Latest news with #BolaTinubu
TimesLIVE
a day ago
- Business
- TimesLIVE
Nigeria's Senate approves Tinubu's $21bn external borrowing plan
Nigeria's Senate has approved President Bola Tinubu's plan for more than $21bn (R368.21bn) in foreign borrowing to plug shortfalls in the 2025 budget, a senior lawmaker said late on Tuesday. Tinubu asked parliament to approve the borrowing in May. "With this approval we now have all revenue sources, including loans, in place to fully fund the budget," Solomon Adeola, Senate chair on appropriations, told reporters.
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First Post
2 days ago
- Business
- First Post
How to grow a nation's GDP by 30% overnight? Nigeria knows the answer
Nigeria's 2024 GDP now stands at N372.82tn ($244bn) at current prices, up from the $187.76bn estimated by the World Bank. The magic lies in the statistics read more Nigeria's President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria, on May 29, 2023. Reuters File Nigeria's economy is about 30 per cent larger than previously thought after the west African nation updated the method by which GDP is calculated, the first rejigging of its statistical model in more than a decade. Nigeria's 2024 GDP now stands at N372.82tn ($244bn) at current prices, up from the $187.76bn estimated by the World Bank, after the country's National Bureau of Statistics changed the base year from 2010 to 2019. This was done to account for previously excluded sectors such as a booming digital services industry, pension funds and the informal labour market, which employs most Nigerian residents. STORY CONTINUES BELOW THIS AD Emerging market economies are encouraged by development experts to regularly rebase their economies to better capture the size of their national output and produce economic data reflective of their nascent economies, Financial Times reported. Nigeria, Africa's most populous nation, last rebased its GDP in 2014. At the time, the change allowed it to surpass South Africa to become continent's largest economy, although it lost that crown in 2023. Following the latest rebasing, Nigeria's economy remains the fourth largest on the continent, behind South Africa, Egypt and Algeria. 'The rebasing exercise was timely,' said Michael Famoroti, an economist and head of research at Lagos-based data company Stears. 'It's usually good to do these every 10 years or so especially in developing countries when the economy can change quite a bit. Add the emergence in the digital economy in that period and we needed an updated picture of the economy.' Famoroti said the exercise had shown that a change in the composition of the Nigerian economy was well under way, with agriculture firmly cementing its place as the largest contributor to national output and crude oil 'barely' contributing, at 5 per cent. The rebasing makes certain metrics such as the country's debt-to-GDP ratio seem healthier. Nigeria's debt-to-GDP ratio was 52 per cent before the model change, but now stands at about 40 per cent. That is the same level as government's self-imposed 40 per cent mark and below the 55 per cent level encouraged by the World Bank and the IMF. STORY CONTINUES BELOW THIS AD 'My worry is that the higher GDP figure will embolden the government to be laxer with its debt sustainability,' added. 'The debt-to-GDP ratio has already declined on the back of this. But that's only masking the situation unfortunately.' Adeyemi Adeniran, head of the NBS, described the rebasing as the 'most comprehensive' ever carried out by the bureau at a press briefing in the capital Abuja. 'Digital activities, pension fund administrators and the informal sector activities, where more than 90 per cent of Nigerians are employed, are now being measured,' he said. Nigeria lost its status as Africa's biggest economy in 2023 after President Bola Tinubu devalued its currency to reflect its true value and attract foreign investment. The naira has lost more than 70 per cent against the US dollar since the measure was taken. Last week, Senegal's finance ministry said it would soon rebase its GDP for the first time since 2018, in the midst of a scandal over hidden borrowing that threatens to push its debt burden well over the current size of its economy. STORY CONTINUES BELOW THIS AD 'Rebasing could improve debt/GDP along with continued strong economic performance,' Bank of America analysts said. 'As such, the authorities may find this option appealing to resolve issues around the debt stock.' Senegal's dollar bonds have rallied since the announcement. The West African country's GDP currently uses 2014 as a base year. Last year, the IMF suspended a bailout for Senegal after billions of dollars in debt were misreported. The fund is waiting for the results of an investigation into the scandal.
