APC Defends Tinubu Over 2025 Revenue Achievement. APC hails achievement, opposition dismisses it as empty figures. Economists warn borrowing and hardship still undermine fiscal gains. The All Progressives Congress (APC) and opposition parties clashed on Wednesday over President Bola Tinubu’s declaration that Nigeria had achieved its 2025 revenue target by August. EDITOR’S PICKS How Nigeria’s … Read more
Tinubu’s Economic Moves Starting to Pay Off – Financial Analyst Nataro says early indicators suggest a gradual turnaround in Nigeria’s fiscal direction Observers say the coming months will be crucial in determining whether the early signs of progress translate into broader economic relief for citizens Economic reforms introduced by President Bola Tinubu are starting to … Read more
CPPE forecasts slight inflation moderation in 2025 due to Naira rebound and lower volatility. Rising global oil prices under Trump could ease inflation. High energy costs, insecurity, and global factors may keep inflation elevated. The Centre for the Promotion of Private Enterprise (CPPE) has predicted that Nigeria’s inflation may ease slightly in 2025. In a … Read more
As the world prepares to welcome the New Year, various stakeholders in Nigeria, including those from the manufacturing, academic, security sectors, local government unions, and the Ijaw National Congress, have called on President Bola Tinubu to take steps toward improving the economy in 2025. While acknowledging the challenges of 2024, which they described as “tough” … Read more
Subdued Christmas Shopping in Nigeria Amid Economic Challenges Economic hardship has dampened the usual Christmas shopping frenzy. Rising inflation and high living costs have strained household budgets. Many families are prioritizing essential items over traditional holiday spending. The excitement that typically surrounds Christmas shopping was noticeably absent this year, as many Nigerians struggled to cope … Read more
Opposition parties criticized Tinubu’s N47.9tn 2025 budget as unrealistic and impractical. They flagged concerns over borrowing reliance, inflation targets, and poor implementation. Calls were made for transparent policies to tackle economic challenges effectively. The Coalition of United Political Parties (CUPP), Peoples Democratic Party (PDP), and New Nigeria Peoples Party (NNPP) have expressed strong reservations about … Read more
The Federal Government and opposition parties clashed on Tuesday following criticism of the economic policies of President Bola Tinubu’s administration by Delta State Governor, Sheriff Oborevwori. The PDP and NNPP sided with the governor’s view that Nigerians are struggling under the weight of Tinubu’s economic reforms. However, Minister of Information Mohammed Idris defended the reforms, … Read more
Nigeria’s headline inflation rate rose to 34.60% in November 2024, up from 33.88% in October, according to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS). EKO HOT BLOG reports that November figure represents a 0.72 percentage point increase from the previous month. On a year-on-year basis, the headline inflation … Read more
The Chartered Institute of Bankers of Nigeria (CIBN) has expressed concerns about the negative effects of certain government policies, including the removal of the fuel subsidy and the floating of the Naira, on both the banking sector and the Nigerian economy as a whole. EKO HOT BLOG reports that this statement was made during the … Read more
Tinubu may consider dropping the price of Premium Motor Spirit (PMS) to N300 per litre during the upcoming Yuletide season, following advice from former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Bode George. George believes this reduction would enable Nigerians to celebrate a joyful and prosperous Christmas season. EDITOR’S PICKS PDP Declares … Read more
In a stark contrast, Nigerians are paying higher petrol prices than residents of Metro Atlanta, USA, despite Nigeria’s status as an oil-rich nation. While petrol in Atlanta costs around $2.70 per gallon (67 cents per litre), equivalent to 1,102 naira per litre at the current exchange rate, Nigerians face an average price of 1,300 naira … Read more
A recent report reveals that the cost of building materials in Nigeria has surged by over 100% in the past year, causing significant disruptions in the construction industry. This sharp rise in prices has posed major challenges for large-scale developers and homeowners alike. Several factors have contributed to this increase, including disruptions in the supply … Read more
The Nigeria Labour Congress (NLC) has instructed its members in states that have yet to implement the new minimum wage to initiate an indefinite strike starting December 1, 2024. This directive follows the NLC’s resolutions from its National Executive Council (NEC) meeting over the weekend. “The NEC expresses deep frustration over the persistent delays and … Read more
The cost of landing Premium Motor Spirit (PMS), or petrol, in Nigeria has dropped by 20.34% over the last three months, now at ₦971.57 per litre, owing to fluctuations in global market prices and supply dynamics. Despite this decrease, retail petrol prices have surged by 71.79%, rising from ₦617 per litre on August 1, 2024, … Read more
The return of Donald Trump as the 47th President of the United States may lead to intensified inflationary pressures in Nigeria and a potential drop in global oil prices, which would negatively impact Nigeria’s oil revenue. This outlook was shared in an investor note from FXTM, a prominent trading platform, authored by Senior Market Analyst … Read more
The dollar surged, and bitcoin hit a record high Wednesday as traders reacted to Donald Trump’s projected wins in two key swing states, sparking expectations of tax cuts, tariffs, and potential inflation under his administration. While polls had forecast a close race, Trump appeared to gain an edge over Democratic rival Vice President Kamala Harris … Read more
In Abuja on Monday, hundreds of Nigerians staged a major protest against skyrocketing fuel prices, persistent shortages, and worsening economic conditions. Led by Abdullahi Bilal of the Two Million Man March Against Oil Scam Cabal, alongside Barrister Napoleon Otache and Olayemi Isaac from the Citizens and Economic Freedom Rights Activists in Nigeria (CEFRAN), demonstrators demanded … Read more
The United Nations (UN) has projected that an additional 7 million Nigerians will face hunger by August 2025, as the country grapples with one of its most severe food crises. According to a joint report released by the Nigerian government and the UN. on Friday, approximately 33 million people are expected to experience food insecurity … Read more
The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has addressed social media criticisms of the president, assuring Nigerians that Tinubu is not indifferent to their economic struggles. In an interview on Channels Television’s Sunday Politics, Onanuga responded to claims that Tinubu has been nicknamed “T-pain” by some Nigerians online, clarifying … Read more
The Central Bank of Nigeria (CBN) released $547.7 million (N823.19 billion at the official exchange rate of N1,503.3/$1) to Nigerians for food importation in the second quarter of 2024. This amount marks a 20.6% decrease from the $689.88 million recorded in the first quarter, with a corresponding reduction of N80.76 billion when converted to naira. … Read more