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Fiscal Policy

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Nigeria

FG weighs options as Iran war pushes petrol above N1,000

The Federal Government is assessing its economic and diplomatic options as the war involving Iran, the United States and Israel begins to hit Nigerians through higher fuel prices and fresh pressure on the economy. Officials are closely tracking developments in the Middle East, where attacks on oil facilities, shipping disruptions and tensions around strategic waterways have driven up global crude prices. The conflict has already pushed Brent crude well above Nigeria’s 2026 budget benchmark, raising both risks and opportunities for Africa’s largest oil producer. On the domestic front, petrol prices have crossed or neared N1,000 per litre in many locations, with queues reappearing at filling stations across parts of the country. Marketers and analysts link the spike to higher international crude and freight costs, as well as supply constraints and the impact of the conflict on global refinery output and […]

Abdulmumini Auwal SA March 8, 2026

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Nigeria

Tinubu insists new tax laws start January 1

President Bola Tinubu has reaffirmed that Nigeria’s new tax laws will take effect tomorrow, January 1, 2026, despite mounting calls for a delay. He said no substantial issue has been found to justify suspending the reforms, which he described as a once in a generation chance to build a fair and stronger fiscal system.​ Tinubu explained that the new tax laws are not aimed at simply raising taxes but at restructuring the system, harmonising levies and protecting citizens’ dignity while strengthening the social contract. He urged all stakeholders to support the implementation phase and promised that the Presidency will work with the National Assembly to quickly resolve any genuine concerns about the laws.​ He also responded to public criticism over alleged changes between the version of the tax laws passed by the National Assembly and the gazetted version. The President […]

Abdulmumini Auwal SA December 31, 2025

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international

Top 10 Countries with the Most Government Debt in 2025

As of 2025, government debt remains a key marker of fiscal health, shaped by economic strategies and spending priorities. According to the International Monetary Fund’s World Economic Outlook (October 2025), here are the top ten countries with the highest government debt: United States – $38.27 trillionThe US has the world’s largest government debt, owing to decades of deficits and fiscal stimulus. Strong investor confidence keeps borrowing costs manageable. China – $18.68 trillionChina’s debt is driven by infrastructure investment and local government borrowing. Despite rising debt, substantial foreign reserves and investor demand stabilize costs. Japan – $9.83 trillionJapan exhibits one of the highest debt-to-GDP ratios due to stimulus spending and an aging population. Low interest rates help service its debt, but demographic challenges remain. United Kingdom – $4.09 trillionThe UK’s debt results from pandemic recovery spending and social program commitments. Fiscal policies balance growth with […]

Abdulmumini Auwal SA November 9, 2025

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new africa

 Oyedele Urges Governors to Borrow for Infrastructure Only

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has advised state governors to borrow money only for building infrastructure that spurs economic growth, not for routine government spending. Speaking at the launch of a report on state finances in Abuja, Oyedele expressed concern over the rising debt levels of state governments. He clarified that borrowing is not inherently bad, but its purpose is what matters. “There is nothing wrong with borrowing; what matters is what you are borrowing for?” he stated. “We need to borrow less for recurrent spending, if at all, and borrow responsibly for infrastructure and productivity.” He commended states like Abia, Enugu, and Lagos, which allocate over 70% of their budgets to capital projects like roads and schools. He also revealed that new tax laws coming into effect next year will shift […]

Abdulmumini Auwal SA October 28, 2025

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international

UK Unemployment Rises to Highest in Over Four Years

The United Kingdom’s unemployment rate has climbed to its highest level in more than four years, adding pressure to the economy ahead of the government’s upcoming budget announcement. According to figures released on Tuesday by the Office for National Statistics (ONS), the unemployment rate rose to 4.8 percent in the three months to the end of August — the highest since early 2021. This marks a slight increase from 4.7 percent recorded in the previous three-month period ending in July. The rise in unemployment comes as Britain faces sluggish economic growth and persistently high inflation, roughly six weeks before the Labour government unveils its next tax and spending plans. Richard Carter, an analyst at investment manager Quilter Cheviot, said the latest figures highlight growing weakness in the job market.“The latest statistics show some significant cracks are forming in the UK […]

