Oil prices posted fresh four-month highs this week on tighter supply conditions before economic fears sent oil markets crashing. Venezuela and Iran continue to report outages, while the surprise drawdown in U.S. inventories had seemed to give oil bulls the upper hand. Signals from the Fed that it was going to hold off on interest…
ECONOMY
Implications of FG’s VAT increase to fund New Minimum Wage
The Minister for Budget and National Planning, Udoma Udo Udoma and the Executive Chairman of the FIRS, Babatunde Fowler, hinted during an interactive session with the National Assembly on Tuesday 19 March 2019 that VAT rate is likely to go up to enable government fund the new minimum wage of N30,000 per month approved by…
Ethiopia’s reforms aim to increase private sector participation in economy
Ethiopia is implementing reforms to broaden the participation of the private sector in the country’s economy as well as increase competitiveness as it seeks to create decent jobs for its populace, Finance Minister Ahmed Shide said Tuesday. In a speech read on his behalf at a joint Economic Commission for Africa-World Bank Roundtable Workshop on…
Nigeria’s 2019 Budget: The hidden monsters
Buhari praises Osinbajo on Nigeria’s economic recovery
President Muhammadu Buhari Monday in Abeokuta extolled the virtues of his deputy, Vice President Yemi Osinbajo, and his pivotal role in delivering on the ‘CHANGE AGENDA’ in the past four years, particularly in his capacity as the head of the National Economic Council (NEC). President Buhari gave the commendation at a meeting with Ogun State…
FG to ban tomato import in Dec
The Federal Government has announced a plan to prohibit the importation of tomato paste into Nigeria as from December as part of its import substitution and diversification strategy. As an integral part of the common external tariff of the ECOWAS region, Nigeria runs the risk of being in default of WTO and ECOWAS free trade…
2019: Major reviews of Nigerian economy in one week
It was an eventful first week of January, 2019 in the Nigerian Economy and we bring to you key developments that occurred during the week in review. Economy The leadership of the Nigerian Labour Congress and other affiliate unions held a meeting last week with the Federal Government to reach a possible agreement on the…
Borno: Education leads with N22bn as Shettima proposes N125bn in budget
Governor Kashim Shettima on Monday in Maiduguri, presented to the Borno State Assembly a budget of 125.8 billion naira for the 2019 fiscal year out of which 22.4 billion naira was allocated for completion of numerous projects in primary, secondary and tertiary schools including their equipping and management. Shettima described the budget as his last,…
Full text of Budget of Continuity delivered by Buhari at NASS
2019 BUDGET SPEECH (BUDGET OF CONTINUITY) Delivered by: His Excellency, President Muhammadu Buhari President, Federal Republic of Nigeria At the Joint Session of the National Assembly, Abuja wednesday, 19TH December 2018 PROTOCOLS – 1. It is my pleasure to present the 2019 Budget Proposals to this Joint Session of the National Assembly. 2. This being my…
Nigeria records 1.8% growth in GDP in Q3
The nation’s Gross Domestic Product (GDP) grew by 1.81% (year-on-year) in real terms in the third quarter of 2018. Compared to the third quarter of 2017 which recorded a growth of 1.17%, there is an increase of 0.64% points. The second quarter of 2018 had a growth rate of 1.50% showing a rise of 0.31%…