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

Petrol price rose to N173.08 in May –NBS

The National Bureau of Statistics says the average retail price paid by consumers for Premium Motor Spirit (petrol) increased to N173.08 in May. This is according to the NBS Premium Motor Spirit Price Watch for May, 2022 released in Abuja on Saturday. The report said the increase indicates a 2.99 per cent increase when compared […]

Energy

Nigeria endowed with 44 minerals in 500 locations – Minister

The Minister of Mines and Steel Development, Olamilekan Adegbite, has said that Nigeria is endowed with quality commercial minerals in over 500 locations across the country. Adegbite said this in his speech during the Nigerian Day at the 2022 Prospectors and Developers Association of Canada, International Convention, Trade Show and Investors Exchange in Canada. A […]

Ports and Airports

Maritime security: NIMASA takes delivery of unmanned aircraft

The Nigerian Maritime Administration and Safety Agency has taken delivery of additional mobile assets for enhanced maritime security under his deep blue project. According to the agency, two unmanned aircraft systems, nine interceptor patrol boats and 10 armoured vehicles have been added to the existing assets earlier procured by the Federal Government. Director-General, NIMASA, Dr […]

100% cashless economy possible in Nigeria - Emefiele
Economy

CBN’s intervention funds fuelling inflation, World Bank warns

The World Bank has said the Central Bank of Nigeria’s development finance intervention is fuelling inflation in the short term and weakening the ability of the apex bank to control inflation. According to the global bank, the CBN’s continued provision of subsidised funding to certain sectors has to slow down as it is undermining the […]

News

Energy firm marks 25th anniversary with tennis tournament

Rainoil Ltd an integrated energy company has promised to add value to sports development in the country. The Managing Director of Rainoil, Gabriel Ogbechie, made this known during the sports day organised by the company to mark its 25th-anniversary celebration. According to him, the company organises the Rainoil Annual Tennis Tournament which takes place at […]

Tweeps knock FG as fuel scarcity leaves commuters stranded
Oil and Gas

Abuja queues: Buhari increases freight rate for fuel transporters

In a bid to clear the persistent fuel queues by motorists in parts of the country, the President, Major General Muhammadu Buhari (retd.), has approved an increase in the freight rate being paid to transporters of petroleum products. Oil marketers had repeatedly complained that the lingering fuel queues in Abuja and neighbouring Nasarawa and Niger […]

Aviation

FG plans 17 airports’ concession, to unbundle aviation rules

At least 17 airports under the management of the Federal Airports Authority of Nigeria that are currently not up for concession are going to be given to concessionaires, the Federal Government announced on Thursday. According to The PUNCH, the country’s civil aviation regulations were currently being reviewed for unbundling in order to make the entry […]

Why Nigeria must save oil revenues - IMF
Economy

High inflation, fiscal deficit to persist in Nigeria -IMF

The International Monetary Fund has said that the rate of inflation in Nigeria is expected to remain elevated in 2022. According to the lender, the fiscal deficit of the consolidated government is expected to remain high at 6.1 per cent of the nation’s Gross Domestic Product majorly due to costly petrol subsidies and limited tax […]

Economy

High taxes weaken consumer spending, experts tell FG

Economists have warned that high tax burden on Nigerians will shrink consumer wallets and exacerbate an already high cost of living for Nigerians. The warning follows recent rate hikes in the services industry attributed to high tax imposition by governments at various levels. On March 22, Pay TV company, Multichoice, announced new rates for its […]

FG owes road contractors over N11tn – Fashola
News

Integrated transport system vital to job creation, says Fashola

The Minister of Works and Housing, Mr. Babatunde Fashola, has said the integrated transport system is a means of economic investment through the provision of jobs and career opportunities for citizens. Fashola, who was represented by his media aide, Mr. Hakeem Bello, disclosed this on Thursday, during a colloquium to commemorate the 10th anniversary of […]

WTO members rally behind Okonjo-Iweala for second term
News

WTO strikes landmark deal on food security

The World Trade Organization concluded hard-won deals Friday on fishing subsidies, food insecurity and Covid-19 vaccines in a landmark bundle of agreements secured through hectic round-the-clock talks. WTO director-general Ngozi Okonjo-Iweala said the trade ministers’ conference had struck an “unprecedented package of deliverables” which would make a difference to people’s lives across the planet. The […]

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