By Milcah Tanimu
The Federation Account Allocation Committee (FAAC) has indefinitely postponed its February meeting due to a dispute over NNPC’s N1.7 trillion outstanding remittances since the fuel subsidy removal in November 2024.
The National Bureau of Statistics (NBS)FG Partners UNECA, UNDP to Deploy Integrated Planning and Reporting Toolkit (IPRT) for SDGs, and NDP Alignment announced a drop in Nigeria’s inflation rate to 24.48% in January after rebasing the Consumer Price Index (CPI). This represents an 18% decrease from January 2024’s 29.9%.
Meanwhile, the Central Bank of Nigeria (CBN) retained the monetary policy rate at 27.5% and directed banks to publish details of dormant accounts and unclaimed balances on their websites.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has banned 60,000-litre fuel tankers from roads starting March 1 to curb accidents.
Nigeria’s oil production has surged to 1.8 million barrels per day (bpd), with hopes of meeting the 2025 budget target of 2.06 million bpd.
In foreign exchange, the naira appreciated to N1,502 per dollar, aligning both official and parallel market rates.
