Nigeria’s current account deficit ballooned to net $2.85 billion (N876 billion) at the end of the second quarter of 2019. This is according to data from the Central Bank of Nigeria. The current account deficit occurs when a country’s foreign liabilities exceed its foreign assets. It is exacerbated when the country

imports more than it exported. In the second quarter of 2018, Nigeria’s current account balance was a

strong net positive $4.3 billion highest since the Buhari administration came into power in 2015. Nigeria

has reported a negative current account balance in 7 quarters out of the 15 quarters reported under this

government. The figures are stated net because the inflows are set-off against outflows thus a negative

balance is a deficit.

Nigeria's minister for labor, and employment, Dr. Chris Ngige, has said that that the government was not averse to the plight of workers but was being careful not to go beyond its financial capacity, in view of their clamor of the increment of the national minimum wage to N30,000. The minister said that progress had been made in the minimum wage implementation process, pointing to the fact that workers between levels 1 to 6 have started benefiting from it. Dr. Ngige met with the Nigeria Labour Congress NLC president, Mr. Ayuuba Waaba to discuss the way forward and the minister appealed to the workers to show understanding on the matter.  The Joint National Public Service Negotiating Council (JNPSNC) had threatened to embark on a strike following the breakdown in negotiation on the consequential adjustment on the N30,000 National Minimum Wage.

The power generating companies have said they would halt the production of electricity across the country if the Nigerian Bulk Electricity Trading Company (NBET) persists on its move to slam a 0.75% gas payment administrative charge on them. Describing the charge as unregulated and extortionist, the GenCos under the auspices of the Association of Power Generating Companies (APGC), also threatened to declare force majeure and relieve themselves of all market obligations, if the NBET stock to its guns. Addressing the development, the APGC’s Executive Secretary, Joy Ogaji maintained that the GenCos would have no option but to quit if the issue of the service charge was not addressed. Ogaji further explained that NBET directed the GenCos to comply, adding that the agency threatened that on the contrary, the GenCos would not access the proposed N600 billion which the Federal Government planned to release to the sector if they fail to agree on the administrative charge. Reports have it that on Sunday, September 22, 2019, NBET slammed a 0.75% service charge on thermal power generators for every gas transaction, in which the agency would be involved in with the Gencos. According to the GenCos, the agency made it mandatory that thermal Gencos would not be paid their energy invoices unless they agreed to pay the administrative charge going forward.

The Minister of Finance , Budget and National Planning, Mrs Zainab Ahmed , reportedly disclosed Nigeria needs an estimated sum of $100 billion or N36 trillion annually to address the infrastructural decay in the country. According to the minister, the Federal Government will require about $100 billion annually for the next 30 years to effectively tackle Nigeria’s infrastructure challenges. Mrs Zainab further stated that with the shortfall in oil revenue, which has plummeted in recent times, it is difficult to address infrastructural deficit.Speaking further, she said the time had come for the government to start looking for alternative sources of funding infrastructure as budgetary funding alone could not address the funding gap. Meanwhile, while the World Bank acknowledged that Nigeria faces a $100 billion annual investment gap in infrastructure, the bank has pledged to assist Nigeria close the infrastructure gap.