FG Begins N2.7tn Subsidy Debt Probe The Federal Government has begun the proposed audit of the N2.7tn fuel subsidy claim by the Nigerian National Petroleum Company Limited (NNPCL). An audit firm, KPMG had conducted an initial audit reducing the claims from N6tn to N2.7tn. However, in the...

Italy, AfDB Launch $300m Funds to Support Africa’s Economic Growth Italy and African Development Bank Group (AfDB) have formed a strategic alliance to launch a $300 million funding support for Africa’s economic growth. Prime Minister of Italy, Ms. Giorgia Meloni, and the President of the African...

Naira Depreciates by 215% in One Year Since the harmonisation of the foreign currency market segments in Nigeria one year ago, the naira has depreciated by about 214.64 per cent against the dollar. At the close of trade on Friday, the naira stood at N1482.72 to...

Food Inflation Soars by 61% in One Year – NBS Nigerians are finding it more difficult to feed themselves, as food inflation rose to 40.66 per cent in May. This was as the cost of food rose by 61 per cent from 25.25 per cent in...

Marine, Blue Economy Ministry Ranks in PEBEC Top 10, But Our Target is Top 3 – Oyetola The Minister of Marine and Blue Economy Adegboyega Oyetola has said that despite being among the top performers on the Presidential Enabling Business Environment Council (PEBEC), his goal...

W'Bank to CBN: Interest Rate Hike may not Lower Inflation The World Bank has stated that monetary policy tightening by the Central Bank of Nigeria (CBN) may not rein in inflation and remains a risk to Nigeria’s growth outlook. The international lender disclosed this in its...