Finance Minister Olawale Edun announced the Federal Executive Council’s (FEC) approval of a $1 billion concessional loan from the African Development Bank (AfDB) aimed at bolstering the budget and enhancing foreign exchange reserves. Edun revealed the loan details, citing a 4.2% interest rate over 25 years with an eight-year moratorium, following a cabinet meeting in Read More…
Olayemi Cardoso, the newly appointed governor of Nigeria’s central bank, announced plans to implement tighter monetary policies in the next two quarters to manage inflation while urging banks to bolster their capital to support economic growth. Addressing immediate challenges such as curbing excess liquidity and combating inflation, Cardoso emphasised a shift from direct fiscal interventions Read More…
In a landmark development, the African Development Bank (AfDB) Group unveiled its inaugural report titled “Benchmark Macroeconomic Models for Effective Policy Management in Africa.” Prof. Kevin Urama, the Chief Economist and Vice-President of Economic Governance and Knowledge Management at AfDB, introduced the report during the African Economic Conference (AEC) held in Addis Ababa, Ethiopia. According Read More…
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasised on Thursday that Nigeria shouldn’t solely depend on borrowing to finance the 2024 budget. Edun shared this stance during his appearance before the joint Senate Committee on the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in Abuja. Highlighting Read More…
President Bola Tinubu affirmed his commitment to reforming Nigeria’s economic and business environment to enhance efficiency. He made this declaration during a bilateral meeting with the Chancellor of the Federal Republic of Germany, Olaf Scholz, and his delegation at the Presidential Villa in Abuja on Sunday. Tinubu and Chancellor Scholz held three separate meetings before Read More…
Sanusi Lamido Sanusi, the 14th Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), expressed his view on the long-term solution to the petrol subsidy removal crisis, saying, “The long-term solution is to reduce dependence on PMS.” He added, “In the short term, the most effective measure to offset the removal Read More…
Vice President Kashim Shettima has lauded the BudgIT Foundation Nigeria for its exemplary work in budget tracking and advocating transparency, stating that their report will establish a new benchmark for responsibility and accountability in the country’s public finance. Shettima, represented by his Special Adviser on Economic Affairs, Dr. Tope Fasua, made these remarks during the Read More…
Nigeria, the most populous nation on the African continent and an economic powerhouse is currently in the throes of a severe cost-of-living crisis that has profound implications not only for its people but also for its economic landscape. This crisis has emerged as a potent confluence of both domestic and international factors, creating a formidable Read More…
During a summit involving Southeast Asia’s ASEAN bloc, China, the United States, and other nations in Indonesia, U.N. Secretary-General António Guterres issued a warning on Thursday about the world facing a potential “great fracture” in its economic and financial systems. Guterres, in a comprehensive address that touched on geopolitical tensions, multilateral development finance, and climate Read More…
In a significant development, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has unveiled a comprehensive agenda aimed at transforming the nation’s challenging economic landscape. Speaking during his inaugural press briefing in Abuja, Edun shed light on President Bola Tinubu’s visionary approach and strategies for revitalizing the economy. Edun outlined several Read More…
