Tag: Fuel subsidy removal

Fuel Subsidy Removal, Others Can Pose Risk To External Reserves – CBN

ADEOLA YUSUF

CBN disclosed this in its Monetary, Credit, Foreign Trade and Exchange Policy guidelines for fiscal years 2024/2025. However, the apex bank projected an overall positive economic growth for the period based on continued policy support to the agriculture and oil sectors, reforms in the foreign exchange market, and the effective implementation of the Finance Act 2023 and the 2022-2025 Medium-Term National Development Plan (MTNDP). The apex bank stated: “The outlook for Nigeria’s external sector in 2024/2025 is optimistic, on the expectation of favourable terms of trade, occasioned by sustained rally…

Read More

Fuel Subsidy Removal, Devaluation Push Nigeria’s Inflation Rate To 33.69%

ADEOLA YUSUF

Nigeria’s inflation rate hits i33.69 per cent in April 2024, up from 33.20 per cent in March. The National Bureau of Statistics (NBS) report released Wednesday showed that the food and non-alcoholic beverages category continued to be the biggest contributor to inflation. Food inflation, which accounts for the bulk of the inflation basket, reached 40.53 per cent in annual terms, against 40.01 per cent in March. The galloping inflation is attributed largely to President Bola Tinubu administration’s removal of subsidy on petrol and naira devaluation due to foreign exchange rates…

Read More

‘How Govt, Businesses, Nigerians Can Create Wealth, Avoid Financial Crises’

ADEOLA YUSUF

  Dr. Olumide Emmanuel, a globally recognised Wealth creation coach, is the Chief Executive Officer of Common Sense Group. He speaks extensively on Nigeria’s foreign exchange, fuel subsidy removal and other key financial policies in this no holds barred interview with Platforms Africa’s Adeola Yusuf where he gave practical life-changing suggestions to government, business owners, and individuals on how to survive, create multiply and sustain wealth at a time like this. Excerpts;   Sir, the new administration has enacted some policies such as the floating of the foreign exchange as…

Read More

PREPARE: NLC Threatens To Begin Nationwide Strike Wednesday

Abibat Babalola

The Nigeria Labour Congress (NLC) has declared a nationwide strike from next Wednesday, of the Federal Government fails to yield to the demand of Nigerians on fuel subsidy removal. This comes amid hike in fuel prices across the country occasioned by President Bola Tinubu’s inaugural speech in which he declared that “fuel subsidy is gone”. NLC President, Joe Ajaero made the announcement after an emergency meeting of the union’s National Executive Council (NEC) in Abuja. He said the government, particularly the Nigerian National Petroleum Company (NNPC) Limited had up until…

Read More

Petrol Hits N350 Per Litre As Queues Resurface

Efe Wellington

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:…

Read More