Nigeria’s debt jumps 25% to N121.67 trn in Q1’24-DMO
Post AMUGE
June 21, 2024
Nigeria’s total public debt rose to N121.67 trillion or about $91.46 billion, increasing by N24.33 trillion or 24.99 percent in the first quarter ended March 31, 2024, according to the Debt Management Office (DMO). According to the DMO, domestic debt stood at N65.65 trillion or $46.29 billion while external debt was N56.02 trillion or $42.12 […]
Soaring inflation makes mincemeat of Tinubu’s shaky economic agenda
Post AMUGEJune 18, 2024
May CPI pile more misery on household Millions more hit multidimensional poverty hole ONOME AMUGE IN LAGOS, NIGERIA Nigeria’s economy witnessed a rapid escalation in inflation rates soon after President Bola Ahmed Tinubu’s administration removed fuel subsidies and liberalised foreign exchange in 2023. This move had far-reaching implications on energy costs, leading to a domino […]
Organised Labour suspends strike, gives FG 5 days to resolve minimum wage issue
Post AMUGEJune 4, 2024
Business a.m. The Organised Labour, comprising the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), have agreed to suspend their nationwide strike for a period of five days. This move follows an intense six-hour meeting with representatives of the federal government in Abuja on Tuesday. where both sides discussed the contentious issue of the […]
Minimum wage:NLC, TUC tug Nigeria’s economic crisis edge with nationwide strike
Post AMUGEJune 3, 2024
ONOME AMUGE IN LAGOS, NIGERIA With a resolute commitment to achieving the goal of a substantial minimum wage for Nigeria’s working populace, the organised labour movement, consisting of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), have initiated a nationwide strike action that has already begun to reverberate throughout the Nigerian economy. […]
Labour’s N494,000 wage demand could cripple the Nigerian economy
Post AMUGEJune 3, 2024
Business a.m. The federal government has raised concerns over the potential economic implications of the proposed N494,000 minimum wage demanded by organised labour, comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), stating that the increased expenditure of N9.5 trillion could cripple the nation’s economy. Mohammed Idris, the minister of information and […]
Govt. policy blamed as construction unions allege loss of 52,000 sector jobs
Post AMUGEJune 3, 2024
Business a.m. Reporter The Construction and Civil Engineering Senior Staff Association (CCESSA) and the National Union of Civil Engineering Construction Furniture and Wood Workers (NUCECFWW), both affiliated with the Trade Union Congress of Nigeria (TUC) and the Nigeria Labour Congress (NLC), have estimated that 52,000 construction and furniture workers have lost their jobs in the […]
Hope deferred! Scepticism trails President Tinubu’s first year in power
Post AMUGEMay 27, 2024
Nigerians, gnashing their teeth, seek change Economic indices worst for president’s 1st year ONOME AMUGE IN LAGOS, NIGERIA The imminent turn of the calendar to May 29th serves as a moment of reflection and commemoration in Nigeria, as citizens reflect upon the first year of President Bola Tinubu’s administration. Dubbed the administration of “renewed […]
Uwaleke, ACMAN president, worries about GDP growth services sector overweight
Post AMUGEMay 27, 2024
Canvasses balance to counter overdependence Onome Amuge Uche Uwaleke, a professor of finance and capital market at the Nasarawa State University, has voiced his concerns regarding the recently released GDP report by the National Bureau of Statistics which showed that the services sector remains the primary driver of growth in Nigeria’s economy. Uwaleke warned that […]
Nigeria’s Inflation Soars to 33.69% in April 2024-NBS
Post AMUGEMay 15, 2024
Business a.m. The National Bureau of Statistics (NBS) has released the latest inflation data for Nigeria, which revealed a marked increase in the headline inflation rate from 33.20 percent in March 2024 to 33.69 percent in April 2024, marking a rise of 0.49 percentage points in a single month. According to the National Bureau of […]
Fitch sees promising prospects for Nigeria’s fiscal, economic outlook
Post AMUGEMay 7, 2024
Long-term FX creditworthiness ‘positive’ Affirms long-term FX IDR at ‘B-’ On back of recent reforms Onome Amuge Global credit rating agency Fitch Ratings has shined a positive light on Nigeria’s long-term foreign-currency creditworthiness, upgrading its outlook to “Positive” and affirming the country’s long-term foreign-currency Issuer Default Rating (IDR) at ‘B-’, a sign that the […]