Subsidy: FG may spend N236bn monthly on imported, Dangote petrol

Subsidy: FG may spend N236bn monthly on imported, Dangote petrol

The Federal Government may spend about N236 billion monthly to subsidise the Premium Motor Spirit, popularly called petrol, that is imported through the Nigerian National Petroleum Company and the one that is solely off-taken by NNPC from the Dangote Petroleum Refinery. On Monday, the President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, called on the Federal Government to end fuel subsidies completely. He said the removal would help […]

September 25, 2024 20

BUSINESS

NIN required to buy 50kg bag of rice at N40,000 -FG

The Federal Government has announced that only buyers with National Identification Numbers would benefit as it commenced the sale of 30, 000 metric tonnes of milled rice to Nigerians at a subsidised rate of N40,000 per 50kg bag. President Bola Tinubu, represented by the Minister of Agriculture and Food Security, Abubakar Kyari, stated during the flag-off ceremony on Thursday, that the rice intervention will be sold strictly on a “one […]

September 6, 2024 36

BUSINESS

CAC warns unregistered PoS operators as deadline expires

The Corporate Affairs Commission has reminded Point of Sale operators across Nigeria that the deadline for business registration, initially announced on July 7, 2024, expired on September 5, 2024. In a statement released on Friday, the CAC expressed concerns over inadequate compliance with the directive, despite the large number of PoS operators in the country. However, CAC commended operators who have taken steps to formalize their businesses, praising their “positive […]

September 6, 2024 9

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BUSINESS

Canada ends visitor-to-work permit policy

The Immigration, Refugees and Citizenship Canada has ended a temporary public policy that allowed visitors to apply for a work permit from within Canada. The IRCC introduced the policy in August 2020 to help visitors who were unable to leave the country due to COVID-19 pandemic–related travel restrictions. Under the policy, visitors in Canada could apply for a work permit without having to leave the country. In addition, foreign nationals […]

August 30, 2024 12 1

BUSINESS

FG to shut errant filling stations as petrol hits N1,000/litre

Many filling stations operated by independent oil marketers have now fixed the pump prices of Premium Motor Spirit, popularly called petrol, at between N900 and N1,000/litre. Owners of these stations seem not to care about the cost of the product at retail outlets operated by the Nigerian National Petroleum Company. Petrol prices at NNPC stations range from N568 to N617/litre. This often leads to queues at the stations. As Nigerians […]

August 27, 2024 12

BUSINESS

NNPCL hasn’t paid marketers subsidy for nine months — CFO

The Nigerian National Petroleum Company Limited has confirmed that the Federal Government is paying subsidies on the petrol it imports into the country. Though the NNPCL denied paying fuel subsidies to marketers in the last nine months, it said the government allows it to sell at a price below the landing cost The company’s Chief Financial Officer, Alhaji Umar Ajiya, made the clarifications on Monday in Abuja. Ajiya said the […]

August 20, 2024 18

BUSINESS

FG begins duty-free import of food items

The Nigeria Customs Service has been directed to start the implementation of the zero per cent import duty and exemption of Value-Added Tax on basic food items, This was after President Bola Tinubu approved the implementation of zero per cent import duty and exemption of Value-Added Tax on basic food items. The Ministry of Finance confirmed the approval in a letter to the Nigeria Customs Service dated August 8, 2024. […]

August 15, 2024 10

BUSINESS

Dangote stocks decline amid merger denial, forex crisis

The recent decrease in the stock prices of the Dangote Group, which includes Dangote Sugar Refinery and NASCON Allied Industries, has been attributed to foreign exchange losses and the Securities and Exchange Commission’s decision to reject their merger request. Analysts suggested that the ongoing inflationary pressures and forex volatility have worsened these challenges. The depreciation of the naira has increased the cost of importing raw materials, further squeezing profit margins. […]

August 15, 2024 44

BUSINESS

Dangote petrol: Marketers wait as delivery date extended again

There are strong indications that the Dangote Petroleum Refinery may not roll out petrol on Monday in line with its earlier schedule. The President, Dangote Group, Alhaji Aliko Dangote, had last month projected that the refinery would begin the production of petrol between August 10 and 12, 2024.

August 12, 2024 14

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