- Nigeria’s October inflation rate rose by 9.3% compared to 9.4% in September, according to the monthly CPI report released by the National Bureau of Statistics. This was the first time Nigeria’s inflation rate will drop month on month since November 2014 when it dropped 7.93%. The NBS noted that food prices edged lower in October due to slower price increases in staple food. However, All Items less farm produce increased year on year by 8.7% as prices of alcoholic
The Kogi state Governorship election threw up a conundrum that neither the 1999 Constitution nor the Electoral Act anticipated. The APC?s governorship candidate passed away in the midst of the elections, and because of the high number of invalidated registrants, INEC declared the election as inconclusive. The Attorney General of Federation has advised INEC to proceed with the rescheduled supplementary election, amidst an uproar from different camps of the political
- President Muhammdu Buhari has admitted that Nigerian roads are “dead” and required urgent attention.“The roads are dead,” Mr. Buhari said, “Those who drive between Lagos and Ibadan will have a lot of stories to tell you. Those who drive from Kaduna to Jebba may have more stories to tell. The same thing is applicable to the East West roads.” The President asked lawmakers to concentrate on the challenge of infrastructure confronting the country, including
The economy is under performing and revenues are dwindling
As the economy continues to falter on a larger scale, more trouble is brewing at the state level and the danger ahead gives real reason for concern.
In recent times, we have been inundated with cries from states about their inability to pay salaries, which unfortunately form the bulk of their recurrent expenditure. Even with the recent Federal Government bailout, a lot of states could still not pay all outstanding
- Chief Executive Officer of the Enugu Electricity Distribution Company, Robert Dickerman has said that the country’s ambition to generate 20,000 mega watts of electricity would require about $40 billion (
N9 trillion). Dickerman said this while speaking at the opening of the West Africa Power Industry Convention (WAPIC) in Lagos. He also said that Nigeria has the lowest power generation per capita in the world.
- The CBN, has announced a reduction in the Monetary Policy rate and Cash Reserve ratio to 11% and 20% respectively. The Cash Reserve Ratio (CRR) was reduced from 25% to 20%. The Central bank also broadened its interest rate corridor to 200 basis points above the benchmark rate, and 700 basis points below, Governor Emefiele said. This means the regulator will borrow from commercial lenders at 4% and lend to them at 13%.
- According to PWC’s Tax and Regulatory Services Leader for West Africa, Taiwo Oyedele; in collecting taxes, Nigeria performs even worse than Afghanistan, who with a smaller economy and population, collects more taxes than Nigeria’s government. For every dollar that goes into the Federation account, 45 cents is from oil royalties and petroleum products tax combined. The remainder is crude oil sales. Isolating the GDP of the oil sector, from that of the non-oil
- Nigeria’s Unemployment rate increased to 9.9% for the third quarter of 2015 according the National Bureau of Statistics. The NBS in its latest jobs data reports that a total of 20.7 million persons between the ages of 15‐64 that were willing and able to work and actively seeking work (i.e in the labour force) that were either unemployed or underemployed compared to 19.6 million in Q2 2015, compared to 17.7 million in Q1 2015. Underemployment, which the NBS
After weeks of relative silence, Boko Haram unleashed terror at a trailer park in Yola, Adamawa state, killing over 34 people. The next day, female suicide bombers hit the GSM market in Kano, killing 15 and injuring 20. This was followed in quick succession by an announcement from the Army of the arrest of two of the most wanted Boko Haram insurgents, bring to eleven, the suspects that have been captured. Then, that announcement was followed rapidly by the announcement
- Petroleum product marketers have assured the Federal Government that they will support measures put in place by the Nigerian National Petroleum Corporation (NNPC) to end the scarcity of petrol currently plaguing the country. The resolution between the government and the marketers was reached at a meeting convened by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to address the fuel supply situation. A statement by the NNPC noted that the leadership