Business

The Nigeria Labour Congress and Trade Union Congress have urged the Federal Government to put an end to the fuel shortages and price hikes in the country. The Presidents of NLC and the TUC, Ayuba Wabba and Mr Festus Osifo said this in a statement, signed by them on Saturday …

The Presidency on Friday revealed that nine oil-producing states received N625.43bn 13 percent oil derivation, subsidy, and SURE-P refunds from the Federation Account in two years. “The states that received the refunds dating from 1999 to 2021 are Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers,” a …

The Federal Government denied yesterday it planned to hike the pump price of petrol, despite the increase in price from N180 per litre to N235 by independent marketers. The government in a statement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, insisted that the country had 34 days …

The Federal Government has blamed State governors for the rising poverty levels across the federation. The Minister of State for Budget and National planning, Clem Agba told newsmen after the Federal executive council meeting today that the Federal Government’s social investment plan has not impacted optimally, because of a lack …

The National Bureau of Statistics has said the average retail price of household kerosene paid by consumers in October was N1, 041.05 per litre. The NBS stated in its “National Household Kerosene Price Watch” for October 2022 that the average price was a 9.90 per cent increase over the N947.30 …

The pump price of Premium Motor Spirit, popularly called petrol, could hit N400/litre at most filling stations before the end of this year, going by the continued scarcity of the product, oil marketers stated. This will represent over 100 per cent increase in the pump price over the period. Dealers …

The Central Bank of Nigeria says that non-oil exporters repatriated the sum of $4.99 billion into Nigeria in 2022. The Governor of the CBN, Mr Godwin Emefiele, disclosed this while delivering a keynote address at the second edition of the RT-200 Bi-annual Export Summit on Tuesday in Lagos. The News …

Owners of foreign-registered private jets, comprising top business moguls, leading commercial banks and other rich Nigerians, have dragged the Federal Government to court seeking to prevent the government from grounding their planes for allegedly refusing to pay import duty on the jets. The Federal Government had last November approved the …

The Minister of Transportation, Mu’azu Sambo, has said there would be an increase in the rail service fare as a result of the economic situation in the country. According to the minister, the number of trips per day will also be reduced, adding that there will be no night travelling. …

The lowest price the Nigerian National Petroleum Company Limited can sell Premium Motor Spirit, popularly called petrol, to marketers, assuming there is no subsidy, is N400/litre, it has been learnt. Oil marketers, who made the disclosure on Sunday, also gave other reasons for the continued scarcity of petrol, which had …