Petrol subsidy The Nigerian National Petroleum Company Limited and fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria, on Tuesday, clashed again over the removal of subsidy on petrol. This came against the backdrop of the depreciation of the naira against the United States dollar at both the official Investors &…
President of the World Bank, Ajay Banga. The Nigeria National Petroleum Corporation Limited is not transparent about the financial gains from fuel subsidy removal, the World Bank has disclosed. This extends to subsidy arrears that are still being deducted and the impact of subsidy removal on federation revenues, the bank noted. The Washington-based made this…
Lamido Sanusi •Ex-emir entitled to his opinion, NNPCL remains focused, says spokesman A former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, has advised President Bola Tinubu against occupying the office of the Minister for Petroleum Resources, saying such arrangement will make it difficult for the country to hold the Nigerian National Petroleum…
President Bola Tinubu By Clifford Ndujihe, Politics Editor IN the last six months, the three tiers of government- Federal, States and Local Councils, have shared N5.57 trillion as allocation from the Federal Accounts Allocation Committee, FAAC, according to Saturday Vanguard’s checks. Within the period, which is President Bola Tinubu’s first six months in office, having assumed power on…
Naira and Dollar The Federal Government through the Central Bank of Nigeria, has commenced payment of outstanding matured FX forwards owed to various creditors, the PUNCH can report. A source familiar with the development confirmed the payment on Thursday. Meanwhile, unconfirmed sources said three banks received full payment of debts owed. The banks are Citi Bank, Stanbic…
National Bureau of Statistics has said the average retail price of a litre of petrol increased from N191.65 in September 2022 to N626.21 in September 2023. It made the declaration in its Petrol Price Watch for September 2023 released in Abuja on Saturday. It stated that the September 2023 price of N626.21 represented a 226.75…
•Forex crisis hinders raw materials procurement, causes financial problem – NECA •SMEs decry impending shutdown, Reps probe airlines, schools demanding dollars The naira fell further on Tuesday as it exchanged for the dollar at the parallel market between 1,005/$ and 1,025/$. Owners of small-scale enterprises, Nigeria Employers’ Consultative Association, and manufacturers, who spoke to The…
President Bola Tinubu •Hike to worsen manufacturers’ woes, many SMEs will die, MAN, LCCI lament •NLC considers emergency meeting, PDP slams FG as Reps summon NNPCL boss Members of the organised private sector, on Wednesday, expressed fear over the possible shutdown of businesses and job losses following the hike in the pump price of Premium…
CBN Governor, Godwin Emefiele Central Bank of Nigeria has directed all commercial banks to open for operation on Saturdays and Sundays, as part of a coordinated effort to ease circulation of banknotes of various denominations. The apex bank also confirmed the evacuation of banknotes from its vaults to commercial banks across the country. This latest…
Old naira notes The Central Bank of Nigeria on Thursday began the disbursement of old naira notes to Deposit Money Banks as government authorities stepped up efforts to end the biting currency scarcity that has inflicted pain on millions of bank customers nationwide. The central bank had directed DMBs to pick old N1,000, N500 and…
