2024 Budget: FEC Approves N27.5trn Appropriation Bill The Federal Executive Council (FEC) has approved the 2024 Appropriation Bill with aggregate expenditure of N27.5 trillion. The Minister of Budget and Economic Planning, Alhaji Atiku Bagudu, announced this on Monday after the Federal Executive Council meeting presided over...

FG’s $1trn GDP Projections not Sufficient, May Fail, Says LCCI The Lagos Chamber of Commerce and Industry (LCCI) has stated that the macroeconomic projections in the Federal Government’s (FG) Medium Term Expenditure Framework (MTEF) are not sufficient to achieve the $1 trillion economy target it...

Nigeria’s Oil Output Rises 30% to 1.6m bpd in 2023 Nigeria's crude oil production, including condensate, rose year-on-year, YoY by 30 per cent to 1.6 million barrels per day, bpd in October 2023, from 1.2 million bpd recorded in the corresponding period of 2022. But on...

Telecom: Data, Airtime Subscriptions Rise 32.5% to N2.6tn in Nine Months The amount spent on airtime and data by Nigerian telecom subscribers rose to at least N2.59tn in the first nine months of 2023. This is according to the financial statements of MTN Nigeria and Airtel...

Cooking Gas Crisis: FG Sets Up Committee to Crash Price   To arrest the escalating price of Liquefied Petroleum Gas (LPG), otherwise known as cooking gas, the Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, has constituted a committee with the mandate to come up...

Banking Consolidation: Mega Banks Boast N10trn Capital Base   As the Central Bank of Nigeria’s proposal to initiate a new banking sector consolidation raises concerns among some industry operators, findings indicate that major banks with foreign subsidiaries currently control N9.6 trillion capital base. This is just data...