Category: Economy
Petrol Price Renders N70,000 Minimum Wage Useless – NLC
The Nigeria Labour Congress (NLC) said on Thursday that it will meet with the federal government to discuss ways that workers could weather the recent increase in the...
Nigerian Government Issues One-Month Ultimatum for Traders to Slash Prices Nationwide
The Federal Competition and Consumer Protection Commission (FCCPC), has given a one-month moratorium to traders and other market stakeholders involved in pricing to...
High Costs Lead to Tragedy: Mother and Five Children Die After Eating Local Delicacy Prepared with Expired Cassava Flour
In a tragic incident, Alhaqatu Abdulkarim and her five children lost their lives after eating Danwake, a traditional Hausa dish, in Karkari village, Gwarzo Local...
Ex-Military Leader, Eshanekpe Isreal Appeals for Calm Amid Planned August Protests
As the clamor for protests builds among Nigerian youths, a seasoned voice of experience has stepped into the fray to appeal for calm and restraint. Mayor Eshanekpe...
Tinubu Establishes Ministry of Livestock Development to Tackle Herder-Farmer Conflicts
Nigerian President Bola Tinubu has established a new ministry focused on livestock development, with the aim of resolving the ongoing conflicts between herders and...
Tinubu Seeks Additional $2billion Crude Oil-backed Loan from International Creditors
The President Bola Tinubu-led federal government is seeking an additional $2 billion crude oil-backed loan from international creditors to boost its financial inflow....
Nigerian Journalist Buhari Olanrewaju Ahmed Decries ‘Aso Rock Greenwashing’, Says First Lady’s Gardening In Comfort While Women Farmers Endure Murder, Rape, Insecurity In Troubled States
In a scathing critique of the First Lady’s gardening activities at Aso Rock, Nigerian journalist Buhari Olanrewaju Ahmed has denounced her claims of contributing to...
Ogun State Government Reportedly Spent N2.3Billion on Welfare, Refreshments, and Foodstuffs in Three Months
A closer examination of Ogun State’s budget performance documents has uncovered a startling revelation: Governor Dapo Abiodun’s administration spent a...
Aliko Dangote Calls Out CBN’s High Interest Rate, Laments Stifling of Job Creation
Aliko Dangote, chairman of the Dangote Group, has denounced the Central Bank of Nigeria’s (CBN) decision to raise interest rates to almost 30 per cent. Speaking at...
Mile 12 Market Chairman Blames Insecurity for Spike in Tomato, Pepper Prices
On Monday, Shehu Usman Jubrin, the Chairman of the Mile 12 International Market in Lagos, Nigeria, explained the recent spike in prices for tomatoes, peppers, and other...
Senegal Government Slashes Prices on Basic Goods in Bid to Alleviate Cost of Living
Senegal’s newly-appointed government has announced price reductions for essential staples such as rice, oil, bread and other basic goods. The move is designed to ease...
Minimum Wage Negotiations Resume Amidst Discord: Government Proposes N54,000, Labour Insists on N615,000
The organized labour unions in Nigeria have collectively rejected the federal government’s proposed minimum wage of N54,000, according to a highly reliable source...
EFCC Cracks Down on Dollar Transactions: Embassies Ordered to Charge in Naira
In a recent development, the Economic and Financial Crimes Commission (EFCC) has urged the Federal Government of Nigeria to prohibit embassies from conducting...
Nigeria’s Naira Continues to Struggle, Among the Worst-Performing Currencies Globally, Report Reveals
The Nigerian Naira has experienced a significant shift in its performance, as reported by Bloomberg The report highlighted the growing challenges faced by...
Garri Prices in Nigeria Spike by 108%, Threatening Food Crisis
In a worrying development, the price of Nigeria’s popular staple food, garri, has risen by 108% in just three months. The dramatic price increase is largely due to...
335 Manufacturing Companies Became Distressed, 767 Shut Down Since the Beginning of 2023 – According to the Manufacturers Association of Nigeria
In a report released by the Manufacturers Association of Nigeria (MAN), 335 manufacturing enterprises have become distressed and 767 have closed in 2023. This comes at a...
Federal Government to Distribute Grains Across Nigeria
According to a tweet from the Minister of Agriculture and Food Security, Senator Abubakar Kyari, the Federal Government will distribute grains across Nigeria to ease...
