The naira declined against the dollar in both the official and parallel foreign exchange markets, closing the week with a downward trend. According to FMDQ data, the naira slightly weakened to N1,541.68 per dollar on Friday, compared to N1,541.38 on Thursday, reflecting a loss of N0.3. EDITOR’S PICKS Sanwo-Olu Donates N75M to Support Legionnaires and … Read more
The Senate has approved the 2024–2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for implementation by the Federal Government. EKO HOT BLOG reports that the approval followed the presentation of a report by the Chairman of the Joint Committees on Finance, and National Planning & Economic Affairs, Senator Mohammed Sani Musa (Niger East). … Read more
There was mild drama at the National Assembly on Wednesday as the Senate debated the admittance of President Bola Tinubu’s economic team into the chamber to discuss the proposed Tax Reform Bills. The Senate Leader, Opeyemi Bamidele (APC, Ekiti Central), moved to suspend Order 12, which restricts access to plenary, to allow tax experts, consultants, … Read more
President-elect Donald Trump has named Jamieson Greer as his choice for the next United States Trade Representative. Greer is well-acquainted with the role, having previously served as Chief of Staff to Robert Lighthizer during Trump’s first term. Under their leadership, the administration imposed broad tariffs on China and other nations and negotiated the landmark US-Mexico-Canada … Read more
Donald Trump has announced plans to impose new tariffs on China, Mexico, and Canada on his first day in office, aiming to pressure these nations to curb illegal immigration and drug smuggling into the United States. Trump stated that immediately following his inauguration on January 20, he would sign an executive order imposing a 25% … Read more
The Northern Elders Forum (NEF) has criticized the proposed tax reforms by President Bola Tinubu, stating that the initiative is detrimental to the interests of the northern region. In a communiqué signed by NEF convener Professor Ango Abdullahi and released on Saturday, the forum expressed strong opposition to the Tax Reform Bill, currently under consideration … Read more
President-elect Donald Trump has selected Republican Congresswoman Lori Chavez-DeRemer of Oregon to serve as the next Secretary of Labor. During his campaign, Trump pledged to prioritize American workers by safeguarding their jobs, revitalizing U.S. manufacturing, and ensuring pathways to achieve the American dream. EDITOR’S PICKS Electricity Meter Costs Rise Again As Deregulation Takes Effect Biden, … Read more
Donald Trump has nominated Scott Bessent to serve as the next Secretary of the U.S. Treasury, a key position overseeing tax policy, public debt management, international finance, and economic sanctions. The announcement concludes one of the lengthiest deliberations in Trump’s efforts to finalize his cabinet as he prepares for his second term in office. EDITOR’S … Read more
Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiora, testified that the bank’s board did not recommend the 2022 naira redesign to then-President Muhammadu Buhari. Obiora, who once served as Special Adviser on Economic Matters to former CBN Governor Godwin Emefiele, stated that the board first learned of the redesign policy on … Read more
President-elect Donald Trump revealed on Tuesday that Elon Musk and Vivek Ramaswamy will head a newly created “Department of Government Efficiency” in his second term. Trump praised the two men, stating, “Together, these two wonderful Americans will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure … Read more
Senator Sani Musa, representing Niger East Senatorial District, commended President Bola Tinubu’s decision to end the fuel subsidy in Nigeria, calling it a major positive development for the country. In an interview with Channels TV on Friday, Musa praised the subsidy removal as a necessary move, noting it was made with the nation’s best interests … Read more
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has accused Dangote Refinery of trying to stifle competition in the downstream sector. This allegation follows Dangote Refinery’s claims that marketers were criticizing its petrol pricing in an effort to import cheaper, potentially lower-quality products. On Sunday, Dangote Refinery announced that it sells petrol at … Read more
The Bola Ahmed Tinubu administration is set to withdraw the Tax Reform Bills recently presented to the National Assembly following significant backlash, especially from northern governors and traditional rulers. The opposition is largely centered on changes to the Value Added Tax (VAT) distribution model, which many northern leaders argue would disproportionately impact their region. According … Read more
Senator Mohammed Ali Ndume, representing Borno South in the National Assembly, has urged Minister of Finance Wale Edun, the Federal Inland Revenue Service (FIRS), and other economic managers to stop misleading President Bola Tinubu. Ndume made this statement in response to the Federal Government’s plan to increase the country’s tax regime. He expressed concern that … Read more
President Bola Ahmed Tinubu convened with the implementation committee for crude oil and refined products sales in local currency to evaluate the progress of using the naira for crude sales to local refineries. The committee, led by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, held a strategic review meeting at … Read more
Several state governors have indicated their readiness to implement the newly signed ₦70,000 national minimum wage, a significant increase from the previous ₦30,000, which was approved by President Bola Tinubu on July 29, 2024. EKO HOT BLOG reports that the new minimum wage was introduced after extensive negotiations by the Tripartite Committee, consisting of representatives … Read more
Senator Oluremi Tinubu has stood by her husband, President Bola Tinubu, amid growing economic challenges in Nigeria, insisting that he should not be blamed for the current situation. Her comments come as Nigerians struggle with rising prices, particularly after the removal of the fuel subsidy, which saw petrol prices skyrocket from ₦198 to ₦1,030 per … Read more
In a landmark move, Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira. EKO HOT BLOG reports that the announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who confirmed that the policy took effect on October 1, 2024, following a directive … Read more
The Federal Government has approved a ₦32,000 increase in the monthly pensions for retirees following a review of the new minimum wage. EKO HOT BLOG reports that this adjustment is a result of changes made to the salary structure by a government committee. A memo from the National Salaries, Wages, and Income Commission (NSIWC), dated … Read more
Federal government employees will start receiving the new minimum wage payment on Thursday, September 26th. Bawa Mokwa, the Spokesperson for the Office of the Accountant-General of the Federation, confirmed that federal employees can expect notifications regarding their updated minimum wage salary payments from today. However, Mokwa did not specify whether the new minimum wage would … Read more