Business

President Bola Tinubu on Wednesday presented the 2024 appropriation bill of the federal government of N27.5 trillion to a joint session of the National Assembly. In the budget, the Federal Government earmarked the sum of N3.25 trillion for defence and security in the 2024 budget estimates, representing 12 per cent of the estimates. The allocation encompasses funding for the military, …

After defaulting for several years, the Central Bank of Nigeria (CBN) has released the Consolidated Financial Statements for seven years, the first time it will do so since 2015. he Consolidated Financial Statements, which were released by the CBN on its website, are for 2016, 2017, 2018, 2019, 2020, 2021 and 2022 financial periods. The apex bank also declared a …

Real estate investment has consistently held a strong allure for Nigerian investors, particularly those residing within the diaspora. Among the diverse strategies available, the concept of off-plan property investments has emerged as a prominent choice, captivating the attention of these investors for multifaceted reasons. In the subsequent sections of this article, we shall embark on an in-depth exploration of the …

Retail lender, Unity Bank Plc grew its deposits to N333.38 billion, representing a marginal increase of 2% compared to N327.42 billion recorded in H1’22 in its half-year unaudited financial statement submitted to the Nigeria Exchange Group Limited. Other highlights of the unaudited financial statement includes gross income and total assets which recorded N27.5 billion as against N27.4 billion and N512.1 …

Trading activities on the floor of the Nigerian stock market ended on Tuesday with the All-Share Index dropping by -0.44%. After five hours of trading today, the ASI decreased to 71,041.05 from 71,353.81 posted by the bourse the previous day. Similarly, the market capitalization decreased today by N164.76 billion to N38.87 trillion from N39.040 trillion recorded at the close of …

The free-fall of the naira continued unabated at both the official and parallel markets on Tuesday. The Nigerian currency depreciated by 7.63% to close at N881.88/$1 in the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window. This represents a N67.28 decline in the local currency compared to the N814.60 it closed on Monday. The intraday high recorded was N1159/$1, while …

As growing scarcity of forex bites, Nigeria’s currency, the naira, slumped to N1045/$1 at the parallel foreign exchange market as demand continues to regularly exceed supply. The British Pound Sterling was bought at N1260 and sold at N1270 while the Euro goes for N1090. Since the Central Bank of Nigeria (CBN) floated the naira in June with the aim of …

Nigerians spent N3.3trn on data, calls, sms in 2022, NCC report revealsNigerians spent N3.3trn on data, Nigerians spent N3.3trn on data, calls, sms in 2022, NCC report reveals. A report by the Nigerian Communications Commission (NCC) has revealed that Nigerians and other telecommunication consumers within Nigeria spent N3.33 trillon on calls, data, SMS, and other telecom services in 2022. According …

The Minister of Aviation and Aerospace Development, Festus Keyamo, has set up a five-member taskforce to look into the challenges faced by foreign airlines and their passengers after their relocation to the new terminal at the Murtala Mohammed International Airport,Lagos. The Federal Government had on Thursday redirected flight operations and passenger processing to the airport terminal 2 following a fire …

The International Monetary Fund (IMF) has raised an alarm over the ongoing war between Israel and Hamas Islamist militants, comparing it to “a new cloud on not-the-sunniest horizon for the world economy.” IMF Managing Director Kristalina Georgieva, who raised the concerns at the current session of the IMF and World Bank meeting in Marrakesh, Morocco, on Thursday, said the conflict …