Economy
12 stories in Economy
Nigeria Bars MDAs From Awarding Contracts Without Budget Approval, Cash Backing
Nigeria's Federal Government has barred MDAs from awarding contracts or making financial commitments without budget approval and cash backing, as part of efforts to improve fiscal discipline and prevent unfunded projects.
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FG Introduces USSD Loan Platform, Allows Nigerians to Apply Without Internet
Federal Government has introduced a USSD loan platform, allowing Nigerians to apply for loans without an internet connection.
Reps Move to Strengthen Nigeria’s Drone Industry Through New Legislation
The House of Representatives is pursuing measures to expand Nigeria’s drone industry through local manufacturing, financial support, technology partnerships and defence-sector investment.
Tinubu Rejects Calls to Restore Fuel Subsidy, Defends Economic Reforms
President Bola Tinubu has rejected calls to restore petrol subsidy, defending his administration’s economic reforms and urging young Nigerians to mobilise ahead of the 2027 presidential election.
Tinubu Sets 180-Day Roadmap For Nigeria’s Digital Free Zones
President Bola Tinubu has directed the development of a 180-day roadmap for the full rollout of Nigeria’s Digital Free Zones initiative, aimed at attracting global capital, creating jobs and keeping more digital businesses and intellectual property within Nigeria.
FG Explains How N15.8trn Subsidy Savings Were Used — Oyedele
Finance Minister Taiwo Oyedele says N15.8 trillion generated from fuel subsidy removal and foreign exchange reforms was deployed to wages, pensions, infrastructure, student loans, social transfers, agriculture and other government priorities.
Naira Strengthens To N1,416 Per Dollar In Parallel Market
The Nigerian currency recorded a slight gain against the US dollar in street trading as market supply showed minor improvements.
Naira drops to N1,420 per dollar in parallel market
The local currency depreciates by N12 in the informal foreign exchange market within 24 hours, according to market reports.
Central bank holds rates but signals cuts ahead
Policymakers voted 8-1 to keep the benchmark rate unchanged.
Inflation slows for the third straight month
Headline prices rose 2.8%, close to the official target.
Statistics office revises quarterly GDP upward
Business investment and exports drove the revision.
Video: The finance minister, in her own words
A wide-ranging interview on the budget, growth and the year ahead.