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News Update

News Update·Economy·News

Nigeria’s Inflation Rate Drops To 22.22% In June 2025

Nigeria’s inflation rate eased to 22.22% in June 2025, down from 22.97% recorded in May, according to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS). This represents a 0.75 percentage point drop on a year-on-year basis

July 17, 2025

CBN Imposes N1.2m Daily Limit Transaction On PoS Agents

The Central Bank of Nigeria (CBN) has restricted Point of Sales (PoS) agents to a daily transaction limit of N1.2 million. This was revealed in its ‘Circular on Cash-Out Limits for Agent Banking Transactions,’ released on Tuesday. According to the circular, the

December 18, 2024

CBN Announces Indefinite Validity for Old and New Naira Currency Notes

The Central Bank of Nigeria (CBN) has reiterated that the old and redesigned N1000, N500, and N200 banknotes remain legal tender and will continue circulating concurrently without deadline. According to the statement issued by Mrs Sidi Hakama, the Acting Director of Corporate

December 18, 2024

Governor Uba Sani Returns Abacha Family’s Properties Revoked By El-Rufai

The Kaduna State Governor, Uba Sani has returned two landed properties previously revoked by the immediate past administration of Governor Nasir El-Rufai, to the family of late military dictator, General Sani Abacha. The properties located at No 9 Abakpa GRA and No

December 18, 2024

2025 Budget: Tinubu Projects Inflation Reduction to 15% and Dollar Rate of N1,500

President Bola Tinubu announced that the 2025 budget forecasts a decline in inflation from the current rate of 34.6% to 15% next year. He made this statement during his presentation of the N47.9 trillion budget proposal to a joint session of the

December 18, 2024

Security, Infrastructure, and Education Take Center Stage in Tinubu’s ₦47.9tn 2025 Budget

Security, defense, infrastructure, health, and education received significant allocations in the N47.9 trillion budget proposal presented by President Bola Tinubu to a joint session of the National Assembly on Wednesday afternoon. “It is with great pleasure that I lay before this distinguished

December 18, 2024

Mali, Burkina Faso, Niger to end ECOWAS Membership in January 2025

The Authority of Heads of State and Government of ECOWAS has given Burkina Faso, Mali, and Niger six months, from January 29 to July 29, 2025, to reconsider their decision to exit the regional bloc. President of the ECOWAS Commission, Dr Omar

December 18, 2024

Nigerians Paid ₦2.23tn as Ransom to Kidnappers in Twelve Months—NBS

The National Bureau of Statistics (NBS) reports that Nigerians paid ₦2.23 trillion in ransom to kidnappers over twelve months. The NBS noted that these payments occurred between May 2023 and April 2024. According to the NBS’s latest Crime Experience and Security Perception

December 18, 2024

CBN Introduces N100,000 Daily Withdrawal Limit on PoS Terminals

The Central Bank of Nigeria (CBN) has introduced a daily cash withdrawal limit of N100,000 per customer for transactions conducted through Point-of-Sale (PoS) terminals. This directive, part of efforts to bolster the cashless economy and mitigate financial fraud, was outlined in a

December 18, 2024

Three Dead in Wisconsin Christian School Shooting

A tragic incident unfolded at a private Christian school in Wisconsin, where a student opened fire, resulting in the injury of six individuals and the deaths of a teacher and a teenage student. Madison Police Chief Shon Barnes reported that the shooter

December 17, 2024

IGP Orders Immediate Ban on Unlawful Arrests, Phone Checks, and Youth Detention

The Inspector-General of Police (IGP), Kayode Egbetokun, has ordered an immediate end to the unlawful arrest and detention of youths, as well as the arbitrary checking and confiscation of phones by police officers nationwide. This directive, which comes amidst mounting public outcry

December 17, 2024

State House Press Release: President Tinubu Appoints International Development Specialist Aisha Garba To Head UBEC

President Bola Ahmed Tinubu has appointed Aisha Garba, an international development specialist, as the Executive Secretary of Universal Basic Education (UBEC). Garba, a Senior Education Specialist with the World Bank, brings more than twenty-four years of experience driving impactful programmes in education

December 17, 2024

BREAKING! Senate Moves To Ban Foreign Currencies In Nigeria

A new bill to ban the use of foreign currencies, including the US Dollar and British Pound Sterling, for domestic transactions in Nigeria has passed its first reading in the Senate. The bill, titled “A Bill for an Act to Alter the

December 17, 2024

President Tinubu’s N47.9tn Budget Presentation Scheduled for Wednesday

President Bola Tinubu is set to present the 2025 budget to a joint session of the National Assembly on Wednesday. This follows the final approval for its presentation given by the Federal Executive Council on Monday. Speaking to State House correspondent shortly

December 17, 2024

ECOWAS Steps Up Efforts to Establish Regional Single Currency

The Economies of West African States (ECOWAS) has intensified efforts on practical arrangements for the launch of the single currency, ECO for the region following consensus reached in the implementation of the directives issued at its 65th Ordinary Session. This was revealed

December 17, 2024

Tinubu Calls on Media to Champion Tax Reform Efforts

President Bola Tinubu has urged the media to support his administration’s proposed tax reforms, calling them a vital step toward creating lasting national wealth and prosperity for all Nigerians. The President recently spoke at the 2024 Nigerian Media Merit Awards held at

December 17, 2024

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