The naira appreciated against the United States (US) dollar, closing at ₦1,427.5/$1, as Nigeria’s gross external reserves climbed to $43.17 billion at the end of the month. A review of market data from the Central Bank of Nigeria (CBN) shows that the naira closed at ₦1,427.5/$1 on Friday, October 31, from ₦1,478/$1 when it opened …
Nigerians may soon benefit from lower petrol and food prices as 22 ships carrying petroleum products, frozen fish, and other essential commodities berth at Lagos ports, the Nigerian Ports Authority (NPA) has revealed. The NPA’s latest Shipping Position report shows that the vessels are currently discharging cargo at Apapa, Tincan, and Lekki ports, signalling a …
Western nations have begun moves to evacuate their citizens from Mali as a deepening fuel blockade threatens to paralyse the country, ignite public anger, and weaken the ruling military junta’s grip on power. The United States on Thursday ordered non-essential embassy staff and family members to leave the country, joining Germany, Italy, and other Western …
The House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to finance part of the 2025 budget deficit. The lawmakers also gave the green light for the issuance of a $500 million debut sovereign sukuk in the international capital market to fund key infrastructure projects and broaden Nigeria’s financing sources. The …
The Minister for Budget and Economic Planning, Senator Abubakar Atiku Bagudu, yesterday at the Multi-Stakeholder Dialogue by Action Aid Nigeria on the theme "Rethinking Poverty Reduction Strategies in Nigeria", spoke about government effort and the need for partnership with the private sector. Excerpts: Rethinking Poverty Reduction Strategy What we have been trying to do as …
The average interest rate on the most popular U.S. home loan has dropped to its lowest level in over a year, following softer inflation data that reinforced expectations of another Federal Reserve rate cut. According to the Mortgage Bankers Association (MBA), the rate on a 30-year fixed mortgage fell by seven basis points to 6.30% …
Lagos and four other highest-debtor states account for 50.32 per cent of the total subnational debt in 2024. The four other states are Kaduna, Edo, Ogun, and Bauchi, a review of the report released by BudgIT on Tuesday, October 28 has shown. According to BudgIT, a Nigeria’s leading civic-tech organisation promoting fiscal transparency and accountability, …
Anambra has emerged as the best-performing state in the federation, surpassing Lagos and 33 other states, according to BudgIT’s 2025 fiscal performance ranking. The ranking is contained in BudgIT’s 2025 edition of the State of States Report, released on Tuesday, October 28. The flagship report, themed, 'A Decade of Subnational Fiscal Analysis: Growth, Decline and …
A latest report by BudgIT has shown that Lagos and Ogun states accounted for half of the average Internally Generated Revenue (IGR) from the 36 states in Nigeria over the last decade. The report released on Tuesday, October 28, put the two states' average IGR at ₦643.21 billion, approximately. It revealed that the average IGR …
A former director-general of the Securities and Exchange Commission (SEC), Arunma Oteh, has called for urgent action to mobilise long-term capital, accelerate infrastructure development, and decentralise the management of Nigeria’s mineral resources to unlock sustainable growth. She made the call at the Oxford Global Think Tank Leadership Conference on Tuesday, October 28 in Abuja. Oteh, …
