The Minister of Arts, Culture and Creative Economy, Hannatu Musa-Musawa, has disclosed the creation of an economic expansion fund of $100bn towards promoting and preserving the cultural heritage of President Tinubu’s administration. Musa-Musawa who was represented by the Director of Cultural Industry and Heritage, Rev. Ben Ugo, at the 2024 Ojude Oba Festival held at…
The World Bank has said that the tightening of the monetary policy by the Central Bank of Nigeria (CBN), will not address inflation in the country. The apex bank disclosed this in its global economic prospects report released on Wednesday. The tightening of the monetary policy rate (MPR) is the increase of interest rate to…
The Nigerian federal government is seeking a $500 million loan from the World Bank to fix rural roads, improve access to agricultural products nationwide, and tackle food price hikes. The Washington-based lender stated that the funds will address the needs of 92 million people in rural areas lacking good road networks. The Nigerian government made…
President Bola Tinubu has assured that he would never disappoint Nigerians. Tinubu gave the assurance on Wednesday in a nationwide broadcast commemorating Nigeria’s 25th anniversary of democracy. The President appealed to Nigerians to endure the hardships of economic reform, saying that the steps are required to put the country on solid economic footing. “As we…
A section of oil marketers have refuted claims by reports doing the rounds, that local refining of crude oil could force the pump price of petrol, to drop as low as ₦300 per litre. Oil marketers under the aegis of the Major Energy Marketers Association of Nigeria (MEMAN), were reacting to a report, that the…
A section of oil marketers have refuted claims by reports doing the rounds, that local refining of crude oil could force the pump price of petrol, to drop as low as ₦300 per litre. Oil marketers under the aegis of the Major Energy Marketers Association of Nigeria (MEMAN), were reacting to a report, that the…
After two days of waiting, the negotiations over the national minimum wage hit another brick wall yesterday. At the end of yesterday’s meeting, the Federal Government negotiating team raised its offer by N2,000 bringing its total minimum wage offer to N62,000 while the Organised Labour reduced its demand to N250,000 from N494,000. The state governors…
Nigeria’s inflation rate is predicted to stabilize at 14 per cent in 2029, indicating a potential end to the current upward trend according to the latest data from the International Monetary Fund. This projection comes as a relief amidst concerns over the increasing inflation rate, which currently stands at 33.69 per cent as of April…
Nigeria’s current account balance recorded a surplus of 1.432 billion dollars in 2024, according to the International Monetary Fund’s World Economic Outlook Database accessed by newsmen on Wednesday. The rise in FG’s account for the period represents a substantial increase from the 1.21 billion dollars surplus recorded in 2023. A country’s current account balance represents…
The Central Bank of Nigeria has revoked the banking licence of Heritage Bank Plc, effective immediately. This decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability. The apex bank’s Acting Director of Corporate Communication Department, Sidi Ali, disclosed this in a statement today. According to…