Nigeria Debt Profile: 28 Governors Accrue N5.8 trillion in Debt.
In the midst of the current economic crisis, the minister of the Federal Capital Territory and the 28 governors of states who are stepping down on May 29 or seeking…
China Leads Nigeria’s Imports in the Q2 of 2022, while India Leads Exports.
According to data from the National Bureau of Statistics, China was Nigeria’s top import source in the second quarter of 2022 – the import trade list. On the other hand,…
EU Provides Solar Grid Facility Worth $3.4 Million to 76,000 Nigerians.
The Nigerian company Okra Solar has been given permission by the European Union (EU) to utilise a $3.4 million working capital facility under the ElectriFI Country Window. This is to…
NBK Capital Holds Final Close for Shari’ah Credit Fund.
A renowned regional investment advisor, NBK Capital Partners, has announced the completion of the third-generation private credit oriented NBK Capital Partners Shari’ah Credit Opportunities Fund, L.P. (the “Fund”). The Fund…
Transform Health Fund wins $50 million in commitments
The Health Finance Coalition (HFC), powered by Malaria No More, and AfricInvest pledged commitments of $50 million for the pan-African Transform Health Fund. This money will be used to scale…
Amethis Invests Growth Capital into Moroccan Globex Logistics.
The Moroccan company Globex, a specialist in fast messaging, freight, and transit solutions in Morocco and sub-Saharan Africa, has acquired a minority investment from the capital investor Amethis. Globex, a…
2023 Budget would Result in Unemployment and Inflation – Utomi.
According to Pat Utomi, a political economy professor and the founder of the Centre for Values in Leadership, the recently passed 2023 budget will result in severe inflation, job losses,…
Ghana is Prepared to Submit a G20 Framework Debt Relief Request.
Ghana is prepared to submit a request for debt relief under the G20 Common Framework program and has asked for assurances that the negotiations can move quickly. The crisis-hit nation…
Nigeria FG Pays 2022 Contributory Pension Retirees N13.89 billion.
The Federal Government has made N13.89 billion available to pay the pensions of its employees who retired in 2022. The benefits for an employee’s prior years of service up until…
President Ruto has Stated that Kenya Will Not Miss Debt Payments.
According to President William Ruto, Kenya will not default on its debt and has plans to increase tax collection over the next two years. To ease the burden of debt…
Discos in Nigeria Increase the Price of Electricity Covertly, and Consumers Pay.
The rate paid by power consumers across the nation has been surreptitiously hiked by electricity distribution corporations. However, the Disco made no additional remarks and did not respond to the…
Nigeria to Spend $7.5 billion on Fuel Subsidies in 2023.
Regarding Fuel scarcity, the Finance Minister, Zainab Ahmed, Nigeria has set aside 3. 36 trillion naira ($7.5 billion) to continue its expensive but well-liked gasoline subsidy into mid-2023. The administration…
Nigeria’s Debt to Hit N77tn, While Loan Servicing Will Cost N5.2tn.
Nigeria debt 2022: If the National Assembly grants the president’s request to reorganize the Ways and Means Advances, Nigeria’s public debt load might reach N77 trillion. The Central Bank of…
In 2022 Stock Market Capitalization Increased by N5.6 trillion.
Between the opening of the market on January 4, 2022, and the conclusion of business on December 30, 2022, investors in the Nigerian Exchange earned N5.618 trillion. Despite the threat…
DMO Announces 2023’s Initial Offering of FGN Savings Bonds.
The first bond issuance for 2023 has been announced by the Debt Management Office (DMO): two Federal Government of Nigeria (FGN) savings bonds. One is a two-year FGN savings bond…
EFCC Obtains N13 billion from Unauthorized Fuel Subsidy Payments.
According to information obtained by the PUNCH, the Economic and Financial Crimes Commission (EFCC) recovered almost N13 billion as the proceeds of unauthorized payments made between 2017 and 2021 under…
Buhari Requests That the N22.7 trillion Debt be Restructured.
The National Assembly was encouraged by the President, Major General Muhammadu Buhari (retired), to reconsider his plan to securitize the remaining Ways and Means balance owed by the Federal Government…
Nigerian Startups, Others Raised $5bn in 2022.
According to data from Africa: The Big Deal, startups in Nigeria and other African nations raised $4. 85 billion in 2022. After delayed investment announcements from investors are made, the…
CBN Plans to Decrease Cash-based Transactions by 2025.
According to the Central Bank of Nigeria, when more of the new naira notes enter the economy in 2025, the use of cash payments would inevitably decline. This was stated…
Railway Debt Service Consumes N246 billion, While NRC Revenue Declines.
To pay off debts related to railroads, the federal government spent $74.25 million in 2019. Nigeria’s Idu-Kaduna Railway Modernization Project consumed $49.91 million, the Lagos-Ibadan Railway Modernization Project consumed $12.68…
Buhari: N22tn Loan would have Additional Interest of N1.8tn.
The 2023 budget plan of N21.83 trillion and the 2022 supplemental appropriations bill were both passed into law by President Major General Muhammadu Buhari (ret.). It is his administration’s eighth…
Nigeria To Pay $4bln In 2023 If Lawmakers Reject Loan-bond Swap.
President Muhammadu Buhari stated that if parliament rejects a request for a loan-to-bond swap on the central bank’s overdraft to government, Nigeria will be required to pay an additional 1.8…
Nigerian President to Commission the Blue Line Rail Services.
The Nation has learned that President Muhammadu Buhari has agreed to officially open the Lagos Blue Rail on January 24, 2023. On his official visit to Lagos State, the President…
IMF: One-third of The Global Economy will Experience A Recession.
In 2023, a third of the world will experience a recession, according to the International Monetary Fund. This information was provided in an interview with CBS, an American broadcast television…
Trade Union Congress of Nigeria Demands N180/litre Fuel.
The Federal Government has been urged by the Trade Union Congress of Nigeria to make gasoline available at the 180/litre official pump price, arguing that Nigerians cannot continue to pay…
Mobile Subscriptions Increase by 23 million, Reaching 218 million.
According to the Nigerian Communication Commission’s most recent industry figures, the number of mobile subscriptions in Nigeria increased by 23. 48 million between January and November 2022. This raises the…
CBN External Reserves Decreased by $3.43 billion in 2022.
The Central Bank of Nigeria provided data showing a $3.43 billion decline in Nigeria’s foreign reserves in 2022. The CBN said that the external reserves, which were $40.52 billion as…
Nigeria: Power Generation Declines by 990MW, Costing Gencos N1.8 trillion.
According to the most recent data on the energy generating trend witnessed in Abuja, the available generation capacity in Nigeria power generation capacity decreased once more in 2022, falling from…
Nigeria: Household Food Import Increases by 71%.
Despite the nation’s current foreign exchange crisis, food and beverage imports for households increased by 71.12% between the third quarter of 2018 and the equivalent period of 2022, according to…
NECA: Private Sector Pay Reviews are Based on Performance.
Contrary to the parameters available in the public sector, wage reviews in the private sector follow institutional processes based on performance appraisal results, according to Wale Oyerinde, Director-General of the…