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Jan 17, 2025 | 
economicconfidential.com | Rahma Oladosu
After weeks of intense debate, governors from Nigeria’s 36 states and the Presidential Tax Reform Committee have finally reached an agreement on how to share the Value Added Tax (VAT).
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Jan 17, 2025 | 
economicconfidential.com | Abdulsalam Mahmud |Rahma Oladosu
A heated argument erupted at the National Assembly Complex on Thursday during the 2025 budget defence presentation by Inspector General of Police, Kayode Egbetokun. Trouble began when Egbetokun was providing a breakdown of funds allocated for the construction of five zonal police headquarters across the country.
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Jan 16, 2025 | 
economicconfidential.com | Abdulsalam Mahmud |Rahma Oladosu
The National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Festus Osifo, has projected that the cost of Premium Motor Spirit (petrol) may rise soon if crude oil continues to increase in price. Osifo said this at the PENGASSAN’s National Executive Council Meeting on Thursday in Lagos. He called for better exchange rate management, warning of potential price hikes as crude prices rebound. “The crude price rose to $80 per barrel today.
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Jan 16, 2025 | 
economicconfidential.com | Abdulsalam Mahmud |Rahma Oladosu
According to the World Bank’s latest projections, Nigeria’s economy is expected to experience steady growth, with a 3.5% expansion predicted for 2025, followed by a slight increase to 3.7% in 2026, indicating a positive outlook for the country’s economic development. This projection, contained in the latest Global Economic Prospects report, reflects a modest recovery for the nation amidst persistent economic challenges and global uncertainties.
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Jan 16, 2025 | 
economicconfidential.com | Abdulsalam Mahmud |Rahma Oladosu
The Minister of State Petroleum Resources, Heineken Lokpobiri, emphasized that fluctuations in petrol prices at the pump are largely driven by the volatile price of crude oil in the international market. He said the downstream sector is now fully deregulated with the government no longer involved in setting prices. The minister said these at the inaugural meeting of the Petroleum Industry Stakeholders Forum, held on Thursday in Abuja.
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Jan 16, 2025 | 
economicconfidential.com | Abdulsalam Mahmud |Rahma Oladosu
The Federal Government has announced plans to generate N1.8 trillion through bond sales in the first quarter of 2025, as disclosed by the Debt Management Office (DMO). The proposed issuances, detailed in the newly released FGN Bond Issuance Calendar, include a mix of re-opened and new bonds spread across three monthly auctions slated for January, February, and March 2025.
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Jan 16, 2025 | 
economicconfidential.com | Abdulsalam Mahmud |Rahma Oladosu
The Dangote Petroleum Refinery is set to ramp up its crude oil imports due to inadequate supply from the Nigerian National Petroleum Company Limited (NNPC) which is struggling to meet the refinery’s fuel production needs at its $20 billion Lekki-based plant. Officials at the plant said the facility has ramped up production to about 500,000 barrels per day, with the target of hitting the 650,000bpd mark by June this year.
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Jan 9, 2025 | 
economicconfidential.com | Rahma Oladosu |Mohammed Lawal
In response to widespread criticism, the Central Bank of Nigeria (CBN) recently affirmed that the departure of 1,000 employees in December 2024 stemmed from a fully voluntary process through its Voluntary Early Exit Program (VEEP). Offering comprehensive severance benefits, this initiative is part of the CBN’s strategic efforts to enhance organizational performance by ensuring a better alignment between roles and the competencies of its personnel.
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Jan 8, 2025 | 
economicconfidential.com | Rahma Oladosu
The China Development Bank (CDB) has approved a 245 million euro ($254.76 million) loan to support the construction of the Kano-Kaduna railway project in Nigeria. According to a statement released by the bank on Tuesday, the loan aims to provide necessary financial backing for the project’s timely completion. The funding is expected to facilitate the development of Nigeria’s rail network, promoting economic growth and connectivity between key cities.
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Jan 7, 2025 | 
economicconfidential.com | Rahma Oladosu
In the third quarter of 2024, the demand for foreign exchange decreased significantly, mainly because of a notable reduction in invisible transactions. This was indicated in the latest Quarterly Statistical Bulletin published by the Central Bank of Nigeria on its website. Invisible transactions are non-physical transactions, such as school fees, student maintenance allowances, medical, and other eligible transactions.
