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Tuesday, 18 June 2024 04:55

Dangote Refinery generates twice Nigeria's 11-year power output in just few years

Nigeria took eleven years to add just 760 megawatts of power to the national grid, while the Dangote refinery doubled that output, generating 1,500mw in a shorter time. For decades, the country has suffered from chronic power shortages, and repeated promises to fix the problem have long dominated election campaigns. Data sourced from the Nigeria Electricity System Operator showed Generation Companies (Gencos)’ delivery to the Distribution Companies (Discos) via the Transmission Company of Nigeria (TCN) has increased by 22 percent from an average of 3,400mw in November 2013 to an average generation of 4,160mw, as at 12 June 2024. However,…

Monday, 17 June 2024 04:22

Nigeria's borrowings surge with significant loans, debt increases. Here are the details

In the first year of President Bola Tinubu's administration, Nigeria has seen a substantial increase in both external and domestic borrowing, raising concerns over the country's rising debt servicing costs and potential economic implications. External Borrowings Nigeria has secured a total of $4.95 billion in loans from the World Bank under Tinubu's tenure. These loans cover various sectors: - Power Sector: $750 million to enhance the power sector. - Women’s Empowerment: $500 million to scale up the Nigeria for Women Program. - Education: $700 million to support the Adolescent Girls Initiative for Learning and Empowerment (AGILE). - Renewable Energy: $750…

Sunday, 16 June 2024 04:38

Food prices drive Nigeria’s inflation rate higher still - NBS

Nigeria's inflation rate increased to 33.95% in May, driven primarily by surging prices of food and non-alcoholic beverages, according to the National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) report released on Saturday. This marks a slight rise from April's inflation rate of 33.69%. "Comparing month-over-month data, the headline inflation rate in May 2024 increased by 0.26 percentage points from April 2024," stated the NBS. "Year-over-year, the headline inflation rate was 11.54 percentage points higher than the 22.41% recorded in May 2023." The report further highlighted that on a month-to-month basis, May's headline inflation rate was…

Saturday, 15 June 2024 02:54

Monday, Tuesday are public holidays for Eid-el-Kabir celebration - FG

The federal government has declared Monday and Tuesday public holidays for the Eid-el-Kabir celebration. Aishetu Ndayako, permanent secretary in the ministry of interior, announced the public holidays in a statement released on Friday. In the statement, Ndayako said Olubunmi Tunji-Ojo, minister of interior, congratulated the Muslim faithful at home and abroad on the celebration. She added that the minister also urged the Muslim faithful to continue demonstrating the spirit of peace, kindness, and sacrifice exemplified by Prophet Ibrahim. He also appealed to them to continue praying for Nigeria’s peace and stability. “The minister reiterated that President Bola Ahmed Tinubu’s administration…

Friday, 14 June 2024 04:48

Nigeria's delegation is largest at ongoing 2024 ILO Conference, echoing COP28 participation

Nigeria has the largest delegation at the ongoing 112th International Labour Conference (ILC) in Geneva, Switzerland, with 289 registered delegates. According to the International Labour Organisation (ILO), this makes Nigeria's delegation the largest among the 187 countries represented at the event. Led by Nkeiruka Onyejeocha, the Minister of State for Labour and Productivity, the Nigerian contingent includes 108 government delegates, 62 employers’ delegates, and 116 workers’ delegates. Two individuals are listed as accompanying the minister. Notable delegates include Joe Ajaero, president of the Nigeria Labour Congress (NLC), and Festus Osifo, president of the Trades Union Congress (TUC). Brazil follows Nigeria…

Friday, 14 June 2024 04:47

Lawmakers say new aircraft ‘befitting the office of the President’ be purchased for Tinubu

The House of Representatives Committee on National Security and Intelligence has called on the federal government to quickly purchase new aircraft for President Bola Tinubu and his Vice, Kashim Shettima. This was disclosed in a report by Premium Times which added that the lawmakers are of the opinion that the cost of maintaining the 19-year-old aircraft used by Tinubu is high. PT said that the House of Reps Committee believes that the high cost of maintenance has led to longer aircraft downtime and higher fleet running costs. According to PT, the lawmakers made the request in a report issued after…

Friday, 14 June 2024 04:46

‘Nigerians facing severe poverty and hunger’, yet govt officials lead extravagant lives - Soludo

Governor Charles Soludo of Anambra State has called for a significant reduction in Nigeria's governance costs. Speaking at a special edition of The Platform, an event organized by The Covenant Nation to promote national development, Soludo lamented that despite Nigeria's financial struggles, government and elected officials continue to live lavishly, ignoring the plight of the masses. Soludo suggested that political officeholders should be placed on the national minimum wage to help curb the developing crisis. He highlighted the disparity between the ruling class and ordinary Nigerians, who are facing severe poverty and hunger, while officials display extravagant lifestyles. “Let’s be…