Desperate Hunger Leads to Looting in Abuja as People Break into Warehouse for Food
In a desperate attempt to feed themselves, a crowd of people broke into a government-run food storage facility in Abuja, Nigeria’s capital city, taking large...
Tinubu Orders Cement Manufacturers to Lower Prices, Following Recent Hike
President Tinubu has directed all cement manufacturers to revert to the previous price of cement, following a recent hike in prices. Minister of Works, Senator David...
ATWAP Says Pure Water May Cost N100 per Sachet, Citing Rising Costs
The Association of Table Waters Producers has warned that the price of pure water may rise to N100 per sachet, citing the high cost of production inputs such as plastic...
Customs Begins Sale of Seized Rice to Public
In an effort to address food insecurity, Nigeria Customs Service begins selling seized rice to the public. The sale is part of the Federal government’s initiative...
Customs Service Plans to Distribute Confiscated Food to Help Nigerians Amid Economic Crisis
In an effort to alleviate food insecurity and hardship in Nigeria, the NCS has announced plans to distribute seized food items to citizens. These items were originally...
Nigerian Government Warns Cement Companies to Lower Prices, Threatens to Lift Ban on Imports
The Nigerian government has warned cement companies to lower prices or risk losing their monopoly, as it considers lifting the ban on cement imports. This move comes as...
Ohaneze Ndigbo Urges Igbos to Avoid Joining Protests Against Hardship
The Ohaneze Ndigbo, a prominent Igbo organization, has issued a statement advising Igbo people not to participate in protests against the current economic hardship. The...
Future Generations Will Reap the Rewards of Current Hardships – Seyi Tinubu
Seyi Tinubu, son of President Bola Tinubu, says that the current generation is facing many challenges, but their perseverance will eventually lead to better days. He...
BUA Group Chair, Abdul Samad Rabiu, Announces 50% Salary Increase for All Employees
Abdul Samad Rabiu, Chairman of BUA Group, has announced a significant salary increase for all staff members, with a 50% increase across the board. An internal memo,...
Nigeria’s Economic Hardship: A bag of water up to N400, Derica of Rice N1200, Sardine N1,020, Butter N1,400 – New Prices Send Shockwaves
As economic hardship in Nigeria continues to worsen, the price of staple foods such as spaghetti, eggs, sardines, and butter has increased significantly. The rising cost...
Nigeria Can Be Self-Sufficient in Food, Federal Government Says, Downplays Need for Imports
The Federal Government says Nigeria does not need to import food items from other countries, and that it can achieve food self-sufficiency and even become an exporter of...
Sultan Warns President Tinubu: Growing Poverty, Hunger and Insecurity Could Lead to Revolt
A coalition of traditional leaders from Northern Nigeria, led by the Sultan of Sokoto, has warned President Tinubu of the potential for popular revolt due to the...
JAF Calls for Mass Protests Against Tinubu’s Policies, Citing Danger of Worsening Conditions and Potential Anarchy
The Joint Action Front (JAF) has issued a call to action, urging Nigerians to take to the streets in protest of President Bola Tinubu’s policies, which the group...
CBN Governor Urges Nigerians to Reduce Demand for Foreign Currency and Imported Goods
The Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, has urged Nigerians to reduce their demand for dollar and consumption of foreign goods, in order to stop...
UPDATED: Group of Youths Stages Peaceful Protest in Osogbo, Osun State, Demanding Government Intervention on Rising Cost of Living
Group of youths staged a peaceful protest in Osogbo, Osun State, on Friday, decrying the rising cost of living, with a call on the government to immediately intervene....
Residents Protest High Cost of Living in Minna, Block Roads
The exorbitant cost of living in the country sparked a demonstration on Monday morning in Minna, the capital of Niger State, when citizens blocked major roads, ObjectV...
Presidency: Despite Hardship, Nigeria Has Africa’s Lowest Cost of Living
The Presidency has asserted that Nigerians enjoy the lowest cost of living in Africa despite the country’s skyrocketing inflation rate. It also stated that...
Nigeria Labour Congress President Blasts Tinubu’s Economic Policies, Calls Them ‘Unprecedented’ in the Country’s History
The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has slammed the economic policies of President Bola Tinubu’s administration, accusing them of causing...
Reno Omokri Urges Tinubu to Ban Sports Betting Apps to Stabilize Naira
Reno Omokri has called on President Tinubu to ban sports betting apps in Nigeria so as to stabilise the Naira and improve economy. Reno Omokri wrote, “President...
