Economy

The National Assembly has approved the 2024 budget, increasing it by approximately N1.2 trillion from the initial proposal presented by President Bola Tinubu. The budget, which was raised from N27.5 trillion to N28.7 trillion, reflects adjustments to align with current market conditions. Notably, the benchmark for crude oil price was set at $77.96 per barrel,…

President Bola Tinubu has requested Senate approval to convert the remaining balance of ways and means of revenue in Nigeria’s Consolidated Revenue Fund (CRF) into federal assets, disregarding the advice of his special investigator, Jim Obazee. Obazee had recommended reassessing the balance, claiming it was acquired dubiously and illegally. However, Tinubu has emphasized the legality…

The National Assembly has approved the budget for Nigeria’s 2024 fiscal year, with significant adjustments to the initial proposal. President Bola Tinubu had presented a budget of N27.5 trillion, but the Assembly increased it to N28.7 trillion, marking a notable increase of over N1.2 trillion. In addition to the overall increase, the Senate adjusted the…

The Naira has been identified as one of the worst-performing currencies globally in 2023, as reported by Bloomberg in its recent publication. The currency is projected to record its most challenging year since Nigeria’s return to democracy in 1999, with analysts anticipating further depreciation in 2024. According to Bloomberg’s findings, the Naira experienced a significant…