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Annual inflation in Egypt hit 36.8 per cent in June, official figures showed on Monday, an all-time high for the country grappling with a punishing economic crisis. The previous record of 34.2 per cent in July 2017 came, as it does now, following a sharp currency devaluation connected to a bailout loan from the International Monetary Fund. The Egyptian pound has lost half its value against the dollar since early […]
The volume of Premium Motor Spirit, popularly called petrol, that was consumed across the country in the first half of 2023 is 11.26 billion litres, the Federal Government has said. It was, however, observed that after the removal of subsidy on petrol, following the pronouncement by President Bola Tinubu on May 29, 2023, PMS consumption reduced by an average of about 18.5 million litres daily in June. Data obtained on […]
The Nigeria Deposit Insurance Corporation says the deposits of directors and staff of defunct banks are excluded from its Deposit Insurance Scheme. This was disclosed during the Financial Literacy Day Programme organized by the NDIC on Monday in Abuja While discussing the mandate and the operations of the corporation, Spokesperson of the agency, Tanko Yahaya, noted that the Deposit Insurance Scheme does not cover insider deposits, among others.
Power distribution companies have stepped down on their earlier announcement of a tariff hike projected to take effect from July 1, 2023, as they stated that the Nigerian Electricity Regulatory Commission had yet to approve the hike. This is as various public notices from some of the Discos had stated that the electricity tariff would be raised by about 30 to 40 per cent for selected categories of consumers on […]
President Bola Tinubu, on Monday, in Abuja, called for an equitable balance between fossil fuel and green energy in the race for energy transition. He also urged the United States and other developed nations not to forget Nigeria and Africa’s challenge with poverty as the world transitions into clean energy. “The new energy we are talking about represents just 5 per cent of global energy requirements. We must find the […]
Many depot owners may soon shut down their facilities due to the inability to meet the new financial requirement of about N10bn by the Nigerian National Petroleum Company Limited as the cost of lifting fuel from its ships, “NNPCL has enough stock in-country and we still buy from them pending when arrangements would be made for us to start ordering our products ourselves. Now, we have to raise about N10bn, […]
As Nigerians grapple with the aftershocks of the fuel subsidy removal, President Bola Tinubu has directed the National Economic Council to come up with inputs on palliatives and the minimum wage review as part of measures to cushion the pain of subsidy removal. This was as the Trade Union Congress said it was expecting the Federal Government to provide feedback on its demand for N200,000 minimum wage by June 19. […]
The Switzerland-based global airline body-International Air Transport Association-on Sunday warned that rapidly rising levels of blocked funds were a threat to airline connectivity in Nigeria and some affected countries. IATA disclosed that the industry’s blocked funds had increased by 47 per cent to $2.27bon in April 2023 from $1.55bn in April 2022. “Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from […]
Representatives of the Federal Government are expected to meet with the Nigeria Labour Congress today by 2pm over the planned removal of fuel subsidy. The NLC National President, Joe Ajaero, made the disclosure during an interview with channels television on Wednesday morning.
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