Category: Economy
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FG regrets drop in real GDP growth rate
Following the latest Gross Domestic Product (GDP) growth figures released by the National Bureau of Statistics (NBS) on Monday, Nigeria’s Minister of Budget and National Planning, Udoma Udo Udoma, has expressed regret at the slight drop in real GDP growth rate for Q2 2018. TheNewsGuru (TNG) reports Udoma said the slight drop in real GDP…
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Minimum wage: New structure not feasible soonest – Ngige
Chris Ngige, Nigeria’s Minister of Labour and Employment has said the new minimum wage structure will not come into place any time soon. TheNewsGuru (TNG) reports the Minister made this known while speaking with reporters in Anambra State. According to Ngige, State Governors are yet to submit their proposal on the new wage system and…
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Eid-ul-Adha: Current economic challenges are temporary – Buhari
Presiden Muhammadu Buhari has said the current economic challenges facing Nigerians are temporary, stressing that the welfare of the people is the main thrust of the change agenda of his administration. TheNewsGuru (TNG) reports Buhari made this known on Tuesday in his Sallah message to Nigerians marking 2018 Eid el-Kabir celebrations. He urged Nigerians to…
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Recession: CBN resisted pressure to float the Naira
Mr Isaac Okoroafor, the acting Director, Corporate Communications, Central Bank of Nigeria (CBN) says the apex bank resisted suggestions to float the Naira when the country was battling with economic recession. Okoroafor spoke at the Capital Chapter Congress/Dinner of the Nigerian Institute of Public Relations (NIPR), FCT chapter, on Wednesday in Abuja. Delivering a lecture…
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Oil prices steady after shake-out on supply worries
Oil prices steadied on Wednesday after slipping prices on concerns that Saudi Arabia and Russia will pump more crude in response to falling global crude inventories and rising consumer prices. Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by one million barrels per day (bpd) to counter potential supply shortfalls from…
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Niger Delta: Vandalism worries SPDC
The Shell Petroleum Development Company (SPDC), has urged youths in the oil producing Niger Delta region to embrace peace and end vandalisation of oil installations in the area. Mr Igo Weli, General Manager, External Relations, SPDC, made the appeal on Thursday in Port Harcourt, during the “Youths Summit for Land East Hub Host Communities’’ programme…
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Oil hits $80, highest since Nov 2014 as Iran tension mounts
Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market. Brent crude futures LCOc1 reached an intraday high of $80.18 while U.S. West Texas Intermediate (WTI) crude futures were up…
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FG to auction N70bn bonds May 23
The Federal Government has offered for subscription by auction N70 billion worth of bonds in its May 23 auction, the Debt Management Office (DMO) said. The offer circular obtained from its website on Tuesday in Abuja, stated that it would sell N20 billion of a five-year re-opening issue maturing in April 2023 at 12.75 per cent.…
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Inflation dropped to 12.48% in April – NBS
The National Bureau of Statistics on Tuesday released the Consumer Price Index which measures inflation, with the index dropping from 13.34 per cent in March to 12.48 per cent in April. The bureau said this in the CPI report, made available to our correspondent in Abuja. The bureau, in the report, said this was the…
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![How states withdrew N593.1bn from federation account in Q1 2018 [Infographic]](https://thenewsguru.ng/wp-content/uploads/2018/05/ImageFile-63.jpg)
How states withdrew N593.1bn from federation account in Q1 2018 [Infographic]
The 36 states of the federation have so far withdrawn about 593.1 billion from the Federation Account as revenue generated in the first quarter of 2018. The breakdown as contained in the monthly Federation Account Allocation Committee (FAAC) report showed that the key agencies that remit funds into the federation account are the Nigerian National…