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Nigeria’s National Assembly passes 2024 budget after upward review

Published

12 months ago

December 31, 2023

Nigerian lawmakers on Saturday approved a budget for 2024 totalling 28.77 trillion naira ($34 billion).

At a joint sitting of Nigeria’s bicameral legislature, the Senate and the House of Representatives discussed the budget and decided to approve it with the modifications the administration had requested.

Initially, President Bola Tinubu presented lawmakers with a budget of 27.5 trillion naira, assuming an average exchange rate of 750 naira per dollar and projecting a 3.9% GDP deficit.

Tinubu stressed at the presentation that the 2024 budget for “Renewed Hope” was drafted with intentions to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development as well as poverty reduction and greater access to social security.

Despite the obstacles, particularly the fall in global oil price and local production, Tinubu maintained that the Nigerian economy had done well in 2023 and that the government had continued to fulfil its duties, even though the policies have yet to have a positive effect on the standard of living.

With two key policy initiatives—the unification of the exchange rate, and the elimination of petrol subsidies to address fiscal waste—the Nigerian government under President Tinubu has attempted to stabilise the nation’s economy.

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”