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...

First Bank Appoints New Managing Director, Others First Bank of Nigeria Limited, the commercial banking division of the financial services group, has announced the appointments of Olusegun Alebiosu, Ini Ebong and Omotunde Alao-Olaifa as managing director/CEO, deputy managing director and non-executive director, respectively. The appointments followed...

Nigeria Exports N58.65b Electricity in Q1 2024 In the First Quarter 2024 Q1, Nigeria exported N58.65 billion electrical energy to African countries. The National Bureau of Statistics (NBS) made this known in its document titled: “Foreign Trade in Goods Statistics (Q1 2024).” A section of the report...

$2.25b World Bank Loan Offers Hope for Economic Recovery The Federal Government of Nigeria has secured $2.25 billion in funding from the World Bank, comprising two key financial operations aimed at economic stabilisation and support for vulnerable populations. Key details of the facility include a 40-year...

International Customs Day: FG seeks Partnership on $24.9tr Global Maritime Trade The Federal Government has solicited collaboration from stakeholders towards enhancing the country’s economy by tapping into the maritime sector, valued at over $24 trillion, while supporting 90 per cent of global trade and generating...

Headline Inflation Surges to 33.95% in May Again, Nigeria’s inflation rate increased to 33.95 per cent in May 2024 according to the latest data from the National Bureau of Statistics. This represents a month-over-month increase of 0.26 per cent points in the headline inflation rate from...