NNPCL, Petrol Marketers at Odds Over Subsidy, Retailers Set Pump Price at N1,200/litre
The Nigerian National Petroleum Company Limited and fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria, on Tuesday, clashed...
NNPC Chief Says Refineries are Not for Reducing Fuel Price
Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, who appeared before the senate joint committee on...
Nigerian Clergyman Urges Youth to Stay and Build a Better Nigeria, Rather Than ‘Fleeing’
The President of the Christian Association of Nigeria (CAN), Archbishop Daniel Okoh, has issued warning to Nigerian youths against emigrating from the country. The...
Economist Laments Rise in Mental Illness, Blames “Tinubu/Sanwo-Olu Hardship
A renowned economist, Bismarck Rewane, has stated that the number of lunatics and mentally unstable people on the streets of Lagos State has increased due to the poverty...
OPM Suspends Overseas Scholarships as Nigerian Naira Nosedives to New Low
Founder of the Omega Power Ministry (OPM), Apostle Chibuzor Chinyere, has suspended all overseas scholarships sponsored by his organization following the depreciation of...
Nigerian Naira Exchange Rate Hits N1,200/$1 at P2P Market
The exchange rate between the naira and dollar opened the week at N1,200/$1 on P2P platforms on Monday, Oct. 23. The implication of this is that the naira is 3.41...
Fuel Crisis Sparks Panic as NNPC Supply Collapses
Fuel scarcity has resurfaced across Nigeria as many oil marketers shut their outlets against motorists and other buyers on the back of an unfavourable working...
20 Ways for Nigerian University Students to Earn Extra Cash and Gain Experience
As a Nigerian student, you can earn money through several platforms online with just your phone/laptop and good internet connection. You can offer services like graphics...
Shun Palliatives, Invest In Agriculture, Shehu Sani Advises FG
Former Kaduna Central lawmaker Senator Sheu Sani in a statement made on his official Twitter Account, has unveiled a promising approach to tackle the persistent issue of...
Having More Refineries Won’t Reduce Fuel Pump Price – President Tinubu Spokesperson, Ngelale Says
The Senior Special Assistant to President Bola Tinubu on Public Affairs, Ajuri Ngelale has said having more refineries in Nigeria will not reduce fuel pump prices....
Diesel Price Rises From N600 To N950 Per Litre
The foreign exchange crisis in Nigeria, has driven diesel price from N600 to between N900 and N950 per litre, oil marketers have disclosed. The marketers on Monday,...
Petroleum Marketers Indicates Petrol Price May Rise To N750 Per Litre
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has indicated that the pump price of Premium Motor Spirit (PMS) may rise to about N750 per liter. The...
Cooking Gas Price To Increase Next Week, Marketers Says
Nigerian Association of Liquefied Petroleum Gas Marketers has hinted that price of cooking gas will go up starting next week. This was made known by the President of the...
Cost of Living: Nigeria’s never ending Hydra
The cost of living in Nigeria is a recurring topic that has garnered significant attention in recent years. The World Bank said four million Nigerians were pushed into...
We’re Taught Education Can End Poverty. Here’s the Truth!
The narrative that education alone can be the ultimate weapon to conquer poverty has long been ingrained in our minds. However, it’s time to confront the truth:...
Presidency Engages NLC Over Proposed Strike
President Bola Tinubu, on Wednesday, in Abuja pleaded to the organised labour to give him more time to consider their grievances before going on any nationwide strike....
Super Eagles Captain, Ahmed Musa Announces Reduction In Pump Price Of Petrol At His Fuel Station
Super Eagles captain, Ahmed Musa, has announced a reduction in the pump price of petrol at his fuel station located in Kano. Last week, the Nigerian National Petroleum...
Subsidy Removal: NEC Directs NEMA To Immediately Distribute Grains (Agbado) To States
The National Economic Council (NEC) has directed the National Emergency Management Agency (NEMA) to immediately distribute grains to states within one or two weeks to...
FG is Tired of Loan Apps Harrassing Nigerians. So, They Made a Move!
The Federal Government through the Federal Competition and Consumer Protection Commission has said it will release a list of illegal (unregistered) digital loan apps...
NLC Kicks Against Increased Fuel Price, Says It Is Unacceptable
The Nigeria Labour Congress has kicked against the increased pump price of petrol to N617, saying the development remains unaccepted to Nigerians. This was made known by...
