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Yearly Archives: 2019

Border closure reduced fuel consumption by 8m litres – FG

Border closure reduced fuel consumption by 8m litres – FG

The Federal Government has said the closure of the land borders by the Nigeria Customs Service has cut down the consumption of Premium Motor Spirit, also known as petrol, from 60 to 52 million litres per day. This represents a ...

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Nigeria must end reliance on oil to fight poverty – IMF

Nigeria must end reliance on oil to fight poverty – IMF

The Managing Director of the International Monetary Fund, Ms Kristalina Georgieva, has said that there is a need for the Federal Government to diversify the economy from the oil in order to reduce the level of economic vulnerabilities currently facing ...

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LCCI partners Oxford Group to drive non-oil exports

LCCI partners Oxford Group to drive non-oil exports

the Lagos Chamber of Commerce and Industry has signed a memorandum of understanding with Oxford Business Group on its plans to drive Nigeria’s non-oil growth. The OBG, an advisory and research firm, will capture the concrete efforts of the government ...

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NUPENG trains 2,500 drivers to curb crashes

NUPENG trains 2,500 drivers to curb crashes

The Petroleum Tanker Drivers branch of the  Nigeria Union of Petroleum and Natural Gas Workers has commenced a training programme for 2,500 fuel tanker drivers in a bid to reduce road accidents across the country. The National Chairman, PTD, Mr ...

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Oil rises 1% on OPEC supply cuts

Oil rises 1% on OPEC supply cuts

Oil rose about 1.4 per cent on Wednesday, gaining support due to signs that the Organisation of Petroleum Exporting Countries and allied producers will continue to curb supplies in December, a weaker United States dollar and as traders covered short ...

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FEC approves N5.4bn for gas parks, airport security

FEC approves N5.4bn for gas parks, airport security

The Federal Executive Council has approved N5.4bn for the construction of oil and gas parks and indoor shooting range for aviation security. The Minister of State for Petroleum, Chief Timipre Sylva, spoke on the oil and gas project while the ...

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Dangote Refinery empowers 200 Ibeju-Lekki youths

Dangote Refinery empowers 200 Ibeju-Lekki youths

Dangote Petroleum Refinery and Petrochemicals Company has empowered 200 youths from Ibeju-Lekki community in Lagos State with vocational skills. The beneficiaries have undergone various skills acquisition programmes organised by the firm and facilitated by the National Directorate of Employment and ...

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N25.7tn debt: Experts oppose IMF’s call for tax hike, say Nigerians overburdened

N25.7tn debt: Experts oppose IMF’s call for tax hike, say Nigerians overburdened

• Increasing tax will help FG to off set debts, execute projects – Fund • LCCI, don, others advise government to widen tax net Finance experts, Lagos Chamber of Commerce and Industry, a university don, among others, have disagreed with ...

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IMF recommends unified exchange rate for Nigeria

IMF recommends unified exchange rate for Nigeria

The International Monetary Fund has advised the Central Bank of Nigeria to unify the country’s exchange rate system in order to avoid situations where public and private sector decisions are distorted due to uncertainties. It also said there was a ...

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Border closure pushed inflation to 11.24% – NBS

Border closure pushed inflation to 11.24% – NBS

The Consumer Price Index released by the National Bureau of Statistics on Tuesday showed inflation index rose to 11.24 per cent in September, barely a month after the border closure. The 11.24 per cent represents an increase of 0.22 per ...

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NAF wings first female fighter pilots

NAF wings first female fighter pilots

The Nigerian Air Force on Tuesday inducted 13 new fighter pilots including two women, Kafayat Sanni and Tolulope Arotile. They were trained in the United States and South Africa. The new pilots were inducted at the NAF Headquarters, Abuja, on ...

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FG spent N3.3tn in six months, says minister

FG, States, LGs Share N693.529bn For September

The Federal Government has spent the sum of N3.39tn within the first six months of this year to finance the 2019 budget. She gave the indication in Abuja on Monday during a public presentation of the 2020 budget, which was ...

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Julius Berger diversifies into oil & gas industry

Julius Berger diversifies into oil & gas industry

Julius Berger Nigeria Plc has announced its diversification into the oil and gas industry by acquiring a 20 per cent equity stake in Petralon Energy Limited. The firm said in a statement on Monday, which was made available to the ...

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Poor maintenance culture killed Nigeria’s refineries –NNPC

Poor maintenance culture killed Nigeria’s refineries –NNPC

The Nigerian National Petroleum Corporation has blamed the moribund state of the country’s refineries on lack of proper maintenance of its facilities over the years. Although the NNPC noted that Nigeria had one of the highest number of technicians in ...

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Customs ban exports, imports via land borders indefinitely

Customs ban exports, imports via land borders indefinitely

NIS denies 1,111 foreigners entry into Nigeria The Nigeria Customs Service on Monday announced an indefinite ban on importation and exportation of goods through the land borders. Comptroller-General, NCS, Col. Hameed Ali (retd), who stated this at a press conference ...

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FAAN Celebrates Customers With Road Walk

In a bid to satisfy customers and improve service delivery, Federal Airports Authority of Nigeria (FAAN) celebrated its Customer Service Week with RoadWalk to appreciate its customers. Enjoy the photos:

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NIPOSA: MD NPA RECEIVES TEAM HADIZA

The Managing Director of the Nigerian Ports Authority (NPA) Hadiza Bala Usman led the entire management of the Authority in receiving the victorious HQ participants at the just concluded Nigerian Ports Authority Sports Association (NIPOSA)- TEAM HADIZA who came out ...

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Rising public debt, weak economy worry bankers

Rising public debt, weak economy worry bankers

Bankers in the country have expressed worries over the unabated rise in the Federal Government’s debt profile. This was part of the submission of members at the recent Monetary Policy Committee meeting of the Central Bank of Nigeria. Part of ...

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BDC operators seek cut in cashless processing fees

BDC operators seek cut in cashless processing fees

The Association of Bureaux De Change Operators of Nigeria has called for a downward review of the cash processing fees introduced by the Central Bank of Nigeria under the cashless policy. In ABCON’s quarterly economic review for third quarter of ...

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Increased Customs Revenue Spells Doom For Nigeria’s Economy–PEBEC

Increased Customs Revenue Spells Doom For Nigeria’s Economy--PEBEC

· Armed Robbers attack our vessels at berth bimonthly in Apapa – Dangote By Kenneth Jukpor Despite the federal government’s tendency to set revenue targets for the Nigeria Customs Service (NCS), fresh reports have emerged that increased Customs revenue generation ...

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