NLC Fixes Monday For Nationwide Protest Over Hike In Fuel And Electricity Price

The Nigeria Labour Congress (NLC) has concluded plans to stage nationwide protests from Monday, protest and strike action will commence across the country over the federal government refuses to reverse prices of petrol and electricity tariff. This was revealed by the labour's president Ayuba Wabba after the meeting of National Executive Council on Tuesday in Abuja.

Naira Strengthens Against The Dollar In The Forex Market

Following interventions made by the Central Bank Of Nigeria in the Investors and Exporters window on Wednesday, the naira exchanged to the dollar at the parallel market at N420/1$. As of Monday prior to CBN’s intervention, the naira exchange was N480/1$, prompting fears that the Naira was falling. The CBN announced through the Director, Corporate Communications Department, Mr. Isaac Okorafor that the CBN had decided to inject liquidity into the foreign exchange market.

100m Nigerians Will Be Lifted Out Of Poverty - PMB

President Muhammadu Buhari has set up a Medium-Term National Development Plan (MTNDP) that will see about one hundred million (100m) Nigerians lifted out of poverty within the next 10 years. To achieve this economic milestone without any delay, the president has inaugurated a National Steering Committee to oversee Nigeria’s Agenda 2050.

Former MAN Boss Faulted The Hike In Electricity By The FG

The former Chairman of, Manufacturers Association of Nigeria (MAN), Ogun State Chapter, Wale Adegbite has kicked against the Federal Government to move to increase the electricity tariff across the country. Adegbite made his stance known while speaking to newsmen in Ota, Ogun state, saying, the hike was unjustifiable. The Electricity Tariff takes effect from September 1st according to the Distribution Company of Nigeria (DIsCOs).

President Muhammadu Buhari has on Monday defended his reasons for the removal of fuel subsidy, saying the move was done in a bid to save the economy from collapsing, adding that the increase in electricity tariff by Distribution Companies (DisCos) was necessary though not pleasurable. Vice President Yemi Osinbajo made this known while representing the president during the opening ceremony of the 2-day First Year Ministerial Performance Review Retreat, at the State House Conference Centre, Presidential Villa, Abuja.

FG Approves $3.1bn For Full Automation Of Nigeria Customs Service

The Federal Executive Council (FEC) has approved $3.1 billion for the end-to-end automation of the Nigeria Customs Service (NCS). Nigeria's Minister of Finance, Zainab Ahmed disclosed this at the end of the FEC virtual meeting in Abuja on Wednesday. Mrs Ahmed said the concessionary period is 20 years and the funding is exclusively from investors with the revenue expected from his automation nailed at $176bn. The move by the federal government is in pursuance of diversification of the economy, and it is targeting $176 billion revenue from $3.1 billion concessionary investment for full automation of the operations of the NCS.

Oil Price Drop More Than $1 Per Barrel, Lowest Since July

Crude oil in the OPEC market has dropped more than a dollar hitting the lowest ebb since last July. The drop is surfacing after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about the demand recovery has slowdown due to the global pandemic of the coronavirus. Accordingly, Brent crude was going for $41.75 per barrel; slow down by 91cents or 2.1 percent as at 00:00hrs GMT, after its earlier slide to $41.51 recorded as the lowest since July 30 this year.

Members of Independent Petroleum Marketers of Nigeria (IPMAN) in Anambra State have threatened to shut operations following N13.6 million debt owed one of them by the Transport Company of Anambra State (TRACAS) since 2017. The body, on August 4, issued a 21-day ultimatum to the government to pay the debt and address other sundry issues raised by it. IPMAN chairman (Enugu depot) Chinedu Anayaso, who addressed reporters yesterday, said the shutdown, to start on August 25, would be total until all conditions were met.

P&ID: English Court Gives Nigeria More Time To Appeal

An English court has given Nigeria more time to appeal the $10 billion(7.52 billion pounds) arbitration case, after establishing a prima facie against Process and Industrial Development Limited (P&ID) in the Gas Supply Processing Agreement (GSPA). The Commercial Court ruling did not specify the length of the extension in the long-running dispute. According to the Judge, Sir Ross Cranston “In my view there is a strong prima facie case that the GSPA was procured by bribery."

ONNE Port Receives Nigeria's Biggest Container Vessel

Onne-Eleme port aka Onne Port situated on the Bonny River Estuary along Ogu Creek has become the first Nigeria Port Complex to receive the biggest gearless Maerskline vessels at the Federal Ocean Terminal (FOT). The vessel which arrived on August 15 is said to be 300 metres long, 48 metres wide and has a capacity of 9,971(TEUs). The Nigerian Ports Authority (NPA) Managing Director, Hadiza Bala-Usman represented by the Assistant General Manager Harbours, Captain Uduiguomen Eboreime expressed happiness for the safe arrival of the vessel and added that the NPA is determined to ensure that eastern ports remain attractive to shippers.