Nigeria’s inflation rate continued its upward swing rising by +0.49% from 13.22% in August 2020 to 13.71% in September 2020. Nigeria’s upward trending inflation rate, according to analysts, poses a major challenge for the central bank of Nigeria (CBN). The consistent rise in inflation which was initially attributed to the temporary closure of the Nigerian…
ECONOMY
Nigeria’s Inflation Hits 13.71%, Highest In 30 Months
Nigeria’s inflation rate has continued its 30-month surge, with the consumer price index, (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020. This is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent. A report released by the National Bureau of Statics (NBS) on Thursday, states that increases…
NNPC Releases 2019 Audited Financial Statement, Reduces Loss by 99.7%
Barely five months after publishing its 2018 Audited Financial Statement, the Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement with a 99.7% reduction in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019. A statement by the Corporation’s spokesman, Dr. Kennie Obateru, quoted the NNPC Chief Financial Officer (CFO),…
NNPC Says ANOH Gas Projects to Produce 600MSCFD Equivalent of 2.4GW of Electricity
As part of concerted efforts to ramp up gas-to-industries and gas-to-power in the country, the Nigerian National Petroleum Corporation (NNPC) has revealed that the Asa North-Ohaji South (ANOH) gas project, one of the largest green field gas condensate development projects ever undertaken in Nigeria, was expected to produce 600million standard cubic feet of gas per…
World Bank President Hails Nigeria for removing fuel subsidy, as experts demand debt reduction
Mr David Malpass, President of the World Bank Group, has commended the Federal Government of Nigeria for removing subsidies on petroleum products. Malpass, who spoke in Washington, said this was a right step in the prevailing circumstances which require unusual strategies for unusual occasions and situations. Malpass spoke as global experts joined him to kick…
New bill to transform business reforms into legislation coming- Presidency
With the progress made by the Buhari administration in the global Ease of Doing Business ranking over the years, the Federal Government is now proposing a new bill that will solidify and institutionalize the reforms in the country’s business environment. And to achieve this, the Presidency through the Enabling Business Environment Secretariat (EBES), is extending…
774,000 public works jobs set for take off
The government will continue with policies of social protection and people empowerment despite the challenges posed by COVID-19 pandemic, President Muhammadu Buhari said on Monday. The President spoke at the State House during the launch of the Presidential Youth Empowerment Scheme (P-YES). He restated his administration’s commitment to youth development and poverty alleviation. The President,…
2021 budget: FG to pay local contractors N15bn
The Federal Government has budgeted N15 billion in 2021 to settle local contractors. This is contained in the 2021 budget details under Service Wide Votes captured as payment of local contractors debt. In August, contractors under the aegis of Local Contractors of Nigeria picketed the Federal Ministry of Finance demanding to be paid for contracts…
Okowa, ALGON Seek Review of Revenue Allocation Formula
The Delta State Governor Ifeanyi Okowa has called for a review of the revenue allocation formula in favour of states and local governments. Okowa spoke when he received the National Executive Council members of Association of Local Governments of Nigeria (ALGON) in Asaba, led by National President Mr Kolade Alabi. The governor said the review…
Budget 2021: Buhari, Osinbajo to spend 3.2bn on travels
President Muhammadu Buhari and Vice President Yemi Osinbajo are billed to spend 3.2 billion for travels in 2021. This is according to the 2021 budget proposal submitted to the National Assembly by the President on Thursday. According to the details of the budget released on Friday by the Budget Office of the Federation, President Buhari…