Economy

FAAC: Fed Govt, States, Local Govts Share ₦1.1 Trillion

The Federation Accounts Allocation Committee (FAAC) has distributed ₦1.143 trillion to the three tiers of government. A communique issued at the end of the committee’s meeting in Abuja indicated that the funds were from May’s Federation Accounts revenue, which totaled ₦2.324 trillion. The FAAC meeting was chaired by the Minister of Finance and Coordinating Minister […]

Economy

BREAKING: CBN Withdraws Heritage Bank License

The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc effective immediately. This action aims to ensure a stable and healthy financial system as authorized under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020. According to a statement by Mrs. Hakama Sidi Ali, Acting Director of Corporate […]

Economy

FAAC: FG, States, LGs Share ₦1.2 Trillion in May

The Federation Allocation Allocation Committee (FAAC) has announced that during its May 2024 meeting held in Abuja, N1.2tn from April 2024 Federation Account Revenue was distributed among the federal, state, and local governments. Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, disclosed this in a […]

Economy

Naira’s Value Drops, Now the Worst Performing Currency Worldwide

Nigeria’s naira has taken a downturn, emerging as the worst-performing currency globally over the past month, as per a recent Bloomberg report. This development increases pressure on the Central Bank of Nigeria to consider further interest rate hikes, with the naira depreciating to 1,466.31 against the dollar, its weakest level since March 20. The decline […]

Economy

Gov. Lawal Approves Establishment Of Zamfara Economic Planning Board

Governor Dauda Lawal has approved the establishment of the Zamfara Economic Planning Board. The governor chaired an extraordinary meeting of the Zamfara State Executive Council on Thursday at the council chambers of Government House, Gusau. A statement by the governor’s spokesperson, Sulaiman Bala Idris, revealed that the council had approved key projects that would benefit […]

Economy

Nigeria Set to Claim 4th Spot as Africa’s Largest Economy in 2024 – IMF

The latest forecast from the International Monetary Fund (IMF) suggests a notable reshuffling in Africa’s economic hierarchy, with Nigeria poised to slip to the fourth position in 2024, behind South Africa, Egypt, and Algeria. Despite registering a modest 2.54% GDP growth rate in the third quarter of 2023, Nigeria is anticipated to yield its long-held […]

Economy

FAAC: FG, States, Local Govts Share ₦1.123tn in March

The Federation Account Allocation Committee has disbursed a total of ₦1.123tn to the federal, state, and local governments for March 2024. The allocation, derived from a gross total of ₦1.867tn, marks a critical distribution of funds aimed at supporting various government tiers. This was revealed in a statement signed by the Director of Information and […]

Economy

Hotels, School, Other businesses Owners Charging In Dollars Risk Arrest – EFCC

Hoteliers, school owners, and other businesses accepting payments in dollars face the threat of arrest, warns the Economic and Financial Crimes Commission (EFCC). Ola Olukoyede, Chairman of the EFCC, issued this caution in the agency’s publication, EFCC Alert, on Monday, emphasizing that individuals engaging in dollar transactions risk legal action. Exceptions are made for transactions […]

Economy

Dangote’s Diesel Price Slashes to ₦1,225/litre Amid Petrol Supply Boost

The cost of diesel has seen a notable drop following Dangote Petroleum Refinery’s entry into the market, selling at ₦1,225/litre and poised to introduce petrol sales in May. The pump price of Automotive Gas Oil (diesel) has decreased from approximately ₦1,700/litre to around ₦1,350/litre in certain areas nationwide, courtesy of Dangote’s diesel sales. The $20 […]

Economy

Economists: Naira Appreciation Won’t Immediately Lower Food Prices

Economists caution that despite the recent appreciation of the naira against the dollar, Nigerians shouldn’t expect an immediate drop in food prices. They explain that there’s typically a delay between currency fluctuations and changes in commodity prices. The reason behind this delay lies in the existing stock purchased at higher prices, which businesses need to […]