Economy
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BREAKING: President Tinubu to present 2025 budget proposal Dec 17
By Kunle Sanni President Bola Tinubu will present the 2025 budget proposal to a joint session of the National Assembly on Tuesday, December 17, 2024. The announcement was made by Senate President Godswill Akpabio during Tuesday’s plenary, where he confirmed that the President had sent a formal communication regarding the planned presentation. Atiku Bagudu, the minister of budget and economic…
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Aviation regulatory agencies certify gateway airport for commercial operations
Aviation regulatory agencies have visited the Gateway International Agro-Cargo Airport located along the Ilisan-Iperu axis of Ogun State on Tuesday, certifying it for commercial operations. The agencies, which comprised the Nigerian Civil Aviation Authority (NCAA), Nigerian Airspace Management Agency (NAMA), and Nigerian Meteorological Agency (NiMet), unanimously adjudged the airport as world-standard and a source of pride for Ogun State. According…
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FG to benefit $500m facility from World Bank for HOPE project
The Federal Government is to benefit from a $500 million loan facility from the World Bank for the Human Capital Opportunities for Prosperity and Equity (HOPE) project in the country. The Minister of Budget and Economic Planning Sen. Abubakar Atiku Bagudu made this known during a courtesy visit on him by the International Monetary Fund (IMF) Mission Chief for Nigeria,…
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NBS reports on GDP, unemployment figure in line with global metrics, IMPI assures Nigerians
The Independent Media and Policy Initiative (IMPI) a Think Tank, has justified two recently released reports by the National Bureau of Statistics NBS on Nigeria’s latest Gross Domestic Product (GDP) figure and the unemployment rate. This is against the backdrop of claims by some critics who had sought to discredit the reports that were largely positive a few weeks after…
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Nigeria’s crude oil production increases by 11.43% to 1.5mbpd in November, says NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria’s crude oil production has increased to 1.485 million barrels per day (bpd). The drilling performance is contained in the commission’s latest crude oil and condensate production data. According to the NUPRC data, output rose by 152,334 bpd in November — a 11.43 percent increase compared to 1,333,322 bpd produced in October.…
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FG takes bold step towards food security, supports cold storage initiative
In its avowed determination to address the issue of food shortages, the Federal Government has thrown its weight behind Cold Storage Initiative, aimed at reducing post-harvest losses and enhancing food security across the country. Director, Information and Public Relations, Federal Ministry of Finance, Mr. Mohammed Manga in a statement stated that the Minister of Finance and Coordinating Minister of the…
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Nigeria’s debt profile, burden for future generation- Obasanjo
Former President Olusegun Obasanjo has described Nigeria’s growing debt profile as a significant burden for both present and future generations. Speaking during a Zoom interactive programme tagged “Boiling Point Arena” on Sunday, Obasanjo expressed concern over the nation’s rising debt profile. Nigeria’s debt had surged by N12.6 trillion in three months, reaching N134.3 trillion ($91.3 billion) by the end of…
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Nigeria, Saudi Arabia open talks on extracting, processing of iron ore to steel
Nigeria and Saudi Arabia have initiated talks on the extraction and processing of iron ore to steel. The meeting on the sidelines of the just concluded “Resourcing Tomorrow” at the annual Mines and Money expo in the London borough of Islighnton, United Kingdom, Minister of Solid Minerals Development, Dr. Dele Alake and the Deputy Minister of Minerals and Energy of…
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PenCom releases N44bn to FG retirees
The National Pension Commission (PenCom), has announced the release of N44 billion by the Office of the Accountant General of the Federation (OAGF) as part of the 2024 budget appropriation for the period January to June. In a statement, the commission said the funds had been deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank…
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AfDB offers recommendations to tackle Nigeria, Africa’s macroeconomy challenges
African Development Bank (AfDB) has offered strategic recommendations for Nigeria and other African nations to address escalating debt burdens and foreign exchange challenges. These insights were shared by the Bank’s Vice-President for Economic Governance and Knowledge Management, Prof. Kevin Urama, during an interview with the News Agency of Nigeria (NAN). Addressing Nigeria’s debt profile, Urama noted that debt, when strategically…
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