Economy Archives - Page 3 of 14 - Independent Digital News Network

Senate Vows No Budget Extension Beyond December, Signals Tighter Fiscal Discipline

Nigeria’s Senate has vowed to end the practice of extending federal budgets beyond December, warning that delays undermine fiscal discipline and accountability. Lawmakers said the 2026 budget would mark a decisive break from past spending habits, as concerns mount over revenue shortfalls, rising deficits, and the need for stricter oversight of service-wide votes.

IMF Growth List Sparks Debate After Elon Musk Reacts to Nigeria Ranking

IDNN3 months ago3 months ago0

Nigeria’s inclusion on an International Monetary Fund list of top global growth contributors has triggered online debate after billionaire Elon Musk reacted to the ranking. While the IMF data reflects projected contributions to global growth, economists caution that headline figures often mask domestic pressures, turning the spotlight on how global metrics intersect with local realities.

World Bank Praises Nigeria’s Reform Consistency as Tinubu Says ‘No Turning Back’

IDNN3 months ago3 months ago0

The World Bank has commended Nigeria for maintaining consistency in its ongoing economic reforms, while President Bola Tinubu reaffirmed his administration’s commitment to staying the course despite short-term pressures. The remarks come as the government pushes fiscal and monetary adjustments aimed at stabilisation, investor confidence and long-term growth.

FG to Share Electricity Subsidy Burden With States From 2026

IDNN3 months ago3 months ago0

The Federal Government has announced plans to share electricity subsidy costs with state and local governments from 2026, ending the long-standing practice of carrying the burden alone. Officials say the move is aimed at transparency and fiscal discipline, as Nigeria grapples with mounting power-sector debt and seeks to stabilise an electricity market strained by unpaid subsidies.

Onitsha Traders Reopen Market as Army Warns IPOB/ESN Remnants

IDNN3 months ago3 months ago0

Commercial activity has resumed at the Onitsha Main Market after years of disruption, as traders returned amid renewed security assurances from the Nigerian Army. The move follows sustained operations against violent groups in the South-East and marks a critical test of confidence in security efforts, economic recovery, and the state’s ability to restore normalcy in one of Nigeria’s largest trading hubs.

Onitsha Main Market Reopens as Soludo Defies Sit-at-Home Order

IDNN3 months ago3 months ago0

Onitsha Main Market reopened on Monday under heavy security as Anambra State Governor Chukwuma Soludo moved to enforce economic activity despite a sit-at-home order. The decision pits state authority against disruption fears, reopening debate about governance, security enforcement, and how long traders can absorb economic paralysis in Nigeria’s major commercial hubs.

JP Morgan Backs Afreximbank Bonds After Fitch Downgrade

IDNN3 months ago3 months ago0

Investor confidence around Afreximbank bonds came into focus after JP Morgan publicly backed the lender’s debt despite a recent downgrade by Fitch Ratings. The move highlights diverging views within global markets on African development finance risks, even as rating agencies reassess exposure amid tightening global financial conditions.

Tax Laws Controversy: Reps Spokesman Rejects Ndume’s Falsification Claims

IDNN3 months ago3 months ago0

Nigeria’s tax laws controversy intensified after the House of Representatives rejected claims that newly enacted tax reforms were falsified. The rebuttal followed allegations by Senator Ali Ndume, reopening questions around legislative transparency, internal review processes and how disputes over major fiscal reforms are resolved within Nigeria’s lawmaking system.

IMF Global Growth Outlook 2026 Nigeria Ranks Among Top Contributors

IDNN3 months ago3 months ago0

Nigeria has been listed among the world’s top contributors to global economic growth in 2026, according to the International Monetary Fund. The IMF global growth outlook 2026 Nigeria projection places the country ahead of several advanced economies in the Fund’s latest ranking and underscores a wider shift toward emerging markets as the main engines of world expansion.

Nigeria’s Tax Deadline Is Closer Than It Looks — What the Annual Returns Rule Really Means

IDNN3 months ago3 months ago0

As Nigeria’s annual tax filing deadline approaches, authorities are intensifying compliance efforts, warning individuals and businesses against late submissions. The push is part of a broader reform drive to expand the tax base and improve transparency. For many taxpayers, however, confusion remains over who must file, what qualifies as compliance, and what penalties apply.