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Nigerians bought petrol N191.65 per litre September- NBS
Oil and Gas

Subsidy cost spikes by 370% amid rising debt

The cost of fuel subsidy is estimated to increase by 369.93 per cent from 2021 to 2023. In 2021, the Nigerian National Petroleum Corporation said fuel subsidy gulped N1.43tn, although there was no record for under-recovery in January. The Minister of Finance, Budget and National Planning, Zainab Ahmed, had said on Thursday at the presentation […]

Customs, FAAN ranked worst-performing agencies in May 2024
News

How agents forged my signature, cleared vehicles – Customs boss

At least four clearing agents were arrested for forging the signature of the Customs Area Controller in charge of the TinCan Island Command of the Nigeria Customs Service, Comptroller Adekunle Oloyode, to clear imported cars. Oloyode, who said this while briefing journalists on the half-year report of the command, said that the agents wanted to […]

How more taxes'll reduce debt load - FG
Economy

Nigerians face tougher times as revenue falls by N1.89tn

Economic and energy experts have predicted tougher days ahead for the economy, states and Nigerians as the Federal Government projects N6.7tn on fuel subsidy next year. The Minister of Finance, Zainab Ahmed, on Thursday released the four-month fiscal report of the economy during a public consultation on the 2023-2025 Medium Term Expenditure Framework/FSP. “Crude oil […]

Aviation

Suspension: Stranded passengers vandalise Dana Air’s counter

Some angry passengers of Dana Air who were left stranded at the Murtala Muhammed Airport, Lagos on Thursday, vandalised some property of the airline. The Nigerian Civil Aviation Authority had on Wednesday grounded Dana Air and suspended its operating licences to carry out a full audit of its operations to ascertain if the carrier can […]

Nigerians bought petrol N191.65 per litre September- NBS
News

FG to spend N6.7tn on fuel subsidy in 2023

Economic and energy experts have predicted that the economy, States, and Nigerians will face tougher times in the future in light of the Federal Government’s projection that it will spend a staggering N6.7 trillion on fuel subsidies next year and a significant decline in government oil revenue this year. According to The PUNCH, the Minister […]

Reps pass tax crimes commission bill for second reading
News

Reps pass tax crimes commission bill for second reading

The House of Representatives on Wednesday passed for second reading, a bill seeking to establish a Tax Crime Commission to try tax-related offences, which is to be headed by the Inspector General of Police. Particular emphasis was placed on the supervision and oversight of an effective, equitable, and suitable tax system, the widening of the […]

Economy

Give confiscated foodstuffs to poor Nigerians, experts tell Customs

The Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, has advised the Nigeria Customs Service to see how they could use perishable seized goods for economic interventions. Recently, the acting Customs Area Controller in charge of the Federal Operations Unit, Zone A, NCS, Hussein Ejibunu, while giving the first-year report […]

Bayelsa Airport
Aviation

Why flights are not coming to Bayelsa airport – Govt

The Bayelsa State Government has said its airport is not operational because the airlines flying its route have sent their planes for a D-Check. The state stated that the airport will be open to normal flight operations before the end of the month. According to the state, the absence of flights at the Bayelsa International […]

Electricity

Blackout as national grid collapses again

Nigeria’s power grid collapsed again on Wednesday, making it the sixth time that the system had crashed in 2022. The grid crashed from the 3,921.8 megawatts that was generated at 6am to as low as 50MW around 12.23pm, causing widespread blackout across the country. Industry figures obtained from the Federal Ministry of Power in Abuja […]

Bakers to raise bread prices over rising costs
News

Bakers stop bread production today over rising costs

Bread makers have announced plans to stop production of their products, effective today, over rising prices of baking materials and diesel which have affected the industry negatively. Bakers under the aegis of the Premium Breadmakers Association of Nigeria made this known in a statement signed by the President of the association, Emmanuel Onuorah. Onuorah said […]

Festus Osifo becomes TUC President
News

Festus Osifo becomes new TUC President

The Trade Union Congress, on Wednesday, elected a new President, Festus Osifo, at the end of an election where he won with 688 votes defeating his rival, Oyikan Olasanoye, with 18 votes. The former President of the Petroleum and Natural Gas Senior Staff Association of Nigeria won at the election took place at the 12th […]

Nigeria, Morocco commence 5,600km gas pipeline project
Oil and Gas

NNPC denies issuing directive on fresh petrol price

The Nigerian National Petroleum Company Limited has denied issuing the directive on the new price of Premium Motor Spirit, otherwise known as petrol. NNPC said on Tuesday that fuel pricing directly falls under the responsibilities of the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The spokesperson for the NNPC, Garbadeen Muhammad, said, “The NNPC no […]

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