The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange from the Nigerian Foreign Exchange Market (NFEM), which was recently launched. EKO HOT BLOG reports that in a circular dated December 19, 2024, and signed by T.G. Allu, on behalf of … 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
Dangote Refinery reduces PMS price to N899.50 per litre. Price cut aims to ease transport costs during holidays. Consumers can buy extra litre on credit with bank guarantee. Dangote Petroleum Refinery has announced a reduction in the price of its Premium Motor Spirit (PMS) to N899.50 per litre, effective immediately. The announcement was made in … Read more
The Federal Executive Council (FEC) has approved the 2025 budget proposal, with President Bola Tinubu set to present the N47.96tn appropriation bill to the National Assembly on Wednesday. Originally scheduled for Tuesday, the presentation was postponed to allow for final refinements, as confirmed by the Minister of State for Agriculture, Sabi Abdullahi. EDITOR’S PICKS PDP … Read more
The Federal Executive Council (FEC) has approved the 2025 budget proposal, with key fiscal benchmarks aimed at driving economic stability and growth. Minister of Budget and Economic Planning, Atiku Bagudu, announced this during a press briefing at the Aso Rock Villa in Abuja after the council’s final meeting for 2024. According to Bagudu, the budget … Read more
The hawking of naira notes at exorbitant rates has surged across Nigeria as citizens continue to grapple with limited cash availability in banking halls, despite repeated warnings and threats from the Central Bank of Nigeria (CBN). EDITOR’S PICKS PDP Declares Ethiope East Federal Seat Vacant Following Ibori-Suenu’s Defection to APC Retired Principals Call for Recognition … Read more
The landing cost of Premium Motor Spirit (PMS), also known as petrol, in Nigeria has declined to ₦900.28 per litre as of Thursday, a drop of ₦36 or 3.62% from the previous week’s cost of ₦936.75 per litre. Data from the Major Energies Marketers Association of Nigeria (MEMAN) further revealed earlier dips this week, reaching … Read more
President Bola Tinubu met with All Progressives Congress (APC) governors on Wednesday under the umbrella of the Progressive Governors Forum (PGF). EKO HOT BLOG reports that the meeting, held at the Aso Rock Villa, was led by PGF Chairman, Governor Hope Uzodinma of Imo State, and Governor Abdulrahman Abdulrazaq of Kwara State. The discussions focused … Read more
The Naira has regained value against the US dollar in the official foreign exchange market, just 24 hours after experiencing a depreciation. Central Bank of Nigeria (CBN) exchange rate data for Tuesday revealed that the Naira strengthened to N1,525 per dollar, up from N1,538.50 on Monday. This marks a gain of N13.5 compared to the … Read more
Governor Dauda Lawal of Zamfara State has raised concerns over the proposed tax reform bills currently before the National Assembly, warning that financially weaker states might struggle to survive if the reforms are passed and signed into law by President Bola Tinubu. EDITOR’S PICKS PDP Declares Ethiope East Federal Seat Vacant Following Ibori-Suenu’s Defection to … Read more
The Federation Account has recorded a 45% increase in revenue since President Bola Ahmed Tinubu assumed office, attributed to his administration’s bold reforms and policies. Dr. Mohammed Bello Shehu, Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), made this announcement during a press briefing in Abuja. EDITOR’S PICKS PDP Declares Ethiope East Federal … Read more
President Bola Tinubu has expressed optimism about the ongoing transformative changes in Nigeria, particularly in the areas of security and economic development. EDITOR’S PICKS PDP Declares Ethiope East Federal Seat Vacant Following Ibori-Suenu’s Defection to APC Retired Principals Call for Recognition and Better Welfare from Government BREAKING: IGP Egbetokun Orders Major Shake-Up, Deploys New AIG … Read more
The Petroleum Products Retail Outlets Owners Association (PETROAN) has reached an agreement with the Dangote Refinery to lift petroleum products directly, ensuring seamless distribution across depots and retail outlets during the yuletide season. This development was confirmed in a statement by PETROAN’s National Public Relations Officer, Dr. Joseph Obele, on Saturday. EDITOR’S PICKS PDP Declares … Read more
In the first nine months of 2024, 29 Nigerian state governors collectively spent N1.994tn on recurrent expenditures, including refreshments, allowances, travel, and utilities, while facing significant revenue shortfalls, according to findings. The states secured loans totaling N533.29bn and allocated N658.93bn to debt servicing but failed to meet their internally generated revenue (IGR) targets. They generated … Read more
Lagos State Governor Babajide Sanwo-Olu has refuted allegations that Lagos will gain disproportionately from the proposed tax reforms, urging Nigerians to thoroughly study the provisions before making conclusions. Speaking during an interview with the News Agency of Nigeria (NAN) at the Africa Investment Forum Market Days 2024 in Morocco, Sanwo-Olu responded to concerns raised by … Read more
President Bola Tinubu has directed the Ministry of Justice to collaborate with the National Assembly to address concerns raised about the contentious Tax Reform Bills. This directive comes amidst nationwide debates and protests, with critics claiming the proposed reforms could disrupt fiscal federalism by centralizing tax authority and diminishing state revenues. EDITOR’S PICKS Japa: Russia … Read more
The Presidency has dismissed claims that the Tax Reform Bills are being rushed through the National Assembly, emphasizing that the process reflects over 14 months of rigorous work. Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, stated on Monday that more than 80 professionals across the country contributed to the reforms, … Read more
The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees as part of a strategic workforce realignment under the leadership of Governor Olayemi Cardoso. A severance package exceeding ₦50 billion has been allocated for this initiative. EDITOR’S PICKS Japa: Russia Opens Doors to Migrants Amid Workforce Shortage Crisis Erupts at Celestial Church … Read more
Nigeria’s exports to France soared to over N3.9 trillion (approximately $2.4 billion) in the first half of 2024, securing France’s position as Nigeria’s top export destination among individual countries. According to data from the National Bureau of Statistics (NBS), Nigeria’s total exports for the same period amounted to around N38.5 trillion ($24 billion). This robust … Read more
President Bola Tinubu has reassured French investors of Nigeria’s readiness for business, emphasizing improved security and a conducive environment for economic growth. Speaking during a joint press briefing with French President Emmanuel Macron at the Élysée Palace on Thursday, Tinubu highlighted his administration’s efforts to stabilize security and diversify Nigeria’s economy. EDITOR’S PICKS Japa: Russia … Read more