Economy
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NNPC adjusts fuel pump price to N617 in Abuja, N568 in Lagos
By Mosunmola Ayobami and Adekunle Okunade The retail outlet of the Nigerian National Petroleum Company Limited (NNPCL) has increased the pump prices of fuel in Abuja, Jos, and Lagos. The new pricing came into effect on Tuesday morning. Reports said that the NNPCL retail outlet was now selling fuel at N617 per litre in Abuja. NNPCL retail outlet in Jos…
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Inflation rate increases to 22.79% in June 2023, says NBS
National Bureau of Statistics (NBS) said Nigeria’s inflation rate rose to 22.79per cent in the month of June 2023, representing a 0.38 percentage points increase from 22.41 per cent recorded in the previous month. Nigeria’s inflation has been maintaining an uptrend in the last six months, following a brief decline recorded in December 2022. On a year-on-year basis, the Headline…
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Court nullifies Emefiele’s arrest, detention
A Federal Capital Territory High Court has declared as nullity, the arrest and detention of suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, by the Department of State Services (DSS). Presiding Judge, Bello Kawu, gave the order following an application by the suspended CBN governor on Friday. Emefiele was suspended by President Bola Tinubu on June 9 over series…
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Tribunal fines Stanbic IBTC N120m for flouting Consumer Protection Act
The Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja on Thursday, fined Stanbic IBTC N120 million for contravening Section 130 (1) (a) of the Federal Competition and Consumer Protection Act (FCCPA) 2018. The bank was accused of failing to complete a NIBSS Instant Payment transfer request and withholding the consumer’s funds beyond the 10-minute reversal regulation for failed NIBSS…
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Nigeria redeems $500m Eurobond, reinforcing commitment to debt service obligations
The Debt Management Office (DMO has announced the redemption of a $500 million Eurobond on its due date, reiterating the country’s unwavering commitment to meeting its debt service obligations. This was contained in a statement by the DMO on Wednesday. The Eurobond, which was issued in July 2013 as part of a dual-tranche $1 billion Eurobond, had a tenor of…
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Uwaleke urges FG to invest N1.1trn palliatives on sustainable jobs
President, Association of Capital Market Academics of Nigeria (ACMAN), Prof. Uche Uwaleke has called on the Federal Government to utilise the N1.1 trillion fuel subsidy removal palliatives on sustainable jobs across the 774 local government areas in the country. President Bola Tinubu on Wednesday in a letter to the National Assembly proposed amendment of 2022 Supplementary Appropriation Act with the…
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NNPC intercepts 800,000l vessel with stolen crude oil
The Nigeria National Petroleum Corporation Ltd (NNPC Ltd) says it has intercepted an 800,000 litre capacity vessel with stolen oil. In a statement on Monday by Chief Corporate Communications OfficerNNPC Ltd. Garba Deen Muhammad, the vessel was intercepted by a private security contractor engaged by NNPC Ltd. According to the statement the vessel with the crude oil which was sourced…
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Tinubu appoints Taiwo Oyedele Chairman of committee on tax reforms
President Bola Tinubu has approved the establishment of a Presidential Committee on Fiscal Policy and Tax Reforms. The committee will be chaired by Fiscal Policy Partner and Africa Tax Leader at Price Waterhouse Coopers, Mr. Taiwo Oyedele. It will comprise experts from both the private and public sectors and have responsibility for the various aspects of tax law reform, fiscal…
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Senate launches probe into private firm’s gas supply contract awarded by FG
The Senate announced on Thursday its decision to initiate a thorough investigation into a gas supply contract agreement that was awarded to a private firm, Acugas Limited, during the tenure of former President Muhammadu Buhari. The development followed a motion tabled by Aniekan Bassey (PDP, Akwa Ibom) during plenary, which was chaired by Deputy Senate President, Barau Jibrin. According to…
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Senate moves against airports concession, orders probe
The Federal Government’s hasty concessioning of the Aminu Kano International Airport, Kano and Nnamdi Azikiwe International Airport, Abuja just six days before ex-President Muhammadu Buhari’s administration came to an has been condemned by the Senate. During plenary on Thursday, the Senate emphasised the importance of scrutinising all airport concessions undertaken by the previous administration. The red chamber also called on…
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