The World Bank says the federal government incurred a significant loss of N13.2 trillion in foregone revenue as a direct consequence of the implementation of its foreign exchange (FX) subsidy policy in three years. On October 17, Wale Edun, minister of finance and coordinating minister of the economy, said the FX subsidy era was gone. […]
Despite the rising cost of living spreading like wildfire across the country, Nigerians paid 24 per cent more to purchase one litre of the Premium Motor Spirit (PMS) or petrol in September. This is as the World Bank in its latest report on Nigeria, said 129 million Nigerians currently live below poverty. In its Nigeria […]
The World Bank has urged Nigerians to support the ongoing economic reforms, warning that opposing or reversing them could have serious negative consequences for the country. Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja, the World Bank Country Director for Nigeria, Dr. Ndiame Diop, emphasized that while the reforms may […]
The World Bank says the naira is among the worst-performing currencies in sub-Saharan Africa in 2024. In its regional economic outlook report ‘Africa’s Pulse,’ released recently, the World Bank said the naira continued to lose value, with a year-to-date depreciation of about 43 percent as of August. According to the World Bank, limited dollar inflows, […]
During his inaugural address at Eagle Square, Abuja, President Bola Ahmed Tinubu exclaimed “Subsidy is gone”, resulting in an instant increase in fuel price from N198 per litre to N540. According to the president, fuel subsidy had become a clog in the wheel of progress and needed to give way for the country to survive. […]
The presidential candidate of the Labour Party in the 2023 general election, Mr Peter Obi described the recent hike in the price of petrol products as “unfortunate and insensitive”. Obi made this known in a statement he titled “Reversing the Sudden Fuel Price Increase”, on his X.com account, on Saturday. PUNCH Online reports that transportation […]
Nigeria is facing a worsening food security crisis, with more than one million additional people experiencing severe food insecurity in 2024 compared to the previous year. This is according to the recently released Food Security Update Report by the World Bank. The report indicated that Nigeria, alongside Ethiopia and Yemen, witnessed a significant rise in […]
Fuel queues have resurfaced across Lagos following an increase in petrol prices by the Nigerian National Petroleum Company Ltd., NNPC, and other marketers. Also, many filling stations, including those along Ikorodu Road, Ikeja, and Bariga, have temporarily closed due to the price hike. While pump price at NNPCL stations had risen to N998 per litre, […]
The Nigeria Labour Congress (NLC) has asked the federal government to reverse the petrol price hike. On Wednesday, the Nigerian National Petroleum Company (NNPC) Limited increased the price of petrol across its retail outlets. In a statement, Joe Ajaero, president of the NLC, said the labour union is “dismayed” by the petrol hike without commensurate […]
The Nigerian National Petroleum Company Limited has raised its pump price of petrol in Abuja by 14.8 per cent to N1,030 per litre from N897. The latest price increase makes it the second time the petrol price has been hiked in the past month. The company had in September increased pump price from N615 per […]
