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Tag Archives: business

$2bn Needed To Revive Lagos-Kano Rail Line – Osinbajo


vice-President Yemi Osinbajo on Wednesday said Nigeria would need $2bn (N610bn) to revive the Lagos-Kano rail line as part of efforts to boost local and international trade along the northern and southern zones. Osinbajo, who spoke at the opening of the inaugural edition of the Lagos-Kano Economic and Investment Summit in Epe, Lagos, said the Federal Government, in partnership with a private firm, General Electric, ... Read More »

TUC Kicks Against NNPC As Sole Provider Of Fuel

Trade union congreass- TUC

The National Executive Council of the Trade Union Congress of Nigeria has said that the current situation in which the Nigerian National Petroleum Corporation is the sole provider of fuel to the nation and absorbing subsidies is not healthy for the country. The TUC took this stand at the end of its NEC meeting in Lagos and advised the government to reimburse the NNPC to ... Read More »

Naira Records Marginal Gain, Closes At 362/Dollar

The naira closed at 362 per United States dollar at the parallel market on Wednesday, two days after the Central Bank of Nigeria injected $210m into the foreign exchange market. The local unit had closed at 363/dollar on Tuesday. The naira has been trading between 360 and 363 in recent weeks as the CBN continues to intervene in the market once or twice on weekly ... Read More »

Fuel Scarcity May Continue, IPMAN Warns


The Independent Petroleum Marketers Association of Nigeria has warned that the ongoing scarcity of petrol, which started since December 2017 may continue if the right steps are not taken by the authorities to address the problem. The Chairman, IPMAN, Western Zone, Mr. Debo Ahmed, who gave this indication, also said the NNPC had no capacity to meet the nation’s total petrol demand. Ahmed, whose zone ... Read More »

Intels Decides Revenue Sharing Formula With FG – NPA


The House of Representatives heard on Wednesday that the revenue collection contract between the Nigerian Ports Authority and Integrated Logistics Services Limited hugely favoured the latter such that the firm determined the Federal Government’s share. The NPA and Intels signed a two-legged agreement in 2010 allowing the firm to collect revenue on behalf of the Federal Government agency on some port operations. The Managing Director, ... Read More »

Federal Government Targets N3.6 Trillion Investments In Oil, Gas Infrastructure


Federal Government has renewed its commitment to attract over $10 billion (N3.6 trillion) to the Niger Delta between 2017 and 2019 through investments in infrastructure. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who made the disclosure at the graduation ceremony of the Petroleum Training Institute (PTI), Delta State, noted that the use of equity and debt to finance the share of Nigerian ... Read More »

FG Gets $29 Billion From SPDC As NDDC Gulps $1.8b In Four Years

Oil giant- Shell Petroleum Development Company (SPDC) and its Joint Venture (JV) partners contributed $29 billion to the Nigerian government between 2012 and 2016. The company also said that it contributed $1.8 billion into the Niger Delta Development Company (NDDC) funds within the same period for the development of the oil-bearing communities in the Niger Delta region. It however, regretted that within these periods, it ... Read More »

‘Price For Petrol Drops, Kerosene Increases’


The average price paid by consumers for Premium Motor Spirit (petrol) dropped by 1.2 per cent year-on-year, the Nigeria Bureau of Statistics (NBS), has said According to a report on the NBS website, the Bureau also listed states with the highest and lowest average price of petrol in comparison with the approved government price of N145. “The average price paid by consumers for PMS decreased ... Read More »

N30tn Probe: Indicted Banks, Firms Return N140bn


The Senate Joint Committee on Customs, Excise and Tariffs; and Marine Transport on Wednesday claimed that it had recovered over N140bn from banks and companies following its probe into the alleged loss of N30tn in Nigeria’s import and export value chain. It said the recovered funds had been deposited with the Central Bank of Nigeria. This was contained in an interim report by the panel, ... Read More »

House Probes TCN’s $1.5bn, $500m Foreign Loans

Nigerian House of Representatives

The House of Representatives has queried loans totalling $1.5bn taken from foreign creditors by the Transmission Company of Nigeria. This is in spite of a separate $500m loan, which the power firm is already negotiating with the Islamic Development Bank. The House resolved on Wednesday to investigate the operations of the TCN in the past 10 years, especially the loans, which it said were taken ... Read More »

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