Inflation

The Storm of Inflation Will Not Sink The Ship Of Federal School Feeding Program – FG

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School Feeding Program

Senior Special Assistant to the President on Home-Grown School Feeding (NHGSFP), assures that the Federal Government’s school feeding program will withstand current inflation trends. Adeniji made this statement during the launch of a value-for-money study in Osun State. She reaffirms Tinubu’s commitment to providing meals for 10 million school children annually nationwide. EKO HOT BLOG reports … Read more

Most Complaining About Tariff Hike Don’t Pay Bills – Minister

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Complaining About Tariff Hike

Most Complaining About Tariff Hike Don’t Pay Bills – Minister. New tariff reduces Band A costs by 30-40%. Tariff aims to alleviate economic challenges, disputes cost increase claims. EKO HOT BLOG reports that Minister of Power, Adebayo Adelabu, has asserted that the Nigerians complaining about the recent tariff increase for Band A customers are primarily those … Read more

CBN Governor: Interest Rates To Remain High To Combat Inflation

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Capital Requirement

CBN Governor Olayemi Cardoso suggests maintaining high interest rates to tackle inflation. Nigeria’s inflation rate stands at 33.2%, with food inflation even higher at 40%. Cardoso emphasizes the Monetary Policy Committee’s commitment to curbing inflation. EKO HOT BLOG reports that the Central Bank of Nigeria Governor, Olayemi Cardoso, has suggested that the institution will maintain high … Read more

Increase In Minimum Capital Requirements For Nigerian Banks​​ Part I

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Bashorun J.K. Randle

By Bashorun J.K. Randle It would be something between hyperbole and premature jubilation to describe the minimum capital requirements for banks announced by Mr. Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN) as a bombshell. On the contrary, the Governor of the CBN deliberately and meticulously stuck to his well choreographed strategy of … Read more

How We Arrived As N615,000 Minimum Wage –NLC President

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minimum wage proposal

  Joe Ajaero elaborated on N615,000 minimum wage proposal submitted to Tripartite Committee. Recent reforms in Nigeria, like fuel subsidy removal and foreign exchange market unification, increased living costs. Inflation at 33.2% in March; Labour and Federal Government negotiate new minimum wage to alleviate economic strain.   EKO HOT BLOG reports that Joe Ajaero, President of … Read more

Pursue Realistic Demands – Sule, Oshiomhole Urge Labour

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Labour

Sule and Oshiomhole advise Labour on realistic wage demands, urging focus on industrial policies. NLC calls for N615,000 living wage; Sule and Oshiomhole stress affordability. Tinubu hints at new “living wage”; ongoing improvements in revenue allocation noted. EKO HOT BLOG reports that in a recent television appearance, Nasarawa State Governor Abdullahi Sule and Senator Adams Oshiomhole … Read more

Minimum Wage Hike: A Consensus On The Horizon — Oshiomhole

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Minimum Wage Hike: A Consensus On The Horizon — Oshiomhole

Nigeria braces for a minimum wage increase Government, private sector in agreement on the necessity Workers’ demands for better wages heard loud and clear Eko Hot Blog reports that Senator Adams Oshiomhole has shed light on a prevailing consensus among stakeholders regarding the urgency of raising the national minimum wage. Speaking on Channels Television’s “Politics … Read more

Public Lecture: Tinubu Doing His Best For National Economy – Aiyedatiwa

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Governor Lucky Aiyedatiwa of Ondo State and President Bola Ahmed Tinubu

By Udesinanna Stephen The Ondo State Governor has backed President Tinubu to revive the economy. He says the president is well-equipped for the job despite the global challenge of inflation. Governor Aiyedatiwa made his view known at a public lecture on economic sustainability. Akure, Ondo State – Eko Hot Blog reports that Governor Lucky Aiyedatiwa … Read more

Walmart Unveils BetterGoods: Affordable Trendy Groceries Amidst High Inflation

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   Walmart introduces BetterGoods, a new affordable grocery brand, amidst high inflation. BetterGoods offers trendy, chef-driven foods priced under $5, catering to diverse consumer preferences. This move follows Walmart’s 7% increase in food sales, totaling $264.2 billion, as it seeks to expand its private label offerings.   EKO HOT BLOG reports walmart is launching a … Read more

