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The 13 state governors elected on the platform of the Peoples Democratic Party are headed for a possible showdown today (Monday) as they meet to discuss the party’s internal crisis, which took a deeper turn on Friday following the emergence of a factional PDP National Chairman, Alhaji Yayari Mohammed. Friday’s development marked a new twist in the clamour to remove the PDP acting National Chairman, Umar Damagum, who is an […]
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 […]
Nigeria’s public debt stock is projected to hit N130tn this year, raising concerns about the country’s debt-to-gross domestic product ratio. This was revealed in a report by Afrinvest, an investment management company, titled, ‘Bank Recapitalisation, Catalyst for a $1tn Economy, ‘ unveiled in Abuja recently. Nigeria’s public debt stock, which includes external and domestic debt, stood at N121.67tn in the first quarter of 2024, up from N97.34tn in the fourth […]
The Senate of the institution after a meeting, described the students action as unfortunate and said that the institution will be shut if dialogue with the student fails The Senate also expressed concerns over the blocking of the federal highway which caused hardship to vehicle owners, travellers and other commuters. The Senate’s resolution, was contained in a statement by the Public Relations Officer of the institution, Benedicta Ehanire on Wednesday […]
The Nigeria Centre for Disease Control and Prevention said, on Wednesday, it might declare an emergency on the outbreak of cholera in the country. The NCDC Director General, Dr Jide Idris, who spoke in Lagos, said the centre was monitoring the situation and might declare an emergency if data showed that the outbreak had gone beyond a manageable threshold. Olajide spoke at the Adetokunbo Alakija Memorial Travel Medicine Lecture held […]
•N520bn monthly fuel import expected to drop as Dangote begins supply June The Federal Government may cut its approximately N6.2tn yearly fuel import bill if the Dangote Petroleum Refinery begins the sale of premium motor spirit as promised by the Chairman of the Dangote Group, Aliko Dangote. Dangote, while speaking at the Africa CEO Forum Annual Summit in Kigali, Rwanda on Friday, assured Nigerians that following the laid-down plans of […]
Chief economist at SPM Professionals, Paul Alaje, shares his thoughts with AYOOLA OLASUPO on some of the recent economic policies made by the Federal Government among others Recently, the Central Bank of Nigeria increased Nigeria’s Monetary Policy Rate known as interest rate from 22.75% to 24.75%. What implications will this have on the private sector? What do you think of the Central Bank of Nigeria stimulating this programme at this point? I […]
• Dealers get one million litres each at N1,225/litre, price drops in Oyo, Lagos, Ogun The pump price of Automotive Gas Oil, popularly called diesel, has dropped from about N1,700/litre which it sold for a few weeks ago, to around N1,350/litre in some locations across the country following the sale of the commodity by the Dangote Petroleum Refinery. It was gathered on Tuesday that the $20bn worth refinery started pumping […]
The naira has depreciated by 38.9 percent against the United States dollar at the official I&E window of the Central Bank of Nigeria in the past three months. Data obtained from the FMDQ Securities Exchange revealed that the local currency fell from N745.19/$ on October 3, 2023, to N1035.12/$ as of January 3, 2024. While the naira depreciated from 471/dollar to about 700/dollar at the official market shortly after the […]
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