BUSINESS
Stay Away From Further Borrowing, DMO Cautions FG
The Debt Management Office, DMO, has warned the Federal Government against additional borrowing, saying 73.5 per cent of revenue generated this year will be used to service debt. According to the DMO, the projected FGN Debt Service to Revenue ratio of 73.5 per cent for 2023 is high and cannot support higher levels of borrowing, and is also a threat...
Global Trade War: Naira Value Depreciates Amid Forex Outflows
The ongoing tariff war between the United States and certain nations has created uncertainty, which has caused foreign exchange to leave Nigeria and caused the naira to depreciate for two weeks. This prompted the Central Bank of Nigeria, CBN, to intervene in the forex market last week, selling up to $500 million, to boost supply. However, the naira still depreciated week-on-week,...
Hardship For Nigerians As Inflation Hits Highest Since 2005 At 20.5%
Nigerians are gasping for breath as the inflation rate rose by 0.92 basis points to 20.52 per cent in August from 19.6 per cent in July, the highest since October 2005. This represents the seventh consecutive monthly rise in Headline inflation since February. Food inflation also rose to 23.12 per cent in August 2022, representing a 1.1 percentage-point increase compared...
Port Harcourt Refinery To Commence Operation In Two Week, Kyari Assures
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation Ltd (NNPCL), Mele Kyari, has said the Port Harcourt refinery will commence operations in two weeks time. Kyari, who appeared before Senate ad-hoc committee investigating the various Turn Around Maintenance (TAM) Projects of the Nigerian Refineries, said over 450, 000 barrels of oil had been stocked into the Port...
Finding A Job In Nigeria Made Easy – Recruitment Wing
Whether you’re a fresh graduate from a Nigerian University or someone who’s been in the job market for years – job hunting is tough. Have you thought of rethinking your approach to finding a job? There’s no denying it – searching for jobs i...
My Refinery To Commence Operations Before September, Says Dangote
Alhaji Aliko Dangote, President of Dangote Group, says the Dangote Refinery and Fertiliser projects will come on stream before the end of third quarter of this year. He said this when Dr. Akinwumi Adesina, President of the African Development Bank (AfDB) led a delegation of the bank to the project site in Lagos. “The refinery will commence operation by the third...
CBN Threatens Severe Sanctions Against Banks Hoarding Currency
The Central Bank of Nigeria (CBN) has announced severe penalties for any bank involved in currency hoarding or diversion as part of its commitment to ensuring proper distribution of the nation’s currency. In a circular issued on November 13, 2024, the CBN outlined stringent measures for Deposit Money Banks (DMBs) found to be diverting cash to unauthorised hawkers. Under the new...
Petrol To Sell At N168 As PPMC Increases Depot Rate
The Petroleum Products Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the depot price of premium motor spirit, better known as petrol. In a November 11 internal memo signed by Ali Tijjani, the PPMC proposed that the November depot price of petrol be increased to N155.17 from N147.67 per litre. According to the memo, the...
Vulnerable Nigerians Will Continue To Enjoy Subsidised Electricity From FG — Minister
The Minister of Power, Adebayo Adelabu, has stated that the federal government will continue to provide subsidised electricity to vulnerable groups in the society while making sure of a cost reflective tariff in the electricity supply industry. In a statement yesterday, the minister said lack of liquidity continues to be a significant challenge in the electricity market. Adelabu noted that understanding...
Removal Of Subsidy On Fuel A Strategic Decision, Will Free Up Resources For Infrastructure Devt — Tinubu
President Bola Ahmed Tinubu has said his administration took the decision to remove the subsidy on Premium Motor Spirit (PMS) because it will free up resources for critical investments in the country. He also said the courageous steps to reform Nigeria’s macroeconomic environment is focused on restoring confidence in the nation’s economy. The President spoke on Tuesday when he declared open...
