BUSINESS
IMF Says Naira Showing Signs Of Stability
The International Monetary Fund (IMF) has said Nigeria’s currency, the naira, is showing signs of stability. This, it said, is due to recent interest rate hikes and the clearing of foreign exchange backlogs by the Central Bank of Nigeria (CBN). The IMF made this known during a press briefing in Washington DC on Tuesday. “In Nigeria, rate hikes and the clearing of...
N200/SCM Vs N1,000/Litre Petrol: Tinubu Introduces CNG As Cheaper Alternative To Petrol
President Bola Tinubu says Nigerian motorists now have the option of buying fuel at N1,000 per litre or gas equivalent at N200 per Standard Cubic Meter. Tinubu made this known during a meeting with executives of the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja, on Tuesday. During the meeting, Tinubu acknowledged NIPCO’s role as a critical player...
Air Peace Raises One Way Ticket From Lagos To Abuja To 200k
From November 1, 2024, a one-way flight ticket from Lagos to Abuja on Air Peace is to hit N200,000. The harsh economy has been affecting the aviation business causing airlines to increase their fares amid lamentations from passengers. This development has forced some Nigerians to abandon flights for road transport. Checks by our correspondent on the airfares of airlines on Monday showed...
NERC Explains Reason For Saturday’s Grid Collapse
The Nigerian Electricity Regulatory Commission has revealed that Saturday’s grid collapse was a result of a current transformer explosion. For the third time in one week, the national grid collapsed again on Saturday. Power generation went off on Saturday morning around 8:16. Giving an update on the collapse in a statement on its social media handles, the NERC said it “Notes with...
International Trips: Tinubu, Shettima’s Absence Fiscal Irresponsibility — Obi
The Labour Party, LP, presidential candidate during the 2023 elections, Peter Obi, has described the foreign trips embarked upon by both President Bola Tinubu and his deputy, Kashim Shettima, as fiscal irresponsibility. Obi raised issues with the trips, coming when the country is grappling with domestic (economic) challenges. Recall that Tinubu departed for the United Kingdom on October 2, for a...
Cost-of-Living Crisis: FG Planning Cash Transfer To 20 Million Nigerians — Finance Minister
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the increase in Nigeria’s revenue recorded in the 2024 fiscal year is being strategically allocated to various social intervention programmes aimed at improving the living standards of citizens and addressing pressing societal needs. The minister said the social investment programme is targeted to impact 60...
Constant Collapse Of National Grid Shame, Says Peter Obi
The 2023 Labour Party presidential candidate, Peter Obi, has expressed deep concern over the recent collapse of Nigeria’s national power grid, which has once again left large parts of the country in darkness. The grid reportedly failed on Monday evening at around 6:18 pm, causing widespread power outages. Investigations revealed that electricity generation, which stood at 3.87 gigawatts by 5 pm,...
FG Not Responsible For Latest Petrol Price Hike — Minister
The Minister of Information and National Orientation, Mohammed Idris has stated that the federal government is not responsible for the latest hike in petrol price. Nigerians are grappling with renewed frustration exacerbated by the latest hike in petrol prices by the Nigerian National Petroleum Company Limited (NNPC Ltd) and other marketers. Speaking on the increase, Idris said NNPCL made the decision...
Labour Carpets FG Over Latest Fuel Price Hike, Demands Immediate Reversal
The leadership of the Nigeria Labour Congress (NLC), on Wednesday, lampooned the federal government over fresh hike in price of Premium Motor Spirit popularly known as petrol. The labour movement specifically demanded immediate reversal of the fuel price, saying it is illogical that a private firm is the one determining the prices of the products. NNPCL announced fresh increase in price...
Stop Interference With Mining Activities, Minister Warns States
The Minister of Solid Minerals Development, Dr. Dele Alake, has cautioned against arbitrary closure of mining operations by state governments, warning that such act could abort efforts by Federal Government to attract Foreign Direct Investments (FDI) and provoke divestment. He handed down the warning while announcing a fact-finding committee to look into the face-off between Osun State government and Thor...
