This article covers various key developments in Nigeria, including the Central Bank's interest rate hike, the anticipated release of the Q3 GDP report by the NBS, the NIMC's decision to discontinue free physical ID cards, Dangote Refinery's petrol price reduction, and the approval of President Tinubu's loan request.
Nigeria 's Central Bank has increased its benchmark interest rate by 50 basis points, from 26.75 percent to 27.25 percent. The National Bureau of Statistics ( NBS ) is anticipated to release the report on the nation's annual gross domestic product ( GDP ) for the third quarter (Q3) of 2024, which is projected to be higher than the 2.51 percent recorded in Q2 2023 and 2.98 percent in Q1 2024.
The bureau is also expected to release reports on company income tax (CIT) and Nigeria's capital importation for the third quarter (Q3) 2024. Wale Edun, minister of finance and coordinating minister of the economy, states that Nigeria was previously spending 5 percent of its GDP on subsidies for both PMS and foreign exchange. Meanwhile, the National Identity Management Commission (NIMC) has announced that it will no longer issue free physical national ID cards to Nigerians. Peter Iwegbu, head of card management services at NIMC, explains that this decision was made to avoid repeating the mistakes of past efforts where millions of free cards were produced but not collected. Additionally, Dangote Refinery has reduced its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers. This slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant. Lastly, both chambers of the national assembly have approved President Bola Tinubu's $2.2 billion loan request after they considered reports by the committees on local and foreign debt on Thursday
Interest Rates GDP Nigeria NBS Subsidies Dangote Refinery Petrol Price National ID Card Loan Request
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