Tinubu Declares State Of Emergency On Food Security
President Bola Tinubu has declared a state of emergency on food security in Nigeria. This was made known by Dele Alake, the Spokesperson for the President. He disclose...
The Rich Also Lament: See What Billionaire Daughter Posted About High Cost Of Tomato
Hauwa Indimi -Yar’adua, daughter of a billionaire oil magnate, Mohammed Indimi, has lamented over the rising cost of foodstuff in the country. Taking to her verified...
FG announces plans to collect VAT from market traders
The Nigerian Government through the Federal Inland Revenue Service, FIRS, announced the VAT Direct Initiative, a scheme that would enable FG to collect Value Added Taxes...
Anxiety Rises over Worsened Scarcity Of Tomatoes, Peppers
There is a rising anxiety over the worsening scarcity of tomatoes and peppers in most parts of the country, with consumers and sellers adducing different reasons for the...
Naira Scarcity: Why New Notes Are Not In Circulation – CBN
Naira Redesign Was Done In The Interest Of Nigerians – CBN DeclaresWith the December 31st deadline issued by the Supreme Court over the legal status of the old...
CBN orders Banks to open Saturdays and Sundays, attend to cash needs
The Central Bank of Nigeria (CBN) has directed all commercial banks to open for operation on Saturdays and Sundays. This is as the apex bank confirmed the evacuation of...
NLC To Begin Nationwide Strike Over Cash Scarcity
The Nigeria Labour Congress (NLC), has directed its branches across the 36 states of the federation to begin mobilisation for industrial action over the persistent cash...
Dangote Overtakes Four On Billionaires’List, Makes N460bn In A Day
Nigerian business tycoon, Aliko Dangote, overtook two Russians, one Chinese and an Indian on the billionaires’ list on Monday, after making N460bn in a day. The...
Reactions As Banks Demand Central Bank Code For Accepting Old Naira Notes’ Deposit
Naira notes, traders, business owners and transporters are still adamant on accepting the old N500 and N1,000 notes for transactions. A trader in the popular Eke Awka...
Sanwo-Olu Vows To Shut Banks Rejecting Old Naira Notes, Releases Hotlines For Reporting
The Governor of Lagos State, Babajide Sanwo-Olu, has vowed to report any bank that rejects the old notes to the Central Bank of Nigeria and to shut the offending branch...
Accept Old Naira Notes, Sanwo-Olu To Lagosians
Governor of Lagos State, Babajide Sanwo-Olu, on Monday said that the old naira notes remain legal tender in the state. Sanwo-Olu, in his statement by Commissioner of...
Commercial Banks Issue Old Notes To Customers In Abuja
Commercial banks in the Federal Capital Territory (FCT) have started issuing old naira notes to customers. Checks at some banks in Abuja on Wednesday revealed that...
Old 500 and 1000 Naira notes are now legal tender — CBN’s Acting Director Of Corporate Communication
The Central Bank of Nigeria (CBN) says both old and new Naira notes are now legal tender. CBN’s Acting Director of Corporate Communications, Dr Isa Abdulmumin,...
Banks Dispense Old N500, N1,000 Notes To Nigerians Amidst Silence From CBN
Recall that the Nigerian Supreme Court had ordered that the old N500 and N1000 notes phased out by the Federal Government be kept in circulation until December. Some...
Old Naira Notes: We Have No Information On The Supreme Court Ruling – CBN
For the second time since the Supreme Court ruled that the old N200, N500 and N1,000 notes will remain legal tender until December 31, the Central Bank of Nigeria (CBN)...
Old Notes Remain Valid Till Dec 31 As Supreme Court Nullifies CBN’s Naira Redesign Policy
The Supreme Court has restrained President Muhammadu Buhari from withdrawing the old N200, N500 and N1000 notes from circulation. The apex court also faulted the...
CBN Debunks Plan To Shut Down Financial Transactions Over Elections
The Central Bank of Nigeria has debunked the report that financial transaction will be shut down from Thursday, February 23 till Monday, February 27. This was disclosed...
EFCC Deploy Officers To 36 States, FCT To Monitor 2023 General Elections
The Economic and Financial Crimes Commission, EFCC, has deployed its officers to the 36 states and the Federal Capital Territory, to monitor the polls on Saturday, Feb....
