Amid the continued smuggling of petroleum products out of the country to neighboring countries including Cameroun, the Nigeria Customs Service has said its restriction of fuel supply along borders is being opposed by communities and marketers. It was reported on March 29th that the supply of petrol by the Nigerian National Petroleum Corporation, which is the sole importer of the product into the country, had risen above the pre-COVID-19 levels, […]

The President of the World Bank Group, David Malpass has said the group is working actively in collaboration with the International Monetary Fund on the common framework that the G20 established for dealing with debt overhang and debt burdens.   He said this while responding to questions at the press conference at the 2021 spring meeting on Wednesday.   He noted that many of the middle-income countries had access problems […]

The Nigerian National Petroleum Corporation has officially signed the contract with Tecnimont SPA for the $1.5bn rehabilitation programme of the Port Harcourt Refining Company. Parties in the agreement also announced the commencement of the project following the signing of the contract at the headquarters of the corporation in Abuja. At the virtual contract signing event, the Group Managing Director, NNPC, Mele Kyari, explained that the agreement was basically between PHRC […]

International flight operations resumed at the Malam Aminu Kano International Airport on Tuesday after over one year of its closure due to COVID-19 pandemic. The Minister of Aviation, Hadi Sirika, had in March said the Mallam Aminu Kano International Airport would be reopened for international flights on April 5th. The Minister also said the Port Harcourt and Enugu airports would be reopened for international flights. The Ethiopia Airlines plane with […]

The International Monetary Fund has raised Nigeria’s growth forecast for 2021 to 2.5 per cent from 1.5 per cent earlier announced in January. It disclosed this in its World Economic Outlook for April with the theme ‘Managing divergent recoveries’, which was released on Tuesday. The report also projected a 16 per cent consumer price for the country in 2021. While projecting an improved global growth, the IMF noted that it […]

MTN customers have been reconnected to banking channels after commercial banks had blocked them from using their channels, including the Unstructured Supplementary Service Data and banking apps on Friday. The channels were blocked as a result of MTN reducing the banks’ commission on USSD airtime to 2.5 per cent. However, following the intervention by the Minister of Communications and Digital Economy, Isa Pantami, the Governor of the Central Bank of […]

A total of 2,210 workers have withdrawn N3.18bn from their Retirement Savings Accounts with their respective Pension Fund Administrators in six months after making additional voluntary contributions, the National Pension Commission has said. PenCom said this in its quarterly report obtained on Monday. While 1,286 active contributors withdrew N2.17bn in the third quarter of 2020, another 924 contributors withdrew N1.01bn in the fourth quarter of 2020. PenCom stated that “during […]

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said the publication of the audited financial statements of NNPC facilitated the recent financing for the revamp of the Port Harcourt refinery. The sum of $1.5bn would be expended on the revamp of the Port Harcourt refinery, although there had been concerns as to why the government would spend such funds on a refinery that had been […]