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Tag: Nigeria

petrol pump
Business

Petrol price rose 43% in one year – NBS

The price of Premium Motor Spirit popularly known as petrol rose by 42.63 percent from N264.29 in 2022 to N185.30 in 2023. This was disclosed through a report by the Nigerian Bureau of Statistics which also revealed prices across every state in the country. Stating how the data was obtained NBS said more than 700 […]

Crude hits $83 as Nigeria's export passes 1.4mbpd
Business

FG to introduce 13 more oil sector regulations 

The upstream sector of the oil and gas industry can expect 13 new regulations from the Federal Government in the next few weeks. According to The Punch, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, made this announcement on Tuesday during the Nigerian International Energy Summit in Abuja. In addition […]

Fuel scarcity eases gradually after five months
Business

Fuel subsidy removal will reduce Nigeria’s debt, corruption – LCCI

The Lagos Chamber of Commerce and Industry believes that eliminating fuel subsidy by the Federal Government is one of the best economic moves that will decrease Nigeria’s debts and address corruption in the oil industry. According to The Punch, the President of LCCI, Dr. Michael Olawale-Cole, made this statement during the chamber’s second-quarter state of […]

Buhari to inaugurate Dala International Inland Dry Port on Jan. 30
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FG to raises civil servants’ salary by 40% April ending  

The Federal Government plans to commence payment of the anticipated increase in civil servants’ pay at the end of April. According to The Punch, final approval for disbursement is expected to be given by President Muhammadu Buhari very soon. If the proposal is approved, the increase in pay will be implemented about two months before […]

Director-General, PenCom, Aisha Dahir-Umar
Business featured

168k workers transfer N664bn pension funds to other administrators – PenCom

Since the National Pension Commission opened up the option to transfer pension funds, 168,768 workers have moved their Retirement Savings Accounts worth N663.761bn to different Pension Fund Administrators. This was recently disclosed by PenCom in their “Quarterly summary of Retirement Savings Accounts transferred by Pension Fund Administrators” spaning from the fourth quarter of 2020 to […]

Nigerian food exports rise amid naira devaluation concerns
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Nigeria’s inflation rate hits 22% – NBS

  The National Bureau of Statistics on Saturday revealed that the nation’s inflation rate rose to 22.04% in March 2023. According to The PUNCH, the percentage is 13.4 percentage points higher than the 21.91% seen in the prior month. It was noticed that food prices increased by 24.45% in March 2023 compared to 24.35% in […]

Remita CEO
Business featured

Infrastructure upgrade will support cashless policy – Remita

The Managing Director of Remita Payment Services Limited, Deremi Atanda, has stressed the need for quality infrastructure upgrade to support the growth of digital payments in Nigeria. This was during the first edition of the SystemSpecs Tech Innovation Webinar Series held in partnership with FintechNGR, accessed by The Punch. The event, themed ‘Cashless policy: Sustaining […]

Buhari
Business

Fuel subsidy: Buhari yet to meet criteria for removal, say marketers

  The Independent Petroleum Marketers Association of Nigeria has declared its stand on the subsidy. The Association disagreed with subsidy’s removal, arguing that the current government, President, Major General Muhammadu Buhari (retd.), did not meet the necessary criteria for its removal. The Nigeria Union of Petroleum and Natural Gas Workers stated that it would disclose […]

Director-General, PenCom, Aisha Dahir-Umar
Business

Contributory asset rose above N1tn in one year- PenCom

The Contributory Pension Scheme’s asset rose from N13.76tn as of the the end of February 2022 to N15.45tn February 2023 which account for a N1.68tn increase in one year. PenCom made this disclosure in its unaudited report on the pension funds industry portfolio,  accessed by The Punch. This report covers the period up until February […]

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