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Lagos State has earmarked huge capital expenditure of N1.39 trillion in the 2022 fiscal year to service key growth areas in order to consolidate the recovery of the State’s economy and positively transform residents’ livelihoods. Presenting the budget to the House of Assembly on Wednesday, Governor Babajide Sanwo-Olu said the State would be spending N325…
The 2022 Appropriation Bill will be passed on December 14, president of the senate, Ahmad Lawan, has said. Lawan, who made the announcement during plenary on Tuesday said that this was to enable the upper chamber maintain the January to December budget cycle. He said that it was essential for the senate to stick to…
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday voted to hold the Monetary Policy Rate (MPR) at 11.5 per cent for the umpteenth time. Reading a communiqué after the committee’s 282nd meeting on Tuesday, Mr Godwin Emefiele, the CBN Governor, said the MPC also unanimously agreed to hold all…
Federal Government of Nigeria has come face-to-face with reality that the nation’s oil-driven economy should be diversified. What are the plans on the ground to actualise this? *** The Minister of Mines and Steel Development, Olamilekan Adegbite, has said the reforms by the current administration have begun to bear fruits following achievements in de-risking the…
The end users are the worse for it when diesel continue to rise in an ailing economy. What are the implications on market forces? *** As the organised labour and the Federal Government continue their engagement on what the appropriate price of petroleum motor spirit (PMS), otherwise known as petrol should be, oil marketers in…
There are several opportunities inherent in Google’s investment in Nigeria’s digital economy, as internet connectivity turns the world into a global village. What are the accruable benefits? *** Global internet technology giants, Google has revealed at a recent Google for Africa event that it plans to invest $1 billion over the next five years to…
While Nigeria has experienced some growth in her GDP in the current year, the concrete parameters for measuring human development in the country remain puzzling and disheartening. *** The alluring yearning and possibility for a better life easily draws even economic pundits into the mire of an illusion that the real measure of a country’s…
When we mention Gross Domestic Product (GDP), we talk about the total market value of all goods and services produced in a country’s economy during a specified period (usually a year). It includes all final goods and services which are produced by the economic agents located in that country, regardless of their ownership, and can…
The phenomenon of digital currencies has assumed a wider dimension globally over the last decade with its attendant impact on commerce and the economy often dividing opinions on the subject. The growth in its adoption is partly attributed to massive expansions in the global Fintech industry and the unending search for newer digital investment frontiers,…
After more than two decades of endless national debates and stalemate, there is a new Petroleum Industry Act 2021 (PIA) in the country. The Act has provided a six-month transition period for the emergence of a fresh institutional framework for oil and gas operations in the country. Unsurprisingly, the newly promulgated PIA 2021 has continued…
