Currency in Circulation Hit N2.76trn in September 2023 - CBN Latest data released by the Central Bank of Nigeria (CBN) has revealed that the currency in circulation reached N2.76 trillion as of September 2023. This marks a 14.5 per cent year-on-year (y-o-Y) decline from the N3.23...

Petrol Subsidy Gulps N4.8trn Annually - FG The Federal Government through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stated on Tuesday that fuel subsidy was gulping about N4.8tn from its purse. The Chief Executive Officer, NMDPRA, Farouk Ahmed, disclosed this at the ongoing Energy...

Marketers Counter FG, Insist Fuel Subsidy Has Returned   Oil marketers, on Tuesday, countered the position of the Federal Government, as they insisted that the current pump price of Premium Motor Spirit, popularly called petrol, should not be less than N800/litre if there was no subsidy...

Job Losses, Factory Shutdown Loom as Naira Falls to 1,025/$ The naira fell further on Tuesday as it exchanged for the dollar at the parallel market between 1,005/$ and 1,025/$. Owners of small-scale enterprises, Nigeria Employers’ Consultative Association, and manufacturers has expressed concern about the falling...

IMF Downgrades Nigeria’s Economic Growth Amid Weak Oil, Gas Production The International Monetary Fund has downgraded Nigeria’s economic growth by 0.3 percentage points to 2.9 per cent for 2023 following weaker oil and gas production. The IMF disclosed this in its new World Economic Outlook (for...

FG Partners French Navy to Protect N3.1tr Waterways Revenue The Nigerian Navy is partnering with the French Navy to protect the nation’s over N3 trillion estimated trade volume for the year 2023. The Nigeria Customs Service had projected over N3.1 trillion revenue target for 2023 despite...