FG’s Spending On Pension, Gratuity Drops To N356bn - CBN   The Federal Government’s expenditure on pension and gratuity fell slightly by N3.48bn in 2021, according to figures obtained from the Central Bank of Nigeria (CBN). The CBN revealed in its data on ‘Federal Government recurrent expenditure’...

Nigeria’s Forex Reserves To fall, CBN Plans $1.7bn Arrears Payment   Nigeria’s forex exchange reserve will fall in 2022 as the Central Bank of Nigeria (CBN) plans to clear about $1.7bn in FX backlog to foreigners and FX forward contracts, the World Bank has said. The global...

Subsidy Overtakes Nigeria's Health, Education, Welfare Budgets   The World Bank says the cost of fuel subsidy in Nigeria has exceeded the government’s spending on health, education and social protection for Nigerians. It therefore said that removing fuel subsidy would help the government towards its poverty reduction...

Nigeria Loses $1.7bn Court Case Against JP Morgan   Nigeria has lost a $1.7 billion London court case against JP Morgan Chase & Co for the bank’s role in the transfer of millions of dollars to a former oil minister convicted for corruption. Nigeria had argued that...

Nigeria Lost N1.04trn Aircraft Repairs In Foreign Countries – FG   Nigeria lost $2.5bn (about N1.04tn at the official exchange rate of N415.63/$) to other countries in 2021 for the Maintenance, Repair and Overhaul services on Nigerian aircraft and other facilities, the Federal Government announced on...

Contributory Pension Gains N640bn In Four Months, Now N14trn   Total assets under the Contributory Pension Scheme rose by N640bn in four months to N14.06tn in April, according to figures from the National Pension Commission (PenCom) released on Friday. This was contained in the National Pension Commission...