NECA Warns FG Against IMF Demand, Rejects Tax Hike   The Nigeria Employers’ Consultative Association (NECA) says the International Monetary Fund (IMF)’s call on the Federal Government to increase taxes in order to reduce borrowing will affect economic growth and worse the country’s plight. The Director General...

JUST IN: Nigeria's Inflation Rate Rises to 22.04 Percent   The consumer price index (CPI), which measures inflation - the rate of change in prices of goods and services - rose to 22.04 percent in March 2023. The inflation rate rose from 21.91 percent in the previous...

NSIA Assets Rise to N1trn, Attract $500m FDI   The Nigeria Sovereign Investment Authority (NSIA) says it grew its net assets by 10.5 per cent to N1.02tn in 2022 from N919.73bn in 2021. The Sovereign Wealth Fund manager disclosed that earnings from interest income, infrastructure business revenue,...

Substandard Tyres Worth 10 million Destroyed in Six Months - SON   The Standard Organisation of Nigeria (SON) has revealed that it destroyed 10 million substandard tyres in six months. In a statement, the Director General of SON, Mallam Farouk Salim, said this at a one-day sensitisation...

FG Says Fuel Subsidy, Oil Theft Gulped N29trn   The Federal Government, disclosed that the amount spent on subsidising Premium Motor Spirit, popularly called petrol, between 2005 and 2021 was N13tn, adding that the country lost N16.3tn to oil theft from 2009 to 2020. It disclosed this...

IMF, World Bank Request Rich Nations to Fill $1.6bn Concessional Lending Gap   International Monetary Fund (IMF) and World Bank have appealed to wealthier countries to help plug a $1.6 billion gap in a concessional loan disbursed to low-income countries during the rampaging COVID-19 pandemic. The call was amplified...