Abdulmumini Auwal SA October 14, 2025

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Ahafo

Bawumia Dismisses NDC’s Claim Over Cedi Gains

Former Vice President Dr. Mahamudu Bawumia has challenged the National Democratic Congress (NDC)'s assertion that their policies have led to the recent appreciation of the Ghanaian cedi. Speaking at the Young Executive Forum in London, Dr. Bawumia emphasized that the NDC has not implemented any concrete policies to influence the currency's performance. Bawumia's Perspective Dr. Bawumia highlighted that the NDC's budget was only passed in March, with no significant expenditures or projects initiated that could impact the cedi's value. He attributed the currency's gains to strategic initiatives undertaken during his tenure, notably the gold purchase program, which increased Ghana's gold reserves from 8.7 tons to 30 tons over two years. This accumulation provided a substantial backing for the cedi, enhancing investor confidence. NDC's Counterpoint In contrast, Finance Minister Dr. Cassiel Ato Forson credited the cedi's appreciation to synchronized fiscal and […]

Ahmad May 20, 2025

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Ahafo

GUTA Applauds Bank of Ghana for Strengthening Cedi, Urges Sustained Economic Measures

The Ghana Union of Traders’ Associations (GUTA) has lauded the Bank of Ghana (BoG) for the recent strengthening of the Ghanaian cedi against major international currencies, attributing this development to effective forex market management and prudent fiscal policies. In a statement released on May 7, 2025, signed by GUTA President Dr. Joseph Obeng and Head of Business & Economic Bureau Charles Kusi Appiah Kubi, the association acknowledged the cedi's consistent appreciation since the beginning of the year. This positive trend has brought relief to the business community, enabling traders to recover some of the capital lost during previous periods of currency depreciation. GUTA emphasized that the cedi's stability has not only bolstered business confidence but also altered market perceptions, reducing the reliance on foreign currencies as a store of value. The association urged the BoG and the government to maintain […]

Ahmad May 7, 2025

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ASHANTI

Mahama Gov’t Borrowed GH¢67bn from T-Bills in Two Months – Gideon Boako

Dr. Gideon Boako, MP for Tano North, has revealed that the Mahama administration has borrowed GH¢67 billion from the Treasury Bill (T-bill) market in just two months.In a Facebook post on March 2, 2025, Boako highlighted the government's heavy reliance on short-term borrowing, raising concerns about its fiscal strategy. He warned that excessive borrowing could drive up interest rates and inflation while limiting private sector access to credit.The revelation comes ahead of Finance Minister Dr. Cassiel Ato Forson’s 2025 budget presentation, where many expect the government to outline measures to reduce dependence on domestic debt and stabilize the economy.The coming weeks will be crucial in determining whether alternative revenue sources will be introduced to ease pressure on the T-bill market and ensure long-term financial stability.

Edem 4Style March 3, 2025

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Ahafo

Mahama Prioritizes Economic Relief for Ghanaians.

Felix Ofosu Kwakye, spokesperson for the transition team of President-Elect John Mahama, has assured Ghanaians that the incoming administration is committed to reviving the economy. Mahama’s priorities include stabilizing the cedi, reducing inflation, and easing financial burdens.At a joint transition meeting, concerns were raised about last-minute recruitments and a controversial GH₵240 million payment involving the ECG. To address these issues, a committee is being formed to ensure transparency in financial decisions.Speaking to the Chinese Ambassador, Mahama emphasized strengthening Ghana-China relations and focusing on sustainable economic growth, despite the challenges of debt defaults and inflation.

Edem 4Style December 13, 2024

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Ahafo

IMF Projects Ghana’s Debt to GDP Ratio Will Reach 83% by end of 2024

The International Monetary Fund (IMF) has projected that Ghana's debt-to-GDP ratio will climb to 83% by the end of 2024, as detailed in its October 2024 fiscal monitor report during the ongoing IMF annual meetings in Washington, D.C. Currently, Ghana's debt stock exceeds GHS 760 million, equating to approximately 75% of GDP.Despite this increase, the IMF forecasts a steady decline in the debt-to-GDP ratio over the next five years, predicting it will drop to 69.7% by 2029. This optimistic outlook is based on anticipated improvements in Ghana's fiscal indicators.In addition to the debt projections, the IMF has maintained its economic growth forecast for Ghana at 3.1% for 2024, which aligns with the government’s end-year target. IMF Chief Economist Pierre-Olivier Gourinchas emphasized the importance of a “triple pivot” strategy—comprising easing monetary policy, rebuilding fiscal reserves, and implementing structural reforms—to ensure sustainable […]

Edem 4Style October 25, 2024

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