Business & Economy
CBN suspends export proceeds repatriation extension
The Central Bank of Nigeria has suspended approvals for the extension of export proceeds repatriation on behalf of exporters, effective immediately. This directive, issued via a circular dated January...
10th January 2025
Dangote refinery builds eight more tanks for imported crude
The Dangote Petroleum Refinery is building eight more tanks in its bid to have enough storage for imported crude oil. A report by Africa Report has it that the refinery is ramping up its storage capac...
10th January 2025
Telecom tariff hike will reduce inflation – Rewane
The Chief Executive Officer of Financial Derivatives, Bismarck Rewane, has expressed support for the proposed telecom tariff hike, citing its potential to enhance productivity and moderate inflation i...
10th January 2025
FG services debt with 47% budget vote
Debt servicing consumed 47 per cent of the Federal Government’s total expenditure in the first nine months of 2024, The PUNCH reports. An analysis of data from the Central Bank of Nigeria’s latest...
10th January 2025
Govt budgets 53% more allocations to military retirees
The Federal Government has proposed a 53 per cent increase in the 2025 budget allocations for military retirees following a series of protests over unpaid entitlements. Findings by The PUNCH showed th...
10th January 2025
Minister threatens to terminate road construction contract over delay
The Minister of Works, David Umahi, has warned the contractor of the East-West Road, Section III (Eleme Junction – Onne Junction), Messrs Reynolds Construction Company, to deploy more resources ...
10th January 2025
Delta Air Lines introduces Nigerian delicacies on Lagos-Atlanta flight
United State carrier Delta Air Lines has announced the inclusion of local dishes into food options that will be made available to passengers, on its Lagos-Atlanta flight. In a statement made available...
10th January 2025
Marketers, oil firms sign deal to build 50,000bpd refinery
Nigeria’s effort to boost its refining capacity seems to be paying off, as petroleum product retailers signed a deal with three oil companies to establish a 50,000 barrels per day capacity refinery....
10th January 2025
Jos Disco blames poor power supply on low allocation
The management of Jos Electricity Distribution Company has announced a temporary reduction in load allocation due to limited power supply from the national grid “We regret to inform you that load sh...
10th January 2025
BPSR partners firm on Ibrahim Arabi reforms
The Federal Government through the Bureau of Public Service Reforms has partnered with Niche Customer Experience Consulting Firm to boost Nigeria’s public service delivery. The agreement was formali...
10th January 2025
Power stagnates at 4,500MW despite $3.23bn loans
Nigeria’s electricity generation has continued to hover around an average of 4,500 megawatts despite the country securing loans totalling over $3.23bn in about four years from international financia...
10th January 2025
Hunger: Tinubu under pressure to dump food import waiver
The administration of President Bola Tinubu is currently under pressure to dump the food import waiver that it announced in July 2024. Multiple sources at the Presidency said the pressure has been com...
9th January 2025
Chinese bank supports Kano-Kaduna railway with $254m loan
The China Development Bank has announced the approval of a $254.76m (€245m) loan to support the Kano-Kaduna railway project in Nigeria. According to information released on its website on Tuesday, t...
9th January 2025
Why some stations sell petrol above N1,000/litre — Marketers
Marketers of petroleum products say filling stations still sell Premium Motor Spirit, otherwise called petrol, above N1,000 per litre because they have yet to sell out the old stock. According to them...
9th January 2025
NiMet forecasts hazy weather beginning Wednesday
The Nigerian Meteorological Agency has forecast hazy weather conditions nationwide from Wednesday through Friday. In its weather outlook released on Tuesday in Abuja, NiMet projected moderate dust haz...
9th January 2025
Eight states vote N424bn for debt servicing
Eight states are to pay a combined N424.28bn in debt service and to borrow N1.21tn over the next two years, with financial commitments slated for 2025 and 2026, The PUNCH reports. According to the sta...
9th January 2025
Investments to tackle plastic pollution hits $190bn – Report
Global investments in tackling plastic pollution reached $190bn between 2018 and 2023, according to the World Economic Forum. While this financial commitment underscores growing efforts to address one...
9th January 2025
Nigerians applaud burn rate of Dangote refinery fuel
Nigerians on Wednesday praised the quality of refined petroleum products sourced from the Dangote Petroleum Refinery and sold at MRS Oil Plc filling stations across the country. They particularly prai...
9th January 2025
Telecom tariff hike imminent – FG
The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, has disclosed that telecommunication tariffs will soon increase, though the hike will not be as high as the 100 per ce...
9th January 2025
Dangote refinery retained 13% of Nigeria’s crude exports – Report
The Dangote Petroleum Refinery retained 13 per cent of Nigeria’s crude oil exports as domestic supply in 2024, a new report by Reuters has stated. It said the development raised Nigeria’s domestic...
8th January 2025
W’Bank seeks private capital to electrify Nigeria, others
The World Bank has urged private sector investors to play a pivotal role in achieving its ambitious “Mission 300” initiative, which aims to connect 300 million people in Sub-Saharan Africa includi...
8th January 2025
Forex allocations for fuel imports rise to $1.25bn
The Central Bank of Nigeria says it released a total sum of $1.25 billion to oil sector operators for the importation of petroleum products and other related items into the country between January and...
8th January 2025
Seplat plans 120,000bpd crude oil production
Oil and gas giant, Seplat, has said it aims to double its crude oil production capacity within six months after moving in to fill the gap following ExxonMobil’s retreat from Nigeria’s onshore oil ...
8th January 2025
FX reserves hit $40.8bn one month after Eurobond
Nigeria’s foreign exchange reserves surged by $591.78m in the month following the government’s $2.2bn Eurobond auction on December 2, 2024. Data from the Central Bank of Nigeria shows that reserve...
8th January 2025
NCC, telcos plan infrastructure upgrade with tariff hike proceeds
Nigerian mobile operators have agreed to channel the revenue from the proposed 100 per cent tariff increase into major network infrastructure upgrades and service quality. This is a major condition fo...
8th January 2025
Intrigues on replacement as Kyari clocks 60
As the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari celebrates his 60th birthday today (Wednesday), the concern surrounding the expiration and possible ...
8th January 2025
573,000 applicants jostle for Customs recruitment
The Nigeria Customs Service said it received 573,519 applications in the just concluded 2024/2025 recruitment exercise carried out online via its recruitment portal. The PUNCH reported that the Minist...
8th January 2025
Consumers condemn two-week planned power outage in Abuja
Electricity consumers in the Federal Capital Territory, Abuja have condemned plans by the Transmission Company of Nigeria and the Abuja Electricity Distribution Company to keep them in darkness for tw...
8th January 2025
FG urged to partner private sector on estate development
The Federal Government has been urged to create an environment that fosters private sector participation in revitalising Nigeria’s economy, particularly in the real estate sector. This call aligns w...
8th January 2025
OAGF indicts NNPC in N514bn transactions
The Office of Auditor-General for the Federation has uncovered at least four major financial infractions amounting to N514bn in the operations of the Nigerian National Petroleum Company Limited for th...
7th January 2025
300% surge in operating cost makes tariff hike inevitable – Airtel
Airtel Nigeria’s Chief Executive Officer, Dinesh Balsingh, has said that the 300 per cent surge in operational cost in the last 18 to 24 months has made tariff adjustments necessary for the long-ter...
7th January 2025
