BUSINESS
China Ready To Lend Us More Money, We’re Not Discussing Debt Forgiveness With Them — FG
The Federal Government of Nigeria says it is not discussing debt forgiveness with China, noting that Beijing is willing to lend Nigeria more money and invest more in the economy of Nigeria. The Minister of Foreign Affairs, Yusuf Tuggar, stated this on Channels Television’s Sunday Politics programme. Nigeria has been making proposals for debt forgiveness at the United Nations General Assembly...
It’s Time To End Costly Fuel Subsidy, Dangote Tells FG
The President and Chief Executive of Dangote Group, Aliko Dangote, has urged the Federal Government to end fuel subsidies completely. Speaking in a 26-minute interview with Bloomberg Television in New York on Monday, the time is right to end subsidies which have gulped trillions of naira from the country’s coffers. According to him, the removal would assist in determining the country’s...
End Fuel Subsidy Now, Save Nigeria’s Economy – Dangote Tells FG
The founder of Dangote Petroleum Refinery, Aliko Dangote, has said it’s time for the federal government to end the fuel subsidy regime. In an interview with Bloomberg on Monday, Dangote said fuel subsidies would lead to the government “paying what they are not supposed to be paying,” hence the need to end it. The business mogul insisted that the President Bola...
At N52 Per Litre, Libya Offers Cheapest Petrol Price In Africa
Libya continues to offer the cheapest petrol in Africa, with the price of octane-95 gasoline (petrol) standing at 0.15 Libyan Dinar per litre, equivalent to approximately $0.032 or N52 as of September 16, 2024. This is according to a report by Global Petrol Prices, a platform that tracks retail petrol prices across various countries. In comparison, petrol prices in Egypt, Algeria,...
FG To Backdate Payment Of Minimum Wage From July 29
The Committee on Consequential Adjustments in Salaries for civil servants has agreed that the new minimum wage will be implemented from July 29, 2024. This was stated in a Memorandum of Understanding issued at the end of the committee’s meeting, which was seen by our correspondent in Abuja on Friday. The MoU reads: “The NSIWC will generate the appropriate salary templates...
Tinubu Assures Business-Friendly Economy As Coca-Cola Announces $1bn Investment In Nigeria
President Bola Tinubu has reiterated his administration’s commitment to creating a robust financial system and a business-friendly economy that will attract more foreign direct investments. The President made the commitment on Thursday in Abuja, as the Coca-Cola Company announced plans to accelerate its investments in Nigeria to $1 billion over the next five years. This was disclosed by the Special Adviser...
Private Employers Paying Less Than N70,000 Risk Jail Term, FG Warns
The Federal Government has called on agencies recruiting for the private sector to adhere to the N70,000 minimum wage, warning that any deviation would not be tolerated. According to the FG, the new minimum wage is necessary to address the current economic reality, emphasising that no Nigerian worker, whether in government or private employment, should be paid less than the...
It’s Illegal For NNPCL To Fix Price Of Dangote Refinery Petrol – Falana
Human rights lawyer, Femi Falana, SAN, says it is illegal for the Nigerian National Petroleum Company Limited, NNPCL, to determine the price of Premium Motor Spirit, also known as petrol, for the Dangote Refinery after deregulation. Falana, who said this in a statement on Tuesday, added that the action of the NNPCL contravenes Section 205 of the Petroleum Industry Act,...
WTO: Okonjo-Iweala To Seek Second Term DG
Ngozi Okonjo-Iweala, the first woman and first African to head the World Trade Organization, will seek a second four-year term when her mandate expires next August, her spokesman said Monday. “We can confirm that Dr. Ngozi Okonjo-Iweala has officially announced her intention to seek a second term as Director-General of the WTO,” spokesman Ismaila Dieng said in a statement. Dieng said...
NNPC Releases Estimated Pump Prices Nationwide After Lifting Dangote Refinery Petrol
The Nigerian National Petroleum Company (NNPC) has released a breakdown of estimated prices of Premium Motor Spirit (Petrol) from Dangote Refinery in retail stations across the country based on September 2024 pricing. The Spokesperson of NNPCL, Olufemi Soneye disclosed this in a statement on Monday. The company confirmed that it is paying Dangote Refinery in United States Dollars for the September...
