BUSINESS
We Had To Borrow To Fund Roads, Rail, Power – Buhari
The President, Muhammadu Buhari, on Tuesday, justified the nation’s debt profile, saying his regime needed to borrow to fund critical infrastructure like roads, rail, and power. According to a statement titled “President Buhari justifies borrowing to fund infrastructure,” by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President spoke at a virtual meeting he had with members...
433,000 Nigerians, Businesses To Get N50,000, N30,000 Each – FG
Tola Johnson, Special Assistant to President Muhammadu Buhari on Micro Small and Medium and Medium Enterprises(MSMEs), says 100,000 small businesses will get N50,000 each. NAN reports that the gesture is part of COVID-19 economic stimulus. The presidential aide made the announcement at the inauguration of the Implementation of Survival Fund and Guaranteed Off-Take Stimulus Schemes for MSMEs on Thursday in Abuja. Johnson,...
We Spent N42 Billion Fixing Pipelines In 6 Months – NNPC
The Nigerian National Petroleum Corporation, NNPC has said it spent a total of N41.98bn on pipeline repairs and management cost in the first half of this year. The NNPC disclosed this in its latest monthly oil report, saying, “Products theft and vandalism have continued to destroy value and put NNPC at the disadvantaged competitive position.” A total of 1,067 vandalised points...
BREAKING: Nigeria’s Debt Rises By N2.3trn, Hits N31trn – DMO
The Debt Management Office on Wednesday released Nigeria’s total public debt stock as of June 30, 2020, and put the country’s entire debt at N31trn, indicating an increase of N2.38trn within a space of three months. Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory. Just as the country’s...
Niger Now Exports Fuel To Nigeria
The Niger Republic, a country that started commercial oil production in 2011, now exports petroleum products to Nigeria. For decades, Nigeria’s three major refineries have been grounded to near-zero capacity utilisation with all of its refined fuel imported from other countries. According to Guardian, data obtained from the African Refiners & Distributors Association (ARA) revealed that strong refinery performance in the...
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...
