Category: Economy
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PPPRA removes price cap on petrol
The Petroleum Products Pricing Regulatory Agency (PPPRA) has removed the cap on the price of Premium Motor Spirit (PMS) also known as petrol. The agency made the disclosure in a document it released in Abuja on Thursday entitled, ‘’Market Based Pricing Regime for Premium Motor Spirit (PMS) Regulations, 2020’’. It said in the document signed…
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Looming implosion: Reps warn against over-dependence on oil
The House of Representatives has urged the federal government to direct its energy, resources and focus on how to diversify the economy from dependence on oil to avert a looming implosion. The House also called on the federal government to set up a special committee to deliberate on the post-oil economy in Nigeria and make…
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Buhari seeks Senate approval for fresh $5.513bn loans
President Muhammadu Buhari’s request for fresh external loans totalling $5.513billion was read on the floor of the Senate Thursday by the Senate President, Ahmad Lawan. President Buhari in the request via a well detailed letter forwarded to that effect , said it became imperative for funding the revised 2020 budget and insulating the nation’s economy…
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Fuel subsidy: FG urged to channel revenue to health sector
An expert in the oil and gas industry has urged the federal government to use the opportunity presented by the Coronavirus disease (COVID-19) crisis to remove fuel subsidy in real terms and channel the revenue to the health sector of the Nigerian economy. Faith Nwadishi, Director of Women in Extractives, who made the call during…
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Nigeria has no money for food importation – Buhari
President Muhammadu Buhari has challenged Nigerian farmers on the need to embark on massive productive agricultural activities this farming season as Nigeria has no money for food importation. The president gave the challenge shortly after observing this year’s Eid prayer alongside members of his family and few presidential aides at the presidential villa, Abuja, on…
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Downstream operators renew quest for total deregulation of oil sector
Operators in the petroleum downstream have told the Federal Government to take advantage of the unique opportunity provided by the crash in global crude oil prices to fully deregulate the sector. They also called for a legislative framework to address compliance, enforcement and pricing in the importation of Premium Motor Spirit (PMS), to ensure that…
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Lockdown: Delta Govt. evolves modalities to rejuvenate economy
The Delta Government on Thursday, charged all its contractors to return to site as part of measures to revive the state economy which had been devastatingly impacted by the coronavirus (COVID-19) pandemic. The Commissioner for Information, Mr Charles Aniagwu, told newsmen in Asaba on Thursday that government’s decision was aimed at stimulating the state economy…