Month: December 2022

With few days to the end of 2022, the Federal Government plans to add ₦819.5 billion supplementary budget for critical infrastructure projects, to be financed from domestic borrowing sources, to the ₦20.5 trillion initially proposed by the President to bring the total budget to ₦21.32 trillion. The unprecedented damage inflicted on some of our infrastructures due…

The Lagos Chamber is gravely concerned about the recent downgrades of Nigeria’s Sovereign Risk profile by three leading global default risk rating agencies. Fitch downgraded Nigeria’s long-term foreign currency debt Issuer Default Rating (IDR) from ‘B’ to ‘B-, few notches above a junk status, following Moody’s lead in downgrading Nigeria’s risk outlook, and Standard and…