Author: Geoff Iyatse

Fiscal Crisis Looming as States Spend 130% of IGR on Wage Bills Many states, including Kano, Imo, Adamawa, and Taraba, are facing a fiscal crisis as they allocate about 40% of their revenue to pay personnel costs, leading to concerns about unsustainable financial practices. Data from BudgIt reveals that last year, the 36 states spent a total of N1.94 trillion on wages, exceeding their IGRs by 108%. Despite efforts to increase revenue generation, most states struggle to meet their targets, with only 14 states scoring 30% or higher on the sustainability index. The proposed increase in the minimum wage poses…

• Apex bank trades quick fixes for long-term confidence building• Gwadabe: Lack of clarity in new guidelines fueling fresh panic• Naira on edge ahead of summer activities• Moody’s: Govt to spend 36 per cent revenue on interest• MPC commits to 21.4% long-term inflation target, says member The Central Bank of Nigeria (CBN) has ceased funding the Bureau de Change (BDC) sector, signaling a shift towards long-term market liberalization strategies. The CBN aims to instill confidence through sustainable liquidity solutions. Under the new regulatory framework, existing BDC operators have six months to comply with the updated guidelines, prompting concerns and uncertainties…