Rights activist and former presidential candidate of the African Action Congress, Omoyele Sowore, has said that the Premium Motor Spirit, popularly known as petrol, was not cheap before the removal of fuel subsidy by the Federal Government. Sowore in a post on his Facebook page Saturday night said the term “subsidy removal was being incorrectly…
President Bola Tinubu says a comprehensive forensic audit of the Central Bank is underway, while a thorough overhaul of the Civil Service payroll is imminent. The President stated this during an audience with the President of the World Bank, Mr. Ajay Banga, at the Presidential Villa, Abuja. ”The reforms are in tandem with Nigeria’s Ease…
Nigerian National Petroleum Company Limited (NNPCL) in partnership with a private firm is set to deploy Compressed Natural Gas (CNG) stations across the country. In a statement by the Chief Corporate Communications Officer NNPCL Garba Deen Muhammad, the collaboration is aimed at expanding CNG infrastructure, improve access to CNG, and accelerate the adoption of cheaper…
The Central Bank of Nigeria CBN, says it has little or no power over the price of either Premium Motor Spirit (PMS) or the dollar. A Principal Manager with the apex bank, Mr. Osagie Clement, announced this when he appeared before the House of Representatives ad-hoc committee investigating the recent hike in the price of…
The United Nations Resident and Humanitarian Coordinator in Nigeria, Matthias Schmale, has called for a pressing action to address the pervasive issue of food insecurity in Nigeria. Emphasizing the importance of revitalizing the country’s food systems, Schmale commended President Bola Ahmed Tinubu’s recent declaration of food security as a national emergency, considering it a positive…
Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu has called for greater economic partnerships and cooperation amongst the 54 African countries, stressing that the artificial boundaries that impede the free movement of people and goods should be reduced. The deputy speaker made the call, Thursday when he received the Speaker of the East…
Distributors of Petroleum products in Nigeria under the umbrella of the Association of Distributors and Transporters of Petroleum Products (ADITOP) kicked against the alleged rise of truck loading fees for petrol by the Petroleum Tanker Drivers Association (PTD). This was disclosed by its National President, Alhaji Lawal Dan-Zaki in a statement in Abuja on Thursday. They cite an “arbitrary…
The banking index closed the week on a negative statement to emerge as the worst-performing sectorial index with a loss of 14.32%. On a general note, the NGX All-Share Index and Market Capitalization devalued by 0.75% to close the week at 62,569.73 and N34.070 trillion respectively. Similarly, all other indices finished lower except NGX Oil…
Banks and financial institutions are affected as the Competition and Consumer Protection Tribunal sitting in Abuja, has imposed the sum of N120 million fine against the Stanbic IBTC Bank to be paid into the tribunal’s account over failure to make a transfer for a customer. Without consideration on the outcome of the tribunal, the panel…
President Bola Tinubu has written to the National Assembly seeking an amendment to the 2022 supplementary budget Act to allow the Federal Government to source N500 billion for palliative to cushion the impact of subsidy removal. The Speaker of the House of Representatives, Tajudeen Abbas, who read the president’s letter during plenary on Wednesday, said…
Edited by Damilola Adeleke The Nigerian Economic Summit Group (NESG) has called on the federal government to invest more in the creative sector, saying the sector currently employs about 4.2 million Nigerians. The NESG noted this yesterday in Abuja at a general assembly organized by its Creative Economy Thematic Group to communicate Nigeria’s Creative economy….
Brace yourselves, as Nigerians may soon face a significant increase in electricity tariffs, potentially exceeding 40%. This development could mark the end of all energy subsidies in the country. Currently, there is a monthly subsidy of approximately N50 billion in the electricity sector due to revenue shortfalls. The upcoming tariff hike, scheduled for July 1,…
The Debt Management Office revealed that Nigeria’s total foreign debt for March 31, 2023, has arose to N49.85 trillion ($108.30 billion) from N46.25 trillion as of December 21 2022. DMO stated this in a statement released on its Twitter handle during the weekend. The statement indicated that the total public debt containing the external and…
The Nigeria Labour Congress (NLC) has rejected the reported plan to increase electricity tariffs by 40 per cent on July 1st without improving the levels of services. The President of NLC, Joe ajaero told newsmen on Thursday, saying: “The plan to increase electricity tariff by 40 per cent by July 1 is both insensitive and…
