. The apex bank, in a press release, signed by Isa AbdulMumin,the acting director, corporate communications,said it had met with the bankers committee. […]
CBN has authorised banks to dispense, accept old notes, Soludo confirms
business AMMarch 13, 2023
By Business AM The Central Bank of Nigeria (CBN) has directed deposit money banks across the country to dispense old currency notes and to also receive the same as deposits from customers. Chukwuma Soludo, the governor of Anambra State made the disclosure in a tweet posted on his verified Twitter handle on Monday morning. According […]