The Federal Government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year.
If the deficit settles at N12.41tn in 2023, the Federal Government may need to borrow to finance it, which could raise Nigeria’s total debt to a record N54.01tn.
Nigeria’s current debt is N41.6tn, according to the 2022 first quarter…
World Bank excludes Nigeria from $315m food security cash
August 29, 2022
Nigeria is missing from the list of beneficiary countries for the $315 million World Bank fund for African countries to support food security.
The second phase of the West Africa regional Food Systems Resilience Program (FSRP-2) approved yesterday in International…
Firm begins 236 luxury housing project in Abuja
August 29, 2022
Property World Africa Network has commenced the construction of a luxury estate located in the Centenary City of the Federal Capital Territory, Abuja.
PWAN’s Max Grove Estate is a 9.1 hectare cosmopolitan residence encompassing 236 units of four to five-bedroom…
FG rakes in N1.09tn from indirect taxes
August 29, 2022
The Federal Government received N1.09tn from indirect taxes in the first two quarters of 2022, according to data from the National Bureau of Statistics.
This represents a 10.29 per cent increase from N984.33bn obtained in the first two quarters of 2021.
Indirect taxes are calculated based on current basic prices. They are taxes paid to the government by a producer or retailer and later passed on…
Ten Nigerian states bigger than African countries – VP Osinbajo
August 29, 2022
The Vice President, Professor Yemi Osinbajo, SAN, said it was unfitting to compare the realities of the Nigerian economy with those of other smaller African states.
He argued that at least 10 Nigerian states “have bigger GDPs than those countries.”
Osinbajo also noted…
FG proposes N19.76tn budget for 2023
August 29, 2022
The Federal Government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who made this known in Abuja on Monday…
NNPC eyes N422bn from six IOCs in August
August 23, 2022
Six international oil companies are to remit a total of N442.37bn in August 2022, being proceeds from the sale of domestic crude oil in May 2022, figures obtained from the Nigerian National Petroleum Company Limited on Monday showed.
NNPC explained that the N422.37bn was for 8.887 million barrels of oil for May 2022 domestic crude payable in August 2022, adding that the six companies were joint…
Food prices rose in July 2022 – NBS
August 23, 2022
The National Bureau of Statistics says prices of selected food items increased in July.
It made the declaration in its Selected Food Prices Watch Report for July 2022 released in Abuja on Monday.
The NBS stated that the average price of 1kg of white beans rose by 23.22 per…
NBC empowers 22,000 youths in five years
August 23, 2022
The Nigerian Bottling Company said it has empowered over 22, 000 youths across 10 cities, seven campuses within the digital space in partnership with international business machines, between 2017 when the company started its youth empowerment program till date.
In a…
Osun state govt owe contractor N570.2m threaten court action
August 23, 2022
The contractor handling the construction of the MKO Abiola International Airport at Ido Osun in Osun State, JM & AS Limited, has written the state government to demand immediate payment of N570.2m debt expended on the project or be ready for court action.
The firm gave the state government two weeks to pay the debt following reports that the airport had been handed over to the Nigeria Air…

