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Lagos tops list of states with most external debt
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Capital expenditure declines as FG spends N7.4tn on debt servicing

The Federal Government’s expenditure report for the first eight months of 2024 highlights the significant impact of debt servicing on Nigeria’s finances. Between January and August, ₦7.41tn was spent on debt servicing, surpassing the pro-rata budget of ₦5.51tn by 34.4%. This amount represents 89.6% of the ₦8.27tn budgeted for debt servicing this year, with the […]

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Nigeria-Brazil agribusiness agreement to attract $4.3bn investment

The Federal Government, through the Ministry of Agriculture and Food Security and Fundação Getulio Vargas of Brazil, has signed a Memorandum of Understanding to promote private sector development in fertiliser production, hybrid seed technology, and agricultural finance. The MoU was signed by the Permanent Secretary of FMAFS, Temitope Fashedemi and the President of FGV, Prof. Carlos […]

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Tinubu saved Nigeria N20bn with subsidy removal, naira floating – Edun

The Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun, announced that the full implementation of market-based pricing for Premium Motor Spirit and exchange rates had saved the federal government approximately $20 billion, or 5% of the country’s GDP, as of October 2, 2024. He made this statement on Friday during the validation […]

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FG generates N346bn from November bond auction

The Federal Government raised over N346.155 billion in its November 2024 bond auction, with higher allotments despite offering a reduced amount. The auction, held by the Debt Management Office (DMO) on November 18, 2024, included reopenings of the 19.3 per cent FGN APR 2029 (5-Year Bond) and the 18.50 per cent FGN FEB 2031 (7-Year […]

FG deducts N256.5bn for gas projects in six months
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Tinubu sacks PTAD boss

President Bola Tinubu has removed Dr. Chioma Ejikeme from her position as Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), 13 months into her reappointment. Miss Tolulope Odunaiya has been named her successor and officially assumed office on November 18, 2024, according to a statement from PTAD’s Corporate Communications Unit. This was disclosed in […]

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FG pays $1.36bn to service debt

The Federal Government spent $1.36 billion to service debts owed to 12 international and multilateral creditors in the first half of 2024. This amount reflects a significant 216.07 per cent increase compared to the $431.23 million spent during the same period in 2023, as reported by the Debt Management Office. Findings show that the increase […]

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Nigeria, India finalize key agreements to boost trade

President Bola Tinubu and India’s Prime Minister, Narendra Modi have directed their officials to finalize key trade agreements aimed at boosting economic cooperation. This was disclosed in a joint statement issued in Abuja at the end of Modi’s state visit. The leaders emphasized the importance of the Economic Cooperation Agreement, Double Taxation Avoidance Agreement, and […]

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FG to begin vehicle spare parts production

The Federal Government, through the National Automotive Design and Development Council, has announced plans to begin local manufacturing of 10 essential vehicle spare parts. It said this initiative is designed to reduce Nigeria’s reliance on spare parts imports, which currently cost the country around $1 billion annually. This was disclosed in a statement by the […]

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FG to rebase GDP, inflation data in 2025

The Nigerian government is planning to rebase its Consumer Price Index and Gross Domestic Product by 2025 to improve the accuracy of economic policies and strengthen investor confidence. This update was shared in a statement on the Ministry of Finance’s official X (formerly Twitter) account after a meeting between the Statistician General of the Federation, […]

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FG revises land compensation framework, pegs cocoa at N160,000/tree

The Federal Government, in collaboration with the World Bank, has revised its compensation framework for land acquisition, setting new compensation rates for mature trees in the North Central Zone. Under the revised framework, matured cocoa trees are valued at N160,000 per tree or N160 million per hectare, matured mango trees at N105,000 per tree or […]

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Promissory Notes debt climbs to N1.65tn in June 2024

The Federal Government’s Promissory Notes debt had risen to N1.65 trillion in June 2024, reflecting a 6.5% increase from March 2024. This marks a significant 114% rise since President Bola Tinubu took office. Promissory Notes are a form of domestic debt where the government issues a written commitment to repay a specific amount at a […]

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FG approves 2025-2027 medium-term expenditure framework

The Federal Government has proposed a budget of N47.9 trillion for the 2025 fiscal year. This was disclosed by the Minister of Budget and Economic Planning, Atiku Bagudu, after a Federal Executive Council meeting led by President Bola Tinubu on Thursday. Bagudu also revealed that the council approved the Medium-Term Expenditure Framework for the 2025-2027 […]

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