BUSINESS
48.6% Of Electricity In Nigeria Supplied From Generators — NBS
Generators powered by petrol, diesel and gas provide 48.6 per cent of the electricity consumed by power users across the country, according to the latest data obtained from the National Bureau of Statistics. A document by the NBS on Power Sector Data Preview, which was presented to the Abuja Chamber of Commerce and Industry this month and obtained on Friday,...
Buhari Against Fuel Subsidy Removal – Sylva
The Minister of State for Petroleum, Timipre Sylva, says President Muhammadu Buhari is not in support of the removal of subsidy on the Premium Motor Spirit (PMS), popularly known as petrol. Rather, he explained that the Federal Government planned to complete consultations before coming out with a clear policy direction on the matter. “I will tell you categorically that at this...
We Generated The Highest Revenue Of N6.4 Trn In 2021 — FIRS
The Federal Inland Revenue Service (FIRS) generated a record N6.4 trillion as revenue in 2021, the highest in its history. Last year's revenue collection exceeded that of 2019 when the agency raked in N5.3 trillion under the administration of Babatunde Fowler. Spokesman to FIRS Chairman, Oluwatobi Wojuola, who disclosed this via a statement issued on Thursday said that despite the limitations...
Bill Seeking Monthly Payment Of Rent In Abuja Passes Second Reading In Senate
The Nigerian Senate has passed a bill seeking to regulate rent payments in the Federal Capital Territory (FCT) Abuja for the second reading. ABN TV reports that the proposed legislation, sponsored by Senator Smart Adeyemi (All Progressives Congress, APC, Kogi State), specifically seeks to stop yearly advance payment of rents and compel house owners to collect rent monthly in arrears. Adeyemi...
Oil Wasn’t Developed With Money From Cocoa, Says Bayelsa Governor
Bayelsa State Governor Duoye Diri has explained that oil wasn’t developed in Nigeria by money made from cocoa farming but money invested by international oil companies. The governor, on Thursday, during an interview on Channels Television breakfast programme, Sunrise Daily said many Nigerian leaders wrongly spread the notion that cocoa money was invested into oil exploration in the country. “A lot...
Selling Forex To Banks To End In 2022 – CBN
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme. Emefiele said the time had come for the...
NNPC Says It Rejected 5 Cargoes Containing Substandard Petrol
The Nigerian National Petroleum Company Limited, on Wednesday, disclosed how five cargoes containing ethanol-laden Premium Motor Spirit (petrol) were rejected after discovering that the first was substandard. The Group Managing Director of the NNPC, Melee Kyari, also disclosed that the company was filing damages against suppliers of the substandard PMS, while alleging that Duke Oil, one of the company’s subsidiaries,...
300,000 N-Power Beneficiaries To Get CBN Loan — FG
The Federal Government, on Thursday, said that there was an exit programme for about300,000 N-Power beneficiaries to get loans from the Central Bank of Nigeria, CBN. The Minister of Human Affairs, Disaster Management and Social Development, Hajia Sadiya Umar Farouk, made the revelation during the weekly ministerial media briefing organized by the Presidential Communications Team, at the Presidential Villa, Abuja. She...
Price Of Bread To Rise In Nigeria As Russian-Ukrainian Face Off Continues
The price of bread, one of the most commonly eaten staples in most Nigerian homes is set to rise if the current Russian-Ukrainian war persists. Russia is the world’s largest exporter of wheat, accounting for more than 18 per cent of international exports. The downside to the war is that if supply from Russia is distorted for whatever reason, Nigeria could...
After FG, Dangote Largest Employer Of Labour Says Buhari As He Launches $2.5bn Dangote Fertiliser Plant
President Muhammadu Buhari on Tuesday said Dangote Group is the second-largest employer of labour in Nigeria, after the federal government. He said this in Lagos, when he commissioned the 3 million metric tonnes capacity Dangote Fertiliser plant built at a cost of $2.5 billion. The plant which is located at Ibeju Lekki is built on 500 hectares of land. Speaking at the...
