Oil price sinks to lowest level in 16 years

The price of Brent crude, the international benchmark, tumbled on Wednesday to the lowest level in 16 years as global markets continued to respond to the price war between Saudi Arabia and Russia ami…

Coronavirus : FG reduces 2020 budget by N1.5trn, suspends recruitment, reviews social investment programmes

The Federal Executive Council (FEC) on Wednesday approved reduction in the size of the 2020 budget by about N1.5 trillion, as part of measures to address the impacts of Coronavirus disease on Nigeria…

CBN introduces measures to check effect of coronavirus on the economy

The Central Bank of Nigeria has extended the moratorium on all its intervention funds. The new measure will cover interest rates reduction, creation of a N50 billion targeted credit facility and cred…

Oil plummets 30% as OPEC deal fails

Oil prices plunged 30% in early trading after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up pr…

Nigerian economy beats IMF's projection, grows by 2.27 percent

The Gross Domestic Product (GDP) of Nigeria has been reported to have increased by 2.27% in 2019 according to the National Bureau of Statistics (NBS). This is contrary to the initial projection of th…

FG targets June for fiscal landscape for oil, gas sector – Kyari

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, said that by June, the oil industry would have a clear fiscal landscape for operators to be able t…

Africa’s current debt now $500bn – AfDB

The African Development Bank (AfDB) says the total debt stock of Africa, both external and domestic currently stands at 500 billion dollars. The AfDB President, Dr Akinwumi Adesina disclosed this dur…

Nigeria earned $21bn from oil, gas sector in 2017 - NEITI

The Nigeria Extractive Industries Transparency Initiatives (NEITI), says Nigeria earned 21 billion  dollars from the oil and gas sector in 2017. NEITI disclosed this in its 2017 oil and gas…

GDP : Economist tasks FG on policies in manufacturing, construction sectors

An economist, Prof. Sheriffdeen Tella, has urged the Federal Government to pursue policies that would drive manufacturing and construction sectors to sustain the country’s Gross Domestic Product (GDP…

Inflation rate rises to 11.61% - NBS

The National Bureau of Statistics (NBS) said that Nigeria’s annual inflation rate rose from 11.24 per cent in September to 11.61 per cent in October. The Bureau disclosed this in its monthly Consumer…

CBN crashes treasury bills to single digits

The Central Bank of Nigeria (CBN) crashed average stop rates of treasury bills at the primary market to single-digit; to 8.93% from 10.48%, Business Post can report. As anticipated, the exercise was …

N126bn unclaimed dividends - Reps begins probe

The House of Representatives has directed its Committee on Capital Market and Institutions to investigate unclaimed share dividends in the capital market, valued at over N126.03 billion.  &…

Nigeria’s September Inflation Jumps To 11.24% As Food Prices Rise

The headline inflation rate in Nigeria increased to 11.24 percent (year-on-year) in September 2019 from the 11.02 percent it recorded in August 2019, data from the National Bureau of Statistics (NBS)…

CBN to Mitigate Forex Risks with 10-Year Contracts

The Central Bank of Nigeria (CBN) is planning to offer futures contracts good for 5 to 10 years, in an effort to attract more long-term funding to the country as Africa's top oil producer.Through…

CBN imposes fees on deposits, withdrawals (see list of states affected and when it will take effect)

The Central Bank of Nigeria (CBN) has announced that the nationwide implementation of the cashless policy will begin by March 31, 2020.         The apex bank made t…

Oil prices fall as market eyes trade war

Oil prices fell on Tuesday as the ongoing U.S.-China trade war cast a pall over markets, with soft South Korean data adding to concerns over emerging markets and a rise in OPEC output. U.S. crude CLc…

Economist says projections in 2019 budget achievable

An economist, Mr Chijioke Ekechukwu says the 2019 budget will keep the economy busy and afloat if fully implemented, especially as capital vote constitutes about 30 per cent of the budget. &nbsp…

Hold Paris Club refund to states till after May 29 – FG urged

The Human Rights Writers Association (HURIWA), has advised the Federal Government not to pay states the final refund from the Paris Club debt until after the swearing in of newly elected governors in…

Ex-CBN director reacts to FG’s plan to charge VAT on online transactions

Dr Titus Okunronmu, a former Director, Budgetary Department, Central Bank of Nigeria, has commended the Federal Government over its plan to charge Value Added Taxes  (VAT) on online Business Tra…

Official: No money missing or stolen in CBN

There is no  money  missing or stolen from the  Central Bank of Nigeria’s  coffers as reported in some section of the media, the  bank’s spokesman Isaac Okoroafor said. …