Data collated has shown that the Central Bank of Nigeria (CBN) raised N277.47 billion through the treasury bills (TBills) market in January 2023. The apex bank carried out TBills auction twice worth N55.39billion in the first auction and N220.53billion in the second auction. The breakdown disclosed that the CBN at[Read More…]
News
Fuel Pump Price To Skyrocket As Marketers Threaten Shutdown
The queues for Premium Motor Spirit, popularly called petrol, grew worse on Tuesday following an earlier directive to shut down filling stations by the Independent Petroleum Marketers Association of Nigeria (IPMAN). Although the directive was later withdrawn, it was observed that the order triggered fuel queues in many parts of[Read More…]
FG Rakes In N3.63bn From Postal Service
The National Bureau of Statistics (NBS) said the Nigerian Postal Service raked in N3.63 billion in 2021. The collection, however, dipped by 22.79 per cent compared to the revenue that it earned the previous year, according to the document titled: ” Nigerian Domestic and amp; Foreign Debt Q3 2022.” The[Read More…]
Buhari seeks 7 days to decide on currency redesign crisis
Amidst the current crisis trailing the naira redesign and distribution, President Muhammadu Buhari has said he would in one week to take a major decision. A statement by his media aide, Garba Shehu on Friday, said Buhari’s request is sequel to a meeting he held with members of the Progressive[Read More…]
OPEC Says Nigeria’s Oil Output Rises By 4% To 1.235 mb/d
Nigeria’s oil output rose by four per cent month-on-month, MoM, to 1.235 million barrels per day, mb/d in December 2022, from 1.186 mb/d in November 2022. On Year-on-Year, YoY performance, the nation’s oil output also increased to 1.235 mb/d in December 2022, from 1.197 mb/d in the corresponding period of[Read More…]
Subsidy: Fed Govt Borrowing To Import Fuel – Minister
The Federal Government has said it sometimes borrows funds to buy petrol as the country continues to incur rising fuel subsidy bills. The government also confirmed that there was a possibility of global economic recession this year, but stressed that Nigeria’s foreign exchange reserves were healthy enough to withstand the[Read More…]
FCCPC to collaborate with SON, NAFDAC to enforce regulation, penalties
The Federal Competition and Consumer Protection Commission (FCCPC), through Babatunde Irukera, the Vice Chairman and Chief Executive Officer, said the commission moved into the 2023 activities with a plan to enforce more penalties. The Commission boss noted that there would be more collaboration with Standards Organisation of Nigeria (SON) and[Read More…]
Oil Prices Set For $105 On Global Demand Growth
Solid growth in global oil demand is set to drive oil prices to above $100 this year and Brent Crude could trade at $105 per barrel by the fourth quarter. However, the oil market is expected to return to deficit in the second half of the year. China’s re-opening and[Read More…]
FG Disburses N173bn For Uniform Fuel Price Nationwide
The Federal Government disbursed about N173.2bn for the equalisation of over 11.6 billion litres of Premium Motor Spirit, popularly called petrol, between 2019 and 2022, data obtained from the Federal Ministry of Petroleum Resources showed. PMS price equalisation is done by the Federal Government through the Nigerian Midstream and Downstream[Read More…]
Consumers Kick as Discos Increase Electricity Tariff
Power consumers across the country have kicked against the quietly increased power tariff by Electricity Distribution Companies. Although most of the Discos did not make this public, electricity users have described it as “a perfect robbery” amidst the harsh economic realities in Nigeria currently. Reacting to the price hike, a[Read More…]
Consumer TV
FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]