Economy
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Most Nigerian states failed to meet their capital expenditure targets in the first half of 2025, despite higher revenues from subsidy removal and exchange rate reforms. Budget Implementation Reports from 31 states show that a total of ₦2.75 trillion was spent on capital projects between January and June, representing only 15.7 per cent performance against the ₦17.51 […]
The United States has said Nigeria’s recently approved minimum wage of N70,000 for federal workers has been undermined by the continued depreciation of the naira. In its Country Reports on the US department of state website dated August 12 on Human Rights Practices for 2024, released by the US Department of State, Bureau of Democracy, […]
The Minister of Housing and Urban Development, Ahmed Dangiwa, has said the Federal Government will unlock over 150 billion dollars in dormant land capital nationwide to boost economic growth. Ahmed made this known in a statement signed by the Director, Press and Public Relations, Badamasi Haiba, in Abuja on Thursday. Dangiwa made the announcement at […]
Nigerian states spent a staggering ₦235.58bn servicing external debt in the first half of 2025, representing a 68.4 per cent jump from ₦139.92bn in the same period of 2024, according to data from the National Bureau of Statistics. The sharp rise underscores the growing pressure of dollar-denominated loans on state finances amid a weakening naira. […]
The Oyo State Government, on Wednesday, received the revised compensation rates on crops and economic trees for landowners affected by projects to ensure fairness and justice. The state Commissioner for Lands, Housing, and Urban Development, Williams Akin-Funmilayo, stated this while receiving the document from the representative of the Federal Government. Akin-Funmilayo, in a statement by […]
President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, a move the presidency says will strengthen the financial services sector and drive Nigeria’s push towards achieving a $1 trillion economy. Presidential spokesman, Bayo Onanuga, confirmed the development in a statement issued on Tuesday, disclosing that the newly assented law—now […]
The Federal Government has pledged to revitalize the commercial production of oil palm and cocoa as part of its renewed economic diversification strategy. Vice President Kashim Shettima disclosed this on Tuesday while declaring open the seventh edition of the expanded National Micro, Small and Medium Enterprises (MSMEs) Clinic in Ondo State. “President Bola Ahmed Tinubu […]
The Ekiti state executive council has approved over N18.5bn for various projects covering construction of roads, electricity supply, water, sanitation and hygiene, agriculture, security, and others. The Commissioner for Information, Taiwo Olatunbosun, said in a statement in Ado Ekiti on Thursday that the approvals were given during a virtual State Executive Council meeting which held […]
The International Monetary Fund (IMF) has revised its economic growth projections for Nigeria upwards, forecasting a more optimistic outlook for 2025 and 2026 amid renewed global and regional economic momentum. According to the July 2025 edition of the IMF’s World Economic Outlook (WEO), Nigeria’s economy is now expected to grow by 3.4% in 2025, up from […]
The Senate Committee on Public Accounts has issued a 21-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to provide detailed explanations regarding discrepancies totalling ₦210 trillion in its audited financial statements spanning 2017 to 2023. This directive was issued on Tuesday during a committee session where NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, appeared […]
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