Economy
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No plans to increase fuel price – NNPCL
The Nigerian National Petroleum Company Limited says it has no price of increasing the pump price of petrol in the country. The NNPCL made this known in a post on its official X (formerly Twitter) handle on Monday evening, while reacting to speculations by Nigerians over a possible fuel increase in the week. “Dear esteemed customers, we at NNPCL Retail…
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ARCON dissolves Advertising Standards Panel over ‘all eyes on the judiciary’ advert
…suspends regulations director, deputy The Advertising Regulatory Council of Nigeria (ARCON) has dissolved the Advertising Standards Panel over its approval of the “all eyes on the judiciary” advert. This was contained in a statement by ARCON Director General Dr. Olalekan Fadolapo. The advert billboards were seen across the country on Monday. Fadolapo in the statement, said the “advertisement failed vetting…
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Speculators will have hands burnt with new FOREX policy – Acting CBN Governor
Deeply concerned about recent developments in the foreign exchange market, President Bola Tinubu has approved measures to stabilise and enhance liquidity in the market, including the parallel market. The Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, who disclosed this to journalists at the Presidential Villa, Abuja, after meeting with President Tinubu, also noted that the…
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Agora Policy recommends holistic approach for naira stability
Agora Policy, an Abuja-based think-tank led by Waziri Adio, has proposed a comprehensive approach to address the weakening currency’s stability. This comes in the wake of the naira’s significant devaluation by more than 40% since its transition to a floating exchange rate. In their recent policy brief titled “Steadying Nigeria’s Fledgling Foreign Exchange Reform,” the organization questions the swift move…
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We’ll stimulate economy, make it good for all Nigerians – Tinubu
President Bola Ahmed Tinubu on Friday in Abuja reassured Nigerians that no stone will be left unturned in his administration’s multifarious efforts to stimulate the economy and make it work for the greatest good of all Nigerians. The President stated this in a meeting held at the State House with the Board of Trustees of the All Progressives Congress (APC)…
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Court to hear applications to stop prosecution of Emefiele Aug 15
A Federal High Court sitting in Lagos, on Thursday, adjourned until Aug. 15 for hearing of an application seeking to stop prosecution of the suspended Governor of the Central Bank of Nigeria, Godwin Emefiele. The court will also, on the same day, entertain an application by the Federal Government seeking to appeal the bail granted Emefiele by the court on…
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International customers owe Nigeria over N12bn for electricity supply in 2023 Q1
The Nigerian Electricity Regulatory Commission (NERC) has reported that three international customers have failed to remit a total of $16.11 million for the electricity supply during the first quarter (Q1) of 2023. With the Central Bank of Nigeria’s (CBN) exchange rate as of August 8, 2023, which stands at $1 to ₦768.767, the accumulated debt of the three international customers…
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Marketers hint hike in cooking gas from next week
Marketers have hinted of an increase in the price of cooking gas across the country from next week. President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, said this was as a result of rising international prices, high tax rates and prices of vessels, forex scarcity, and naira devaluation as some of the reasons for the intended…
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Tinubu sets 18% tax GDP target in 3 years
President Bola Tinubu on Tuesday in Abuja expressed his resolute commitment to break the vicious cycle of overreliance on borrowing for public spending and the resulting burden of debt servicing it places on the management of Nigeria’s limited government revenues. Inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Mr. Taiwo Oyedele, the President charged the committee…
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BOI pledges to partner first lady’s Renewed Hope Initiative on women data, others
The First Lady, Mrs r Oluremi Tinubu, on Tuesday received in audience the Managing Director and Chief Executive Officer of the Bank of Industry, Mr Olukayode Pitan, and the Executive Director Micro Enterprises of the Bank, Mabel Ndagi. According to the Managing Director and Chief Executive Officer, the Bank of Industry has a platform of data base of over 2.5million…
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