President Bola Tinubu

The World Bank has revised its growth projections for Nigeria, foreseeing a promising expansion of 3.3 per cent in 2024. The bank in its Global Economic Prospects report for January 2024 also forecast that the country’s per capita income is set to return to its pre-pandemic levels by 2025, reflecting a resilient recovery from the challenges posed by the global health crisis. According to the report, the Sub-Saharan African (SSA) region, which includes Nigeria, witnessed a deceleration in economic growth,…

The Nigerian government said Monday it will revoke more mining licences of defaulting firms. Segun Tomori, the special assistant on media to the Minister of Solid Minerals Development, Dele Alake, disclosed this in a statement on Monday. According to the statement, Mr Alake disclosed this in his New Year goodwill message to Nigerians. “It will be recalled that we had revoked 1,633 mining licenses of those that defaulted in the payment of annual service fees last year. More revocation is in the offing for other…

The Special Investigator appointed by President Bola Tinubu to probe the Central Bank of Nigeria (CBN), Jim Obazee, has rejected a request by the Chairman of Titan Trust Bank (TTB), Tunde Lemo, and the two major investors in the bank to delay their appearance before the investigator until the second week of January 2024. PREMIUM TIMES reported that Mr Obazee on 24 December summoned Mr Lemo, Cornelius Vink and Rahul Savara to appear before his team of investigators on Thursday over TTB’s acquisition of Union Bank…

Three Nigerian ministries will next year spend N9.4 trillion on costs of running their operations, if the 2024 appropriation bill receives legislative approval. The three ministries are finance, budget & economic planning as well as industry, trade & investment. The estimated amount is 27.5 per cent or N2.02 trillion higher than 2023 figure, an amount almost six-and-a half times the cost of building the Lagos-Ibadan Expressway, whose reconstruction was completed this year at N311.4 billion. It also…

The federal government has proposed to spend about N23.1 billion on the “rehabilitation and repairs” of airport facilities across the country next year. Details of the proposal are contained in the budget for the 2024 fiscal year presented to the National Assembly by President Bola Tinubu. The budgetary proposal implies that about 36.5 per cent of the N63.3 billion allocated to the Ministry of Aviation and Aerospace Development will be spent on the rehabilitation of the country’s dilapidated airport facilities…

Nigeria’s annual inflation rate rose to 28.20 per cent in November from 27.33 per cent in the previous month, the National Bureau of Statistics (NBS) said Friday. The statistics office said the November 2023 headline inflation rate showed an increase of 0.87 per cent points when compared to the October 2023 headline inflation rate. The NBS said on a year-on-year basis, the headline inflation rate was 6.73 per cent points higher compared to the rate recorded in November 2022, which was 21.47 per cent. “This shows…

Background A budget is a vital tool for achieving a country’s economic strategy. It is designed to shape its entire socio-economic landscape for the year and the future, with the budget allocation serving as a guide for the government’s long-term economic vision. Simply put, the budget is really about how much revenue the government collects, what the revenue will be used for, and how shortfalls – deficits – between revenue and expenditure will be met (in this case, through debt accumulation). It is a powerful…

President Bola Tinubu says his administration is prioritising and improving Nigeria’s health sector through massive investments and the allocation of increased funds to the sector in the proposed 2024 budget. The president made this declaration at the unveiling of Nigeria’s Health Sector Renewal Investment Initiative and the signing of the Health Renewal Compact by Federal, State Governments, and Development Partners in Abuja on Tuesday. The event was a part of activities marking the Universal Health Coverage…