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 […]
Nigeria recorded its lowest-ever quarterly Foreign Direct Investment (FDI) figures, according to the Q2 Capital Importation Report by the National Bureau of Statistics (NBS), FIJ has learnt. This comes a few days after President Bola Ahmed Tinubu’s October 1 speech which generated controversy over FDI inflows. In the second quarter of 2024, FDI into Nigeria […]
The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), as part of its latest fiscal reforms. This was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, via a post on X (formerly Twitter) on Friday. The exemptions are outlined in the official […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria may experience gas supply crisis with a potential shortfall of 3.1 billion cubic feet (bcf) per day by 2030. Gbenga Komolafe, chief executive officer (CEO) of NUPRC, spoke during the Association of Energy Correspondents of Nigeria (NAEC) conference on Thursday. “Between 2020 and 2030, demand for […]
Importation of Premium Motor Spirit (PMS) also known as petrol dropped by 3.5 billion litres in the last year, data gathered from the National Bureau of Statistics (NBS) has shown. In the latest petroleum products distribution statistics released by the agency on Tuesday, total petrol imports reduced to 20.30 billion litres in 2023 from the […]
The World Bank has approved three new loan requests totalling $1.57bn in financing for Nigeria. According to a statement released on Monday, the approval is to support the Federal Government in strengthening human capital through better health for women, children and adolescents. It added that the approved projects would also help build resilience to the […]
The Federal Government of Nigeria says it is not discussing debt forgiveness with China, noting that Beijing is willing to lend Nigeria more money and invest more in the economy of Nigeria. The Minister of Foreign Affairs, Yusuf Tuggar, stated this on Channels Television’s Sunday Politics programme. Nigeria has been making proposals for debt forgiveness […]
