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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.
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 […]
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.
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.
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 […]
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.
Nigeria’s total public debt stock rose from N41.60trillion in March to N42.84trillion in June, 2022. According to the Director-General of the Debt Management Office, Patience Oniha, the total debt represents the domestic and external debt stocks of the Federal Government, the 36 State Governments and the Federal Capital Territory. Oniha noted that more than 58 per cent of the external debt stocks are concessional and semi-concessional loans.
Debt service gulped N6.16tn in 16 months. This is according to the 2023-2025 Medium Term Expenditure Framework & Fiscal Strategy Paper. It revealed that in 2021, the Federal Government spent N4.22trillion on debt service, and N1.94trillion between January and April 2022.
The Nigeria Inter-Bank Settlement System, NIBSS, has revealed that bank customers in Nigeria transferred a total of N1.8 trillion over mobile devices in August this year. This comes as an all-time high monthly value recorded since the deployment of the mobile inter-scheme platform. The August deals represent a 155% increase year on year, compared to the N719 billion recorded in the same month of 2021. According to NIBSS, the volume […]
