JUST IN: Inflation Hits 33.88%: Rising Food Prices Push Nigeria’s Struggle with Cost of Living
Nigeria’s inflation rate rose to 33.88% in October 2024, up from 32.7% in September, according to the National Bureau of Statistics (NBS). The year-on-year inflation increased by 6.55 percentage points compared to October 2023’s 27.33%. On a monthly basis, the inflation rate was 2.64% in October, slightly higher than September’s 2.52%. Food prices surged significantly, […]
Federal Executive Council Approves $2.2bn Loan Plan and N400bn Housing Fund
The Federal Executive Council has approved a $2.2 billion external borrowing plan as part of the 2024 budget. Finance Minister Wale Edun explained that the plan includes a mix of Eurobonds ($1.7 billion) and Sukuk bonds ($500 million). The final composition will depend on market conditions and advice from transaction advisors. This funding is aimed […]
FG Approves N47.9 Trillion 2025 Budget with N9.2 Trillion in New Borrowing, Says Budget Minister Bagudu
The Federal Government has approved the Medium-Term Expenditure Framework (MTEF) for 2025-2027, setting a proposed budget of N47.9 trillion for 2025, with new borrowings of N9.22 trillion to address the budget deficit, as announced by the Minister of Budget and Economic Planning, Abubakar Bagudu. This MTEF, a key fiscal tool, outlines economic assumptions like a […]
President Tinubu Appoints New Leaders for Sports, Tourism, Public Procurement, and Communications
President Bola Tinubu has appointed three new Directors-General and a Special Adviser on Public Communications to strengthen leadership across key sectors. The appointees include: 1. Mr. Olawale Olopade as Director-General of the National Sports Commission. Olopade brings years of experience in sports administration, previously serving as Ogun State’s youth and sports commissioner and leading the […]
Ondo 2024: Appeal Court Disqualifies Ondo Labour Gubernatorial Candidate Ebiseni
The Court of Appeal in Abuja has removed Olusola Ebiseni as the Labour Party’s candidate in the upcoming Ondo State governorship election. The decision, delivered by Justice Adebukola Banjoko and supported by a unanimous panel, was based on an appeal from the Labour Party itself, which challenged Ebiseni’s candidacy. The judgment overturned an earlier ruling […]