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Petrol stations risk licence revocation over under-dispensing –

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Petrol stations risk licence revocation over under-dispensing – NMDPRA

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Crypto

How FG’s ban on crypto, Twitter crippled Nigeria’s FDI – Report

A new report has stated that restrictions on cryptocurrency transactions and the ban of Twitter in Nigeria crippled foreign direct investment in the fin‑tech industry and adversely impacted millions of young Nigerians earning a living from the sector. The report was titled ‘Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities’. The work was […]

Transportation

Imported car prices set to soar as Customs, agents war over 15% levy

For some weeks now, Nigeria’s maritime industry has been riddled with controversy following the introduction of the 15 per cent National Automotive Council levy by the Nigeria Customs Service. This piece examines the implications of this policy in the automobile industry When the management of the Nigeria Customs Service, in April 2022, came up with […]

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

How petrol pump price rose by 91 per cent in six years – Report

The cost of fuel pump increased from N87 per litre as of December 2015 to N165.77 by December 2021, showing an increase of 90.54 per cent. This is according to the Fuel Pump Price Per Litre – Average (PMS) data from the Central Bank of Nigeria. The Nigerian National Petroleum Corporation became the sole importer […]

News

Abuja hotel room rates rise ahead of APC, PDP primaries

Many major hotels in the Abuja metropolis are fully booked while others had hiked their prices ahead of the presidential primaries of the All Progressives Congress and the Peoples Democratic Party. While the PDP is expected to hold its presidential primary on May 28 and May 29, the APC will hold its own on May […]

Buhari
Transportation

Avert airlines’ operations shutdown, Reps caucus tells Buhari

The Minority Caucus in the House of Representatives has called on the President, Major General Muhammadu Buhari (retd.), to take immediate steps to avert an imminent shutdown of flight operations in Nigeria, warning that it will have grave consequences on the country’s national life. The caucus was reacting to the strike notice issued to the […]

NCC, Telecom operators urge states to review policies for broadband expansion
Telecommunications

Call, SMS cost hike not possible now —NCC

The Nigerian Communications Commission has said there would be no tariff increase for calls and short messaging services by the telecommunication companies without cost-based and empirical studies and regulatory approval. The NCC, in a statement on Friday by its Director of Public Affairs, Ikechukwu Adinde, said it received a letter from mobile network operators to […]

Flights to South-South most expensive - NBS
Ports and Airports

Airlines to suspend operations Monday, aviation fuel hits N700 per litre

Airline operators in the country, on Friday, declared that they would halt operations from Monday following the jump in the price of aviation fuel, popularly called JetA1, from N190/litre to N700/litre. In a letter to the Minister of Aviation, Hadi Sirika, which was copied to the Director-General, Nigerian Civil Aviation Authority, Musa Nuhu, the airlines […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Oil and Gas

Nigeria may lose out as China, India eye Russian oil

Nigeria may lose its largest crude oil buyers, China and India, as both countries plan to negotiate Russian oil at discount prices. India is said to be asking Russia for below $70 per barrel discount price. The duo’s move comes as Europe considers banning Russian oil due to the country’s invasion of Ukraine. OPEC’s Secretary-General, […]

Why Nigeria must save oil revenues - IMF
Economy

Rising crude oil prices will worsen inflation, IMF warns

The International Monetary Fund has said rising oil prices may lead to high inflation and slow growth across the world. It stated that the rising oil prices may echo the 1970s when geopolitical tensions caused fossil fuel prices to spike. It disclosed this in a new report titled, ‘Lower oil reliance insulates world from 1970s-style […]

Nigeria needs debt relief - AfDB
Transportation

AfDB gets $15.6bn for Lagos-Abidjan highway construction

The President, African Development Bank, Dr Akinwumi Adesina, says the bank has secured $15.6bn investment for the construction of the Lagos-Abidjan highway. Adesina tweeted this on his Twitter handle @akin_adesina obtained by the News Agency of Nigeria on Friday in Abuja. He said that the investment would strengthen regional trade and integration in West Africa […]

Electricity

FG hikes electricity tariff, consumers condemn power sector privatisation

The Federal Government through its Nigerian Electricity Regulatory Commission on Thursday officially released different documents indicating the approved power tariff increase payable by consumers to various electricity distribution companies in Nigeria. In different orders to the 11 Discos operating in Nigeria, the commission stated that the tariff hike was based on the extraordinary review of […]

Transportation

FG reconnects bombed train line, airlines decry fuel hike

The Federal Government through the Nigeria Railway Corporation on Thursday announced that it had reconnected the Abuja-Kaduna Train Service line that was bombed by terrorists on March 28, 2022, in Kaduna. It made this public just as domestic airlines raised an alarm on Thursday over the hike in aviation fuel and its impact on airfares […]

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