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

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Oil production: Angola, Libya overtake Nigeria, says OPEC
Energy

OPEC quota: Elumelu disagrees with Sylva over low oil sector investment

Nigeria’s billionaire businessman, economist, and philanthropist, Tony Elumelu, on Thursday argued that the reason why Nigeria had been unable to meet its oil production quota as approved by the Organisation of Petroleum Exporting Countries was not because of low investment but theft. Elumelu’s position is contrary to the views expressed by the Minister of State […]

News

Telcos mull tariff hike as diesel price skyrockets

Telecommunications services providers under the aegis of the Association of Licensed Telecoms Operators of Nigeria have said a tariff review for telco services may happen if the rise in the price of diesel is sustained. The Chairman, ALTON, Gbenga Adebayo, disclosed this to our correspondent in an interview. According to him, the telecoms industry is […]

News

Customs impound Dangote truck with 250 bags of foreign rice

The Comptroller-General of the Customs Strike Force, Team A Unit, Mohammed Yusuf, has said his officers seized a Dangote truck loaded with 250 bags of banned imported rice. Yusuf stated this on Thursday in Ikeja, Lagos, during a press briefing on a four-week operation of the agency in different parts of Ogun and Lagos states. […]

News

FG halts N600bn electricity subsidy, confirms power tariff hike

The Nigerian Electricity Regulatory Commission on Wednesday declared that subsidy on power amounting to about N600bn during some period had now been stopped by the Federal Government. It also revealed that electricity tariffs were raised in February this year, and was quick to, however, state that the tariff payable by some customers in the franchise […]

Economy

NUPENG cries out as cooking gas price rises again

The Liquefied Petroleum Gas Retailers Branch of the Nigeria Union of Petroleum and Natural Gas workers on Wednesday raised the alarm over the recent rise in price of Liquefied Petroleum Gas, popularly called cooking gas. It said the cost of the commodity had been on the increase in the last two weeks and urged the […]

Energy

NASS proposing criminalising illegal connection – NERC

THE National Electricity Regulatory Commission has urged consumers to know their rights and obligations within the sector, noting that it will help strengthen the business relationship between the Discos and consumers. Speaking at the Discos and Customers Care Forum in Benin, Edo State on Wednesday, NERC’s Commissioner for Consumer Affairs, Aisha Mohammed, said the mandate […]

100% cashless economy possible in Nigeria - Emefiele
News

Banks refunded over N95bn to customers in 2021 – CBN

The Central Bank of Nigeria on Thursday said cumulative refund by banks to customers as at December ending 2021 stood at N95.2 billion. This is contained in data released by the bank at the opening ceremony of the bank’s 2022 fair held in Jalingo, Taraba State. While urging the public to always lodge complaints with […]

Ports and Airports

Transport ministry opposes 12% revenue allocation to maritime varsity

The Federal Ministry of Transportation has opposed the proposal by the House of Representatives to allocate 12 per cent of the revenue generated by the Nigerian Maritime Administration and Safety Agency to Maritime University, Okerenkoko, in Delta State. The Nigerian Navy has also warned against the proposal to saddle NIMASA with powers to provide security […]

Economy

Russia-Ukraine: Higher food prices may cause unrest in Nigeria -IMF

The International Monetary Fund has said higher food prices as a result of the Russia-Ukraine war might cause unrest in Nigeria, other Sub-Saharan Africa countries, Latin America, the Caucasus, and Central Asia. It added that food insecurity is likely to increase in parts of Africa and the Middle East. It disclosed this in a blogpost […]

FG to end fuel subsidy in 2023 - Minister
Energy

FG’ll tap $2.2bn Eurobond for fuel subsidy funding –Minister

The Federal Government is planning to tap €2bn ($2.2bn) by this month or next of the money it raised in a Eurobond sale last year and targets more local borrowing in 2022 to help fund subsidy on Premium Motor Spirit, popularly called petrol, the Minister of Finance, Budget and National Planning, Ahmed Zainab, has said. […]

Ports and Airports

Reps grill Amaechi over $214m Deep Blue contract

THE Bureau of Public Procurement has told the House of Representatives’ Committee on Navy that it does not possess the documents presented by the HSL International Limited, which the Federal Government awarded the ‘Deep Blue Project’ contract, before the firm was issued a Certificate of No Objection. According to the BPP, the documents on HSL […]

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