Nigeria Economy

Economy

Fg Faces N1.68Tn Bill Petrol Could Hit N900 Per Litre

Fuel Subsidy Returns? FG Faces N1.68tn Bill, Petrol Could Hit N900/Litre

By / Economy /

The Federal Government is projected to spend around N1.68tn on fuel subsidies for Premium Motor Spirit (PMS), commonly known as petrol, from September to December. This estimation arises from data analysis provided by oil marketers and the sector. PMS dealers have indicated that the petrol pump price should range between N890 to N900/litre. This is …

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Naira Plummets To N980 To One Dollar Amidst Escalating Forex Crisis

Naira Plummets to 980/$ Amidst Escalating Forex Crisis

By / Economy /

The naira’s value has taken another hit, trading at 980/$ in the parallel market. This decline comes just a week after it was exchanged at 950/$. Bureau de Change (BDC) operators attribute this drop to the ongoing scarcity of foreign currency. Idris Musa, a BDC operator, remarked on the situation, stating, “The dollar is not …

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Tin Can Customs Sets Ambitious N384 Billion Revenue Goal For Q4 2023

Tin-Can Customs Sets Ambitious N384 Billion Revenue Goal for Q4 2023

By / Economy /

Dera Nnadi, the Customs Area Controller of Tin Can Island Port command, has announced a challenging revenue target of N384 billion for the last quarter of 2023. This comes as Nnadi takes on his new role following a recent reshuffle in the Nigeria Customs Service (NCS). The command has already achieved 52% of its annual …

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Cooking Gas Prices In Nigeria Could Soar To N18000 By Year End

Cooking Gas Prices in Nigeria Could Soar to N18,000 by Year-End

By / Economy /

Gas retailers have issued a warning: the price of a 12.5kg cooking gas cylinder may skyrocket to N18,000 by December. This will happen if the Federal Government doesn’t intervene in the activities of terminal owners. Olatunbosun Oladapo, President of the Nigerian Association of Liquefied Petroleum Gas Marketers, disclosed that prices have risen sharply. The price …

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Fuel Prices On The Rise Marketers Consider Hike As Crude Hits 94

Fuel Prices on the Rise: Marketers Consider Hike as Crude Hits $94

By / Economy /

The cost of crude oil has surged, reaching about $94 per barrel. This increase and the depreciation of the naira against the US dollar may lead to a hike in the pump price of Premium Motor Spirit (PMS), commonly known as petrol. Oil marketers revealed that the Federal Government has been quietly increasing the subsidy …

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President Tinubu Appoints Cardoso As Cbn Governor Unveils Deputies 1

President Tinubu Appoints Cardoso as CBN Governor, Unveils Deputies

By / Economy /

President Bola Tinubu has officially nominated Dr. Olayemi Cardoso as the new Central Bank of Nigeria (CBN) governor. The nomination is for a five-year term, subject to Senate confirmation. The President’s Special Adviser on Media and Publicity, Ajuri Ngelale, released a statement confirming the nomination. The announcement aligns with Section 8 (1) of the Central …

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Nigerias Inflation Skyrockets To 25.80 In August 2023

Nigeria’s Inflation Skyrockets to 25.80% in August 2023

By / Economy /

Nigeria’s inflation rate has surged to 25.80% in August 2023. This marks a 1.72% increase from the previous month’s 24.08%, as the National Bureau of Statistics (NBS) reported. The NBS attributes this significant rise to the removal of petrol subsidies and the devaluation of the official exchange rate. Month-on-month inflation also increased to 3.18% from …

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Cbn Refutes Claims Of New Policy To Drastically Reduce Dollar Exchange Rate

CBN Refutes Claims of New Policy to Drastically Reduce Dollar Exchange Rate

By / Economy /

The Central Bank of Nigeria (CBN) has swiftly countered claims suggesting it’s introducing a policy to plummet the dollar exchange rate to N1.25 kobo. This clarification comes after an online report that spread rapidly, indicating the CBN’s alleged plans for a new FX policy. This supposed policy, set for November 2023, was said to anchor …

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Nigerian Importers To Clear Goods From Cotonou Ports Soon

Nigerian Importers to Clear Goods from Cotonou Ports Soon

By / Economy /

The acting Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, has declared that Nigerian importers will soon be able to clear their goods from Cotonou ports in Benin Republic. This announcement came during a two-day working visit in Abuja by senior customs service officials from Benin Republic officials. During this meeting, customs personnel from both …

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Decline In Nigerias Postal Service Revenue N3.01Bn Generated 2022

Decline in Nigeria’s Postal Service Revenue: N3.01bn Generated in 2022

By / Economy /

In 2022, the revenue from Nigeria’s postal activities saw a decrease, falling from N3.63 billion in the previous year to N3.01 billion. This represents a 17.05% decline. The National Bureau of Statistics (NBS) released these figures in its 2022 Postal Service Data. The data also highlighted a 19.43% drop in the number of Post Offices …

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