Tolu Ogunlesi

Oct 22, 2024 | economicconfidential.com | Tolu Ogunlesi |Rahma Oladosu

The Consul-General of the United States Consulate in Lagos, Nigeria, Will Stevens, has said that Nigeria and the US have a $10bn annual trade relationship. Steven disclosed this on Monday in Lagos while speaking at the opening ceremony of the African Growth and Opportunity Act workshop with Proper Africa.

Oct 22, 2024 | economicconfidential.com | Tolu Ogunlesi |Rahma Oladosu

There are indications that the Federal Government is having great times in its finances as its revenue from Value Added Tax (VAT) and Company Income Tax (CIT) rose by 85 per cent year-on-year, YoY, to N6.44 trillion in H1’24. The same period last year (H1’23) yielded only N3.48 trillion.

Oct 22, 2024 | economicconfidential.com | Tolu Ogunlesi |Yushau A. Shuaib |Rahma Oladosu

From November 1, 2024, a one-way flight ticket from Lagos to Abuja on Air Peace is to hit N200,000. The harsh economy has been affecting the aviation business causing airlines to increase their fares amid lamentations from passengers. This development has forced some Nigerians to abandon flights for road transport. Checks by our correspondent on the airfares of airlines on Monday showed that Air Peace increased its fares to N200,000 from November, the highest among the domestic airlines.

Oct 22, 2024 | economicconfidential.com | Tolu Ogunlesi |Yushau A. Shuaib |Salisu Na'inna Dambatta |Rahma Oladosu

President Bola Tinubu and Vice President Kashim Shettima undertook 41 trips across 23 countries in their first 17 months in office, spending 180 days, equivalent to six months, on foreign engagements. Analysis shows that Tinubu, with the longer mileage, logged over 124 days abroad, visiting 16 countries on 29 trips.

Oct 22, 2024 | economicconfidential.com | Tolu Ogunlesi |Yushau A. Shuaib |Salisu Na'inna Dambatta |Rahma Oladosu

The Federal Government incurred a significant loss of N13.2tn in foregone revenue as a direct consequence of the implementation of its foreign exchange subsidy policy between 2021 and 2023, the World Bank has stated. It said the government lost N2tn in 2021, N6.2tn in 2022, and N5tn in 2023. The amount forgone in revenue was due to its insistence on regulating the value of the naira against the dollar in the official exchange market but allowing a fair market value price at the parallel market.