BUSINESS
FG encourages use of gas-powered vehicles to remove subsidy on petrol
The Minister of State for Petroleum Resources, Timipre Sylva, said that plans are ongoing by the Federal Government to expand the use of Compressed Natural Gas in order to stop subsidy payment on Premium Motor Spirit, also known as petrol. Sylva, who made this known while briefing newsmen in Abuja on Wednesday, said that the government was set to discourage the...
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...
Customs Generates N144.2bn Revenue In 10 Months
The Murtala Mohammed Area Command of the Nigeria Customs Service, Thursday stated that it realised the sum of N143.2 billion revenue into the federal government coffers between January and October, 2024. Aside, the revenue the command also intercepted, 250 turtles, 23 pieces of walkie-talkies, 175 pieces of military helmet, and 50 pieces of drones allegedly being smuggled into the country...
Obaseki plunges Edo into foreign debt with no result to show, DMO reports says
A report from Nigeria’s Debt Management Office (DMO) has shown that Edo State sunk into scary levels of foreign debt under the administration of Governor Godwin Obaseki. According to the data, Edo State has a foreign debt profile of $276.25m representing 6.53 per cent of the sub-national foreign debt portfolio, a figure second only to Lagos State. In spite of this...
‘High Petrol Price Could Spike Headline Inflation To 20%’ – J P Morgan
Meanwhile, President Bola Tinubu declared that petrol subsidy payments have ceased during his inaugural speech on May 29. Nigerian National Petroleum Company (NNPC) Limited instantly modified the pump price at all of its retail outlets across the country. According to JP Morgan, the country's petrol price hike might result in headline inflation rising from 22.41 percent in May 2023 to 25...
Ruble Up Against Dollar, Euro As Foreign Currency Trading Starts On Moscow Exchange
The ruble strengthened against the dollar and the euro as foreign currency trading started on Moscow Exchange on Monday compared with previous closing. As of 10:20 am Moscow time, the dollar exchange rate was down by 1.29% at 63.71 rubles, while the ...
CBN Makes Social Media Handle Mandatory KYC Requirements For Bank Customers
The Central Bank of Nigeria (CBN) has issued its Customer Due Diligence Regulations 2023, which apply to financial firms that fall within its regulatory ambit, as it takes a firm stance against financial crime. The Central Bank of Nigeria's latest step aims to improve compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) legislation while harmonizing with worldwide best practices. The...
‘I Used ‘Abidoshaker’ Power To Bring Down Dollar’ — Prophet Odumeje Boasts
Prophet Chukwuemeka Ohanaemere, aka Odumeje, of the Mountain of Holy Ghost Intervention and Deliverance Ministry, has boasted that the exchange rate of dollar to naira came down because of his ‘Abidoshaker’ power. Odumeje, in a video recorded during one of his church programmes, claimed he used ‘Abidoshaker’ to bring down the exchange of dollars to naira. ABN TV reports that the...
Israeli Ambassador Hails Quality Leadership In Abia Under Otti
The Abia State Government has expressed a strong desire to partner with the nation of Israel in developing its economic and technological potential, with specific reference to human capital, agriculture, digital economy and micro small and medium enterprise (MSME). Governor, Dr. Alex Otti, made this known on Tuesday when the Israeli Ambassador to Nigeria, His Excellency Michael Freeman, paid him...
VP Shettima Calls For Equity In Distribution Of Fertilizers To Nigerian Farmers
Vice President Kashim Shettima has called on stakeholders to ensure transparency, equity and fairness in the distribution of fertilizers to farmers. He made the call on Tuesday when he met with Fertilizers Producers and Suppliers Association of Nigeria (FEPSAN) at the Presidential Villa, Abuja. Shettima said President Bola Tinubu is passionate about reducing the cost of fertilizers for Nigerian farmers as...
