Business

*tasks FG, labour on transparent implementation of subsidy removal Plan Centre for Transparency Advocacy has asked the Federal Government and organised labour to ensure that the best interests of Nigerians are prioritize as they negotiate the removal of subsidy on petrol. Organised Labour led by the Nigeria Labour Congress (NLC)...

Nigeria is withholding $812m unrepatriated airline funds, the International Air Transport Association (IATA) has said. This is as Africa’s most populous nation is topping the list of five countries that account for 68 per cent of the total blocked funds worldwide. IATA disclosed this in a statement on Sunday by...

Petrol prices have almost doubled across fuel stations in Benin Republic after it was announced that subsidy would be removed in Nigeria, the BBC is reporting. Petrol from Nigeria is regularly smuggled into neighboring countries including Cameroon, Ghana, Benin Republic and as far as Sudan. The broadcasting company quoted sources...

Nigeria’s Tax-to-GDP ratio which, in the last 12 years, hovered between 5% to 6% rose to 10.86% by the end of 2021. The new ratio was communicated to the Federal Inland Revenue Service (FIRS), via a letter signed by the Statistician-General of the Federation, Prince Adeyemi Adeniran, on the 25th of...

…Dangote Group set to produce 300, 000 tons of sugar Nasarawa State has 1.3bn barrels of hydrocarbons reserve, making it the highest crude oil reserves in the Northern part of the country. Nasarawa State Governor, Engineer Abdullahi Sule stated this while delivering a speech at a dinner organized to celebrate...

The House of Representatives has amended the Central Bank of Nigeria Act to raise the lending limit of the apex bank to the federal government from five (5) to fifteen (15) per cent. The amendment was done at an emergency session held by the lawmakers on Sunday. It comes amid...

…commissions markets in Akwanga, N’Eggon Nasarawa State Governor, Engineer Abdullahi Sule has expressed optimism that with the commissioning of the Dangote Refinery by President Muhammadu Buhari, the end of oil subsidy is in sight. Engineer Sule stated this while commissioning the multi-million naira modern market in Akwanga, headquarters of Akwanga...

THE Central Bank of Nigeria (CBN) has raised interest rate from 18 percent to 18.5 percent. News Point Nigeria the apex bank governor, Godwin Emefiele, announced the decision on Wednesday after the committee’s meeting at the CBN headquarters in Abuja. The development is the third consecutive time the apex bank will...

The President, Muhammadu Buhari (retd.), on Monday, unveiled the Dangote Refinery and Petrochemicals established by Africa’s richest man, Aliko Dangote in Ibeju-Lekki, Lagos State. The refinery is set up to refine 650,000 barrels of crude oil per day and transform crude oil into different usage of petroleum products such as...

Vice President-elect, Kashim Shettima, has said that the Dangote Refinery shows that Africa is not only about poverty. Shettima said this at the unveiling of the Dangote Refinery at Ibeju-Lekki, Lagos, on Monday. During his speech at the refinery’s inauguration, the politician urged other businessmen and entrepreneurs in the country...