Category: Finance and Economy

NNPC Pays Only 50% of Subsidy Gains To Federation Account – World Bank

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NNPC Pays Only 50% of Subsidy Gains To Federation Account – World Bank

The World Bank on Monday revealed that the Nigerian National Petroleum Company (NNPC) Limited is remitting only 50 per cent of the gains generated from the removal of petrol subsidies to the federation account. In its latest Nigeria Development Update report released Monday, the global institution said NNPC started transferring the revenue gains to the…

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Finance and Economy

‘Withheld’ TSA Funds:Reps Panel Orders Remita To Refund N182bn

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‘Withheld’ TSA Funds:Reps Panel Orders Remita To Refund N182bn

The public accounts committee of house of representatives has directed Remita, a financial technology firm, to refund a total of N182.77 billion allegedly withheld from the treasury single account (TSA) since 2015 to the federal government. The committee gave the directive on Wednesday during a meeting in Abuja. The directive followed a submission of an…

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Finance and Economy, Trade and Commerce

Naira Depreciates To N1,620/$ in Parallel Market

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Naira Depreciates To N1,620/$ in Parallel Market

The naira yesterday depreciated to N1, 620 per dollar in the parallel market from N1,618 per dollar on Tuesday. But, the Naira appreciated to N1,599 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,599…

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Exchange and Forex, Finance and Economy

Naira Appreciates To N1,618/$ in Parallel Market

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Naira Appreciates To N1,618/$ in Parallel Market

The naira yesterday appreciated to N1, 618 per dollar in the parallel market from N1,620 per dollar on Monday. But, the Naira depreciated to N1,604 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,604…

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Exchange and Forex, Finance and Economy

March FAAC Total Allocation Declines By N100bn

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March FAAC Total Allocation Declines By N100bn

The Federation Account Allocation Committee (FAAC) says it shared a total sum of N1.57 trillion to the three tiers of government as federation allocation for March. In February, FAAC shared N1.67 trillion among the three tiers of government, from a gross total of N2.34 trillion. This indicates that the total amount shared in March dropped…

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Finance and Economy

Crude Price Drops To $59 Per Barrel, Upsets 2025 Budget Implementation

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Crude Price Drops To $59 Per Barrel, Upsets 2025 Budget Implementation

The price of Crude oil has dropped to $59 for the first time since February 2021. Recent decline in crude oil prices follows an announcement by President Donald Trump on April 2, imposing sweeping global tariffs (including 14 percent on Nigeria) on all imports into the US. Moreso, on April 4, the Organisation of Petroleum…

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Finance and Economy, Petroleum

China Imposes Retaliatory 84% Tariffs on US Products Effective Thursday

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China Imposes Retaliatory 84% Tariffs on US Products Effective Thursday

China will impose 84 percent tariffs on US imports, up from 34 percent, the finance ministry said Wednesday, hours after similar levies by the United States came into force. US President Donald Trump’s latest salvo of tariffs came into effect on dozens of trading partners Wednesday, including punishing 104 percent duties on imports of Chinese…

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Diplomacy and International Relations, Trade and Commerce

Naira Plunges Further To N1,612 /$ At Official Market

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Naira Plunges Further To N1,612 /$ At Official Market

The naira, on Monday, dropped to N1,612 per dollar at the official side of the foreign exchange (FX) market. The current rate represents the lowest since December 4, 2024, when the price of a dollar was N1,613.69. At the Nigeria Foreign Exchange Market (NFEM), the local currency depreciated by 2.89 percent to N1,612.23/$ on Monday…

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Exchange and Forex, Finance and Economy

FOREX: Naira Plunges To N1,600/$ in Official Market

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FOREX: Naira Plunges To N1,600/$ in Official Market

The Naira has depreciated to N1,600 per dollar in the Nigerian Foreign Exchange Market (NFEM) today after three months of hovering around N1,500 per dollar. A data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,600 per dollar from N1,569 per dollar on Thursday,…

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Exchange and Forex, Finance and Economy

WTO Warns US Tariffs Could Lead To World Trade Decline

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WTO Warns US Tariffs Could Lead To World Trade Decline

The director-generaI of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, says the recent tariffs announced by the United States (US) will have significant implications for global trade and economic growth prospects. Recall that on April 2, President Donald Trump announced sweeping global tariffs on all imports into the US, imposing 14 percent on Nigeria. In…

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Trade and Commerce, World News