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UAE commits to $25bn Nigeria-Morocco gas pipeline project

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News

Gencos counters NBET over purchase agreements, list N1.64tn debts

Power generation companies on Sunday said the Nigerian market was under threat based on the recent claims by the Nigerian Bulk Electricity Trading Company Plc that only five Gencos had active Power Purchase Agreements in Nigeria. Speaking under the aegis of the Association of Power Generation Companies, the Gencos faulted the claims by NBET, as […]

News

Reps write Kyari, summon 17 NNPC subsidiaries over audit queries

THE House of Representatives’ Committee on Public Accounts has written to the Group Managing Director of the defunct Nigerian National Petroleum Corporation, now Nigerian National Petroleum Company Limited, Mr Mele Kyari, over audit queries issued against the NNPC and its subsidiaries. The committee, which had accused the NNPC of shielding its 17 subsidiaries in the […]

Economy

FG incurs N950bn new domestic borrowing in Q1 2022 – DMO

THE Federal Government has incurred N950bn new domestic borrowing between January 2022 and March 11, 2022, the Debt Management Office has revealed. The fresh borrowing was disclosed on March 17 in the presentation of the Public Debt Data as of December 31, 2021, by the Director-General of the DMO, Patience Oniha. In the document, Oniha […]

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

Queues persist in northern states despite 1.8bn litres fuel supply

The queues by motorists for Premium Motor Spirit, popularly called petrol, particularly in Abuja and northern states have refused to clear despite the supply of about 1.824 billion litres of PMS by the Nigerian National Petroleum Company Limited. Also, the NNPC on Sunday denied claims that it had reviewed the ex-coastal, ex-depot and the NNPC […]

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

Extortion: FAAN bans two immigration officers from airports

The Federal Airports Authority of Nigeria has expelled two officers of the Nigerian Immigration Service from working in any airport in Nigeria due to their involvement in the extortion of N8,000 from a passenger. FAAN said on Friday that the On Duty Cards of the officers were permanently withdrawn after it was confirmed that they […]

Policy and Regulations

Take advantage of import duty waivers, FG tells manufacturers

The Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo, has urged manufacturers to take advantage of import duty waivers through the Import Duty Exemption Certification. Adebayo, who was represented by the Deputy Director of Industrial Development at the ministry, Mr. Mohammed Bala, said this during a national symposium organised by the INGO Third Sector […]

Why Nigeria must save oil revenues - IMF
Energy

Fear of corruption hampering subsidy removal in Nigeria -IMF

The International Monetary Fund says the fear of political resistance, widespread corruption and pressure from interested groups is hampering the removal of the fuel subsidy in Nigeria. The IMF said this in its ‘Nigeria: Selected Issues Paper’ report, which was prepared by a staff team of the Fund as background documentation for its periodic consultation […]

Economy

Nigeria’s debt set to peak at N45tn in 2022, says DMO report

The total debt stock of Nigeria is likely to reach N45tn as the Debt Management Office plans to borrow an additional N6.39tn to finance the 2022 budget deficit. This was contained in a DMO document obtained by the News Agency of Nigeria on Friday in Abuja. In the document, the Director-General, DMO, Patience Oniha, explained […]

News

Fuel scarcity: FG implements 25% freight rate increase for NARTO

The Federal Government has approved and commenced the implementation of the 25 per cent freight rate increase to members of the Nigerian Association of Road Transport Owners in a bid to clear the fuel queues in many parts of the country. Following the implementation of the new rate, NARTO on Saturday urged its members to […]

Nigeria needs debt relief - AfDB
Ports and Airports

AfDB secures $15.6bn for Lagos-Abidjan highway corridor

The President of the African Development Bank, Dr Akinwumi Adesina, announces that the bank has secured $15.6bn for the construction of the Lagos-Abidjan highway corridor, which would ease transportation across West Africa. He made this announcement during the 2021 Africa Investment Forum virtual boardroom closing session on Thursday. The AfDB president said, “The biggest deal […]

Economy

Nigeria borrowed N6.64tn, serviced debt with N2.93tn in 2021 -DMO

THE Debt Management Office on Thursday said Nigeria’s total public debt stock increased to N39.56tn in 2021 from N32.92tn in 2020. The Director-General, DMO, Patience Oniha, said this at a media briefing in Abuja. According to her, the total debt includes new borrowings by the Federal Government and the sub-nationals. She also said that the […]

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