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Excess Crude Account Slumps 98%, Federal Allocation Spikes Balance in Excess Crude Account (ECA) slumped by 98% in May 2023 due to withdrawals as oil price and 2023 budget benchmark draw close. Weak export receipts from crude oil sales remain a drag on the ECA balance which was designed to accommodate savings between budgeted and […]

Ecobank Offers Cheap Loans to Tech Companies, Entrepreneurs For many businesses, getting funds to drive business growth is one of the downsides to the entrepreneurship journey in Nigeria as there are few local lenders that are willing to walk in uncharted territory. However, taking a bold step, Ecobank Nigeria Limited is offering a 9% interest […]

Guinness Nigeria Names Joan Hodgins Non-Executive Director Guinness Nigeria Plc has announced the appointment of Ms Joan Hodgins, Diageo’s Global Talent Director, as a Non-Executive Director and Vice Chair of the Board effective July 1, 2023. The company, in a statement on Monday in Lagos, also announced the retirement of Mr Dayalan Nayager from his […]

Borrowings: Analysts Expect Nigeria to Violate Debt to GDP Limit Estimated to surge above 40%, Nigeria’s total public debt to gross domestic product (GDP) is estimated to hit 42.4% in the fiscal year 2023, analysts said in their market updates, in violation of the Fiscal Responsibility Act. In June, Debt Management Office (DMO) estimated that […]

Worsening Inflation Rate Tempers Growth Optimism Nigeria’s worsening headline inflation rate has been noted as a key downside to growing the consumer economy as citizens begin to re-draw their scale of preferences amidst weak purchasing power, unemployment, and painful impacts of economic reform policies. In its June 2023 edition of the Nigeria Development Update, the […]

Nigeria’s Interest Rate Estimated to Hit 23.5% in 2023 The monetary policy rate is expected to rise by 500 basis points to 23.5% in 2023 as the country embarks on reforms, an independent research company based in London said in an update, noting that Nigeria’s risk premium has fallen back. The apex bank switched to […]

Naira Reclaims Value Amidst Unstable Forex Gyration The Nigerian local currency, the Naira, reclaimed significant value in a battle against the dominant foreign currency, the US dollar at the investors, and exporters’ foreign exchange window on Monday.  After losing weight in the past week, the local currency appreciated against the US dollar by 3.61%, trading […]

THE Nnewi Diocese of Church of Nigeria, Anglican Communion, which owns the Anglican Girls Secondary School (AGSS), where the embattled Miss Nmesoma Ejikeme is a student, has said that the issue of her alleged forgery of UTME score would be addressed on Wednesday. The church has already taken over Nmesoma’s case and directed the school […]

The Acting Inspector-General of Police, Ag. IGP Olukayode Adeolu Egbetokun has ordered the deployment of thirty-five (35) Commissioners of Police to various state commands and formations across the country. A statement by the Force Public Relations Officer, Olumuyiwa Adejobi said, “This followed the approval of his recommendation by the Police Service Commission”. The IGP assured […]

Justice Njideka Nwosu-Iheme of a High Court of the Federal Capital Territory has awarded N5.5 million damages in favour of Ifeanyi Ejiofor, counsel to the detained leader of the Indigenous People of Biafra, Mazi Nnamdi Kanu. The court also granted a perpetual injunction restraining the defendant and Executive Director of Due Process Advocate, Emeka Ugwuonye, […]

The Federal High Court in Abuja has joined the Federal Ministry of Education in a suit filed by a Seventh-day Adventist member seeking to stop the conduct of examinations and elections on Saturdays. The court also joined the Council of Legal Education to the suit following an application by the plaintiff that the two agencies […]

A Chief Magistrates’ Court sitting in Kano, on Tuesday, ordered the remand of a former Commissioner for Works and Infrastructure, Engr. Idris Wada Saleh, in Kano State Public Complaints and Anti-Corruption Commission custody over alleged N1 billion fraud. The defendant, a former Commissioner to Dr Abdullahi Ganduje, is standing trial on a two-count charge bordering […]