Author: New Daily Prime

The Central Bank of Nigeria (CBN) has announced a significant increase in personal remittance inflows, which rose to $20.93 billion in 2024, reflecting an 8.9 per cent year-on-year growth. This is part of the country’s broader financial performance, as the CBN also reported a balance of payments surplus of $6.83 billion for the 2024 financial year. In a statement released on Wednesday, April 9, the CBN attributed the improvement to a combination of macroeconomic reforms, stronger trade performance, and renewed investor confidence. The statement, signed by Mrs. Hakama Sidi-Ali, the CBN’s Acting Director of Corporate Communications, highlighted the resilience of…

Peter Obi, the presidential candidate for the Labour Party during the 2023 general election, has expressed deep concern over the worsening economic situation in Nigeria, warning that the country is on the brink of collapse. Obi made these comments during his address to party members at the ongoing National Executive Council (NEC) meeting in Abuja on Wednesday. In his speech, Obi underscored the severity of the nation’s challenges, pointing to alarming economic indicators that reflect a steady decline in the living standards of ordinary Nigerians. “Do not fear anybody. Those who were afraid yesterday didn’t do any better,” Obi said,…

Senior Advocate of Nigeria (SAN), Femi Falana, has begun efforts to ensure that Nigerians detained in police stations across the country receive prompt legal assistance and that their families are quickly informed of their whereabouts. Speaking at a recent event in Kano, Falana revealed that he has initiated discussions with the Attorney General of the Federation to establish legal aid desks in all police stations across the country. The announcement was made during the Capacity Building and Workshop on Training of Prosecutors on the Effective Administration of Criminal Justice, which was organised by Kurwa Hussaini in collaboration with the State…

By Alade Adisa The suspended Senator representing Kogi Central, Natasha Akpoti-Uduaghan, has instituted a N5 billion defamation case against her colleague, Onyekachi Nwaebonyi for alleging that she had six children for different men. In the process she filed through her team of lawyers led by a Senior Advocate of Nigeria, SAN, Mr. M. J. Numa, Senator Akpoti-Uduaghan described Nwaebonyi’s claim as false, saying it was a deliberate attempt to tarnish her reputation. She told the High Court of the Federal Capital Territory, FCT, that Nwaebonyi who represents Ebonyi North Central Senatorial District, had severely injured her reputation, causing her considerable…

The Nigerian government has indicated that it may review its 2025 budget of N54.99 trillion in response to recent tariff actions by the President of the United States, Donald Trump, which have caused turmoil in global trade. Wale Edun, Nigeria’s Minister of Finance, made the announcement during a press conference at the inaugural Corporate Governance Forum in Abuja, organised by the Ministry of Finance Incorporated. According to Edun, the country’s economic management team, which includes key stakeholders from both the public and private sectors, will assess the evolving situation and propose strategies to mitigate the risks and adapt to the…

The Julius Abure-led National Executive Council (NEC) of the Labour Party (LP) has accused Governor Alex Otti of Abia State of engaging in anti-party activities, alleging that he is attempting to destabilise the party ahead of the 2027 governorship elections. The party claims that Otti plans to weaken the LP before defecting to another party to contest the upcoming elections. These allegations were raised during a NEC meeting held on Monday at the party’s Secretariat in Abuja. A statement issued after the meeting, signed by Abure and the National Secretary, Umar Farouk Ibrahim, accused Governor Otti of violating the party’s…

President Bola Tinubu’s Special Adviser on Economic Affairs, Tope Fasua, has stated that the current levels of poverty in Nigeria are deeply rooted in the country’s history, dating back to the pre-Independence era. Fasua made these comments on Tuesday, April 8, during an appearance on Arise TV’s Morning Show, where he also acknowledged the ongoing surge in hunger across the nation. Fasua pointed out that poverty in Nigeria is not a new phenomenon, but rather an inherited issue that has persisted for generations. He noted that while poverty is a global issue, Nigeria’s unique historical context has made it particularly…

Omoyele Sowore, the convener of the Take-It-Back movement, has firmly rejected any plans to join a proposed coalition of former presidential candidates, Atiku Abubakar and Peter Obi, ahead of the 2027 general election. Sowore made his position clear in an interview with Arise TV’s Politics Today, stating that he would not align with the Social Democratic Party (SDP) or participate in the coalition being discussed by opposition figures. Sowore expressed his discontent with such coalitions, arguing that they are essentially repeating the same mistakes that led to the formation of the All Progressives Congress (APC) coalition in 2013 and 2015. …

Oil stocks have taken a significant hit as US President Donald Trump’s new tariffs, combined with increased production from OPEC+, led to a sharp decline in global oil prices, marking some of the lowest levels in years. Analysts have also revised their oil price forecasts for 2025 downward, predicting weak demand due to the ongoing trade war and the additional supply from OPEC+. BusinessDay’s analysis reveals that the Dow Jones US Oil & Gas Index dropped nearly 9% on Friday, with a 15.8% loss over the past two days. Similarly, the S&P Oil & Gas Exploration & Production Select Industry…

As President Donald Trump promises “Liberation Day” for the American economy on April 2nd, many U.S. businesses say the reality feels more like a hostage situation. That’s the date Trump has vowed to introduce a sweeping new round of global tariffs, which he claims will free American industry from unfair foreign competition. But for most business owners, manufacturers, and trade experts, the uncertainty surrounding the administration’s plans is stifling investment, clouding forecasts, and increasing the risk of economic slowdown. “Liberation” is proving expensive. Tariff Confusion Creates Corporate Paralysis Initially billed as “reciprocal tariffs” aimed at countries that overcharge U.S. exporters,…