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Sun, May

House Of Reps Moves To Enforce Monthly Rent Payment In The FCT

The House of Representatives has resolved to work with stakeholders in the real estate sector to enforce monthly rent payments. The House resolved to also get viable solutions to the issue of arbitrarily increasing house rent in the Federal Capital Territory and recommend effective policies to regulate the activities of landlords.

NNPC E&P Ltd, NOSL Commence Oil Production at OML 13, Akwa Ibom State

The Nigerian National Petroleum Company Limited’s Exploration and Production Limited (NNPC E&P Ltd), which is the upstream subsidiary of NNPC Ltd, and Natural Oilfield Services Ltd(NOSL), a subsidiary of Sterling Oil Exploration & Energy Production Company Ltd (SEEPCO), have announced the successful initiation of oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State, Nigeria. The production began on May 6th, 2024, with an initial output of 6,000 barrels of oil - and is expected to increase to 40,000 barrels per day by May 27th, 2024.

NNPCL Cautions Against Panic Buying, Says There Is Sufficient Petrol In Stock

The Nigerian National Petroleum Company Limited (NNPCL) has issued a statement advising citizens against panic buying of premium motor spirit (PMS), commonly known as petrol. The company has reassured the public that it has enough petrol in stock to last for the next 30 days as supply continues to improve across the country. In a press release issued on Tuesday, May 7th, the company stated that measures taken to address supply scarcity have led to a significant reduction in queues at fuel stations nationwide.

10,000 Households Gains From Tinubu's Food Palliatives in Oyo

Over 10,000 households have benefited from President Bola Tinubu's federal government-led administration of food palliatives in Oyo state. The food palliatives according to the president were to cushion the effect of economic hardship on Nigerians particularly residents of the state. Beneficiaries of the palliative include Mogaji’s in Ibadanland, the market association, Nigeria Labour Congress (NLC) of the Oyo state chapter, Nigeria Union Journalist (NUJ), Oyo State Council, TAMPAN, professional bodies, and students among others.

FG Orders Registration Of PoS Operators

The Federal Government (FG) through the Corporate Affairs Commission (CAC) has set July 7, 2024 as the deadline for the registration of Point of Sale (PoS) operators. This development was made known on Monday during a meeting between Fintechs and the Registrar-General of the CAC, Hussaini Ishaq Magaji, who stated that the development was aimed at improving the economy.

Minister of State for Petroleum Resources, Ekpo Appointed As Co-Chair of NCDMB

President Bola Tinubu has appointed Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), as the co-chairman of the governing council of the Nigerian Content Development and Monitoring Board (NCDMB) which was made known in a statement issued on Thursday by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity.

FG Caps Power Sale To International Customers

The Nigerian Electricity Regulatory Commission (NERC) has issued an order to cap the supply of power to neighboring countries such as Benin Republic, Niger Republic, and Togo to 6%. The order, titled 'Interim Order on Transmission System Dispatch Operations, Cross-border Supply, and Related Matters,' was jointly signed by the commission's Chairman, Sanusi Garba, and Vice Chairman, Musiliu Oseni, and was published on May 3rd, 2024, and will be effective from May 1st, 2024, for six months, subject to review.

Nigeria's Foreign Debt Servicing Gulps $1.12bn In Q1 2024

The Federal Government has spent about $1.12bn on foreign debt service payments in the first quarter of 2024, highlighting the growing burden of external debt on the nation's economy. Data from the Central Bank of Nigeria (CBN) revealed that debt service payments had risen in the past few years. In Q1 2023, debt servicing stood at $801.36 million, but in Q1 2024, it increased by 39.7 per cent to $1.12 billion. The government began 2024 with a significant debt servicing obligation of $560.52m in January. This sum alone exceeded the entire debt servicing expenditure of January 2023 ($112.35m) by nearly five times, underlining the mounting pressure of foreign debt repayments on the nation’s finances.

CBN Orders Banks To Suspend Charges On Cash Deposits

The Central Bank of Nigeria (CBN) has ordered banks to stop charges on cash deposits until September 30, 2024 which was made known in a circular signed by CBN, Director of Banking and Supervision, Adetona Adedeji. Customers of some banks expressed their concern that banks have begun collecting processing fees for cash deposits as of May 1, 2024.

Anambra Receives 20,078 Bags Of Palliatives From The Federal Government

The Federal Government has sent 20,078 bags of garri and maize to Anambra State to alleviate the suffering of vulnerable homes. The palliatives comprising 16,130 bags of maize and 3,948 were bags of garri was moved to the State over the weekend by the National Emergency Management Agency, (NEMA) in conjunction with the State Government.

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