Naira Scarcity: CBN Debunks Release Shared On Aisha Buhari’s Instagram Page
The Central Bank of Nigeria has debunked a purported press release shared on the Instagram page of the First Lady, Aisha Buhari. In the release shared on Aisha’s...
CBN orders banks to accept old N500, N1,000 notes
As protests spread in some parts of the nation over the cash swap policy, the Central Bank of Nigeria(CBN) ordered banks to collect the old N500 and N1,000 notes from...
Buhari Directs The Release Of Old N200 Notes Into Circulation, To Co-exist With New BankNotes For 60 days
President Buhari has directed the Central Bank of Nigeria (CBN) to release old N200 notes into circulation to co-exist with the new N200, N500 and N1,000 banknotes for...
CBN To Prosecute POS Operators Who Demand Exorbitant Charges On Transaction
The Central Bank of Nigeria (CBN) has promised to prosecute Point of Sale (POS) operators who demand exorbitant charges on transactions. This was disclosed by the apex...
Protesters Besiege CBN Headquarters And AGF Office Over Court Ruling On Deadline For Use Of Old Naira Notes
Protesters have besieged the headquarters of the Central Bank of Nigeria (CBN) and the office of the attorney-general of the federation (AGF) over a ruling of the...
ICPC Arrests Actress For Selling New Naira Notes On Social Media
The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has arrested actress and influencer, Omoseyin Oluwadarasimi Esther, aka Simisola Gold,...
Nigerian Commercial Banks To Work On Saturday, Sunday To Mob Up Old Naira Notes
At least two Nigerian commercial banks, First Bank Nigeria and Guaranty Trust Bank, have said their branches across the country will operate on Saturday and Sunday to...
News Update,Tuesday,24/01/2023
** Buhari commissions $1.5bn Lekki Deep Sea Port ** Buhari joins Tinubu’s campaign in Bauchi ** FG releases new Covid-19 restrictions for international travelers...
FG Increases Petrol To 185/ltr
The Federal Government has officially increased the price of petrol by 8.8 per cent from N170 per litre to N185 per litre. Vanguard reports that an internal...
News Update,Friday,06/01/2023
** PDP G-5 Governors meet in ibadan, reveal preferred Presidential candidate ahead of elections ** Vote all Senatorial, Reps, Guber, Assembly candidates but Makinde will...
Photonews: CBN increases weekly ATM withdrawal limits from ₦100k to ₦500K
CBN increases weekly ATM withdrawal limits from ₦100k to ₦500K.
Nigerians Should Prepare For More Hardship – NGO
A civil society organization operating under the auspices of the International Human Rights Commission has said that the National Bureau of Statistics’ estimate...
House Of Reps Orders CBN To Suspend New Cash Withdrawal Limit
The House of Representatives has asked the Central Bank of Nigeria (CBN) to halt the implementation of the new cash withdrawal policy slated for January 9, 2023 pending...
CBN Drops ATM Withdrawal Limit To ₦20k Per Day
Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less...
CBN To Limit Cash Withdrawals From January 9
The Central Bank Of Nigeria, has imposed fresh cash withdrawal limits on individuals and organisations. According to a new memo to banks issued on Tuesday and signed by...
CBN Blames Students For Persistent Naira Crash
The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, has blamed Nigerian students seeking foreign education for the persistent fall of the naira against...
Buhari unveils new naira notes Wednesday
President Muhammadu Buhari will unveil the new naira notes on Wednesday, Central Bank of Nigeria (CBN) Governor Godwin Emefiele has announced. Addressing journalists at...
Things You Should Know About Naira Redesign
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has announced that the N200, N500 and N1000 notes would be redesigned. Below are what you need to know...
News Update, Monday, 14/11/2022
** Arrest INEC office attackers, SERAP tells Buhari ** Buhari returns from London medical trip ** Atiku’s attempt to reconcile with Wike -G5-Masquerade belated:VON DG...
News Update, Thursday, 06/10/2022
** Appeal court challenges FG, ASUU to resolve strike dispute out of court ** FG promises to provide enabling environment, attract investments to seaports ** Increase...
News Update, Monday, 03/10/2022
** Nigeria @ 62: We’re in war situation – Pastor Adeboye ** Ohuabunwa writes Buhari, raises concern over nation’s gradual collapse ** Declare your assets before...
Recent Comments