Subsidy Removal: Nigeria’s Fuel Consumption Drops By 28%

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has disclosed that the average daily consumption of fuel in Nigeria has fallen by no fewer than 28 percent since President Bola Ahmed Tinubu announced the scrapping of fuel subsidies. According to new figures released by NMDPRA, the average daily petrol consumption fell to 48.43 million liters (13 million gallons) in June, as against the previous average of 66.9 million.

China Pledges Increased Economic Cooperation With Nigeria 

President Bola Tinubu, Wednesday said Nigeria is open for business and constructive partnerships. The President spoke while hosting President XI Jinping of China’s Special Envoy, Peng Qinghua, at the Presidential Villa, Abuja. Mr Qinghua said the two countries at present had good bilateral relations and economic cooperation, noting that Chinese companies were doing well in Nigeria in railways, roads, hydropower and free trade zones. While commending Mr Tinubu’s  plan to lead Nigeria to a new era of economic development and prosperity, the Chinese envoy, however, said there were areas where Nigeria could benefit from China. Jinping also pledged increased economic cooperation with Nigeria, saying the country is important to Africa and the world.

We Need All The Help We Can Get – President Tinubu

President Bola Ahmed Tinubu has said Nigeria needs all the help that it can get at the moment. The President said this on Tuesday while receiving visiting Bank of America officials in his office at the State House, Abuja. He expressed confidence that his administration was on the pathway to success in spite of the challenges facing the country, adding that Nigeria has no reason to fail the rest of the African continent. President Tinubu, also promised that his government was committed to instituting reforms that would engender the sustainable growth and development of the country. Because he believe that the country’s governance and development challenges cannot be addressed without fiscal and institutional reforms.

Petroleum Subsidy: FG Secures $800 Million World Bank Facility For Palliatives

The Federal Government has secured the sum of $800 million from the World Bank under the National Social Investment Programme as part of palliatives to cushion the negative effects of the plan to remove subsidy on petroleum products by June 2023. The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed, announced this Wednesday after the weekly Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the State House Abuja. “There’s a provision (of the Petroleum Industry Act) that says 18 months after the effectiveness of the PIA that all petroleum products must be deregulated. That 18 month takes us to June 2023.

Abuja AfriTrade Fair - Over 158 companies To Participate

As the Abuja Chamber of Commerce and Industry (ACCI) prepares to host the maiden edition of its trade show, AfriTrade B2B organised in partnership with the CMD Tourism and Trade Enterprises and KVS International, more than 158 local and international companies have registered for the show.

Naira Redesign: Traders Rejecting Old Notes To Be Prosecuted

Governor of Ekiti State, Biodun Oyebanji has appealed to residents within the state to accept the old naira notes as means of the transaction and added that any trader and service provider caught rejecting the old notes shall be prosecuted. The governor further urged commercial banks and the Central Bank of Nigeria,(CBN) to make both the old and new notes accessible.

Fuel Subsidy: FG, Labour Resumes Negotiation

Representatives of the Federal Government and the leadership of the Nigeria Labour Congress, NLC, will on Monday, today, resume talks on petrol subsidy removal palliatives.

BREAKING: FG Extends The Validity Of Old 200 Naira Note

President Muhammadu Buhari, in a national broadcast on Thursday morning, extended the validity of the old N200 notes till April 10, 2023. The president addressed the nation following a series of protests across the country on Wednesday over scarcity of new naira notes.

N150bn Lost To Gas Flaring In 1st Quarter – NOSDRA

Oil and gas companies operating in Nigeria flared 92.3 million standard cubic feet of gas, mscf, worth an estimated N150.8 billion, between January and April 2023. The figure was contained in a recent National Oil Spill Detection and Response Agency (NOSDRA) report. 

Supreme Court Orders Suspension Of Deadline For Old Naira Notes

Supreme Court on Wednesday instructed a suspension of the deadline for the swapping of old to new Naira notes by the Central Bank of Nigeria (CBN). The Supreme Court issued an interim injunction restraining the Federal Government from suspending the acceptance of the old Naira notes no the Friday February 10, 2023 deadline. A seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks, from implementing the February 10, deadline for the old 200, 500, and 1000 Naira notes to stop being a legal tender.