Nigeria recorded the world’s largest increase in the number of people living in acute multidimensional poverty between 2021 and 2024. Approximately 17.9 million people have fallen into poverty, as nearly half of the country’s population, or 113.3 million people, now face overlapping deprivations in health, education and living standards. The figures are contained in the …
The Alliance for Economic Research and Ethics (AERE) has urged the Federal Government and the Nigerian National Petroleum Company Limited (NNPC) to publish weekly data on its ₦66-per-litre petrol discount. It also urged the government to disclose its financial impact and enforce a clear expiry date to prevent the temporary relief measure from becoming a …
Nigeria’s improved foreign exchange reserves, falling inflation and sustained economic reforms have prompted Fitch Ratings to revise the country’s credit outlook to positive from stable, while retaining its ‘B’ rating. The Federal Government said the decision strengthens Nigeria’s prospects of attracting investment and reducing borrowing costs but acknowledged that low government revenue, high interest costs …
The Federal Government has said that it cannot currently supply the Dangote Petroleum Refinery with the 700,000 barrels of crude oil it needs daily. The Minister of Finance and Coordinating Minister of the Economy said this during a programme on Channels Television, following the Federal Government’s 30-day petrol discount offer through NNPC Retail. According to him, …
Nigeria’s ambition to achieve investment-grade sovereign credit status by 2030 will depend on its ability to turn ambitious economic projections into stronger revenue, productive investment and sustainable public finances. The warning comes as the government targets annual economic growth of 10.34 per cent by 2030, despite recording average growth of 3.11 per cent under the …
The Federal Government has clarified that the petrol discount offered by NNPC Retail Limited is not a return of fuel subsidy, saying the price reduction is being funded from the company’s retail margin rather than public revenue. Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, gave the clarification in a statement on …
Nigeria’s electricity tariff freeze has left the Federal Government with a ₦1.56 trillion subsidy bill within a year, exposing public finances to the rising cost of supplying electricity while consumers continue to pay rates fixed in July 2024. A review of quarterly reports published by the Nigerian Electricity Regulatory Commission (NERC) shows that the government …
The Federal Government has announced a 30-day discount on petrol sold by the Nigerian National Petroleum Company Limited (NNPCL), with priority for public transport operators, as part of measures to ease the impact of high fuel prices on households and businesses. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the …
Ghanaian businesses could soon pay Chinese suppliers directly in yuan from their cedi accounts under a new banking arrangement designed to reduce reliance on the US dollar and cut foreign-exchange conversion costs. Stanbic Bank Ghana is piloting the arrangement through China’s Cross-Border Interbank Payment System (CIPS), which enables financial institutions to process cross-border payments in …
Nigeria’s banking sector will enter 2027 with stronger capital buffers but face a tougher test of how effectively banks deploy the funds raised during the 2026 recapitalisation exercise, according to DataPro. The rating agency, in its Monthly Rating Brief for October, said the recapitalisation had structurally strengthened the banking industry but warned that the next …
