Author: Akintayo Adams

Nigeria’s public debt surged to N134.3 trillion ($91.3 billion) by the end of Q2 2024, a 10.35% rise from N121.7 trillion in Q1. The Debt Management Office (DMO) attributed the increase primarily to the devaluation of the naira, which impacted the debt’s value in local currency while the dollar amount remained largely unchanged. The document read: “In Q2 2024, the debt stock grew in naira terms to N134.3 trillion ($91.3 billion) from N121.7 trillion ($91.5 billion) in Q1 2024, driven mainly by exchange rate devaluation. The dollar amount of debt was roughly the same.” This underscores the challenges of exchange…

Nigeria’s 2024 Gross Domestic Product (GDP) is projected to be $199.7 billion, marking the lowest figure in 19 years, according to the International Monetary Fund (IMF)’s October World Economic Outlook (WEO) report. This is the worst since 2005 when GDP was $169.6 billion, reflecting the significant impact of exchange rate fluctuations on economic calculations. The IMF explained that its GDP estimates in US dollars are based on national currency values converted at market exchange rates. If the projection holds or declines further, it would represent a major downturn for Nigeria’s economy. “Exchange rate projections are provided by country economists for…

The Central Bank of Nigeria (CBN) has announced that the country’s external reserves reached $40.2 billion as of last Friday, reflecting significant growth from the previous year’s $34 billion. Speaking at the IMF/World Bank Annual Meeting in Washington D.C., CBN Deputy Governor Muhammad Sani Abdullahi revealed that the bank is targeting $1 billion in monthly inflows as its policies take effect. “We are building buffers to cover at least 14.3 months of imports for goods and services,” Abdullahi said, adding that efforts are underway to streamline export processes from farm gates to ports. Additionally, he emphasized a major focus on…

The International Monetary Fund (IMF) says Nigeria’s debt burden, or net debt percentage of GDP, which rose to 50.7% in October 2024 from 46.1% in 2023, is projected to decline to 49.6% in 2025. This indicates increasing borrowing relative to the country’s economic output. The IMF’s Fiscal Monitor Report also highlights that general government expenditure as a percentage of GDP rose to 18.1% in 2024, while revenue increased to 13.5%. However, the primary balance percentage of GDP remains unchanged at 0.9% but is expected to fall next year. The IMF report adds, “Government debt projections are based on a pre-debt…

Nigeria has officially joined BRICS as a partner country, alongside 12 other nations, enhancing its economic ties with the bloc. The announcement came during the BRICS summit in Kazan, Russia, held from October 22 to 24, 2024. This development follows a significant rise in foreign capital inflows from BRICS nations to Nigeria, which surged by 189% in the first half of 2024. Other partner countries added include Algeria, Indonesia, Turkey, and Uzbekistan, while four countries, including Iran, gained full membership earlier in 2024. Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.

Residents of Akamkpa, Cross River State, were seen scooping fuel from a fallen tanker, as shared by The Cable on Thursday via X.com. A video shows locals using various containers, including kegs and buckets, to siphon the fuel. This incident follows increasing concerns over frequent tanker explosions, with the Federal Road Safety Corps (FRSC) emphasizing that tankers are required to pass strict safety inspections before loading. A similar incident led to an explosion in Jigawa State on October 15 involving a petrol-laden truck. Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.

First Bank has announced its plans to transition to a new cloud-based procurement and financial platform as part of its continuous effort to enhance operational efficiency and service quality. In a notice issued Wednesday, the bank revealed the migration will take place from Saturday, October 26, 2024, to Sunday, November 3, 2024, with services resuming on Monday, November 4, 2024. The bank warned of temporary service disruptions during this period, noting, “During the cut-over period, certain activities and transactions will need to be suspended to aid housecleaning and safe migration of transactions with minimal disruption.” FirstBank further detailed that vendors…

Nigerians are currently at crossroads due to the rise in price of petrol and the ongoing crusade by the Government on converting vehicles from petrol-powered to CNG-powered. To add to their dilemmas, an incident involving a CNG-powered vehicle occured in Edo state a week ago, and it raised concerns about the safety of the switch from petrol-powered cars to CNG. However, during an interview on Channels TV’s Morning Brief, Engineer Samuel Ushe, Chief of Operations at the National Metrology Institute, explained key differences between Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG). Both are widely used in Nigeria, but…

President Bola Ahmed Tinubu says Nigerians can buy premium motor spirit (PMS), also known as petrol, at ₦1,000 per litre or compressed natural gas (CNG) at ₦200 per standard cubic meter. This was contained in a statement by Bayo Onanuga, special adviser to the president. Tinubu spoke during a meeting with the Nigerian Independent Petroleum Company (NIPCO) on Tuesday at the State House in Abuja. “President Tinubu acknowledged NIPCO’s role as a critical player in enhancing the adoption of CNG as an alternative fuel, noting that such investments align with his administration’s energy security and economic diversification strategy,” Onanuga said.…

Singer Inetimi Alfred Odom, popularly known as Timaya, has lamented about the current hardships in the globe. Timaya spoke in a recent interview with Channels Television. “Things are really hard. I feel it for people because if people are not happy, I can’t be happy, too. I pay bills. I help a lot of people. So I understand what people are going through. I’m also feeling it [the hardship],” he lamented. “My staff’s salaries and upkeep for family members have drastically increased because of the high cost of living. “You don’t expect things to be normal. Even politicians are crying,…