Economic growth: Tinubu sacks Ministers over non-performance
Post AMUGE
October 23, 2024
Bamidele Famoofo In line with his growth mantra and zero tolerance for non-performance, President Bola Tinubu has shown five ministers the way out of his cabinet. The President had said it planned to grow Nigeria’s economy to $1trillion by 2030. At the moment, Nigeria is the fourth largest economy in Africa, dropping from its leading […]
NDE moves to create 93,731 jobs, calls for registration
Post AMUGEOctober 23, 2024
Joy Agwunobi The National Directorate of Employment (NDE) has commenced the process of creating 93,731 jobs nationwide before December 24, 2024. Silas Agara, the director-general of NDE, disclosed this in a statement released on Wednesday by the Ondo State directorate of the NDE, calling on unemployed Nigerians to take advantage of the opportunity. He said […]
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 […]
FAAC allocation rises 7.9% as FG,states,local councils share N1.298trn September revenue
Post AMUGEOctober 18, 2024
Onome Amuge The Federation Account Allocation Committee (FAAC) has disbursed a total sum of N1.298 trillion as federation allocation for the month of September 2024, accorded to the federal and state governments, as well as the country’s 777 local government councils, representing a 7.9 percent increase from the N1.203 trillion shared in the previous month […]
NCS seizes 125,427 arms in six years – Adeniyi
Post AMUGEOctober 17, 2024
Joy Agwunobi Adewale Adeniyi, comptroller general of Custom The Nigeria Customs Service says that since 2018 it intercepted 20 significant shipments, comprising 10,498 pieces of various arms and 114,929 pieces of ammunition, with an estimated duty-paid value of N9.58 billion. The service added that 60 percent of the seizures happened in 2023. Adewale Adeniyi, Comptroller […]
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, states, LGs lose $billions in revenue as NNPCL captures PIA
Post AMUGEOctober 7, 2024
Policy think-tank seeks urgent review of Act PIA’s implementation working against federation Revenue drops from $12bn to $1.8bn in 2 yrs NNPCL interpret PIA to own advantage PHILLIP ISAKPA A major lacuna in the implementation of Nigeria’s three-years-old Petroleum Industry Act (PIA) signed into law by former President Muhammadu Buhari in August 2021 and touted […]