PMS Now Sells For N617 Per Litre

A few weeks after the Independent Petroleum Marketers Association of Nigeria (IPMAN) debunked the news of increasing pump price to 700/liters, the federal government-owned NNPC Limited has yet again jerked up its petro pump price from N537 to N617 on Tuesday in the nation capital. It is said that each operator is allowed to change price based on its cost elements, under the present deregulation. It also showed that the dwindling value of the Naira has put pressure on fuel importers, including the NNPC Limited as well as major and independent marketers. Reports have it that many motorists and others have rushed to buy petrol as the price hike begins to spread to other cities, including Lagos and environs, where some filling stations have adjusted their pumps to over N600 per liter.

Subsidy Removal:12m Households To Get N8, 000 For Six Months

President Bola Ahmed Tinubu has said 12m families will get N8,000 over a period of six months to ameliorate the hardships faced by Nigerians as a result of subsidy removal. In a letter to the House of Representatives read by Speaker Tajudeen Abbas during plenary on Tuesday, Tinubu said it was support to enable poor and vulnerable Nigerians cope with the cost of meeting basic needs. The letter was for approval of additional financing for the national social safety net programme scaled up by the National Assembly. He said this would have a multiplier effect on about 60 million individuals.

Abia Govt Identifies 2300 Ghost Workers, Saves N220m

The Abia State Government through its Accountant General, Deaconess Njum Onyemenam has revealed the discovery of 2,300 ghost workers thereby saving N220 million on the monthly bills following the ongoing verification of civil servants and other public workers in the state. Onyemenam, who spoke Monday after a meeting with the state governor, Dr. Alex Otti, OFR, said the verification exercise was still ongoing and that the government hopes to make more savings.

CBN Directs Naira Payout For Diaspora Remittance 

The Central Bank of Nigeria (CBN) has issued a letter to all Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs), and the general public, announcing the inclusion of the Naira as a payout option for diaspora remittances. In the list are Western Union, World Remit Limited, CashPot Limited, eTransact International Limited, Leadremit Limited, Flutterwave Technology Solutions Limited, and Interswitch Limited. Others are Belyfted Limited, Caperemit UK Limited, Chime In (Sendwave), Colony Capital Limited, Comet Trading Nigeria Limited, CSL Pay Limited, CP Express Limited, among others.

Nigeria's Inflation Rate Hits 22.79 Percent As Food Prices Surge

Nigeria's annual inflation rate for June rose to 22.79% as against 22.41% in May as revealed by the Nigerian Bureau of Statistics (NBS) in its monthly Consumer Price Index (CPI) as released on 17th July 2023, on a monthly basis the increase was 0.38% while on the yearly ground, the Headline inflation rate was 4.19% higher than last year, which was 18.60%. This increase was reportedly caused due to the spike in prices of Foods such as; Oil and fat, Bread and Cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetables, Milk, Cheese, and Eggs.

Court Stops Abuja Administration From Demolishing Trademore Estate

A Federal High Court presided by Mohammed Zabairu in a temporary injunction has stopped the Federal Capital Territory Development Authority (FCDA) from demolishing the Trademore Estate situated in the Lugbe area of Abuja
Justice Zubairu ordered that the first to fourth defendants/respondents to maintain the status quo and stop plans to demolish the estate. In Motion No: M/11692/2023 dated July 12, 2023, the first to fourth defendants/respondents are the Minister of the Federal Capital Territory, the FCDA, Abuja Metropolitan Management Council (AMMC), and the Abuja Municipal Area Council (AMAC).

GTBank Apologizes To Customers Over Login Problems After App Update 

Guaranty Trust Bank on Saturday apologised to its customers in response to the frustration that trailed a recent update of the GTWorld mobile banking app. The development came following an app update which was expected to bring improvements and new features to the bank’s mobile transactions but resulted in login issues and related difficulties for customers. The bank had on Tuesday informed its customers via text and email messages that its app would be automatically updated to the new version on 12 July. Relaying the apology, the bank in an email message to customers on Saturday, apologized for the inconvenience caused by the operations of the new GTWorld app.

FERMA Plans Repair Of Federal Government Roads

The Federal Road Maintenance Agency (FERMA) has disclosed that it plans to repair damaged portions of Federal Government roads across the country. This was made known during an interview on Sunday by the acting Managing Director, FERMA, Mr Godson Amos, who stated that the repairs are necessary to alleviate the delays experienced by road users as a result of damaged roads.

Tinubu Declares State of Emergency On Food Security

President Ahmed Tinubu has declared a state of emergency on food security; this was revealed on Thursdays by his special adviser on special duties, Communication, and strategy, Dele Alake, after a meeting with stakeholders in the agricultural sector at the Presidential Villa. The President directed that all matters pertaining to food and water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council. The directive was said to be in line with the Tinubu administration’s position on ensuring that the most vulnerable are supported.

Tinubu Institutes Committee On Tax Reforms

President Bola Tinubu in his quest for business growth in the nation, has set up a Presidential Committee on Fiscal Policy and Tax Reforms, which will be chaired by Mr. Taiwo Oyedele, the leader of the Fiscal Policy Partner and Africa Tax at the PriceWaterhouseCoopers (PwC). The Committee members will comprise experts both from the private and public sectors, taking responsibility for various aspects of tax law reform, fiscal policy design, coordination, harmonization of taxes, and revenue administration. Special Adviser to the President on Revenue, Adelabu Zacch Adedeji, explained that President Tinubu recognizes the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and the economy.