Thursday, 13 June 2024 04:48

Exodus of multinational companies leads to 12% drop in Q1 2024 Company Income Tax - NBS

The exodus of several international companies from Nigeria has resulted in a significant reduction in Company Income Tax (CIT) revenue, which fell to N984.6 billion in the first quarter of 2024. This represents a 12.87 percent decrease from the N1.13 trillion collected in the fourth quarter of 2023, according to data from the National Bureau of Statistics (NBS). Since President Bola Tinubu assumed office, at least seven multinational corporations have exited the country, citing an unfavorable business environment and a shortage of foreign exchange. The NBS report highlighted that local CIT payments amounted to N386.49 billion, while foreign CIT payments…

Thursday, 13 June 2024 04:47

Nigeria’s crude oil production dropped further in May, OPEC reports

The Organisation of Petroleum Exporting Countries (OPEC) announced that Nigeria's average daily crude oil production fell to 1.25 million barrels per day (bpd) in May. This information was detailed in OPEC's monthly oil market report released on Tuesday, which was based on direct communication with Nigerian authorities. OPEC collects crude oil production data through two main sources: direct communication from member countries and secondary sources such as energy intelligence platforms. According to the report, the current output represents a 2.34 percent decline from the 1.28 million bpd recorded in April. Despite the decline, Nigeria remains the largest oil producer in…

Wednesday, 12 June 2024 04:43

NNPC signs floating LNG deal with Golar LNG

Nigeria's state firm NNPC has signed an agreement with Golar LNG to deploy a floating liquefied natural gas (LNG) vessel off the coast of its oil-rich Niger Delta, NNPC said on Tuesday. Nigeria, Africa's top oil producer, holds the continent's largest gas reserves of more than 200 million trillion cubic feet and is seeking investments to boost output. NNPC spokesperson Olufemi Soneye said the Project Development Agreement (PDA) will utilise about 500 million standard cubic feet of gas per day, producing LNG, propane and condensate. "The agreement aims to monetise vast proven gas reserves from shallow water resources offshore Nigeria,"…

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Tuesday, 11 June 2024 04:52

FAAC: FG, states, LGAs share N1.14 trillion for May 2024

The Federation Account Allocation Committee (FAAC) announced that the federal, state, and local governments shared N1.14 trillion for May 2024. This amount marks a decrease of N60 billion compared to the N1.20 trillion distributed in April. This information was disclosed in a communiqué issued during FAAC's June meeting, chaired by Wale Edun, Minister of Finance and Coordinating Minister of the Economy. According to the communiqué, the total revenue of N1.14 trillion for May comprised: - Statutory revenue: N157 billion - Value-Added Tax (VAT) revenue: N463 billion - Electronic Money Transfer Levy (EMTL) revenue: N15 billion - Exchange difference revenue: N507…

Tuesday, 11 June 2024 04:50

Aircraft carrying Malawi vice president disappeared, yet to be found

Search and rescue operations will continue until the missing aircraft carrying Malawi's vice president, Saulos Klaus Chilima, is found, the southern African nation's president said late on Monday. Chilima, 51, was aboard a military aircraft with nine others that left Lilongwe, the capital, at 09:17 a.m. (0717 GMT), Malawi's Office of the President and Cabinet said in an earlier statement. It said efforts by aviation authorities to make contact with the aircraft since it went off the radar had failed. The plane had been scheduled to land at Mzuzu Airport at 10:02 a.m. The plane was unable to land at…

Monday, 10 June 2024 04:37

Nigeria exported more than it imported in Q1 2024. This is the balance sheet

The National Bureau of Statistics (NBS) says Nigeria recorded a N6.5 trillion trade surplus between January and March of 2024. NBS made this known in its foreign trade report for the first quarter (Q1) of 2024 on Sunday. In the first quarter of the year, NBS said Nigeria’s exports totalled N19.1 trillion and total imports were N12.6 trillion — indicating a trade surplus of N6.5 trillion. A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh the country’s imports. “Nigeria’s total merchandise trade was N31.8 trillion in Q1, 2024. This…

Monday, 10 June 2024 04:36

Nigerians to pay more for electricity as govs move towards full subsidy removal

State governments in Nigeria are preparing to eliminate electricity subsidies and introduce different tariffs within their jurisdictions. This initiative is part of a broader effort to operate their power markets independently under state laws. A document from the Nigeria Governors’ Forum (NGF), titled ‘Development of the National Integrated Electricity Policy and Strategic Implementation Plan Policy Recommendations by State Governments to the Federal Ministry of Power,’ outlines these recommendations. These changes follow the enactment of the Electricity Act 2023, which replaces the Electric Power Sector Reform Act and serves as the current legal framework for Nigeria's electricity industry. The Electricity Act…

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