Nigeria’s total debt stock rises 75%, hits N87.38trn in Q2’23
Isaac Jayeola
September 15, 2023
Nigeria’s debt stock, comprising the domestic and external debt stocks of the federal government,sub-national governments and the Federal Capital Territory, rose to N87.38 trillion at the end of the second quarter of 2023, according to a latest report by the Debt Management Office (DMO). The figure represents a 75.29 per cent or N37.53 trillion increase […]
CBN denies policy to crash exchange rate to N1.25 per dollar
Business a.m.September 13, 2023
The Central Bank of Nigeria (CBN) has debunked a report of planning a naira redenomination policy that would see the Nigerian currency almost equal to the U.S dollar at N1.25 kobo to a dollar. The apex bank issued the disclaimer on its official X. page (formerly Twitter), accompanied by a screenshot of the fake report […]
Banking activities plunge in Lagos,Abuja as NLC embarks on warning strike action
Business a.m.September 5, 2023
Business A.M Financial and industrial operations were on Tuesday, ground to a halt across many government and corporate organisations as the Nigeria Labour Congress (NLC) commenced a two-day warning strike against the government’s handling of the petrol subsidy removal palliative and its adverse impact on the masses. Business A.M observed that a lot of banks, […]
CBN links naira crash to diaspora remittance diversion to black market
Onome AmugeAugust 14, 2023
By Onome Amuge The Central Bank of Nigeria (CBN) has attributed the free fall of the naira against the dollar and its resultant volatility in the foreign exchange market to the diversion of diaspora remittances to the parallel market. This is as the currency float implemented by the new administration in June continues to hit […]
FG, Labour Union, set 8-week deadline to conclude subsidy dialogue
Business a.m.June 20, 2023
By Business A.M. The federal government has sealed an agreement with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) on an eight-week deadline to resolve all contentious issues and implement the resolutions arising from the demands of the organised labour. Business A.M understands that the meeting, held on June 19, is to […]
Nigeria’s inflation rate soars for 5th consecutive month to 22.41% in May 2023
Onome AmugeJune 15, 2023
By Onome Amuge Nigeria’s inflation rate rose for the fifth straight month in the year to 22.41 per cent in May 2023,representing an increase of 0.19 percentage points from 22.22 per cent recorded in April 2023. This is according to the latest inflation report by the National Bureau of Statistics (NBS),which measured the rate of […]
NLC, TUC suspend planned strike after meeting with government
Business a.m.June 6, 2023
By Business A.M. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have resolved to suspend the nationwide strike planned to commence on Wednesday, June 7, over the removal of petrol subsidy by the new government. The resolution was reached after a meeting between representatives of the federal government and the labour unions […]
Nigeria records N927.2bn trade surplus in Q1 2023
Onome AmugeJune 6, 2023
By Onome Amuge Nigeria recorded N927.16 billion trade surplus in the first quarter of 2023 as total exports between January and March amounted to N6,487.04 billion trillion, while imports stood at N5,559.88 billion, indicating a total total trade stood of N12,046.92 trillion. The National Bureau of Statistics (NBS) made the disclosure in a recent report […]
NLC declares nationwide strike from Wednesday over fuel price increase
Business a.m.June 2, 2023
By Business A.M. The Nigeria Labour Congress (NLC) has announced that its members will embark on a nationwide strike from June 7, if the federal government through the Nigerian National Petroleum Company Limited (NNPCL) fails to revert to the old pump prices of petrol across the country. Joe Ajaero, the NLC president made this known […]
Petrol to cost N500 per litre as NNPC increases prices nationwide
Business a.m.May 31, 2023
By Business A.M. The Nigerian National Petroleum Company Ltd (NNPCL) has effected an upward adjustment in the price of petrol across the country to an average of N500 per litre, following President Bola Tinubu’s declaration to stop fuel subsidy. NNPC, in a new table of retail prices to be charged across its retail outlets across […]