Rice Becomes More Affordable As Prices Drops By 20% Across Nigeria

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Subsidized Rice

Rice prices in Nigeria experience significant drop, offering relief to consumers. Survey shows 20-30% reduction in rice prices over the last two months. Traders attribute price decrease to factors like currency exchange rates and import costs. EKO HOT BLOG reports that Nigerians can breathe a sigh of relief as reports and surveys confirm a crash in … Read more

Lagos Govt Reacts To Reports Of N70,000 Minimum Wage For Workers

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The Lagos governor was recently quoted to have announced a new minimum wage. However, the state government says he was erroneously quoted. It explains where the confusion emanated from. Eko Hot Blog reports that that the Lagos State Government has clarified that the state has not raised its minimum wage. The state government’s clarification is … Read more

Tinubu Approves Consumer Credit Scheme Takeoff (See Details)

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Solid Minerals

Eko Hot Blog reports that President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme (CCS). According to a statement by Presidential spokesman, Ajuri Ngelale, consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying … Read more

Price Wars: Naira Counterattack And FG’s Bid To Address Escalating Prices

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In recent weeks, the Naira has staged an impressive comeback against the United States Dollar, soaring by over N700 from N1,800 to its current N1,020 rate. This remarkable resurgence is attributed to the strategic policies implemented by the Cardoso-led Central Bank of Nigeria, which has effectively bolstered the Naira’s position against the dollar. Editor’s Picks  … Read more

IMF Explains Motives For Advising Nigeria To Scrap Fuel Subsidy

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Eko Hot Blog reports that the International Monetary Fund (IMF) has shed light on its recommendation for Nigeria to abolish fuel subsidies. Emphasizing the detrimental effects of the subsidy regime, the IMF contends that the regime was robbing the poor for the rich. The Director of the African Department of the Fund, Mr. Abebe Selassie, … Read more

Tinubu Govt Has Not Borrowed From CBN — Finance Minister

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borrowed from CBN

Tinubu-led govt hasn’t borrowed from CBN since assuming office. Finance Minister emphasizes commitment to using ‘Ways and Means’ to manage liquidity. Plans for tax reforms to boost revenue and address low tax-to-GDP ratio outlined. EKO HOT BLOG reports that Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the Bola Tinubu-led Federal … Read more

BREAKING: Dangote Announces 30% Reduction In Price Of Diesel

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Eko Hot Blog reports that Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre. A statement by the organisation on Tuesday night explained that the significant reduction in the price of diesel is expected to positively affect all the spheres of the economy and … Read more

Economy: Experts Predict Mid-Year Drop In Prices

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Drop In Prices

Experts foresee mid-year price drop, offering hope amid high living costs. Calls for CBN to lower dollar rate and consumer protection efforts aim to ease financial burdens. Optimism rises with planting season and government initiatives, hinting at lower commodity prices. EKO HOT BLOG reports that as the Nigerian economy navigates through various challenges, experts foresee a … Read more

‘It’s Inhuman, Evil’ – Reps Minority Caucus Condemns Electricity Tariff Hike

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Electricity Tariff Hike

Minority Caucus of the House of Representatives urges government intervention to revoke recent electricity tariff hike by NERC. NERC approved a significant tariff increase, sparking outrage and condemnation from lawmakers. Critics argue the hike disregards citizens’ welfare amidst economic challenges, contrasting with subsidy policies in other countries. EKO HOT BLOG reports that the Minority Caucus of … Read more

REAVEALED: Why Price Of Food Won’t Drop Immediately Despite Naira Appreciation

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Presidency Food Import Tariffs

Why Price Of Food Won’t Drop Immediately Despite Naira Appreciation Market adjustment processes could delay visible decreases in the cost of goods and services. Traders cite challenges such as infrastructural constraints and expenses to maintain product quality, affecting price reductions. EKO HOT BLOG reports that as the Nigerian naira experiences an upturn against the dollar, economists … Read more

Price Of Diesel Will Fall Below N1,000 By May – Rewane Predicts

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Eko Hot Blog reports that the Managing Director of Financial Derivatives Company Limited, Bismark Rewane, has predicted that the pump price of diesel would drop significantly in May with the commencement of diesel production at Dangote Refinery. The renowned economist made this projection while appearing on Channels TV’s news bulletin. Editor’s Picks  Lagos Govt Announces … Read more

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