NLC slams IMF for fuel subsidy removal denial

NLC slams IMF for fuel subsidy removal denial

The Nigeria Labour Congress has criticised the International Monetary Fund for its denial of responsibility regarding the Nigerian government’s recent removal of subsidy on petrol. The congress describes the denial as cynical and emblematic of the IMF and World Bank’s longstanding pattern of imposing harsh economic policies on developing nations. In a statement on Sunday, NLC National President, Joe Ajaaero, criticised the IMF for presenting its harmful recommendations as growth […]

October 28, 2024 16

BUSINESS

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 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

NEWS

ICPC grills top NAHCON officials over N90bn Hajj subsidy

Some top officials of the National Hajj Commission of Nigeria have been arrested by the Independent Corrupt Practices and Other Related Offences Commission over alleged mismanagement or diversion of the N90bn released by the Federal Government to subsidise the 2024 Hajj pilgrimage to Saudi Arabia. The officials were arrested in their offices and taken to the anti-graft agency’s office following their failure to honour earlier invitations extended to them by […]

August 12, 2024 8

BUSINESS

Tinubu stops electricity tariff hike, insists on subsidy

President Bola Tinubu recently stopped the implementation of a hike in electricity tariff and insisted that subsidy be paid on power consumed nationwide, the Minister of Power, Adebayo Adelabu, revealed on Wednesday. Adelabu also stated that the Federal Government would investigate the legality of the five-year licence extension given to privatised power distribution and generation companies, stressing that the operating licences of the firms would have expired on October 31, […]

November 9, 2023 68

SPORTS

Undefeated Makhmudov vows to ‘destroy’ Fury, Joshua

Tyson Fury and Anthony Joshua remain two of the biggest names in the heavyweight division, with clear targets on their backs for any man looking to make a statement as the next big thing. Fury remains undefeated in his campaign, a two-time heavyweight champion who is just one fight away from challenging to become the first undisputed titlist in the division since Lennox Lewis. That was always a goal of Joshua’s, […]

October 16, 2023 27

BUSINESS

Sahara Group promotes intra-African collaboration

Leading energy conglomerate, Sahara Group is set to reinforce its call for more intra-African collaboration and investments towards enhancing access to energy on the continent at the Africa Energy Week 2023 scheduled to hold in Cape Town from October 16 – 20. An annual event, the AEW brings together leaders, innovators, and experts in the energy sector to discuss and shape the future of energy in Africa. The 2023 theme […]

October 16, 2023 77

NEWS

Fleeing driver rams into stationary truck, dies

A yet-to-be-identified driver has reportedly died while trying to escape from being attacked on the Lagos-Ibadan Expressway. The accident reportedly involved one blue Mercedes Benz truck with number plate RBC110XJ and one ash Toyota Sienna car with number plate EKY240HA.

October 16, 2023 40

BUSINESS

12.5kg cooking gas hits N12,500

Price of 12.5kg of Liquefied Natural Gas or cooking gas has increased to N12,500 Market survey by our correspondent revealed that gas retailers had jerked up prices of 12.5kg from N10,000 reported towards the end of last month, to around N12,500 in Lagos.

October 5, 2023 93

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