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AugThe Nigerian National Petroleum Company Limited (NNPC Ltd) has secured a $3 billion emergency loan for the repayment of petroleum oil in an effort to stabilize the naira. NNPC Limited announced in a statement on Wednesday that it had secured crude-for-cash financing from the AFRIEXIM Bank headquarters in Cairo, Egypt. The oil-for-cash loan is intended to stabilize the foreign exchange market and support the naira as it continues to decline. “The NNPC Ltd. and AfriEXIM bank have signed a commitment letter and terms sheet for a $3 billion emergency crude oil repayment loan,” the NNPC said. “The signing, which took […]
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AugThe Ad-hoc Committee on Student Loan Fund and Access to Higher Education in Nigeria of the House of Representatives proposes an increase of 3% for the recently announced 1% increase in student loans by President Bola Ahmed Tinubu. The panel held this view during a public hearing held at the National Assembly to assess the level of progress made thus far by a presidential committee tasked with removing all legal obstacles impeding Nigerian students’ access to the loan. The Chairman of the Ad-hoc Committee, the Honorable Terseer Ugboh, has proposed an increase from one percent to three percent of the[…]
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AugDue to lack of foreign exchange, Nigeria’s inflation rate in July 2023 reached the highest rate in years at 24.08%. The July 2023 rate increased by 1.29% points compared to the previous month’s rate of 22.79%, the National Bureau of Statistics (NBS) reported in a Tuesday report on the Consumer Price Index (CPI). The Consumer Price Index monitors the rate of price change for goods and services. On July 25, 2023, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) from 18.5 percent to 18.75 percent. The interest rate hike happened amid rising food prices and growing[…]