Ecomony articles

Inflation rate drops for the third consecutive month

Inflation rate drops for the third consecutive month

After 15 months on the rise, the consumer price index (CPI) which measures inflation rate in the Nigerian economy has been on the decline, dropping for the third consecutive month. According to the National Bureau of Statistics (NBS), inflation rate dropped to 17.24 percent (year-on-year) in April, declining by 0.02 percent from the figures recorded

BREAKING: National Assembly passes 2017 budget

The National Assembly has passed the 2017 Appropriations Bill, raising the budget from N7.28 billion earlier proposed by President Muhammadu Buhari in December last year, to N7.44 trillion. The Appropriations Committees of the Senate and the House of Representatives separately presented their harmonised reports of the budget for consideration and subsequent passage on Thursday. According

BOOK REVIEW: ANEEJ expands the oil subsidy debate with new book

Title: Fatality of Nigerian Oil Subsidy Politics. ISBN 978-978-959-255-8 Authors: The Rev David Ugolor & Comrade Leo Atakpu. Publisher: The Africa Network for Environment and Economic Justice (ANEEJ) Number of Pages: 76. Reviewer: Erhisohwode Assurance Ovie. A book is a work of art requiring a lot of discipline and painstaking dedication and commitment in all

CSOs task Buhari on early submission of budget proposal to National Assembly

Civil Society Organisations in Lagos (CSOs) have advised President Muhammadu Buhari to imbibe the practice of sending the yearly appropriation to the National Assembly early enough so as to give members opportunity to scrutinise and pass the budget in good time. The suggestion was made on Tuesday during a workshop for CSOs on Open Government

CBN vows to continue forex intervention

The Central Bank of Nigeria (CBN) on Sunday reiterated its determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users. Isaac Okorafor, acting director, corporate communications of CBN, in a statement said the bank wants to disabuse the notion

Senate asks customs CG, Hameed Ali to resign

The senate has called for the resignation of Hameed Ali, comptroller-general of the Nigeria Customs Service (NCS). The resolutions of the upper legislative chamber was sequel to prayers moved by Enyinnaya Abaribe, senator representing Abia south. The senate also declared Ali unfit to hold public office and condemned a letter written by Abubakar Malami, attorney-general

Despite leadership change, Nigerian Customs remains riddled with corruption, inefficiency

On Monday January 30, the Comptroller-General of the Nigerian Customs Service, NCS, Hameed Ali, gathered journalists in Lagos and announced that officers of the agency on “information patrol” intercepted 661 Pump Action handguns concealed inside a 40 foot container. Reading from a prepared speech, Mr. Ali described the seizure as “the new normal” and a

FG reverses forex restrictions for schools fees, medical tourism, business travels, others

The Central Bank of Nigeria(CBN) has reversed it policy restriction on foreign exchange (forex)and has ordered banks to set up forex kiosks at airports. This policy reversal was made public via a statement by Isaac Okoroafor, the Apex Bank’s spokes man. SEE STATEMENT BELOW: “In continuation of efforts to increase the availability of Foreign Exchange

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