Hours after the first vessel berthed at Lekki deep seaport, stakeholders and residents along the corridor have expressed worry with the slow response of the Federal and state governments to providing the infrastructure needed to efficiently kick-start the seaport, amid [...]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed concerns about the country’s production capacity, citing cases of deliberate shut of oil wells and pipelines by operators who are trying to deal with theft. According to the NUPRC, the country’s [...]
Lagos State Governor, Babajide Sanwo-Olu has approved a flat rate increase by N100 in bus fares for all Bus Rapid Transit, BRT, and Standard routes as part of measures to sustain operations. The increase, which is scheduled to commence on Wednesday, [...]
Compared to last year, there is a significant drop in states’ investment in the health sector, backed by budget decrease from average 11 per cent in 2020 to 4.65 per cent in 2022. Also, a report, published, yesterday, by SBM [...]
Revenues accruable to Nigeria from the sale of crude oil crashed by about N500.6bn between January and May this year, findings from various oil and gas, as well as statistical reports have indicated. It was gathered on Wednesday that the [...]
Nigeria has raised more than 200 billion naira ($482m) from the issuance of oil prospecting licences after it offered 57 fields for bidding, the petroleum regulator has said. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Tuesday that more [...]
Nigeria is gradually inching towards a financial ‘blockade’ at the international financial market, as its working relationship with international development and funding partners, including the World Bank and the International Monetary Fund (IMF), deteriorates to its worst level in recent [...]
South African state power utility Eskom may be forced to implement power cuts lasting at least six hours a day, after 10 generation units went offline overnight and a strike disrupted its operations. The cuts could begin on Tuesday, company [...]
The Federal Government on Tuesday said it was targeting 1.6 billion liters of milk per annum for self-sufficiency in livestock products and animal protein needs. The Minister of Agriculture and Rural Development, Dr Mohammad Abubakar, disclosed this while inaugurating the [...]
Organised Labour in Ogun State has declared an indefinite strike over what they termed the “pathetic plight” of workers across the state. The strike which takes effect from midnight Tuesday would affect ministries, agencies, hospitals and public schools and other government agencies [...]
Almost two years after the Federal Government launched the Autogas Initiative on the back of National Gas Expansion Programme, prevailing circumstances, especially with rising cost of diesel, is forcing motorists, most importantly those with high fuel-consuming vehicles, to convert their [...]
Nigerians are now faced with what may be termed an existential challenge as they are not just battling escalating prices of foodstuff, but also are spending more to cook. The National Bureau of Statistics (NBS) in its Liquefied Petroleum Gas [...]
The solution to fuel scarcity in Gombe State and the entire country may not be in sight as the Independent Petroleum Markers Association of Nigeria (IPMAN) has accused the federal government of insensitivity and double standards. The union disclosed that [...]
Zainab Ahmed, the Minister of Finance, Budget and National Planning, has reiterated commitment of the Federal Government to ensure adequate and quality data for successful policies in the agricultural sector. Ahmed, represented by the ministry’s Permanent Secretary, Mrs Olusola Idowu, [...]
Local airline operators, yesterday, said that a number of them now risk collapse barring availability of affordable aviation fuel to sustain commercial operations. They said besides the fuel scarcity that is disrupting scheduled operations, the prevailing market rate of N690-N714/litre [...]
Motorists and residents of some major cities in the South-West region and in Abuja, the nation’s capital, have started to experience the return of long queues at petrol stations. Although the situation was different in the South-East states as fuel [...]
Overseas maintenance of commercial airplanes operating in the country currently costs Nigeria at least $2.5 billion or N1.52 trillion ($1:N608) in capital flight yearly. The mandatory maintenance programme, ranging from minor to complex checks per session on an aircraft, costs [...]
As banks’ provision for loan losses continue to increase going by the results released by financial institutions on the Nigerian Exchange Limited (NGX), analysts and operators have highlighted the need for banks to increase lending to small and medium enterprises [...]
Nigeria’s wobbly national electricity grid has collapsed yet again, throwing several cities including the federal capital Abuja into darkness. Electricity companies announced late Sunday that the collapse occurred just before 7pm. It is the sixth reported collapse in 2022, although [...]
The currency market may have defied experts’ prediction that the informal segment would witness a momentary glut of dollars as political party delegates, who reportedly made a killing with hard currencies, would start offloading their foreign exchange holding after the [...]
Stakeholder in Nigeria’s power sector has warned that the sector faces imminent collapse as a result of myriads of challenges. Speaking with journalists, yesterday, they highlighted the acute foreign exchange shortage in the country as a major challenge affecting the [...]
Global food commodity prices fell in May for the second consecutive month, the Food and Agriculture Organisation of the United Nations (FAO) has said. The fall was led by declines in the vegetable oil and dairy price indices, while the sugar price [...]
Major oil producers led by Saudi Arabia and Russia began talks Thursday on whether to adjust output, hard on the heels of an EU ban on Russian oil imports. Analysts had expected OPEC+ producers to likely stick to their policy [...]
TitanTrust Bank Limited has brought to closure the deal enabling it to purchase a controlling stake in Nigeria’s second-oldest lender, Union Bank of Nigeria, the latter said Thursday in a regulatory filing, almost half a year after an agreement was reached by both [...]
Comair, the South African operator of British Airways flights, has grounded all of its planes after running out of funds, the company said. The carrier, which is under administration, also operates budget airline Kulula. Those planes are also grounded, with [...]
Only 12.1 per cent of the Nigerian population currently enjoys Internet services (Meaningful Connectivity) quality in the country. This is according to an indepth research by the Alliance for Affordable Internet (A4AI). A4AI, which explained that 81 per cent meaningful [...]
Islamic cleric, Sheikh Ahmad Gumi has suggested that as part of measures to curb banditry and terrorism in the country, the Nigerian government should establish the Ministry of Nomadic Affairs. Speaking at a conference on Wednesday, Gumi said the establishment [...]
The fresh ban imposed on operations of commercial motorcycles, popularly called Okada, in six Local Governments and nine local council development areas of Lagos State by the state Governor, Babajide Sanwo-Olu, takes effect from Wednesday (today). Sanwo-Olu, had on May [...]
EU leaders have struck a deal to ban most Russian oil imports as they seek to deprive Russia’s president Vladimir Putin of revenues to fund his war in Ukraine. The embargo, which was agreed after weeks of difficult negotiations, will [...]
Gov. Gboyega Oyetola of Osun has released N1.1 billion for the payment of pensions of retired civil servants in the state. A statement by the Head of Service, Dr Festus Olowogboyega, on Monday in Osogbo, said that N 600 million [...]
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