Three major oil marketers are expected to import about 141 million litres of Premium Motor Spirit (PMS) to Nigeria this week, following the Federal Government’s full deregulation of the downstream oil sector. The vessels, carrying 105,000 metric tonnes of PMS, are anticipated to arrive in the country soon. This comes after the Nigerian National Petroleum […]
Category archives: News
President Tinubu to Reshuffle Cabinet Before Nigeria’s Independence Day
President Bola Tinubu is expected to reshuffle his cabinet ahead of Nigeria’s Independence Day on October 1, 2024, according to sources within the presidency. The move comes in response to growing criticism of the administration’s handling of the economy, with several key ministries, including Petroleum Resources, Power, Transport, Water Resources, Environment, and Defense, likely to […]
Black Market Dollar to Naira Exchange Rate Today, September 18, 2024
The black market exchange rate for the dollar to naira on September 17, 2024, stands as follows: buyers can exchange one dollar for ₦1,650, while sellers offer it at ₦1,660, according to sources from the Lagos parallel market. It is important to note that the Central Bank of Nigeria (CBN) does not recognize these black […]
Gen Abdulsalami Abubakar Raises Alarm Over Escalating Economic Hardship in Nigeria
Former Nigerian Military Head of State, General Abdulsalami Abubakar, has expressed deep concerns over the worsening economic conditions in the country, stating that the situation is spiraling out of control. Speaking during a visit by the Campaign for Democracy and Human Rights leadership in Minna, Niger State, he noted that many Nigerians are struggling to […]
‘No More Excuses’ – TY Danjuma Urges CDS Musa to End Banditry
Retired General Theophilus Yakubu Danjuma has urged the Chief of Defense Staff (CDS) General Christopher Musa to decisively end banditry and violence in Nigeria. Speaking at the launch of the book Big Boots: Lessons From My Military Service by retired Major General Solomon Udounwa, Danjuma emphasized that the current military leadership must tackle these issues […]
APC Chieftain Blames Naira Depreciation, Not Fuel Prices, for Rising Inflation
Ayobami Oyalowo, a former member of the All Progressives Congress (APC) Presidential Campaign Council, has attributed Nigeria’s escalating inflation rate to the depreciation of the naira rather than fuel prices. Speaking on Channels Television’s The Morning Brief on Tuesday, Oyalowo argued that the core issue is the weakening value of the naira against the dollar, […]
CBN Maintains 5% Limit on Ways and Means Advances Despite National Assembly Proposal
The Central Bank of Nigeria (CBN) has decided to uphold a 5% limit on Ways and Means Advances to the federal government for the 2024-2025 fiscal years, contrary to a recent proposal from the National Assembly to increase this limit to 10%. This decision was detailed in the CBN’s Monetary, Credit, Foreign Trade, and Exchange […]
Falana Slams NNPC’s Move to Set Petrol Prices from Dangote Refinery as Unlawful
Human rights lawyer Femi Falana (SAN) has condemned the Nigerian National Petroleum Company Limited’s (NNPCL) recent decision to set the price of petrol from Dangote Refinery. Falana argues that this move breaches the Petroleum Industry Act (PIA), which mandates that fuel prices should be governed by market forces following deregulation. Falana criticized the NNPCL for […]
Governor Obaseki Affirms PDP’s Commitment to Signing Peace Accord Ahead of Edo Election
Edo State Governor, Godwin Obaseki, has announced that the Peoples Democratic Party (PDP) and its governorship candidate, Asue Ighodalo, will sign the Peace Accord in preparation for the upcoming governorship election. In a statement released on Tuesday, Governor Obaseki explained that the decision was made following a closed-door meeting with the party’s caucus. He acknowledged […]
Dangote Refinery Petrol Pricing May Lead to Increased Fuel Importation, Say Marketers
The price of petrol produced by the Dangote Petroleum Refinery, as released by the Nigerian National Petroleum Company (NNPC) on Monday, could justify continued fuel importation into Nigeria, according to oil marketers. Marketers indicated that shipments of imported petrol were expected to start arriving in Nigeria from today (Tuesday). They also called for more transparency […]