The Debt Management Office (DMO) has disclosed a significant escalation in the country’s public debt, which soared by 10.7% to N97.34 trillion in the fourth quarter of 2023, from N87.91 trillion recorded in the previous quarter. This surge in debt levels was primarily attributed to new domestic borrowing initiatives undertaken by the Federal Government, aimed at partially financing the deficit outlined in the 2024 Appropriation Act, alongside disbursements from both multilateral and bilateral lenders. The DMO’s revelation came through a press statement released on Friday, which meticulously outlined the composition and reasons behind the uptick in the national debt figure. …
Author: Temitope N.
There has been a notable surge in the prices of essential food items across various markets in Lagos State in the past two weeks. Notably, a carton of Minimie noodles has soared by 102.6%, jumping from N4,350 to N8,800. Similarly, a large bag of melon seeds now commands a price of N270,000, up from N220,000 at the beginning of March. Another example is the Bonita Slim Pasta pack, which has seen a price hike of N200, rising from N995 to N1,195 in the same period. Despite a strengthening national currency against the US dollar, the upward trajectory of major food…
Nigeria’s allocation of public funds towards critical sectors to essential infrastructure falls short of meeting the demands of a population that is expanding at an approximate annual rate of 2.5%, a Coronation report has said. According to the research seen by Nairametrics, Guy Czartoryski, Head of Research at Coronation said that the record of the Nigerian government in capital expenditure over several decades underscores the need to increase private-sector investment. “Public expenditure on transportation, education, hospitals, power, housing, and other essential infrastructure has not kept up with the needs of a population growing at a long-term rate of c.2.5% pa,”…
Major staple food prices across Nigeria increased by double figures month-on-month according to the NBS latest food price watch. According to the NBS Food Price Watch, on the average Food such as Garri, Rice, Beans, Beef, bread increased by as high as 25% with the lowest around 10% between January and February 2024. Rice The average price of 1kg of loose local rice increased by 19.69% from N1,021.79 sold in January 2024 to N1,222.97 in the month of February. On an annual basis, the price of loose local rice increased by 134.81% from N520.84 to its current figure. Beans The…
The Lagos State Government has expressed its determination to push for a ‘special status’ for the state in the ongoing constitution review. The state government has also resolved to explore all avenues to reintroduce the issue of the 37 Local Council Development Areas (LCDAs) in the ongoing Constitutional Review process, to legalise the Council Development Areas. This disclosure is contained in a communiqué issued at the end of the 18th edition of the Executive/Legislative parley organised by the Office of Political, Legislative and Civic Engagement, with the theme, “Engaging All for an Inclusive Governance: Hands On for a Greater Lagos…
The Lagos State Government has announced its plan to demolish illegal structures along the rail tracks in the Agege corridor. Beggars and traders are advised to vacate the area before the scheduled demolition. This decision was communicated by Mr Afolabi Ayantayo, the Lagos State Commissioner for Establishments, Training, and Pension following a meeting involving the Agege Local Government council, state government representatives, and community members held on Sunday to address the impending demolition. Ayantayo observed that reports had been received concerning numerous criminal activities occurring along the rail corridor. He mentioned that shanties were serving as hideouts for criminals who…
The founding Managing Partner and Deputy CEO at Purple Real Estate Company, Mr Obinna Onunkwo, has said that the multifaceted challenges and opportunities within the real estate sector call for strategic policy interventions, innovative financial products, and technological adoption to harness its full potential. He noted this during Nairametrics’ recently held Real Estate Outlook event themed: “How to Succeed in Nigeria’s Real Estate in 2024 – Challenges and Opportunities in a High-Cost Environment”. Onunkwo stressed how the significance of the real estate sector in economic dynamics and policy considerations, indicating that when combined with construction, it stands as the fourth-largest sector. Speaking,…
Peter Obi, the Labour Party’s candidate in the 2023 general election, has demanded a comprehensive review of the 2024 budget in light of the recent scandal involving a purported N3.7 trillion padding by the Senate. In a statement on Monday, the former Anambra State governor said that the National Assembly needs to begin an immediate reassessment of the budget, given its early stage of execution, to facilitate the urgent redirection of funds to vital sectors. Obi pointed out that Nigeria is dealing with a range of critical challenges in education, healthcare, economic, and power sectors, necessitating immediate attention and budget…
The International Labour Organization (ILO) has revealed that forced labour in the private economy generates $236 billion in illegal profits annually. This disclosure is contained in a new report titled, ‘Profits and Poverty: The economics of forced labour’, by ILO from Geneva and can be seen on its website. It stated that the total amount of illegal profits from forced labour has risen by $64 billion (37%) since 2014, a dramatic increase that has been fuelled by both a growth in the number of people forced into labour, as well as higher profits generated from the exploitation of victims. The…
The House of Representatives on Tuesday urged all companies in Nigeria to inscribe “Made in Nigeria” on all domestic goods to boost local content patronage in the country. The lawmakers asked the Federal Ministry of Industry, Trade and Investment to prevail on the Manufacturers Association of Nigeria (MAN) to make sure that the directive is complied with. The House resolution was based on a motion by Hon. Joseph Nwobasi (APGA, Ebonyi). The lawmaker said at plenary that while Nigeria is endowed with human and natural resources to support and propel a self-sustaining and production-based economy, numerous industrial activities in Nigeria…
