Shuaib Agaka

Jan 7, 2025 | economicconfidential.com | Shuaib Agaka |Rahma Oladosu

A group of former Central Bank of Nigeria employees, who were let go in a large-scale restructuring effort last year, have filed a lawsuit against the apex bank at the National Industrial Court of Nigeria in Abuja, seeking justice and compensation for their alleged unfair dismissal. In an originating summons filed on July 4, 2024, under the NICN Civil Procedure Rules 2017 and obtained by our correspondent on Monday, the claimants, 33 in number, raised several issues for the court to address.

Jan 7, 2025 | economicconfidential.com | Shuaib Agaka |Rahma Oladosu

Nigeria’s federal ministries, departments, and agencies spent a staggering N22,782,065,914.14 on solar power installations across the country in 2024. This significant investment in renewable energy was revealed through records accessed on BudgIT’s accountability platform, GovSpend. The expenditures, aimed at boosting rural electrification, street lighting, and infrastructure upgrades, were distributed across multiple projects.

Jan 7, 2025 | economicconfidential.com | Shuaib Agaka |Rahma Oladosu

Global oil prices held steady near a three-month peak yesterday, driven by strong demand from Asian refineries, which in turn boosted the value of certain Middle Eastern oil grades. Brent traded near $76 a barrel after earlier Monday hitting its highest since October 14. West Texas Intermediate was around $74.

Jan 7, 2025 | economicconfidential.com | Shuaib Agaka |Rahma Oladosu

According to the Central Bank of Nigeria (CBN) the country witnessed a significant surge in international money transfers, with inflows from International Money Transfer Operators (IMTOs) rising by 63.7% during the first nine months of 2024. According to the latest quarterly statistical bulletin released by the apex bank, inflows rose from $2.33bn recorded during the same period in 2023 to $3.82bn in 2024.

Jan 7, 2025 | economicconfidential.com | Shuaib Agaka |Mohammed Lawal |Rahma Oladosu

The Senate has announced plans to suspend plenary sessions for two weeks, starting from January 14, when the National Assembly resumes from its holiday break. It explained that this would enable the Appropriation sub-committees of both chambers begin consideration of the N49.7 trillion 2025 budget. The Red Chamber also tentatively fixed January 31, 2025, as a possible date to lay the report of the Appropriation Committee for passage same day.