The Nigerian National Petroleum Company is struggling to provide crude to Dangote Refinery after ex-President Buhari used oil reserves as collateral for foreign loans The NNPC crude supply challenges are currently impacting the Dangote Refinery, a key oil processing plant in Nigeria. According to Festus Osifo, the President of the Petroleum and Natural Gas Senior…
Nigerian retirees under the Contributory Pension Scheme invest over N798 billion in life annuity as part of their retirement strategy By the second quarter of 2024, Nigerian retirees invest in life annuity totaling N798.58 billion under the Contributory Pension Scheme (CPS). This growing investment, involving 129,435 retirees, marks a 20% increase compared to N665.13 billion…
The Central Bank of Nigeria (CBN) has commenced the sale of $20,000 to eligible Bureau De Change (BDC) operators across the country at an exchange rate of ₦1,590 per dollar. In a circular issued on September 25, 2024, the CBN emphasized that this move is aimed at injecting “additional liquidity” into the foreign exchange market…
The Nigerian government confirms it will not intervene in the ongoing pricing dispute between NNPC and Dangote Refinery, emphasizing market deregulation The Nigerian government has made it clear that it will not intervene in the ongoing dispute between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery over petrol pricing. According to the Presidency,…
Experts express concerns over CBN’s new 27.25% interest rate, citing negative impacts on investment and economic growth Financial experts have expressed serious concerns over the recent hike in the Central Bank of Nigeria’s (CBN) Monetary Policy Rate (MPR) to 27.25%. They warn that the increase could severely affect investment opportunities and hinder overall economic growth…
The Central Bank of Nigeria increases the monetary policy rate in a bid to stabilize inflation and manage liquidity challenges The Central Bank of Nigeria (CBN) raises interest rate to 27.25%, marking a significant shift in monetary policy as the country grapples with inflationary pressures. The Central Bank’s Monetary Policy Committee (MPC), during its 297th…
Aliko Dangote calls for the elimination of petrol subsidies, asserting that local production at his multi-billion-dollar refinery will help stabilize the naira, lower inflation, and reduce government expenditure. In a recent statement, Aliko Dangote strongly advocated for the removal of petrol subsidy, citing it as essential for stabilizing the Nigerian economy. He pointed out that…
The price of cooking gas in Nigeria experienced a sharp increase of 69% in August 2024, exacerbating the financial strain on households already grappling with rising living costs. This surge reflects the ongoing volatility in the country’s energy sector, driven by factors such as global oil price fluctuations and supply chain disruptions. According to data…
In a troubling incident, Governor Peter Mbah’s petrol station—Pinnacle Oil—was engulfed in flames in Enugu. The arson attack occurred along Agbani Road, directly across from Roban Stores, sending shockwaves through the local community. Details surrounding the fire remain limited, but reports indicate that unidentified hoodlums executed the attack, raising urgent concerns about security and the…
The United Kingdom’s national debt has soared to a record high, raising concerns about the country’s financial stability as the government prepares to make difficult decisions to address the mounting economic challenges. The historic debt milestone comes amid rising inflation, increasing public spending, and the ongoing recovery from the economic impact of the COVID-19 pandemic….
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