Coronavirus: Okonjo-Iweala tells Nigeria, African countries next action to take

Former minister of finance, Ngozi Okonjo-Iweala has called on Nigeria and other African countries to immediately mount pressure on the G7 and G20 for debt-relief to tackle Coronavirus. According to her, this will help African countries deal with the economic and health issues arising from Coronavirus. Okonjo-Iweala suggested that the money owed by some African […]

Nigeria’s total public debt rises to N27.4tn –DMO

The Federal Government and the 36 states, as well as the Federal Capital Territory, owed a total N27.4tn as of December 2019, according to latest figures released by the Debt Management Office on Wednesday. The development marked an increase in Nigeria’s public debt portfolio from September 2019, when it was disclosed that the country owed […]

Osinbajo to chair Economic Sustainability Committee

President Muhammadu Buhari has appointed Vice president, Yemi Osinbajo to chair an Economic Sustainability Committee. The aim of the committee is to develop measures to cushion the effect of the Coronavirus and eventually reposition the Nigerian economy. The committee will also be saddled with the responsibility of implementing strategies to alleviate the sufferings of Nigerians […]

LDR: Bank loans rise by N2.35tn

Credit to the private sector rose by N2.35tn from June 2019 to February this year after the Central Bank of Nigeria mandated the Deposit Money Banks to raise their Loan to Deposit Ratio as part of its regulatory measures to improve lending to the economy. To ramp up growth in the Nigerian economy through investment […]

We have entered recession – IMF chief

The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday. “It is clear that we have entered a recession” that will be worse than in 2009 following the global financial crisis, she said in an online press briefing.  With […]

A rough road ahead for Nigeria

Africa’s giant, Nigeria, is awakening to a new economic and social reality as a result of the coronavirus crisis. The country of two hundred million has already recorded over fifty cases and its first COVID-related death. News of high-profile infectees is starting to drive social change and spur calls for stronger government action. Members of parliament […]

Nigeria: CBN Retains Interest Rate At 13.5 Percent

The Central Bank of Nigeria (CBN) Tuesday resolved to retain the Monetary Policy Rate (MPR) otherwise known as interest rate at 13.5 per cent. It also retained the cash reserve ratio (CRR) at 27.5 per cent as well as the Liquidity Ratio at 30 per cent. The MPR is the rate at which the CBN […]

COVID -19: Nigeria slowly goes on lockdown

• Hundreds Of Nigerian Students Stranded In Sudan, As Khartoum International Airport Shuts Down• NMA Directs All Medical Associations To Suspend Strike• FG Shuts Three Int’l Airports• Stranded Nigerians Recount Ordeal Hundreds of Nigerian students were left stranded in Khartoum, the Sudan capital, following the government’s directive that all schools be closed indefinitely over the […]