The Nigerian National Petroleum Corporation Limited (NNPC) says the recently-detected illegal connection was on the Trans Escravos pipeline looped to the 4-kilometre Afremo test line. Last Tuesday, Mele Kyari, group chief executive officer (GCEO), NNPC Limited, had said the nine-year illegal 4 kilometre (km) pipeline was from Forcados terminal to the sea. “The most […]
Vice-President Yemi Osinbajo has submitted that Nigeria as a country has the requisite talents, creativity and acumen to become a world leader in the digital economy. He stated this on Monday at this year’s Nigeria Digital Economy Summit (NDES) with the theme “Web 3.0, Blockchain & DeFi: Impact on Africa’s Digital Economy.” He observed […]
Naira fell to an all-time low against the U.S. dollar on Friday, depreciating 0.58 per cent at the official market. The currency had a recorded a slight gain in the previous session on Thursday. The local unit which opened trading at N437.00, closed at N439.17 to a dollar at the close of business on […]
President Muhammadu Buhari on Friday pushed for the removal of fuel subsidy in 2023, saying that the policy is not sustainable considering current economic realities. He shared the position while presenting a N20.51 trillion 2023 budget proposal to the National Assembly. He said, “Petrol subsidy has been a recurring and controversial public policy issue […]
The World Bank has lowered its economic growth forecast for Nigeria in 2023 to 3.2 per cent from 3.3 per cent, citing slowdown in global growth, the war in Ukraine and declining demand from China for commodities produced in Africa. Citing similar conditions, the World Bank also projected that the Sub Saharan African region […]
President Muhammadu Buhari will on Friday present the N19.76 trillion 2023 Budget to the National Assembly in Abuja. The presentation will take place 10am at the temporary chamber of House of Representatives. The Director General, Budget Office of the Federation, Ben Akabueze, had said the President will present the 2023 appropriation to the National […]
Experts across Nigeria have continued to raise concerns over the soaring prices of food items across the local markets as Nigeria’s food inflation continues to skyrocket recording an increase of 23.12 per cent in August from 22.02 per cent in July 2022. According to figures by the National Bureau of Statistics food inflation rose […]
The nation’s public debt stock is being increased by the petrol subsidy as the government had to borrow N1 trillion to subsidise petrol this year, the Director-General of the Debt Management Office, DMO, Ms. Patience Oniha has said. In a presentation at the Executive Course on Budgeting and Fiscal Transparency at the Army Resource […]
Naira gained marginally against the U.S. dollars on Friday, appreciating 0.04 per cent a day after it fell at the spot market. But overall, the currency continued a fall that has been made worse by increasing demand for dollars. The currency opened trading at N434.83 per $1 but closed at N436.33 to a dollar […]
The naira appreciated slightly against the dollar at the Investors and Exporters window on Friday as it exchanged at N436.33k. The rate represented a 0.04 per cent appreciation compared to the N436.50k for which the dollar was exchanged on Thursday. The open indicative rate closed at N434.83k o the dollar on Thursday. An exchange […]
