President Muhammadu Buhari has earmarked N2.55trillion for fuel subsidy in the 2022 Supplementary Appropriation Bill transmitted to the National Assembly for consideration and approval. The Federal Government had informed the subsidy regime will end in June 2022. Fuel queues appeared since last week across the nation over rising import costs of the product. But […]
President Muhammadu Buhari has transmitted a supplementary budget for consideration and approval by the National Assembly. Buhari’s letter was read on the floor by Senate President Ahmad Lawan. Buhari said while N106billion provided in the Supplementary Bill would be used as capital expenditure, N43.87billion would be spent on recurrent expenditures. Details Shortly
Petrol price in the UK has reached a record high of 148.02p (N808.8) per litre, adding pressure on the pockets of British residents. Diesel price also rose to 151.57p (N830) a litre — using CBN’s official exchange rate at N416.91/$1. AA, a British motoring organisation, said this on Sunday, as prices rose above the […]
Rivers State Governor, Nyesom Wike, says as a responsible government, even if his political party; Peoples Democratic Party (PDP) is in opposition, his administration will not allow any act of economic sabotage such as crude oil theft in the state. Governor Wike said the war against illegal refining of crude oil is not about […]
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme. Emefiele […]
Many filling stations were shut on Monday and this led to queues by motorists in the few outlets that dispensed Premium Motor Spirit, popularly called petrol, in Abuja, neighbouring states, as well as in parts of Lagos. It was learnt that marketers of PMS were still unsure about moves to halt petrol subsidy, considering […]
The International Monetary Fund (IMF) says Nigeria has adequate capacity to repay its loan. The executive board of the Washington-based institution said this in a statement issued on Monday following the conclusion of its 2021 article IV consultation with Nigeria. At the onset of the COVID-19 pandemic, Nigeria received a $3.4 billion facility from […]
Minister of Transport, Rotimi Amaechi, has explained why the Federal Government of Nigeria is seeking more loans from European banks to complete its railway infrastructures before the expiration of the current political dispensation. Amaechi, while fielding questions from State House Correspondents, after the weekly Federal Executive Council meeting, regarding recent claims that Nigeria was […]
The first phase of the Siemens Presidential Power Initiative (PPI) will increase reliability of electricity supply to 40 million people and create 11,000 direct and indirect jobs, according to the Minister of Finance, Budget and National Planning, Zainab Ahmed. The minister stated this on Monday at the flag-off of the PPI training on network […]
Managing Director of the NRC, Fidet Okhiria The Managing Director, Nigerian Railway Corporation (NRC), Mr Fidet Okhiria, have expressed hope that the country, within the next five to 10 years would be linked by rail. Okhiria told the News Agency of Nigeria (NAN) on Sunday that this would be achieved in line with the […]
