The Nigerian government’s plan to sell crude priced in the local currency is faltering, with refiners, including the giant Dangote Oil Refinery, saying they are still unable to secure adequate supplies. To address challenges in accessing foreign currency, the government in July said it would sell crude priced in naira to local refineries for an…
The Federal Government’s expenditure report for the first eight months of 2024 highlights the significant impact of debt servicing on Nigeria’s finances. Between January and August, ₦7.41tn was spent on debt servicing, surpassing the pro-rata budget of ₦5.51tn by 34.4%. This amount represents 89.6% of the ₦8.27tn budgeted for debt servicing this year, with the…
Airline Operators in Nigeria have faced criticism for calling for the confirmation of Capt. Chris Najomo as the Director-General of the Nigerian Civil Aviation Authority. In a statement signed by Vice President, Allen Onyema and spokesperson Prof. Obiora Okonkwo, the AON argued that Najomo’s administration is the best in the aviation industry. The crisis within…
Tinubu’s Removal Of Petrol Subsidy, Have Saved Nigeria $ 20 billion Nigeria has saved a whopping $20 billion thanks to President Bola Tinubu’s bold economic reforms. The Minister of Finance, Wale Edun, revealed that the removal of petrol subsidies and the adoption of market-based pricing for foreign exchange have been a game-changer for the country’s…
The Lagos Chamber of Commerce and Industry has expressed concerns over the Federal Government’s plan to borrow $2.2 billion, warning of potential debt sustainability issues and impacts on infrastructure. In a statement on Friday, the chamber said there was a need to diversify funding sources beyond debt financing. Its director-general, Chinyere Almona, said the…
Some Nigerians in Finland are in panic following the arrest and detention of separatist leader, Simon Ekpa. Ekpa is one of the leaders of the outlawed Indigenous People of Biafra. Ekpa was arrested alongside four others on Thursday by Finnish authorities on suspicion of terror-related activities, including incitement to violence and financing terrorism. According…
The Lagos-based mega Dangote refinery has accused the Nigerian National Petroleum Corporation (NNPC) of failing to meet its crude oil supply obligations under the naira-for-crude agreement. Edwin Devakumar, the Vice President of the Dangote Group, disclosed this in a statement reported by Reuters. Devakumar explained that the national oil company had committed to supplying the…
TotalEnergies has introduced its Young Graduate Program, offering recent graduates an opportunity to gain hands-on professional experience and international exposure. This program allows participants to explore various roles within the company while developing the skills needed to build a successful career in the energy sector. According to MSME Africa, the TotalEnergies Young Talent Trainee…
The wife of the President, Oluremi Tinubu, has appealed to market women not to hike the prices of food items. She made the appeal in Ebonyi State while addressing women at the Pa Ngele Oruta Township Stadium, Abakaliki, for their 2024 Women’s Day Celebration. The First Lady’s media aide, Busola Kukoyi, disclosed this in…
The Consumer Price Index (CPI) which measures the rate of change in prices of good and commodities increased to 33.88 per cent in October compared to 32.70 per cent in September, the National Bureau of Statistics (NBS) said Friday. The 1.18 percentage increase in headline index was blamed on rising food and energy prices. According…
