By Jemimah Wellington, JKNewsMedia Reporter SOARING TO $23.11 billion by the end of 2024, Nigeria’s Net Foreign Exchange Reserve (NFER) reached its highest level in over three years. The increase reflects a significant improvement in external liquidity, reduced short-term obligations, and renewed investor confidence. According to the Central ...
By JKNewsMedia BANKING FEES that once chipped away at customers’ funds are now set to become a thing of the past—at least for those using Sterling Bank. The bank says the industry-defining policy has taken effect, eliminating charges on all local transfers and reshaping the financial landscape. The announcement, made on 1 April, was initially...
By Jemimah Wellington, JKNewsMedia Reporter ECONOMIC MISMANAGEMENT spanning five decades has left Nigeria in financial distress, President Bola Ahmed Tinubu has revealed. Addressing a delegation of former National Assembly colleagues at the State House on Thursday, the President stated that his administration’s economic reforms were necessary...
By Joke Kujenya PRESIDENT BOLA Tinubu has signed Nigeria’s 2025 federal budget into law, setting the country’s expenditure at a record-breaking N54.99 trillion. The signing, which took place at the Presidential Villa in Abuja on Friday, follows the budget’s approval by the National Assembly, marking a nearly 100% increase from the N27.5 trill...
By Jemimah Wellington, JKNewsMedia Reporter NIGERIA’s ECONOMY recorded its fastest expansion in three years, with the services sector playing a dominant role in driving growth. The Gross Domestic Product (GDP) grew by 3.84% year-on-year in the fourth quarter of 2024, up from 3.46% in the preceding quarter, according to new data from the...
By Joke Kujenya HIGHER OIL and non-oil tax collections boosted Nigeria’s federally collected revenue to ₦2.41 trillion in November 2024, reflecting a 21.23% increase from the previous month. Despite the rise, earnings still fell 19.65% short of the monthly target, underscoring persistent fiscal challenges, according to the Central Bank of Nig...
By Jemimah Wellington, JKNewsMedia Reporter ECONOMIC RECOVERY in Nigeria demands an urgent acceleration of growth, with the government aiming to double the current rate to 7% within two years to alleviate poverty. Nigeria’s Finance Minister Wale Edun stressed this during the World Economic Forum (WEF) in Davos, Switzerland, on Thursday....
By Jemimah Wellington, JKNewsMedia Reporter THE ESCALATING financial burden on Nigeria continues to spark concern as the country’s total public debt soared to ₦142.3 trillion by September 2024. Economists say this marks an increase of ₦8 trillion—or 5.97 per cent—compared to the ₦134.3 trillion recorded in June. The Debt Management Office (DM...
By Jemimah Wellington, JKNewsMedia Reporter THE PRESIDENCY has announced that Nigeria secures a $500 million loan from the World Bank to fund the Human Capital Opportunities for Prosperity and Equity (HOPE) project. The government says this initiative will strengthen basic education and primary healthcare in various states across the country. ...
By Jemimah Wellington, JKNewsMedia Reporter NIGERIA’s PROPOSED tax reform bills have sparked heated public debates, with critics spreading misinformation about their implications. Contrary to claims, the bills do not disadvantage any region, destroy agency funding, or suggest the cessation of government bodies like NASENI, TETFUND, and NITDA b...
