Analysis

Nigeria has revised its 2024 budget upwards by ₦1.5 trillion to ₦27.5 trillion ($32.76 billion), Budget Minister Atiku Bagudu said, after increasing the oil price benchmark to $77.96 and lowering the naira exchange rate assumption to ₦750 per dollar. Also, the government is seeking to borrow $8.6 billion and €100 million. President Tinubu said the Buhari administration approved the 2022-2024 external borrowing rolling plan on 15 May 2023. Meanwhile, the Socio-Economic Rights and Accountability Project has urged the World Bank to halt loans to Nigeria’s 36 states, citing allegations of mismanagement of public funds. While we think that the oil assumption revisions are sound and grounded in the current realities of global and domestic outlook, oil production, which is currently at 1.43 million barrels per day and up from 1.23 million barrels per day in the previous month, is still behind the 1.78 million barrels per day target set in the 2024 budget submission. The last time Nigeria’s monthly production averaged 1.7 million per day was in May 2020. However, if the current trajectory continues, the target will be achievable, which can only mean positives for Nigeria's precarious fiscal position. Meanwhile, it is still largely dependent on oil and gas ...

Heightened criminal attacks on Lagos state communities appear not to ...

Failure to meet revenue targets for the first and second ...

Yesterday there was a coup in Turkey, a nation that ...

The Central Bank of Nigeria (CBN) has reassured bank customers ...

Oil vandals killed dozens at two communities on the outskirts ...

A lot has happened over the past 2 weeks the ...

Professor Wole Soyinka has called on President Muhammad Buhari to ...

People talk about political earthquakes. The UK's decision to end ...

The naira finally strengthened against the dollar, notching up its ...

History will be made today when commercial banks set the ...

The CBN has finally let go of pegs on the ...

President Muhammad Buhari on Monday travelled to the United Kingdom ...

President Muhammadu Buhari on Thursday backed off a proposed trip ...

Nigeria’s GDP fell by 0.36% in the first quarter of ...

Chevron Nigeria received reports that at about 11pm Wednesday 4th ...

On Wednesday, Nigeria's government raised the price of petrol, saying ...

The Defence authorities have confirmed an attack on a major ...

Newspaper reports earlier this week claim that all is not ...

The Acting General Officer Commanding Division 7 of the Nigeria ...

Rural communities across Nigeria's Middle Belt have been turned into ...

Nigerians might have to pay more for petrol in the ...

Nigeria continues to grapple with a debilitating energy crisis. The ...

The crisis in Benue state continued with an attack on ...

In the final week of the Goodluck Jonathan Administration, power ...