CBN Raises Interest Rate to 27.50% to Combat Inflation The Central Bank of Nigeria (CBN) has increased the interest rate by 25 basis points to 27.50% to tackle the rising inflation rate, which stood at 33.87% in October 2024. This decision was made during the 298th...

Nigeria’s GDP Grew By 3.46% In Q3 2024 – NBS Nigeria’s Gross Domestic Product (GDP) has grown by 3.46 per cent in real terms in the third quarter (Q3) of 2024 on a year-on-year basis. This is according to a Monday GDP report published by the...

Electricity Subsidy Hits N1.91tn in 11 months The monthly spending of the Federal Government on electricity subsidy obligation has reached N1.91tn in the first 11 months of 2024, a new report by the Nigerian Electricity Regulatory Commission (NERC) has disclosed. It also stated that power distribution...

Capital Expenditure Suffers as FG Services Debt with N7.4tn The Federal Government’s expenditure report for the first eight months of 2024 has laid bare the heavy toll debt servicing is taking on Nigeria’s finances. Between January and August, a total of N7.41tn was spent on servicing...

Fuel Subsidy Removal Saves Nigeria $7.5bn Annually – FG The presidency has revealed that an impressive $7.5 billion is being saved annually from funds previously allocated to fuel subsidy following its removal. Sunday Dare, the Special Adviser on Media and Public Communications to President Tinubu, shared...

Full Privatisation of Port Harcourt, Warri Refineries Underway – FG The presidency has signaled that plans for the complete privatisation of the state-owned refineries, including the Port Harcourt, Warri, and Kaduna refineries, are underway. Sunday Dare, the Special Adviser to the President on Media and Public...