Category: Business

N500/Litre: Petrol Sale Drops At Lagos Filling Stations

ADEOLA YUSUF

NNPC limited daily consumption figures to collapse Soon, Atedeo Peterside said as Customers apathy for petrol consumption worsens nationwide   The volume of average daily sale at petrol stations across Lagos is dropping as Nigerians buy less fuel than they bought before last week’s price adjustment, according to investigations by BusinessDay. Visit to more than 10 large petrol stations in Lagos show that sale is down by as much as 25 per cent at some stations with three recording more than 32% drop in daily sale over the last one…

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Nigeria Dwindles Multi-Billion Dollars Crude Oil Swap Deals – Kyari

ADEOLA YUSUF

Nigeria’s state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month. The move is part of new Nigerian President Bola Tinubu’s plans to deregulate the gasoline market and reduce the burden on government finances. Tinubu has already scrapped a costly fuel subsidy, effective from last Tuesday, a decision which tripled petrol prices, angering labour unions who have called for a strike starting…

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Pay Your N120bn USSD Debt – Telcos Issue Banks Disconnection Notice

ADEOLA YUSUF

Telecommunication firms have issued Deposit Money Banks disconnection notice amid a disagreement over Unstructured Supplementary Service Data service debt running to over N120bn. According to telcos, banks owe them N120bn for using their USSD infrastructure for financial services. As a result, the telcos — MTN, Glo, Airtel, and 9mobile- have now stated their firm intention to disconnect bank customers from accessing bank services through USSD short codes. The notice of disconnection came after the Nigerian Communications Commission granted telcos the approval to disconnect the banks after efforts of stakeholders, led…

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Manufacturers Deepen Demands From Tinubu On CBN, NERC, Finance Bill

ADEOLA YUSUF

The Manufacturers Association of Nigeria (MAN) has highlighted certain low-hanging fruits that could help bolster the nation’s economy within a short time. The advocacy group while reacting to the inaugural speech of the president, congratulated him and stated that though his speech aligns with it wishes and aspirations, it however pointed out certain areas that need immediate actions to help the economy move forward. According to a statement signed by Segun Ajayi-Kadir, director-general, MAN, the group stated that in addition to pursuing the unification of the exchange rate, the CBN should…

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Nigeria Blows N11.35trn On Refineries In 13 Years – Panel

ADEOLA YUSUF

The House of Representatives Ad Hoc Committee on the State of Refineries in the Country has said the Federal Government spent a total sum of over N11 trillion on rehabilitating refineries from 2010 to date. Chairman of the committee, Ganiyu Johnson, however, failed to convince the Deputy Speaker, Ahmed Wase, who chaired the Committee of the Whole, to consider the report. Wase dismissed the recommendations by the committee as failing to address the main issues for which the panel was set up as well as not being far-reaching enough to…

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N557 Per Litre: NNPC Hikes Petrol Prices At Its Filling Stations

ADEOLA YUSUF

State-by-state full price templates released by NNPCL The Nigerian National Petroleum Company Limited (NNPCL) has reportedly increased the pump price of Premium Motor Spirit (PMS) from its filling stations across the country. Platforms Africa repots that the company in a template sent to marketers on its franchise pegged the price from between N557 to N488 per lire depending on the state which a consumer is residing. READ ALSO: Subsidy: Petrol Skyrockets To N600/litre As Marketers Shut Stations Subsidy Removal: MOMAN, IPMAN, DAPPMAN Confirm Possible Price Adjustment Tinubu, Labour Unions To…

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Subsidy: Petrol Skyrockets To N600/litre As Marketers Shut Stations

ADEOLA YUSUF

. Long queues Worsen, Spread Nationwide       Less than 24 hours after President Bola Tinubu declared an end to fuel subsidy, the pump price of Premium Motor Spirit commonly known as petrol has skyrocketed to N600 per litre from N195/l in many parts of the country. The development equally triggered a 100 per cent hike in transport fares, while long queues resurfaced at fuel stations across Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi and other major cities and urban areas. To worsen the situation, many outlets…

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Ex-Finance Minister Insists Nigeria Can Service N46tn Debt

ADEOLA YUSUF

The former Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said the public debts remain sustainable as the country has adequate capacity to repay its debts. While speaking at her valedictory ceremony in Abuja, Ahmed said, “Despite revenue challenges, government consistently met its debt service commitments, while post-financing assessments showed adequate capacity to repay loans.” However, speaking at the launch of the World Bank’s Nigeria Development Update titled, ‘The urgency for business unusual’, the finance minister admitted that Nigeria struggled to service its debt. READ ALSO: DSS…

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Petrol Hits N350 Per Litre As Queues Resurface

ADEOLA YUSUF

Unfair to Nigerians, the best to happen to country, reactions greet Tinubu’s removal of subsidy   The prices of premium motor spirit popularity known as petrol hit N350 per litre in Lagos and Abuja as queues resurfaced in filling stations on Monday. Platforms Africa reports that these were buoyed by operators’ response to the immediate removal of subsidy on petrol by new president of the Africa’s biggest exporter of crude oil. On his inaugural speech yesterday, the new president, Bola Tinubu, had stated that “petroleum subsidy is gone”. READ ALSO:…

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BREAKING: Fuel Subsidy is Gone, Tinubu Declares

ADEOLA YUSUF

Marketers shut gates against motorists, may sell petrol at N450 per litre   President Bola Ahmed Tinubu has announced that the regime of fuel subsidy is gone. Platforms Africa  reports that Tinubu made the pronouncement during his inauguration speech at the Eagle Square today. READ ALSO: Mother Slumps, Dies After Hearing News of Son’s Demise In Auto Crash Oil theft: Nigeria Releases Seized Norwegian Oil Tanker After Plea Bargain Buhari Renames 15 Airports After Awolowo, Idiagbon, Others One Dies As Tai Solarin Varsity’s Students, Ijebu Community Clash Oil Theft: Fact…

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