Nigeria is now the sixth most populous country globally, with an estimated population of 235,091,156 million people as of 30th of December 2024, according to data from the World Population Review and Worldometer.India tops the rankings with 1.457 billion people, followed by China with 1.417 billion.The United States occupies third place with 346 million, while Indonesia (284.6 million) and Pakistan (253.2 million) rank fourth and fifth, respectively.This confirms Nigeria’s position as Africa’s largest population hub, emphasizing its importance in global demographic trends. Nigeria sits ahead of Brazil (212.4 million), Bangladesh (174.6 million), and Russia (144.4 million).Ethiopia follows in 10th place…
Author: Oladi Samuel
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The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has explained how the Nigerian government intends to prevent rich Nigerians from evading taxes and make them pay more, through the Tax reform bills.Oyedele presented his postulation in an X space hosted by Nairametrics in partnership with Business Day, BudgIT, and CODE.He argued that the top 5 percent earners in Nigeria do not pay enough taxes, unlike their counterparts in other countries.“Rich people find a way to not pay taxes everywhere in the world but in Nigeria, we make it so easy for them. In fact, I think…
Gov. Lucky Aiyedatiwa of Ondo State, on Monday, signed into law the N698.66 billion budget for the 2025 fiscal year, with 62.06% of the total allocated to capital expenditures.The signing ceremony, held in Akure, was witnessed by the Speaker of the Ondo State House of Assembly, Chief Olamide Oladiji, and several members of the State Executive Council, as reported by the News Agency of Nigeria (NAN).The budget, which has been dubbed the “Budget of Recovery,” allocates N433.62 billion to capital expenditures, with the remaining N265.04 billion dedicated to recurrent expenditures.“Gov. Lucky Aiyedatiwa of Ondo State, on Monday, assented to the…
The Nigerian National Petroleum Company (NNPC) Limited has dismissed allegations that its appointments and promotions are influenced by ethnicity, religion, or political affiliations, asserting that merit and expertise guide its decisions.This response comes in the wake of a controversial article by Professor Farooq Kperogi titled “Tinubu’s Buharisation of the NNPC”. Speaking with Nairametrics over the phone on Monday, Olufemi Soneye, Chief Corporate Communications Officer of the NNPCL on his reaction to the article, said “I don’t have any other reaction. I already responded to him in an article and I don’t think I want to say anything more than that.”In a…
Recent reports have suggested that Nigeria may not have planned for the repayment of domestic debts maturing in 2025, raising concerns about a potential default.These claims stem from the exclusion of principal repayments, particularly for local debt borrowings, in the proposed 2025 budget.However, in a discussion with Nairametrics, sources at the Debt Management Office (DMO) clarified that this is standard debt management practice and not an indication of financial distress.How domestic borrowing is repaidThe DMO explained that Nigeria’s domestic debt servicing strategy focuses on budgeting for interest payments—the cost of borrowing—rather than the repayment of principal.This approach, commonly referred to…
Currency outside banks hit a new high of N4.65 trillion in November 2024, representing 95.4% of the total currency in circulation, as Nigerians grappled with persistent cash scarcity despite efforts by the Central Bank of Nigeria (CBN) to ease the situation.Data from the CBN showed a significant increase in cash held outside the banking system, up by N364.38 billion or 8.5% from N4.29 trillion in October.Total currency in circulation also climbed to N4.88 trillion, reflecting a month-on-month rise of N328.91 billion or 7.2%.The new high underlines Nigeria’s continued reliance on cash for transactions, even as the CBN works to promote…
FCMB Group Plc (“FCMB Group” or the “Group”), a leading financial services group, is pleased to announce the successful completion of its public offer, following the approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).The offer was oversubscribed by 33%, attracting 42,800 investors with 92% subscribing via more convenient digital channels such as the bank’s mobile app and ushering in over 39,000 new investors to the FCMB Group.The total amount raised and verified by the regulatory authorities is ₦147,508,464,568.60 and ₦144,559,788,701.30 was absorbed through the issuance of 19,802,710,781 ordinary shares at ₦7.30 per share…
West Power and Gas Ltd (WPG), the parent company of Eko DisCo, Nigeria’s second-largest distribution company (DisCo), is close to selling its entire stake in the electricity company.Reliable sources with direct knowledge of the transaction informed Nairametrics that a consortium that won the bid has paid the minimum 10% commitment fee.The consortium comprises North-South Power (NSP), owners of Shiroro Dam; Stanbic Infrastructure Fund (the largest infrastructure fund in the country); and Axxela (one of Nigeria’s largest gas producers).Nairametrics previously reported that a winner of the bid was close to being chosen for one of the most anticipated deals of the…
An economist and CEO of SPM Professionals, Dr. Paul Alaje, has expressed doubts about President Bola Tinubu’s 15% inflation target for Nigeria’s 2025 budget, warning that it is unrealistic unless there are significant changes in the country’s policy environment.Alaje made this statement during an appearance on Channels Television’s Sunrise Daily program on Monday, where he critically analyzed Tinubu’s proposed ₦49.7 trillion budget for 2025.He noted that achieving such an ambitious inflation target would be highly improbable given the current economic policies in place.“So, we might not see the 15% that we wish to see because it is a mere projection.…
The Federal Government has confirmed Saudi Arabia’s SALIC International Investment Company’s acquisition of a 35.43% stake in Olam Agri Holdings for a substantial $1.24 billion, marking a significant boost to Nigeria’s agricultural and livestock sector.Minister of Finance Wale Edun made this announcement following a meeting with President Bola Tinubu in Lagos, emphasizing the administration’s commitment to fostering a stable macroeconomic environment that attracts high-value foreign investments.“You all know and we all heard that Saudi Arabia, the Saudi Agriculture and Livestock Investment Company, had just around the 23rd of December increased its investment in Olam by a $1.2 billion additional investment,”…