Economy

Collusion Between Banks And PoS Operators Disrupts Naira Circulation – CBN

The Central Bank of Nigeria (CBN) has issued a cautionary statement addressing the issue of cash availability with Point-Of-Sale (PoS) operators. In a statement signed by the Acting Director of Communication and Public Relations, Sidi Ali, on Thursday, the CBN highlighted concerns about collusion between some Deposit Money Banks and PoS operators. This collaboration has […]

Economy

FAAC: Federal, State, LGs Share ₦1.088 Trillion November Allocation

The Federation Account Allocation Committee (FAAC) has disbursed a total of ₦1.088 trillion to the Federal Government, States, and Local Government Councils based on the November 2023 Federation Account revenue. In a communique released at the conclusion of the FAAC meeting in Abuja on Friday, it was disclosed that the ₦1.088 trillion distributable revenue included […]

Economy

Revised Fiscal Framework Anticipates ₦14tn FAAC Allocation To States And LGs

The Federal Government’s Revised 2024 – 2026 Medium-Term Fiscal Framework foresees a substantial increase of 109.74% in federal allocation to states and local government areas, reaching ₦14.04tn in 2024. According to the projections, disbursements to states and local governments are set to rise from the ₦6.69tn projected in 2023 to ₦14.04tn in 2024. The Federation […]

Economy

Report On The 10 Most Indebted States in Nigeria (2023)

In 2023, Nigeria faces a fiscal challenge with several states grappling with significant debt burdens. The Spectacles examines the ten most indebted states based on their outstanding liabilities. 1. Lagos (₦1.97 Trillion) Lagos, Nigeria’s economic hub, tops the list with an outstanding debt of ₦1.97 trillion. This is attributed to extensive infrastructure development projects and […]

Economy

FAAC: FG, States, LGs Share ₦906.955bn October Revenue

The Federation Account Allocation Committee (FAAC) has shared a total sum of N906.955 billion October 2023 Federation Account Revenue to the Federal, States and Local Governments. A communique issued by the FAAC at its November, 2023 meeting indicated that the N906.955 billion total distributable revenue comprised distributable statutory revenue of N305.070 billion, distributable Value Added […]

Economy

FG Achieved Monthly Revenue Inflow Exceeding ₦1trn Since Removal Of Subsidies

The Minister of Finance, Mr. Wale Edun, revealed that the Federation Account has experienced an enhanced revenue inflow exceeding N1 trillion since the removal of subsidies. Edun conveyed this information during a four-day retreat for members of the Federation Account Allocation Committee (FAAC) held in Asaba on Monday. Represented by the Permanent Secretary, Finance, Special […]

Economy

Nigeria: World Bank Distributes $300 Million In Palliative Loans

World Bank disburses $300 million in palliative loans for the National Social Safety Net Program-Scale Up. On Wednesday, the bank initiated the payment, releasing approximately $299.99 million to Nigeria under the program approved on December 16, 2021. Documents from the World Bank confirm the recent disbursement, marking 37.5% of the total $800 million loan, leaving […]

Economy

UPDATE: Nigeria’s Inflation Rate Climbs to 27.33% in October

The headline inflation rate in Nigeria experienced a notable increase, reaching 27.33% in October 2023. This marks a continued ascent from the already high September figure of 26.72%, indicating a 0.61% point rise compared to the previous month. A year-on-year analysis reveals a more alarming trend, with the October 2023 inflation rate standing 6.24% points […]

Economy

CBN Reveals 20 Nigerian Banks Liquidated, According To NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has paid N1.39 billion to 36,163 depositors of 110 closed microfinance banks and three primary mortgage banks. According to the CEO of NDIC, Bello Hassan, this followed the recent revocation of some MFBs and PMBs licences by the Central Bank of Nigeria (CBN), revealing that the payments of the […]

Economy

FG Saves ₦1.45trn Post-Subsidy Removal: A Financial Overview

The Federal Government has reported savings of approximately ₦1.45 trillion between June and September following the removal of the subsidy on Premium Motor Spirit, commonly known as petrol. FAAC allocation documents from the Nigeria Governors Forum and National Bureau of Statistics indicate a monthly remittance to the Non-Oil Revenue (Savings) account, with June receiving ₦696.93bn, […]