Fresh fuel scarcity is looming in northern states as independent marketers, yesterday, announced a three-day warning strike over non-payment of outstanding bridging costs In Kano, the Northern Independent Petroleum Marketers Forum (NIPMF) shutdown the depot of the Nigerian National Petroleum Company Limited (NNPC), obstructing the movement of tankers. NIPMF chairman,[Read More…]
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FG Suspends Telecoms Tariff Hike, Excise Duty
President Muhammadu Buhari has approved the suspension of the proposed excise duty on telecommunications indefinitely and constituted a committee to look into the matter. The suspended scheme could have seen an added tax to the tariff for telecom network subscribers but the Minister of Communications and Digital Economy, Isa Ali[Read More…]
In 12 Months, Discos Suffered N543bn Revenue Loss
The latest report by the Nigerian Electricity Regulatory Commission (NERC) shows that total billing to electricity consumers by the 11 distribution companies stands at N816bn. The report also shows that out of this amount, only N370bn has been collected by the DIiscos, leaving a total outstanding of N543bn. The data[Read More…]
Fed Govt Pays Foreign Firm $496m For Contract Violation
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami has disclosed that the Federal Government has settled a long-standing $5.26bn contractual dispute with a foreign investor group in the steel sector for $496m. A statement on Sunday by the Special Assistant, Media and Public Relations, Office of the[Read More…]
How Nigeria Loses $14.6b to Oil Theft Annually
Confusion continues to be the order of the day in the country’s upstream sector as key government officials are struggling to agree on the specific barrels of crude oil lost to oil theft on a daily basis. While President Muhammadu Buhari who is the Minister of Petroleum Resources has kept[Read More…]
Investors Lose N283b in August Amid Uncertainty
Investors in the nation’s economy have lost N283 billion or 1.07 per cent of the market value in the month of August amid insecurity a report has revealed. Specifically, the overall market capitalisation of listed companies closed on August 31, 2022 at N26.880 trillion from N27.163 trillion when it opened[Read More…]
NNPC Can’t Justify N6.34tn Petrol Subsidy – Customs
The Comptroller-General of Nigeria Customs Service, Col. Hameed Ali (retd.), has stated that the Nigerian National Petroleum Company Limited (formerly Nigerian National Petroleum Corporation) cannot justify the volume of Premium Motor Spirit (petrol) being consumed in the country daily to warrant the over N6.34tn subsidy payment on the commodity annually.[Read More…]
NBS Says 32 States Fail to Attract Investment in Q2
The Foreign Direct Investment data released by the National Bureau of Statistics shows that thirty-two states failed to attract capital importation in the second quarter of 2022. Of the 36 states and the Federal Capital Territory, only Lagos, Abuja, Anambra, Ekiti, and Kogi witnessed capital inflows. Cumulative capital inflows totalled[Read More…]
PoS Transactions Hit N8tn In July – NIBSS
According to recent data obtained from the Nigeria Interbank Settlement System, the value of Point of Sale transactions in Nigeria has jumped 39 per cent to N8.03tn in 2022. The data showed that the aggregate PoS transactions between July 2020 and July 2021 were estimated at N5.77tn. However, between July[Read More…]
Household Incomes Shrink as Gas Price Rises by 122% – NBS
The Nigerian Bureau of Statistics data has indicated that, on a year-on-year basis, price of refilling a 12.5kg cylinder of Liquefied Petroleum Gas, also known as cooking gas, increased by 122 per cent from N4,422 in July 2021. As part of the Federal Government’s N250 billion investment in the National[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…]