Abuja, Oct. 8, 2025 – The Tinubu Media Volunteers (TMV) have applauded the dramatic surge in the federation revenue following the sweeping fiscal reforms the President Bola Tinubu administration embarked upon in the last two years. The group made the commendation in a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe. The TMV specifically alluded to the over 400% increase in revenue in the last 28 months. It said: Based on these reforms, the country’s revenue rose to N3.65 trillion, a 411 % increase by …
Tinubu seeks Senate’s approval for new $2.3bn loan
Abuja, Oct. 8, 2025 – President Bola Tinubu has written to the Senate for the approval of new $2.3 billion loan. The letter was read on Wednesday during plenary by Senate President Godswill Akpabio. The president said the loan was required to implement the 2025 Appropriation Act, refinance maturing Eurobonds and expand the country’s debt instruments to include Islamic finance products. He said a key element of the plan is the refinancing of Nigeria’s $1.118 billion Eurobond issued in 2018 at a coupon rate of 7.625% and due in …
World Bank upgrades Sub-Saharan Africa growth forecast over inflation drop
Washington, Oct. 8, 2025 – Sub-Saharan African economies are expected to grow by a faster 3.8% this year due to receding price inflation, the World Bank said on Tuesday. Back in April, the institution had forecast an initial 3.5% growth for the region in 2025. In its biannual Africa’s Pulse report, the bank said this upgrade was due to lower inflation and improved foreign trade. The region’s median inflation rate declined to 4.5% in 2024 and should stabilise between 3.9 and 4% annually by 2026, the bank predicted. Growth …
Trump’s Contradiction: Demanding steep rate cuts for a ‘booming’ economy
Washington, Oct. 8, 2025 – When recent data showed the US economy grew by the fastest pace in nearly two years, the White House released a statement hailing the “Trump economy’s explosive growth,” which proved “so called ‘experts’” wrong. The numbers showed gross domestic product increased at a revised 3.8% annualized pace during the second quarter which, the White House said, was just the beginning of a new economic resurgence. Yet that bullish tone was in stark contrast to a message delivered only hours earlier, before the data was released, …
Naira depreciates at official market Tuesday, closing at N1,472 to dollar
Lagos, Oct. 8, 2025 – The Nigerian currency, Naira, fell at the official segment of the foreign exchange market on Tuesday, closing at N1,472 to the dollar. The exchange rate at the market on Monday was N1,464 to the dollar Bid rates quoted by dealers in the market on Monday ranged between N1,467.05 and N1,477 to the dollar. Meanwhile, the currency was traded at the black market in Lagos on Tuesday at between N1,480 and N1,490 to the dollar.
Bitcoin hits record high amid U.S. fiscal uncertainty
Washington, Oct. 6, 2025 – Bitcoin surged to a new record on Sunday, climbing past $125,000 as investors sought safe havens amid mounting concerns over a potential U.S. government shutdown. The cryptocurrency reached $125,689, surpassing its previous all-time high of $124,500 recorded in August, according to Bloomberg. Analysts said the rally was supported by broader market optimism, with U.S. stocks also rising as lawmakers in Washington continued tense negotiations over federal funding. “With multiple assets, including equities, gold, and even collectibles like Pokémon cards, reaching unprecedented highs, it’s not …
Trump Tariffs’ Boomerang: U.S. prices climb on imported goods
Washington, Oct. 6, 2025 – The impact of the large-scale import tariffs imposed by U.S. President Donald Trump has begun to appear in U.S. prices, particularly across a wide range of imported goods from soup cans to auto parts, the British daily Financial Times, FT, has reported. This is attributed to companies that had been holding inventory absorbing the cost increases from tariffs no longer being able to withstand the burden and beginning to pass it on to consumers. “The effect of the Trump tariffs is beginning to show …
Trump’s $100,000 H-1B fee draws rare rebuke from US business
Washington, Oct. 4, 2025 – A coalition of business groups warned President Donald Trump that a newly announced $100,000 fee for H-1B visa applications risks harming the US economy and urged the administration to avoid changes to the skilled worker program that impose added burdens on companies. In a letter sent Friday to Trump, roughly a dozen industry organizations representing chipmakers, software companies and retailers said the new fee threatens to crimp a crucial talent pipeline of foreign skilled workers and leave critical jobs unfilled. “We ask the administration …
Naira slides at official market Friday, closing at N1,469 to dollar
Lagos, Oct. 2025 – The Nigerian currency, Naira, depreciated against the dollar at the official foreign exchange market on Friday, closing at N1,469 to the dollar. The exchange rate was N1,464.8500 to the dollar on Thursday. Bid rates quoted by dealers at the market on Friday ranged between N1,446 and N1,472 to the dollar. Meanwhile, the naira exchange rate at the black market in Lagos on Friday was between N1,450 and N1,500.
World Bank to approve $750m loans to Nigeria Tuesday
Lagos, Sept. 29, 2025- The World Bank is to approve two major loans for Nigeria totaling $750m on Tuesday, Sept. 30, 2025. The loans are to facilitate the the take-off of Nigeria’s digital infrastructure to expand broadband access and also to strengthen Nigeria’s healthcare security. According to the bank’s website, the financing package includes a $500m facility for the Building Resilient Digital Infrastructure for Growth in Nigeria (BRIDGE) project and a $250m loan under the Health Security Programme in Western and Central Africa, Nigeria – Phase II. The BRIDGE project …