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According to a new report released by the Economic Confidential,the federal government, 36 states and the 774 local government councils in Nigeria shared a total sum of N5.9 trillion from the Federation Account in 2017 in spite of the economic recession witnessed during the period,ThisDay reports.

National Bureau Statistics said on Tuesday, that the Nigerian economy remains in its worst recession in 29 years.

Nigeria's President, Muhammadu Buhari has launched the Nigeria Economic Recovery and Growth Plan, ERGP, which seeks to restore the nation’s economic status following the high rate of inflation and recession.

The Nigerian State Governors are demanding about $6.9billion Paris Club loan deductions from the Federal Government Herald reports.

The Minister of Finance, Mrs Kemi Adeosun said the Federation Account Allocation Committee (FAAC) shared N400 billion which is N13.1 billion more than what the three tiers of government shared as revenue in December.

Naira on Thursday edged towards N500 per US dollar at the parallel market with a sharp depreciation against two major currencies as Nigerians visit markets to stock home for the festive season .  

A representative of the United States government has advised President Muhammadu Buhari on how to end the recession troubling Africa's most populous nation.

The CBN advanced the Federal Government the sum of N1.193 trillion as Ways and Means as at 2nd December 2016.

  Naij News - Amidst the recession Nigeria is presently battling, the prices of some basic food items have crashed.

The Presidency has reacted to a recent comment made by the emir of Kano, Muhammadu Sanusi II criticizing the Muhammadu Buhari government on seeking a $30bn external loan.

Nigeria President Muhammadu Buhari has reacted to the current economic situation in the country by releasing some cash to state government to off set its back log salary and pension arrears. President said, “I have approved the disbursement of 522 billion naira to the State Governments, to enable them pay salary and pension arrears, and put money in the economy.” The President further added that, “we have stipulated that at least 50% of the funds should be dedicated to salaries and pensions, and we will audit disbursements to ensure compliance.” The Ministry of Finance is currently processing the first batch of 153 billion naira, which, I am told, will be released to 14 States. The Ministry will provide more details on how the funds will be disbursed and how we will monitor the utilization to ensure that Nigerians receive the full benefits from their State Governors. “As I said in my Independence Day Speech, I firmly believe that this recession will not las...

Emir of Kano, Muhammadu Sanusi II, has stated for yet another time the three sure steps that would take Nigeria out of its current econimic situation.

The Governor of Central Bank, Godwin Emefiele, has announced that the drastic fall in the price of oil and the current economic challenges as a result of the low export of oil in Nigeria, has lead to the crash in federal allocation by an average of N2billion per state every month.

Since the dollar has refuse to come down, presidency has decided to use DSS to force the dollar down According the cartoon by Mike Asukwo. Lol

For allegedly running fowl of the Central Bank of Nigeria’s (CBN) rules, one of the three banks said to be under its scrutiny, the Standard Chartered Bank, has been found culpable and is to cough out N2 billion as fine for running against the foreign exchange rule.

 Northern Region Editor Apparently alarmed at the state of the economy, the Federal Government has invited experts to make vital inputs into its Medium Term National Economic Plan.  The experts include Prof. Akpan Ekpo; Prof. Olu Ajakaiye; Prof Joe Umoh; Dr. Obadiah Mailafia; Dr Ayo Teriba; Dr Dotun Sulaiman; Dr Ayo Salami; Mr Boda Agusto; Mr Bismarck Rewane; Mr Frank Nweke; Engr Mansur Ahmed; and Mrs Adepeju Adebajo.  The move, according to findings, is to enable the experts have a say in the budget process, with a view to making it richer and more beneficial to the nation. Vanguard learned that the experts are expected to converge on Abuja for two days, beginning tomorrow, to brainstorm on how to fine-tune the 2017-2019 Medium Term Expenditure Framework, MTEF, being developed by the Ministry of Budget and National Planning and set for publication next month.  Explaining the rationale behind the engagement of the experts, the Minister of Budg...

The Chief Executive Officer of Erisco Foods, Eric Umeofia, has decried the Central Bank of Nigeria, CBN’s foreign exchange policies, saying they were stifling local manufacturers’ operations and growth. Mr. Umeofia said this on Tuesday in Lagos at a news conference.

THE Muhammadu Buhari-led administration  has again come under intense hammer by the International Monetary Fund  over what it described as the slow policy response of Nigeria  Government to the economic crisis ravaging the country and other oil exporting countries in sub-Saharan Africa.

POST.NG: The International Monetary Fund, IMF, has on Tuesday, October 4, predicted that Nigeria’s hunger and recession will not end anytime soon.

by Dr. Pergerino Brimah It's a mystery how Goodluck Jonathan's appointed CBN Governnor, Godwin Emefiele remains at the helm of Nigeria's Apex bank. While the processes for his dismissal maybe somewhat convoluted, they do exist; and one man cannot stand in the way of the progress of an entire nation, regardless of the conditions of his enthronement.