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Nigeria’s budget deficit hits N30.58tn in seven years

Herconomy Updates

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Tech Updates

Tinder's first female CEO out after less than a year

Tinder's newest CEO is out after less than a year on the job, marking the second high-profile female executive to depart its parent company, Match Group, in a matter of months. Read more…

Apple Unveils Passwordless Feature in iOS 16 and macOS Ventura

Passwords are getting closer and closer to going extinct, as Apple has showcased a passwordless future for users in its iOS 16 and macOS Venture updates. Read more…

South African digital bank TymeBank to acquire fintech startup Retail Capital

South African digital bank, TymeBank, has announced the proposed acquisition of Retail Capital, a fintech company that provides funding to Small and Micro Enterprises (SMEs) in South Africa, for an undisclosed amount. The deal is subject to regulatory approval. Read more…

Business Matters

Oil price falls, OPEC raises Nigeria’s production quota

The Organisation of Petroleum Exporting Countries on Wednesday raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day. Read more

FG fails to disburse over N11.2bn fund – Miners

The Miners Association of Nigeria has decried the lack of adequate funding in the mining sector, stating that the Federal Government has failed to effectively implement over N11.2bn intervention funds for the mining sector. Read more…

Nigeria’s budget deficit hits N30.58tn in seven years

The budget deficit has risen to at least N30.58tn in the last seven years. Read more…

FG generates N2.5bn daily from TinCan port – Customs

The TinCan Island Command of the Nigeria Customs Service has said that the command makes an average of N2.5bn daily. Read more…

NNPC sells N147bn petrol, diesel in one month

The Nigerian National Petroleum Company Limited on Wednesday said it made N147.36bn from the sale of petrol and diesel in October 2021. Read more

FG approves $2.9 billion for Badagry Seaport

The Federal Government approved the sum of $2.9 billion for the development of Badagry Deep Seaport in Lagos State. Read more…

The exchange rate appreciates to N616/$1 at the peer-to-peer FX market

Naira closed on a positive note on Wednesday, with a 0.34% appreciation against the US dollar to close at N429.2/$1 compared to N430.67/$1 recorded in the previous trading session. A total of $123.78 million was traded in the market on Wednesday, representing a 21.9% increase when compared to the $158.68 million traded on Tuesday. Read more…

FG defends N1.145b vehicles purchase for the Niger Republic

The Federal Government, yesterday, justified approval of N1,145,000,000 for the purchase of vehicles for the government of the Niger Republic. This came after Nigerians expressed outrage over the action exposed by a popular social media influencer, David Hundeyin. Read more…

Walmart lays off corporate employees after slashing forecast

Walmart has begun to lay off corporate employees, the company confirmed Wednesday, about a week after it slashed its profit outlook and warned that consumers had pulled back on discretionary spending due to inflation. Read more…

Quote of the Day

“There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self.”
—Ernest Hemingway