The Senate has approved the 2024 Statutory Budget for the Federal Capital Territory (FCT), amounting to N1.282 trillion- an increase of N135 billion from the figure initially proposed by the Ministry of FCT. This approval came following the review of the combined report from the Senate and House of Representatives Committees on FCT during the Tuesday plenary session. Sen. Ibrahim Bomai, the Chairman of the senate committee on FCT presented the report, noting the initial proposal of N1.15 trillion for the FCT’s 2024 budget. During deliberation on the report, Bomai mentioned that the committee recommended a budget of N1.28 trillion,…
The Nigeria Labour Congress (NLC), in partnership with the International Labour Organisation (ILO), has conducted training for trade union workers to enhance the role of trade unions in labour migration. The training was focused on gender mainstreaming to safeguard migrant workers in Nigeria. According to Nairametrics, the workshop, spanning three days was aimed at sensitizing migrant recruitment advisors. The NLC General Secretary Mr. Emmanuel Ugboaja stated that the program was beneficial for female migrants to promote decent work. What they said NLC Head of Youth and Women Mrs. Rita Goyit, who represented Ugboaja, highlighted the training’s goals, focusing on raising awareness and…
On Wednesday, President Bola Ahmed Tinubu asked the Senate to pass his proposed bill on new judicial officers’ remuneration so they can access fringe benefits among other allowances. The Senate President Godswill Akpabio disclosed Tinubu’s request at plenary while reading out his letter to lawmakers. Tinubu stated that judicial officers needed an improved welfare package. The letter reads,” “Transmission of judicial office holders’ salaries and allowances bill, 2024. “ In accordance with the provisions of section 58, sub-section two of the 1999 constitution of the Federal Republic of Nigeria as amended. “I forward herein, the judicial office holders, salaries, and…
The Federal Government and a non-governmental organization have created a strategic collaboration to create employment opportunities for youths in priority sectors. This was announced by the Minister of Youth Development, Dr. Jamila Bio-Ibrahim, during a courtesy visit by Mr. Abraham Ndambuki, the Grants, Finance, and Risk Management Officer of the NGO, in Abuja The primary goal of the fund is to catalyze enterprise expansion, amplify efforts, and maintain the establishment of dignified and rewarding employment opportunities for young Nigerians. The ministry is focusing on priority sectors such as Agriculture, Climate Adaption, Digital Economy, Blue-economy, Mining, and Renewable Energy so as…
The House of Representatives has passed a bill for an upward review of the salaries, allowances, and fringe benefits of judicial office holders in the country, with the Chief Justice of Nigeria expected to earn at least N5.39 million as total monthly basic salary and regular allowances. The bill which passed through the Third Reading in the lower chamber on Wednesday, seeks to amend Certain Political, Public and Judicial Office Holders (Salaries and Allowances, etc) Act, No. 6, 2002 (as amended) by deleting Section 2(b), Part II of the Schedule to the Act and any other provisions relating to Judicial…
President Bola Tinubu has declared a three-month suspension of government-funded overseas travel for ministers, heads of agencies, and other government officials. The prohibition is set to commence on April 1, 2024, and will initially last for a period of three months This was contained in a letter from March 12, 2024, signed by Femi Gbajabiamila, the Chief of Staff to the president, and sent to George Akume, the Secretary to the Government of the Federation. According to the letter, the purpose of the ban was to cut down on governance expenses. What the president said The letter indicating the ban…
President Tinubu has urged the National Assembly to be restrained in calling the leaders of ministries, departments, and agencies (MDAs) to appear before parliamentary committees, emphasizing that these officials should be allowed to perform their duties. The president made this statement during the Ramadan fast-breaking event on Wednesday in Abuja. He said to the Speaker of the House Tajudeen Abbas and other lawmakers that while oversight is important for transparency and accountability in governance, there should be caution in over-summoning officials which could disrupt operations and affect services to citizens. Consequently, he advised the lawmakers to exercise discretion in their…
The head of the International Monetary Fund (IMF), Kristalina Georgieva, paid a visit to Ghana where she stated that the West African country should make sure that debt relief deals it negotiates with its Eurobond creditors do not undermine the country’s effort to recover from its economic crisis. According to Reuters, the IMF boss met with the Ghanaian president, Nana Akufo-Addo, in a private meeting earlier in the week as Ghana battles to recover from its worst economic crisis in a generation. Ghana defaulted on most of its external debt in December 2022 and in January 2024 it reached a deal…
The Society for Corporate Governance Nigeria has revealed that female representation on corporate boards in Nigeria experienced a 2.5% growth on average over the past four years. This statistic was unveiled during the roundtable event held in Lagos, Nigeria, commemorating the 2024 International Women’s Day (IWD) celebration. Speaking at the event, Mrs. Chioma Mordi, Managing Director of Society, represented by the Head of Business and Strategy, Olumide Olaleye, highlighted the findings of a recent research study conducted by the Society in collaboration with the NGX. The study indicated on average an approximate 2.5 percentage increase in female representation on the…
Senegal is set to hold its delayed Presidential elections on Sunday amid a tense political atmosphere caused by the failure of President Macky Sall to postpone the vote and the release of two key opposition figures from prison. According to the Associated Press, the delayed elections have sparked violent protests testing one of West Africa’s most stable democracies. Opposition leader Ousmane Sonko was released from prison last week sparking wild jubilations in the streets of Dakar and adding to the excitement of the much-anticipated elections. Alioune Tine, the founder of Afrikajom, a Senegalese think tank, said that Sunday’s election has a…