Category: Economy
-
Deregulation: NNPC to setup CNG plants across Nigeria
The Nigerian National Petroleum Corporation (NNPC) has said it will soon begin activation of Compressed Natural Gas (CNG) refill stations for motorists across the country. The corporation disclosed this in a statement by the Group General Manager Public Affairs Division, Dr Kennie Obateru, in Abuja, on Sunday. The CNG (methane stored at high pressure) is…
-
Customs generates N976.6bn revenue in 8 months
The Nigeria Customs Service (NCS) has so far generated N976.6 billion revenue from January to August for the country. The document obtained from the service through its Public Relations Office by the News Agency of Nigeria (NAN) on Thursday indicated that the sum was realised from import duties and excise duties, among others. The statistics…
-
Fuel price: PPPRA owns up on contradiction in deregulation policy
The Petroleum Products Pricing Regulatory Agency (PPPRA) has assured Nigerians that the deregulation of the downstream oil sector is in the best interest of the country. The Executive Secretary of the Agency, Saidu Abdulkadir, gave the assurance on Tuesday in Abuja, while briefing newsmen on the deregulation of the downstream oil and gas sector. Abdulkadir…
-
Abuja residents moan, groan under harsh economic conditions
…commercial transporters double cost …’keke’ and okada riders increase cost by 50 percent …there’s palpable fear that a bag of foreign rice may hit N50k by December It was moaning and groaning as Abuja residents bitterly complain about the high cost of living in satellite towns barely one week after the federal government increased electricity…
-
Light bill: Buhari addresses recent tariff adjustment by DisCos
…says timing of new tariff, new PMS price coincidental President Muhammadu Buhari on Monday touched on the recent service based tariff adjustment by electricity distribution companies (DisCos) in the country. TheNewsGuru.com (TNG) reports Buhari as saying the recent service based tariff adjustment by the Discos was a source of concern. The President made these comments…
-
Who will save Nigeria from imminent debt bondage?, By Dele Sobowale
“Nigeria’s debt service to revenue ration is unsustainable – NESG SUNDAY TELEGRAPH, August 23, 2020, p 15. A visitor from another planet, versed in economics, on arriving in Nigeria and reading our newspapers must wonder if there are intelligent people governing us. Future historians might not be too wrong if they assume or conclude that…
-
Nigeria’s unemployment rate increases to 27.1% -NBS
The National Bureau of Statistics has released statistics on the country’s unemployment rate. The bureau of statistics noted that after a 20-month interval, the unemployment rate rose to 27.1 per cent in the second quarter of 2020 from the 23.1 per cent recorded in Q3 2018. The NBS made this known via its ‘Labor…
-
Nigeria’s unclaimed dividends hit N158.44bn in 2019
The total unclaimed dividend figure in the Nigerian capital market stood at N158.44 billion as of December 2019, the News Agency of Nigeria (NAN) reports. Data obtained exclusively by NAN from the Securities and Exchange Commission (SEC) show that the figure is still on the increase in spite of e-dividend registration introduced by SEC in…
-
FG moves to actualize N43.24bn Ibadan Inland Dry Port
Talks between Federal Government and China Railway Construction Corporation Limited (CRCC) on the construction of the N43.24 billion Ibadan Inland Dry Port is nearing completion. The Nigerian Shippers’ Council (NSC) said in a statement on Saturday in Lagos that the 80,000 TEU capacity dry port would be built on the basis of Public Private Partnership.…
-
FG clarifies tax on house rents, C of O, others
The Director-General of the Budget Office of the Federation, Mr Ben Akabueze, says tax on rents, Certificate of Occupancy (C of O) and others is not a new law to the system. Akabueze made the clarification while fielding questions from participants at a virtual presentation of 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper…