Sami Tunji
CBN suspends export proceeds repatriation extension
The Central Bank of Nigeria has suspended approvals for the extension of export proceeds repatriation on behalf of exporters, effective immediately. This directive, issued via a circular dated January...
10th January 2025
FG services debt with 47% budget vote
Debt servicing consumed 47 per cent of the Federal Government’s total expenditure in the first nine months of 2024, The PUNCH reports. An analysis of data from the Central Bank of Nigeria’s latest...
10th January 2025
Govt budgets 53% more allocations to military retirees
The Federal Government has proposed a 53 per cent increase in the 2025 budget allocations for military retirees following a series of protests over unpaid entitlements. Findings by The PUNCH showed th...
10th January 2025
CBN stops extension of export proceeds repatriation
The Central Bank of Nigeria has suspended approvals for the extension of export proceeds repatriation on behalf of exporters, effective immediately. This directive, issued via a circular dated January...
9th January 2025
Chinese bank supports Kano-Kaduna railway with $254m loan
The China Development Bank has announced the approval of a $254.76m (€245m) loan to support the Kano-Kaduna railway project in Nigeria. According to information released on its website on Tuesday, t...
9th January 2025
SEC plans framework for sustainable government borrowing
The Securities and Exchange Commission has announced plans to enhance the regulatory framework for borrowing by governments and corporates, emphasising sustainability and efficiency in the financial s...
9th January 2025
Chinese bank approves $254.76m loan for Kano-Kaduna railway
The China Development Bank has announced the approval of a $254.76m (€245m) loan to support the Kano-Kaduna railway project in Nigeria. According to information released on its website on Tuesday...
8th January 2025
FX reserves hit $40.8bn one month after Eurobond
Nigeria’s foreign exchange reserves surged by $591.78m in the month following the government’s $2.2bn Eurobond auction on December 2, 2024. Data from the Central Bank of Nigeria shows that reserve...
8th January 2025
SEC vows to crack down Ponzi schemes in 2025
The Securities and Exchange Commission has vowed to intensify efforts to stamp out Ponzi and pyramid schemes in 2025, while also focusing on developing Nigeria’s commodities market. According to a s...
6th January 2025
Illegal connections, others cause 174 electricity-related accidents – NERC
Illegal connections, wire snap, vandalism, among others, caused 174 electricity-related accidents nationwide between January and September 2024, the Nigerian Electricity Regulatory Commission stated...
5th January 2025
Private sector debt hits N76tn as interest rates soar
Nigeria’s private sector borrowed an additional N1.89 trillion from banks in November 2024, bringing total credit to N75.96tn. This was a significant increase from N74.07tn recorded in the previous ...
5th January 2025
Naira defies CBN’s forex reforms, tumbled 41% in 2024
The official exchange rate between the naira and the United States dollar ended in 2024 at N1,535/$, an analysis of data from the Central Bank of Nigeria has shown. This was a 40.9 per cent depreciati...
2nd January 2025
Ministry inaugurates N250bn real estate investment fund
The Federal Government through its finance ministry, has inaugurated the N250bn Ministry of Finance Incorporated Real Estate Investment Fund aimed at bridging Nigeria’s housing finance gap, fosterin...
1st January 2025
Bank customers withdrew N364bn in November – CBN report
Nigerians withdrew N364.38bn from banks in November 2024 amid the cash scarcity witnessed in many parts of the country, the latest data from the Money and Credit Statistics of the Central Bank of Nige...
1st January 2025
FG unveils N250bn fund to boost affordable housing
The Federal Government has launched a N250bn Ministry of Finance Incorporated Real Estate Investment Fund to bridge Nigeria’s housing finance gap, promote affordable housing, and stimulate econo...
31st December 2024
Finance ministry inaugurates anti-corruption unit committee
The Federal Ministry of Finance has inaugurated its Anti-Corruption and Transparency Unit Committee to enhance transparency and accountability within the public service. This was according to a statem...
31st December 2024
Nigeria gets W’Bank $1.5bn for subsidy removal, tax bills
The World Bank has fully disbursed a $1.5bn loan to Nigeria following the Federal Government’s implementation of key reforms, including removing fuel subsidies and introducing comprehensive tax poli...
30th December 2024
CBN misappropriated N2.7tn interests on Ways and Means – Auditor-General
The Auditor-General of the Federation has alleged that the Central Bank of Nigeria misappropriated N2.73tn in interest payments from Ways and Means advances, raising serious concerns over irregulariti...
30th December 2024
Higher budget deficit may further depreciate naira – Fitch
Fitch Ratings has warned that Nigeria’s efforts to stabilise its economy could face significant challenges if it fails to meet its fiscal deficit reduction targets. The global credit rating agency n...
29th December 2024
Imported food inflation hits 42% as FG’s duty waiver delays
Nigeria’s imported food inflation surged to 42.29 per cent in November 2024, according to the Consumer Price Index report released by the National Bureau of Statistics. This represents a significant...
28th December 2024
Ex-NIS boss Babandede loses mother
The former Comptroller-General of the Nigeria Immigration Service, Muhammad Babandede, has announced the passing of his mother, Uwani Babandede, at the age of 90. Babandede, a native of Jigawa State, ...
27th December 2024
CBN blames ageing pipelines for oil revenue crash
The Central Bank of Nigeria has attributed the significant decline in oil revenue for the third quarter of 2024 to ageing pipeline infrastructure and operational inefficiencies. According to the apex ...
27th December 2024
Transparent capital market needed to attract investors – SEC
The Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama, has called on stakeholders in the Nigerian capital market to work towards building a market that is fair, transparen...
27th December 2024
NBS budgets N35m for cybersecurity training amid website hack
The National Bureau of Statistics has earmarked N35m in its 2025 budget proposal for “Capacity Building on Cybersecurity and Data Centre Management.” This allocation comes at a critical time as th...
26th December 2024
Nigeria gets $285m foreign capital from African investors –NBS
The National Bureau of Statistics has disclosed that African investors, excluding those from Nigeria, contributed a notable $285.11m in foreign capital to Nigeria in the third quarter of 2024. This co...
26th December 2024
CBN whistleblower platform for inauguration Jan 1
The Central Bank of Nigeria has announced the launch of an externally hosted whistleblowing platform set to go live on January 1, 2025. This initiative aligns with the apex bank’s commitment to fost...
25th December 2024
Moribund Ajaokuta Steel workers get N6bn for 2025 salaries
The Federal Government has budgeted N6.21bn for salaries of workers of the moribund Ajaokuta Steel Company next year, according to the proposed 2025 budget. This is an increase of N1.92bn or 44.76 per...
25th December 2024
Travellers battle unending price hikes ahead of Christmas
As Christmas approaches, Nigerians are grappling with a record-high transport inflation rate of 30.54 per cent in November 2024, according to the Consumer Price Index report by the National Bureau of ...
23rd December 2024
Over 25 million phones stolen in one year – FG
The Crime Experience and Security Perception Survey report of the National Bureau of Statistics, a Federal Government agency, shows that Nigeria recorded 25.35 million phone theft cases between May 20...
22nd December 2024
Yuletide: CBN allows BDCs to purchase $25,000 weekly on NFEM
The Central Bank of Nigeria has granted Bureau de Change operators temporary permission to purchase up to $25,000 weekly in foreign exchange from the Nigerian Foreign Exchange Market, which was launch...
20th December 2024
NBS confirms hack of newly redesigned website
The National Bureau of Statistics has announced that its newly redesigned official website has been hacked. This announcement was made in a brief statement posted on its X (formerly Twitter) account o...
19th December 2024