Reuters
2 days ago
- Business
- Reuters
Nigeria's central bank pledges to keep policy tight as it holds key rate again
ABUJA, July 22 (Reuters) - Nigeria's central bank kept its monetary policy rate at 27.50% (NGCBIR=ECI), opens new tab for the third consecutive time this year, pledging on Tuesday to maintain its current stance until inflation risks recede. Consumer inflation (NGCPIY=ECI), opens new tab in the oil-producing West African nation fell for the third straight month in June to 22.22% year-on-year from 22.97% in May. Central Bank Governor Olayemi Cardoso acknowledged that inflation was easing. He said the rate-setting Monetary Policy Committee's decision was based on the need to sustain disinflation. "Maintaining the current monetary stance will continue to address the existing and emerging inflationary pressure," Cardoso said, adding the goal was to get inflation to single digits. Most economists polled by Reuters had predicted the central bank would keep the rate unchanged after hiking it six times in 2024 to fight soaring inflation, which repeatedly hit 28-year peaks last year. Price pressures have been spurred by President Bola Tinubu's reforms since coming to office in 2023, including ending costly subsidies and the devaluation of the naira currency . But inflation dropped sharply in January when the statistics agency updated the base year for its calculations and re-weighted the inflation basket, falling to 24.48% in annual terms from 34.80% in December. However, its decline has since slowed. Cardoso said the fall in inflation in June was largely driven by the moderation in energy prices and stability in the foreign exchange market. "Despite these positive developments, members (of the MPC) observed the uptick in month-on-month headline inflation, suggesting the persistence of underlying price pressures, the continued global uncertainties," he said, adding that tariff wars and geopolitical tensions could sustain price pressures. The World Bank has warned that persistently high inflation remains a challenge for Nigeria, urging it to stick to tight monetary and disciplined fiscal policies.
BBC News
3 days ago
- Politics
- BBC News
Muhammed Babangida accept appointment as BOA chairman?
Recently Nigeria president Bola Tinubu appoint Muhammed Babangida, son of former military head of state General Ibrahim Babangida (rtd) as oga of Bank of Agriculture. Since di appointment, na silence follow as e be like say nothing big don happun. Few days afta di announcement tori burst out for social media say Babangida no gree take di appointment. But Nigerian Presidency say Muhammed Babangida don accept im new appointment as di chairman of di Bank of Agriculture contrary to wetin pipo dey tok. Dis na according to statement wey di President Tinubu special assistant on social media, Dada Olusegun bring come outside. Di statement reveal say, oga Babangida even thank di president say im trust am wit appointment. Oga Olusegun also quote oga Babangida say im "dismiss as lie and malicious, di tori wey dey go around online wey suggest say e reject di appointment. E call am deliberate attempt to mislead kontri pipo and spoil di image of di Tinubu administration". Despite di statement from di presidency, who sign am neva clear. Oga Muhammed Babangida no get any verified social media handle wia e don tok about di appointment. Dis dey come a day afta one statement wey bin dey linked to d pikin of di former head of states, wia e allegedly tok say e reject di appointment sake of say, personal and professional mata wey dey for im plate, e no go fit to accept di role. But di presidential special assistant quote am say im say, "we wan make di public know say di pipo wey dey fake di fake news go dey investigated well-well and dem go dey brought to justice". Muhammed Babangida appointment bin dey part of plenti appointments wey President Tinubu announce on Friday 18 July across goment institutions. E bin dey appointed to di Bank of Agriculture togeda wit Lydia Kalat Musa (Kaduna State) wey get Chairman, Oil and Gas Free Zone Authority (OGFZA) and Jamilu Wada Aliyu (Kano State) wey get Chairman, National Educational Research and Development Council (NERDC). Oda latest appointment na Yahuza Ado Inuwa (Kano State) wey bin get di Standard Organisation of Nigeria (SON) chairman; and Sanusi Musa (SAN, Kano State) as di Chairman of di Institute of Peace and Conflict Resolution(IPCR) Wetin be di Bank of Agriculture? Di Nigerian Bank of Africulture (BOA) Limited bin start as di Nigerian Agricultural Bank (NAB) for 1972 and start operations for 1973. Dem change di name again for 1978 to di Nigeria Agricultural & Co-operative Bank Limited (NACB), den again for 2000 wen dem change di name to di Nigeria Agricultural Cooperative & Rural Development Bank Limited (NACRDB) wen dem bin combine wit di now dead People's Bank of Nigeria (PBN), and di Family Economic Advancement Programme (FEAP). Na until 2010 dem name am di Bank of Agriculture Limited (BOA). E start to carry out di functions of Development Finance Institution (DFI) for di Agricultural and Rural Development sector. Na di Federal goment of Nigeria get am fully and dem own am through di Federal Ministry of Finance Incorporated (MOFI) and Central Bank of Nigeria (CBN) wit 60%:40%. E currently be di biggest agricultural financial institution for Nigeria
BBC News
6 days ago
- Politics
- BBC News
Public facilities wey don get new name since 2023
Within two years wey di Nigeria president office, President Bola Tinubu start im administration e don commission and rename several goment properties afta im name, politicians and popular figures for Nigeria. On Thursday, president Bola Tinubu rename di University of Maiduguri (UNIMAID) afta di late former President Muhammadu Buhari. Buhari die at di age of 82 for one London clinic on Sunday and im family bury am on Tuesday for Daura, Katsina state. During di Federal Executive Council (FEC) wey hold in honour of di late former president on Thursday, Tinubu rename UNIMAID to Muhammadu Buhari University, Maiduguri. "Di ceremony for di special session of di Federal Executive Council honour di eighth Nigerian leader— civil war hero, former military head of state, and anti-corruption advocate — passing on July 13, with legacy of discipline and patriotism," di statement tok. "President Tinubu, open di floodgates of tributes in di presence of later leader children, e rename di 50-year-old University of Maiduguri Muhammadu Buhari University." UNIMAID to Muhammadu Buhari University Dem establish di university in 1975, under military goment in di capital city of Borno State, in northeast Nigeria. UNIMAID get 16 faculties and 127 programmes, wit 26 000 students. Now, di president don rename am as Muhammadu Buhari University, Maiduguri. Buhari serve as Nigeria democratically elected president from 2015 to 2023, e also rule as military head of state from January 1984 to August 1985. Abuja International Conference Centre to Bola Ahmed Tinubu International Centre Recently, dem rename Abuja International Conference Centre wey former President Ibrahim Babangida Tinubu to Bola Ahmed Tinubu International Centre. Di Nigeria Minister of Federal Capital Territory, Nyesom Wike also name halls inside di centre afta some politicians. Im name halls afta Vice President Kashim Shettima, Chief Justice of Nigeria Kudirat Kekere-Ekun, Senate President Godswill Akpabio and Speaker of di House of Representatives Tajudeen Abbas. According to di FCT Minister, dis na im way to say thank you to dem for supporting im FCT Administration and for how di Judiciary and Legislative arms of goment dey collabo wit executive. Former President Ibrahim Badamosi Babangida bin build di Abuja International Conference Centre for 1991. According to Wike, Babangida bin build to ICC to host one Organization of African Unity meeting. Oda tins goments don rename since 2023 In March 2024, Niger State govnor, Mohammed Umaru Bago, rename di Minna International Airport from Abubakar Imam Kagara International Airport to Bola Ahmed Tinubu International Airport. Many residents of di state para ova di new changes accusing di govnor of operating Tinubu-led goment for dia state. In June 2025, president Bola Tinubu also name one 300-bed specialist hospital for Millennium Square in Kaduna state as Bola Ahmed Tinubu Specialist Hospital. In January 2025, president Bola Tinubu commission newly built military barracks in Abuja and name di facility afta imsef "Bola Ahmed Tinubu Barracks." Di barrack go accommodate military personnel and provide dem facilities like sport center, clinic, worship centers, roads, among others. During di commission, president Tinubu describe di officers of di Nigerian Armed Forces as "heroes" of Nigeria. In December 2024, dem rename di Immigration Headquarters afta Bola Ahmed Tinubu Technology Innovation Complex. Di president also name, di Murtala Mohammed Expressway for Abuja afta Nobel Laureate, Wole Soyinka in June 2024.
