Nigerian Stock Exchange Suspends 6 Firms
The Nigerian Stock Exchange (NSE) has suspended trading in six companies over their inability to comply with extant corporate governance rules and best practices that mandate them to submit their financial statements within a specified period. The suspended companies include: FTN Cocoa Processors Plc; Medview Airline Plc; Niger Insurance Plc; R.T. Briscoe (Nigeria) Plc; Union Dicon Salt Plc and Capital...
We Lack Money To Continue To Pay Fuel Subsidy – FG
The Federal Government (FG) has said it currently lacks money to continue to pay fuel subsidy due to the economic implications of the coronavirus (COVID-19) pandemic. Minister of State for Petroleum Resources, Timipre Sylva, disclosed this on Thursday in Abuja in a briefing to mark his one year in office. Sylva said the Federal Government has also resolved to step aside...
Dangote Refinery May Not Significantly Reduce Petrol Price – Zainab Ahmed
Zainab Ahmed, the minister of finance, budget and national planning, says the Dangote Refinery being constructed may not significantly reduce the retail price of petrol. Speaking in an interview with the Nigerian Television Authority (NTA), Ahmed explained that the refinery will sell its products at the international market price. The Dangote refinery is expected to refine 650,000 barrels of oil per...
Petrol Subsidy Removed Because Of Fraud – Mele Kyari
The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, said the Federal Government removed subsidy on petrol because of fraud. Kyari said some cabals which he failed to identify perpetrated the fraud in the oil industry. The NNPC boss also said over N10tn was spent on fuel subsidy between 2006 and 2020 without significant impact on the...
Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister
Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country will exit recession by the first quarter of 2021. Ahmed spoke about the current recession in the country at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning. Nigeria, on Saturday, entered...
We Can’t Pay Full Salaries To Civil Servants Due To Recession – Govt
Niger State Government has announced that full salaries will not be paid to workers due to a reduction in its federal allocation. The state government proposed to pay workers 70 per cent of their salaries, a decision which organized labour rejected. Secretary to the Niger State Government, Ahmed Ibrahim Matane, in a statement, noted that the reduction in salaries was not...
Nigeria Must End Dependence On Crude Oil – Emefiele
Godwin Emefiele, governor of the Central Bank of Nigeria, says the country must end its dependence on crude oil for revenue and foreign exchange. Emefiele was speaking at the prize presentation ceremony of the 2020 CBN Governor’s Golf Cup tournament on Saturday. NAN reports that he was represented by Edward Adamu, the deputy governor for corporate services. The governor explained that it...
Food Prices Increasing, Household Incomes Not Steady – NBS
The National Bureau of Statistics (NBS) says prices of most food items increased in November 2020, while income remains unsteady for many households across Nigeria. According to NBS report, titled: ‘Selected food prices watch (November 2020)’, average prices of one dozen of agric eggs (medium size) increased year-on-year (YoY) by 6.64 per cent and month-on-month (MoM) by 1.42 per cent...
BREAKING: Senate Passes N13.5trn 2021 Budget
The Senate at a special plenary on Monday passed the 2021 budget totalling N13.5trn. The fiscal document is predicated on oil benchmark $40 per barrel, N3.324trn for debt servicing, N4.1trn for capital expenditure, N5.6 trillion for recurrent, N496 bn for statutory transfer. It has an increment of N505bn. The President, Muhammadu Buhari, presented N13.082trn to National Assembly on October 8. Also, the House...
Shell Sells Stake In Nigerian Oil Block For $533m
The Shell Petroleum Development Company of Nigeria Limited has announced the completion of the sale of its 30 percent interest in Oil Mining Lease 17 in the Eastern Niger Delta and associated infrastructure to TNOG Oil and Gas Limited for a consideration of $533m. The oil major said in a statement on Friday that the completion followed the receipt of...
