External Reserves Decline by $1.65bn in Six Months   Nigeria’s foreign exchange reserves have fallen by $1.6bn to $32.97bn since the Central Bank of Nigeria (CBN) tried to unify the country’s foreign exchange rates. On June 14, the apex bank asked Deposit Money Banks to remove the...

CSOs Kicks as Finance, Power Ministries Get N618bn Multilateral Loan   Civil society organisations and power consumer groups have expressed concern over the N618bn multilateral and bilateral loans allocated to the Ministries of Finance and Power in the 2024 budget. Although the budget captured it as project-tied...

Senate Probes Customs Over Alleged Failure to Remit N62bn   The Senate Public Account Committee has launched investigation into how Nigerian Customs Service failed to remit N62bn generated by the agency. This is contained in the 2017 Auditor General Report, which is currently being considered by the...

FG’s Deficit Spending Increase by 11% to N7.88trn   The Federal Government recorded an 11 per cent, year-on-year, YoY increase in deficit spending to N7.88 trillion in seven months, from January to July, from N7.13 trillion in the corresponding period of 2022. The rise in deficit spending...

2024 Budget: FG to Spend Over N57,427,575 on State House Residential Rent   The Federal Government has proposed to spend over N57,427,575 on residential rent in State House quarters. This was contained in the 2024 Budget document obtained by Economic Confidential. Details in the budget show that...

2024 Budget: FG to Spend N6.5trn on Personnel Costs   Federal Government will spend a total of N6.48 trillion (inclusive of N1.02 trillion for government enterprises (GOEs) on personnel and pension costs in the 2024 budget. This is an increase of N576.16 billion or 9.8 per cent...