Ahead Of New Year, Fuel Scarcity Resurfaces In Lagos
Motorists and other users of PMS otherwise known as petro in Lagos are not finding it easy as scarcity of the product has again resurfaced in many parts of the State, causing gridlocks on major roads. Investigation by our reporters revealed that the recent scarcity may not be unconnected with complaints by Nigeria Union of […]
Naira Redesign: Stop criticism, we are working in line with International best practice | CB
The Central Bank of Nigeria (CBN) has said that the newly introduced electronic naira and the plan to redesign bank notes are in line with international best practice. The CBN Director in charge of Corporate Communications, Osita Nwanisobi, said this in Osogbo during a sensitisation event to enlighten Nigerians on activities of the apex bank. […]
Breaking: Naira Records Gain Against Dollar
The naira strengthened against the dollar at the Investors and Exporters window on Friday, trading at 445.67. The figure represents a 0.02 percent increase from N445.75 to the dollar on Thursday. On Friday, the open indicative rate was N444.42 to the dollar. The highest rate recorded during the day’s trading was N447.50 to the dollar […]
FULL TEXT: IMF advises FG to increase VAT and remove fuel subsidy
The International Monetary Fund (IMF) Article IV Staff mission has ended with an advice that the federal government should raise the Value Added Tax (VAT) from its current level of 7.5 percent to 15 percent. This was contained in its mission statement issued in Washington on Friday. Missions are undertaken as part of regular (usually […]
Oyo will collaborate with British government on economic development – Makinde
Oyo State Governor, ‘Seyi Makinde, on Thursday, said that his administration will continue to collaborate with development partners and the private sector to promote economic growth. The governor, who stated this while receiving the British Deputy High Commissioner, Ben Llewellyn -Jones, who paid him a courtesy visit at the Governor’s Office, Agodi, Ibadan, added that […]
Breaking: Petrol price hits N250 per litre
Premium Motor Spirit (PMS), popularly known as petrol, now sells for between N240 and N250 per litre in Awka, the Anambra State capital, and its environs. In Awka on Wednesday, the NNPC mega station in the town was closed to customers for lack of products. Most private outlets had products, but were all selling above […]
IMF seeks end to corruption in Nigeria
THE International Monetary Fund (IMF) has advised Ministries, Departments and Agencies (MDAs) in Nigeria to tackle issues that lead to pervasive corruption and its effects on its economy. The advice was given when the IMF team, led by Mr Alin Shane, paid a consultation visit to the Independent Corrupt Practices and Other Related Offences Commission […]
Redesign of naira: Dollar will soon crash to N200 — EFCC Chairman
Abdulrasheed Bawa, the Chairman of the Economic and Financial Crimes Commission (EFCC), has said the dollar might drop to ₦200 after the redesigning of naira. The anti-graft czar stated this during an interview with Deutsche Welle (DW) Hausa service, adding that president Buhari did well to approve the redesigning. He said, “The law says the […]
Fuel subsidy will end by June 2023 – Finance minister
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says the Federal Government will do away with petroleum subsidy by June 2023. Ahmed said this on Tuesday in Abuja, during a press conference to mark the end of the 28th National Economic Summit (NES). The News Agency of Nigeria (NAN) reports that fuel […]
Nigeria’s Inflation Jumps To 21.9% In October
Nigeria’s inflation has increased in the month of October 2022. Accoridng to the National Bureau of Statistics, headline inflation rose to 21.09 per cent on a year–on–year basis. The Bureau also said that food Inflation was 23.72% in October 2022, from 23.34% in September 2022. The NBS made this known in its Consumer Price Index […]