Business

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Background

Business

Nigeria’s foreign portfolio deficit falls

The Nigerian foreign portfolio deficit has fallen by N14.5 billion between the first eight months of 2021 and the first eight months of 2022. According to data released by the Nigerian Exchange Limited, the deficit fell from N15 billion recorded in eight months of 2021 to N1.43 billion reported between January and August, 2022, It revealed that the FPI total inflows in the first eight months of 2022 stood at […]

today10/03/2022 2

Business

Federal Government spends N1.33 billion

Reports say the federal government spent N1.33 trillion to service domestic debts in the first half of 2022. According to data released by the Debt Management Office , this represents an increase of 42.5% compared to N935.46 billion spent in the corresponding period of 2021. When compared to the second half of 2021, domestic debt service increased by 19.2% from N1.19 trillion.

today09/30/2022 2

Business

Price of Kerosene Increases

The price of Kerosene has recorded a significant increase from January to September, 2022. Speaking with Boss Radio Business News, a kerosene seller Chioma Nzeribe, highlights the increase recorded. Another seller, Frank Osita, says the price may increase or decrease before December. Also speaking, Uzodinma Daniel maintains that the price will not decrease.

today09/29/2022 2

Business

Nigeria’s Debt Ratio Hits 23%

The Debt Management Office, DMO, has revealed that Nigeria’s debt to GDP ratio is 23%, which is still within the country’s self-imposed limit of 40%. Director-general of the DMO, Patience Oniha, made this known during an executive course on budgeting and fiscal responsibility in Abuja. Oniha stated that one way to reduce budget deficits is to grow revenues and to prioritize expenditure and cut waste and leakages.

today09/28/2022 2

Business

Power Generation Slumps to 38MW

The Federal Government has said that the collapse of the national electricity grid that occurred the preceding day led to the crash in power generation from 3,713.1 megawatts to 38MW. A figured obtained from the Federal Ministry of Power showed that power generation on the grid as at 6am Monday was 3,713.1MW, but this plunged to 38MW around 10.51am. Federal Government’s electricity transmission company explained that the crash in power […]

today09/28/2022 3

Business

CBN Raises Interest Rate to 15.5%

The Monetary Policy Committee of the Central Bank of Nigeria has raised the benchmark interest rate from 14 to 15.5 per cent in order to tame the rising inflation rate. CBN Governor, Godwin Emefiele made this known at the end of the MPC meeting on Tuesday. According to Emefiele,this represents a 150-basis-point increase from the 14 per cent rate voted during the last MPC meeting in July.

today09/27/2022 4

Business

Nigeria to Participate in Free Trade Agreement

The committee for the African Continental Free Trade Area has said Nigeria will be participating fully in the agreement by the last quarter of 2023. Secretary of the committee, Francis Anatogu, revealed that some trading documents were needed before Nigeria’s full participation. Anatogu noted that the documents were currently going through gazetting processes.

today09/27/2022 3

Business

Global Benchmark of Crude Drops in Price

The global benchmark for crude, dropped in price as virtually all oil grades witnessed reduced prices on the first day of the week. According to data obtained from the September Oil Market Report, an oil rig in Nigeria was dormant in August 2022 when compared to the number of functional rigs in the preceding month. Industry figures showed that Brent dropped in price by $4.31 or 4.76 per cent to […]

today09/26/2022 2

Business

August water transportation fare rose to N974.26

The National Bureau of Statistics, NBS, has said the average fare paid for Water Transport in August 2022 rose to N974.26 According to NBS, this showed a 0.87 per cent increase on a month-on-month basis from N965.82 in July 2022. It noted that Delta State recorded the highest in Water Transport fare with N3,275.00, Rivers N2,900.00, while Borno had the least with N348.02.

today09/22/2022 1

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