Inflation storm rages on in Nigeria as October rate hits 33.88%
Post AMUGE
November 18, 2024
Manufacturing sector suffers as inflation mows down profits Nigerian households lament Onome Amuge The Nigerian economy has been in a perpetual state of turbulence, with new economic troubles surfacing every week. One such persistent problem is inflation, which continues to rise and constrict the financial breathing room of every Nigerian citizen. Nigeria’s economy staggered under […]
Nigeria loses N13trn to forex subsidy — World Bank
Post AMUGEOctober 22, 2024
Business a.m. The federal government incurred a significant loss of N13.2trn in foregone revenue as a direct consequence of the implementation of its foreign exchange subsidy policy between 2021 and 2023, the World Bank has stated. It said the government lost N2trn in 2021, N6.2trn in 2022, and N5trn in 2023. The amount forgone in […]
Nigeria’s inflation rebound stokes concerns of worsening economic woes
Post AMUGEOctober 21, 2024
Onome Amuge The battle against soaring inflation seems to be far from won in Nigeria, with analysts warning of even darker days ahead as the country struggles to emerge from its economic crisis. Amidst this mounting crisis, President Bola Tinubu’s pledge of “renewed hope” seems to offer little but empty promises, leaving citizens disillusioned and […]
Food, transport costs fuel 32.7% inflation in Nigeria for September – NBS
Post AMUGEOctober 15, 2024
Joy Agwunobi The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate rose to 32.7 per cent in September 2024, marking its first increase in three months following a period of decline earlier in the year. The latest Consumer Price Index (CPI) data shows a month-on-month increase of 0.55 per cent, in contrast […]
Nigeria’s food inflation top 5 globally as insecurity, climate change hit hard
Post AMUGEOctober 14, 2024
Onome Amuge The World Bank has identified Nigeria as one of the top ten countries most severely impacted by food inflation, placing the nation fifth globally and third in Africa, behind Malawi and Liberia. In the World Bank’s September report, Haiti takes the unfortunate distinction of being the country with the highest food inflation rate […]
Nigeria records $2.60bn in capital importation for Q2 – NBS
Post AMUGEOctober 8, 2024
Busayo Samuel Nigeria’s capital importation reached $2.60bn in the second quarter of 2024, representing a robust increase of 152.81 percent year-on-year compared to $1.03bn in Q2 2023. This is according to the latest capital importation report from the National Bureau of Statistics released on Tuesday. Despite this substantial annual growth, the figure marks a decline […]
FG mulls TICC initiative to expand tax base, increase revenue
Post AMUGESeptember 26, 2024
Business a.m. The Nigerian government has recently announced the implementation of a new initiative, the Tax Identification Consolidation and Collaboration (TICC), which aims to broaden the tax base, expand the tax net, and create a more equitable business environment. Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy Tax Reforms, disclosed the announcement recently […]
Inflationary pressure drives Nigeria’s unemployment rate to 5.3% in Q1’24
Post AMUGESeptember 25, 2024
Business a.m. The ongoing economic crisis in Nigeria has led to a rise in the country’s unemployment rate, which increased from 5 percent in Q3 2023 to 5.3 percent in the first quarter of 2024, as companies struggle with mounting operational costs that have resulted in some businesses folding and others drastically reducing their workforce […]
CBN raises interest rate to 27.25% in 50 basis points move
Post AMUGESeptember 24, 2024
Business a.m. The Central Bank of Nigeria (CBN) has raised its key interest rate, the Monetary Policy Rate (MPR), by 50 basis points to 27.25 percent, marking the fifth consecutive hike in the rate so far this year. In addition to the increase in the MPR, the CBN raised the Cash Reserve Ratio (CRR) by […]
Analysts gauge MPC’s next move as Nigeria’s monetary policy on knife edge
Post AMUGESeptember 24, 2024
ONOME AMUGE The Central Bank of Nigeria’s Monetary Policy Committee (MPC) will open its fifth meeting of the year today 23rd and for two days, including tomorrow 24th of September, it will weigh up many economic indicators to set a monetary policy rate for the country many analysts say has an economic future that currently […]