BUSINESS
MDAs Failed To Remit N1.2 Trillion – Fiscal Commission Says
The non-remittance of revenue by most ministries, departments and agencies of government to the Consolidated Revenue Funds of the Federal Government is currently N1.2tn, the Fiscal Responsibility Commission said on Monday. Fiscal Responsibility Commission is responsible for mobilising funds from government-owned organisations through the payment of operating surplus to finance the government’s budget. The Acting Chairman of FRC, Victor Muruako, said...
Emirates Resumes Flight Into Lagos Monday, Abuja Tuesday
Emirates has announced that it will resume passenger services to Lagos on 7 September and Abuja on 9 September in Nigeria. The resumption of flights to both Nigerian cities takes Emirates’ African network to 13 destinations, as the airline works hard to help its customers travel safely and confidently, implementing industry-leading health and safety measures at all points of the...
We Lack Money To Continue To Pay Fuel Subsidy – FG
The Federal Government (FG) has said it currently lacks money to continue to pay fuel subsidy due to the economic implications of the coronavirus (COVID-19) pandemic. Minister of State for Petroleum Resources, Timipre Sylva, disclosed this on Thursday in Abuja in a briefing to mark his one year in office. Sylva said the Federal Government has also resolved to step aside...
FG Bars Air France, Lufthansa, KLM, Others
The Federal Government (FG) has released the list of international airlines denied approval to operate in Nigeria as international flight resume on Saturday. The international airlines denied flying approval, according to the Minister of Aviation, Hadi Sirika, include Air France, KLM, Etihad, Rwandair, Lufthansa, TAAG Angola Airlines, and others. Some airlines were however denied approval because international flights were yet to...
Filling Stations Adjust Pump Prices, Sell Petrol At N162 [SEE PHOTOS]
Less than 24 hours after the increase in the ex-depot price of Premium Motor Spirit (petrol) was announced, some filling stations in Lagos and Ogun states have adjusted their pump prices, selling the product at between N150 and N162 per litre. Our correspondent, who visited several filling stations along the Lagos-Ibadan Expressway, observed that Fatgbems sold a litre of petrol...
Petrol Price Now N151.56 Per Litre ― PPMC
THE price of petrol has been increased to N151.56 per litre, according to Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, NNPC. In a statement obtained by Vanguard, D.O Abalaka of the PPMC stated: “Please be informed that a new product price adjustment has been effected on our payment platform. “To this end, the price...
Nigerian Stock Exchange Suspends 6 Firms
The Nigerian Stock Exchange (NSE) has suspended trading in six companies over their inability to comply with extant corporate governance rules and best practices that mandate them to submit their financial statements within a specified period. The suspended companies include: FTN Cocoa Processors Plc; Medview Airline Plc; Niger Insurance Plc; R.T. Briscoe (Nigeria) Plc; Union Dicon Salt Plc and Capital...
FG Stops Purchase Of Vehicles
Federal Government has stopped what it called non-critical and administrative capital spending, including the purchase of vehicles. The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a document tagged, “What you need to know about the Nigeria Economic Sustainability Plan” made available to journalists in Abuja on Thursday. The plan was developed by the Economic...
FG Stops Purchase Of Vehicles
Federal Government has stopped what it called non-critical and administrative capital spending, including the purchase of vehicles. The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a document tagged, “What you need to know about the Nigeria Economic Sustainability Plan” made available to journalists in Abuja on Thursday. The plan was developed by the Economic...
World Bank Approves Nigeria’s $750 Million Loan
The World Bank has approved a $750 million loan to the Federal government which is to be used to improve electricity supply in the country. In a statement released today Wednesday, June 24, the World Bank said the $750 Million loan is for the power sector recovery operation (PSRO) to achieve financial sustainability and enhance accountability in the sector. According to the...
