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Oil Marketers Threaten Service Withdrawal In Lagos, Ogun

oil pipeline

The Independent Petroleum Markers Association of Nigeria, Lagos State chapter, has accused the Nigerian National Petroleum Corporation of undersupplying its members with Premium Motor Spirit. It said if the situation persists, its members in Lagos State and parts of Ogun State may be forced to shut their filling stations by December 11. In a statement on Thursday signed its chairman, Alhaji Alanamu Balogun, vice chairman, ... Read More »

FG, States, Lgas Share N4.55tn In Nine Months


The three tiers of government shared a total of N4.55tn between January and September this year as disbursements from the Federation Accounts Allocation Committee. According to the latest quarterly report of the Nigerian Extractive Industries Transparency Initiative, released in Abuja on Wednesday, out of the N4.55tn that was shared in the review period, N1.76tn was disbursed in the third quarter as against the N1.38tn and ... Read More »

Nigeria, Libya In Focus As OPEC Meets Today


Nigeria and Libya will expect to face growing pressure from their counterparts in the Organisation of Petroleum Exporting Countries to end their exemption from production cuts and accept an output quota, when ministers meet on Thursday (today) for a closely watched summit. The production cuts deal, which began on January 1 and called on OPEC countries and 10 non-OPEC producers led by Russia to cut ... Read More »

Foreigners Taking Over Nigeria’s Agric Sector, Says FG


Foreigners are currently taking over Nigeria’s agricultural sector as a result of the excessively high interest rates being demanded from indigenous agriculturists by Deposit Money Banks, the Federal Government has said. It also stated that the production and sale of crude oil could not salvage the country’s fragile economy, adding that revenue generation from oil was too low when compared to what some smaller countries ... Read More »

Economy Needs To Grow By At Least 6% — Emefiele


The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, spoke about the banking system, exchange rate and the prospect of the economy in an interview with journalists in Lagos. OYETUNJI ABIOYE was there. Excerpts The Nigerian economy exited recession in the second quarter after five consecutive quarters of negative growth. What hopes lies ahead? We have just managed to exit the economic recession with ... Read More »

Naira Appreciates, Jumps To N359 Against Dollar


The naira on Thursday appreciated to N359.56 in the Investor and Exporter (I&E) Foreign Exchange, forex. The indicative exchange rate for the I & E Forex Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, appreciated to N359.56 per dollar. It jumped from Wednesday’s market rate which stood at N360.70 per dollar. This indicates an appreciation of N1.14 kobo in the value of the local currency. ... Read More »

Budget: N2tn Debt Service Provision Unsustainable, Says LCCI

Buhari budget

The Lagos Chamber of Commerce and Industry has described as unsustainable the debt service provision of N2.014tn in the 2018 budget proposal submitted by President Muhammadu Buhari to the National Assembly on Tuesday. The LCCI, however, commended the commitment of the government to the restoration of the January-December budget cycle, saying it would be good for planning purposes both in the public and private sectors ... Read More »

CBN Pumps $195m into Forex Market


The Central Bank of Nigeria (CBN) on Monday injected the sum of $195 million into the interbank foreign exchange (forex) market. Figures obtained from the Bank indicated that the central bank offered $100 million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises (SMEs) segment received the sum of $50 million. Those requiring foreign exchange for invisibles ... Read More »

NNPC Stores Two Billion Litres Of Petrol For End-Of-Year Movement


The Nigerian National Petroleum Corporation on Tuesday announced that it had stored over two billion litres of Premium Motor Spirit, also known as petrol, to ensure a hitch-free end-of-year movement of motorists. It said the end-of-year period had been hitherto characterised by scarcity of fuel due to supply and demand disequilibrium. Speaking after his investiture as a special marshal by the Federal Road Safety Corps, ... Read More »

World Bank Laments Lack of Progress In Tackling Poverty


The World Bank has lamented the lack of progress since the 1960s in an area that is crucial for reducing poverty and inequality and promoting growth in the world. The Bretton Woods institution, which raised the alarm on Tuesday while marking the 25th anniversary of the International Day to Eradicate Poverty, noted that the social status of one’s parents is as influential today as it ... Read More »

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