Business

The Federal Government has recorded a deficit of N5.33tn between January and August 2022, which is N430.82bn above the prorate level. The government spent N9.56tn from January to August 2022, out of N11.55tn pro data expenditure projected for the period. Of the N9.56tn spent in eight months, N3.52tn was expended on debt service while N2.89tn was used for personnel costs and pensions. The total expenditure projected for the whole of […]

The Nigerian Bourse closed negative amidst buy-interests and sell-offs as bears dominated proceedings. The All-share Index depreciated by 2.31% to close at 44,318.15 points. In the same vein, market capitalization declined by N571 billion to close at N24.14 trillion, while the Year-to-Date returns settled at 3.75%.

Bank of America has revealed that Nigeria’s local currency unit is set to weaken further next year as its current exchange rate to the dollar is well above fair value. According to the Bank, the central bank’s real effective exchange rate, and the currency fair value analysis shows the naira is 20 per cent overvalued. It added that while the naira will come under increasing pressure due to limited government […]

Nigeria’s inflation rate surged to 20.77% in September 2022, up from 20.52% recorded in the previous month. According to the National Bureau of Statistics, Nigeria’s CPI rose by 20.77% year-on-year in September 2022. On a month-on-month basis, the index rose by 1.36% compared to the 1.77% increase recorded in the previous month.

Reports say the thirty-six states of the federation, including the federal capital territory, recorded cumulative internally generated revenue of N1.89 trillion in 2021. According to the National Bureau of Statistics, this represents an increase of 21.5% compared to N1.56 trillion recorded in the previous year. The total Internally generated revenue, recorded by the states rose beyond pre-pandemic levels after it dipped in 2020 due to the lockdown.

The Federal government has placed Lithium, as one of its priority minerals for exports, and expanding Nigeria’s mining sector. Minister of State for Mines and Steel Development, Gbemisola Saraki, disclosed this at the Nigerian Society of Mining Engineers 21st Annual General Meeting. Saraki stated that along with Lithium, it will prioritize six other minerals, including Coal, Bitumen, Limestone, Iron Ore, Barites, Gold, Lead/Zinc Ore, and Lithium.

As the strike by the Academic Staff Union of Universities lingers, business owners in the school areas groans as they suffer losses. Speaking with Boss Radio Business News, a business owner at the Federal University of Technology Owerri, Ben Ezeji, says the strike has affected business owners across the country. Another Entrepreneur, Dennis Ngene, urges the federal government expedite negotiation with ASUU. Also Speaking, Ejike Nzeamalu, appeal to the government […]

President Muhammadu Buhari has revealed that the federal government targets N1.92tn in oil revenues in 2023. Buhari made this known while presenting the 2023 appropriation bill to a joint session of the National Assembly in Abuja. The President added that the N6.31tn and N2.42tn will go to debt servicing and government owned enterprises, respectively.

The Nigerian Export Promotion Council has said the non-oil sector has contributed over two billion dollars to the Nigerian economy in the first six months of the year 2022. This was disclosed by The Managing Director Ezra Yakusak who was represented by the Trade Promotion    Adviser,Muhammad Dan-Alkali, during a workshop for members of the National Onion Producers, Processors and Marketers of Nigeria in Sokoto State. According to him, the various […]