BUSINESS
APC Lawmaker Says Reps Will Investigate Tinubu Over Trillions Of Naira From Fuel Subsidy Removal
A member of the House of Representatives, Hon. Yusuf Gagdi, has vowed to ask President Bola Tinubu, what he did with the trillions of naira saved from the removal of fuel subsidy. The lawmaker and chieftain of the ruling All Progressives Congress (APC), who chairs the House Committee on Navy, said that he supported the removal of fuel subsidy but...
Old, New Naira Notes Remain Legal Tender, Says CBN
Central Bank of Nigeria, CBN, Wednesday said that all banknotes (old, and new) remain legal tender. The apex bank was reacting to news of insufficient funds, and rejection of old notes in some parts of the country. The bank on its Twitter platform now X Platform, said: “For the avoidance of doubt, while reiterating that there are sufficient banknotes across the...
Labour Rejects Harbour, Ports Bill
The two in-house unions in the nation’s maritime industry have rejected the Ports and Harbour Bill at the National Assembly, seeking to repeal the Act that sets up the Nigerian Ports Authority, NPA. The unions are the Maritime Workers Union of Nigeria, MWUN, and the Senior Staff Association of Statutory Corporations and Government-Owned Companies, SSASCGOC, NPA, branch. They warned that the...
Air Travel Fees Increases By 8.70% In One Year: NBS
The National Bureau of Statistics (NBS) has said in one year, air transport fare rose by 8.70% from N72,690.54 in September 2022 to N79,013.48 in September 2023. This was contained in its document titled: “Transport Fare Watch for September 2023.” According to the data: “In air travel, the average fare paid by air passengers for specified routes single journey was N79,013.48 in September...
FG Fixes December 2024 Deadline For Completion Of Rehabilitation Work In Kaduna Refinery
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has revealed that the ongoing quick-fix project at the Kaduna Refinery and Petrochemicals Company Limited will be back on stream by the end of 2024. This was disclosed in a statement posted on the official X handle of the Nigerian National Petroleum Company Limited on Saturday. According to the statement, Lokpobiri...
Reps To Investigate High Flight Cost, Poor Service In Aviation Sector
The House of Representatives yesterday mandated its committee on aviation to investigate the hike in international flight fares and poor service delivery by foreign airlines operating in Nigeria. This, it said , was to curb unwholesome practices by airlines and ensure that flight fares were at par with that of neighbouring countries. It also called on the ministries of interior and...
Tinubu To Present N26.1 Trillion 2024 Budget To National Assembly November
President Bola Tinubu will present the proposed N26.1trillion 2024 budget estimates to joint session of the National Assembly early next month, the Senate revealed on Wednesday. Ahead of the presentation, the Senate through its committee on Appropriations , has summoned the Ministers of Finance , Wale Edun and his counterpart on Budget and Economic Planning , Senator Atiku Bagudu ,...
Petrol Price Increased To N626.21 In September — NBS Report
The National Bureau of Statistics (NBS) has reported that the average retail price of a litre of petrol increased from N191.65 in September 2022 to N626.21 in September 2023. This information was provided in the Petrol Price Watch for September 2023, released in Abuja on Saturday. According to the NBS, the September 2023 price of N626.21 represents a 226.75 per cent...
IMF Says South Africa May Overtake Nigeria As Africa’s Biggest Economy
The International Monetary Fund (IMF) has disclosed in its forecast that South Africa may topple Nigeria as Africa’s biggest economy. According to the IMF World Economic Outlook, South Africa, the most industrialised country on the African continent is reaching towards achieving $401 gross domestic product (GDP) in 2024. The global financial institution, however, envisioned that based on current prices, Nigeria and...
FG Proposes N26trn Budget For 2024 Fiscal Year
The Federal Government, yesterday, projected N26 trillion for the 2024 budget which it has targeted to submit to the National Assembly before December 31, 2023. Minister of Planning and Budget, Atiku Bagudu, made the disclosure at the end of the Federal Executive Council (FEC), presided over by President Bola Tinubu, while briefing State House Correspondents alongside his colleagues from Ministry...
