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Price of petrol may to rise further as international market data revealed that the commodity has gained 20 per cent. At the beginning of 2023, Brent crude traded around $78 per barrel. However, last week, the international benchmark hit $83 per barrel. On the other hand, petrol prices started the year at less than $2.50 per gallon. Last week, it hit $2.90 per gallon, and analysts said it could reach […]
The Speaker of the House of Representatives, Rep. Tajudeen Abbas, has inaugurated an Ad hoc Committee to investigate the alleged $9.05 billion revenue loss from gas flaring in the last decade in Nigeria. Abbas, at the inauguration of the House ad hoc committee on Gas Flaring on Monday, charged the committee to get to the root causes of gas flaring and make recommendations to end the menace. He said that […]
Days after the management of the Nigerian Ports Authority and the Lagos State Government commenced the clearing of shanties along the port access roads, the NPA has said there is an increasing extortion along the access roads of the Lagos and Tin Can Island Port Complexes. This was contained in a statement on Tuesday by NPA. The authority had between July 16 and 18, rid the port corridor of shanties […]
There are strong indications the Federal Government may consider the request by power distribution companies for a review of their tariff, as the government spending on electricity subsidy has risen to N2.8tn. A new report by the Nigerian Electricity Regulatory Commission, obtained by our correspondent in Abuja on Sunday, indicated that past hikes in electricity tariffs by Discos saved the government from paying additional N1tn in subsidy to power firms […]
A new gas pricing template for the power sector and gas-based industries has been developed and currently awaits the approval of President Bola Tinubu, the Nigerian Midstream, and Downstream Petroleum Regulatory Authority announced on Wednesday. It was also revealed that the legacy gas debts of the power sector to gas suppliers in Nigeria had risen to about $1bn, as efforts were ongoing to finalise the figures and find a comfortable […]
The Management of Ibadan Electricity Distribution Company has announced an upcoming upgrade for its Standard Transfer Specification prepaid meters to enhance efficiency and align with global standards. The upgrade, known as Token Identification Rollover, aims to ensure the continued seamless operation of prepaid meters while maintaining customer satisfaction. A statement signed by the Managing Director of IBEDC, Kingsley Achife, said the upgrade scheduled to take effect from August 1, 2023, […]
•Reps sit on N500bn subsidy relief request today, FG, Labour for fresh negotiations •N500bn not enough for 125 million poor Nigerians affected by deregulation – NLC, TUC The Nigeria Labour Congress and the Trade Union Congress have thumbed down the N500bn palliative proposed by President Bola Tinubu, stating that it is grossly inadequate to assuage the hardships confronting workers sequel to the fuel subsidy removal. They are demanding a 300 […]
Nigerians engaged in wholesale and retail trade and repair of motor vehicles and motorcycles paid a total tax of N167.45bn between the first quarter of 2022 and Q1 2023, according to findings. The total tax was raised from Value Added Tax and Company Income Tax. According to the Federal Inland Revenue Service, CIT is a 30 per cent tax imposed on the profit of companies and VAT is a 7.5 […]
A report by FITC has revealed that bank customers in Nigeria lost N472m to fraud in the first quarter of 2023. It was also disclosed that there was a total of 12,553 cases of fraud recorded within this period. This was according to the Q1 report obtained by The PUNCH from the website of FITC. FITC’s institutional members are members of the Nigerian Banker’s Committee, which comprises the Central Bank […]
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