Author: Aishat Olalere

There has been an increase of $172 million in the direct remittances received in the month of May. This was derived from the Central Bank of Nigeria data analysis. $193.31 million remittance was received in the month of April while $365.44 million remittance was received in May. This indicate a 90% increase in remittance received in May. This shows that there is an increase in foreign currency inflow which indicate a positive development in the country. This increase is reflective of efforts by the CBN to enhance foreign currency remittance flows through formal channels. The CBN recently approved in principle…

President Bola Ahmed Tinubu has vowed to strengthen the Organised Private Sector (OPS) and rebuild the country’s economy. Tinubu, who was represented by Mrs Nkeiruka Onyejeocha, Minister of State for Labour and Employment, made the promise at the third edition of the Nigeria Employers Summit on Tuesday in Abuja. The third edition Summit was organised by the Nigeria Employers’ Consultative Association (NECA). The summit theme was “Economic Renaissance: Harnessing Government Reforms and Private Sector Agility” Nkeiruka said since the inception of Tinubu administration, several reforms aimed at rebuilding the economy and impacting organised businesses has been rolled out. She added…

The All commodity Group Import Index Average of Nigeria has increased by 0.51 percent in the first quarter of 2024. The National Bureau of Statistics reported this at the NBS commodity price indices and terms of trade for Q1 of 2024 released in Abuja on Tuesday. The increase was as a result of changes in import prices of item such as Vehicle, aircraft, among others. NBS stated in the report that All-commodity group export price index on average also increased by 0.39% in the first quarter of 2024. The increase in export was also attributed to increase in price of…

The Federal Capital Territory Administration (FCTA) has released ₦3.62 billion as statutory allocation for the month of May. The statutory allocation comprises the six Area Council, teachers and pension scheme. ₦1.14 billion from the ₦3.62 billion was allocated for six area councils while N2.49 billion was allocated to teachers and pension schemes. This was stated by the Minister of State of FCT, Dr Mariya Mahmoud, at the 190th FCT Joint Account Allocation Committee meeting on Tuesday. Mariya explained that out of the ₦1.14 billion set aside of the six area councils, Abuja Municipal Area Council received ₦346.53 million, Gwagwalada got…

Bureau De Change operators in Nigeria have reportedly failed to act as stated by the new guideline set by the Central Bank of Nigeria. The Central Bank of Nigeria published the new guideline to be followed Bureau de change three weeks ago. The President Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, explained that the non-compliance was as a result of lack of clarity on the guidelines issued by the central bank. Gwadebe said the correspondence sent to the CBN used seeking for clarity on the implementation of the guidelines had not been responded to. He said “We don’t…

The Depot and Petroleum Products Marketers Association of Nigeria (DPPMAN) has denied importing dirty fuel into Nigeria, DPPMAN said the diesel from the Dangote refinery contains more sulphur than imported one. DAPPMA Secretary, Olufemi Adewole, stated this in a statement in which the management of the association stated “emphatically that no member of the association and indeed, no private fuels depot has imported into the country any fuel with specification that is outside of the regulation other than what is currently approved by the Nigerian Midstream and Downstream Regulatory Authority and would wish to state that the information from the…

Nigeria’s public debt stock has experienced an increase of 24.99 percent. This is said to be on a quarter-on-quarter basis. This is an increase from ₦97.34 trillion in the fourth quarter of 2023 to ₦11.67 trillion in the first quarter of 2024. The National Bureau of Statistics (NBS) reported this in its Nigerian Domestic and Foreign Debt Report for Q1 2024 released on Tuesday, in Abuja. It said that External debt stood at ₦56.02 trillion in Q1 2024, while Domestic debt was ₦65.65 trillion. “The share of external debt to total public debt stood at 46.05 per cent in Q1…

Investors in the Equity market have been selling their shares in Tier 1 financial institutions. They include Access Holding, GTCO, Zenith among others. The sales of interest was as a result of the negative close of the market last week. There was more than ₦103 billion weekly losses on the Nigeria Exchange. The market opened depressed and there have been sell-down in banking names, mostly the big banks. Mid day report, Alpha Morgan Capital Limited told investors that the NGX All Share Index trended negatively, showing a loss of -0.15%. ZENITHBANK has lost -2.23%, FBNH is down by -1.65%, and…

The United State Agency for International Development (USAID) has awarded $26.6 million grants to 33 companies in Nigeria. The grant was said to be a co-investment with Nigeria businesses through its global hunger and food security initiatives. This was reported by the Director of Economic Growth, Agriculture and Power, USAID, Ms Michelle Corzine, at a partnership event on Monday in Abuja. The event was titled: “Collaborating for Enhanced Food Security in Nigeria,” The event is to showcase the impact of public-private partnerships on Nigeria’s food security and economic growth. Corzine said the grant serves as a partnership with the USAID-…

Benue State Governor, Rev. Fr. Hyacinth Alia, has paid over ₦359 billion salary owed by his predecessor for several years from his administration. The Governor disclosed this at Okpoga, headquarters of Okpokwu Local Government Area  on Monday, during an appreciation tour of Ado/Okpokwu/Ogbadibo Federal Constituency. He promised that his adminitration will priotise the payment of workers salaries and from henceforth the civil servants in the State will be paid from 22nd of every month. Alia went against the previous administration that stated that the Federal Government has denied them funds to pay salaries. He thanked the people for the confidence reposed in…