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Major oil companies have lamented the impact of oil theft and pipeline vandalism on the availability of crude for local refineries. Director-General of the Lagos State Chamber of Commerce and Industry, Chinyere Almona, while speaking on behalf of the companies identified crude oil theft and pipeline vandalism as factors hindering the oil majors’ inability to meet their daily quotas. Almona also explained that modular refineries were finding it hard to get enough crude. She also identified low crude oil production in Nigeria as a factor limiting international oil companies’ capacity to supply crude to the Dangote Petroleum Refinery, and modular…
The federal government has raised its proposed national minimum wage from N60,000 to N62,000. In response, organized labour has reduced its demand from N494,000 to N250,000. This adjustment follows the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presenting the cost implications of the new minimum wage to President Bola Tinubu. The organized private sector has expressed support for the government's N62,000 offer. Governors Declare N60,000 Minimum Wage Unsustainable Meanwhile, the 36 State Governors, under the Nigeria Governors’ Forum (NGF), have announced that subnational governments cannot afford the proposed N60,000 minimum wage. This stance was communicated through…
Saturday, 08 June 2024 04:57

Tinubu inaugurates N21bn VP’s residence

On Friday, President Bola Tinubu inaugurated the N21 billion official residence for Vice President Kashim Shettima, amid widespread economic hardship. The National Assembly had approved an additional N15 billion last November, bringing the total project cost to N21 billion. The project has faced criticism due to the country's economic conditions. Workers are currently negotiating a new national minimum wage with the government, with an ongoing impasse as unions have rejected the government's N60,000 offer, a 100% increase from the current N30,000. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) recently halted economic activities for 48 hours over…
Ahead of the forthcoming Eid-el Kabir celebration, prices of animals used for sacrifice during the annual festival have skyrocketed beyond the reach of many celebrants. Every year during the Islamic month of Dhul Hijjah, Muslims around the world who have the means, slaughter animals like sheep, goat, cow or camel – to reflect the Prophet Ibrahim’s willingness to sacrifice his son Ismail, for the sake of God. While it is not the only livestock acceptable, a narration in Sahih Muslim records that the Prophet Muhammad (pbuh) sought out horned, white rams to sacrifice during the Eid el-Kabir, as the ram…
Amid widespread power outages and increasing hunger in Nigeria, the World Health Organisation (WHO) has advised that foods not properly refrigerated during power cuts should be discarded. According to WHO, perishable and cooked foods stored in a refrigerator become unsafe to consume after four hours without power. In a series of posts on its X account for the 2024 World Food Safety Day, themed "Food Safety: Prepare for the Unexpected," WHO stated, “If there has been a power outage in your area, refrigerated or frozen food may not be safe to eat. Products can become unsafe if they have been…
The Nigeria Inter-Bank Settlement System (NIBSS) is experiencing a downtime, leading to delays in completing electronic transactions. Financial technology firms (fintechs) notified customers of the disruption in transactions in separate notices seen by TheCable on Wednesday. The NIBSS instant payment platform is an account-based, real-time electronic funds transfer (EFT) system. It enables financial institutions to provide online real-time funds transfer services to their customers through all available electronic channels. TheCable understands that customers are having a hard time making simple transactions like the payment of electricity bills. A message sent to customers by Eversend, a financial technology firm, said delays…
Afreximbank has disbursed $925 million to Nigeria's state-owned NNPC, part of a syndicated $3.3 billion crude oil-backed prepayment facility, the African trade bank said on Thursday. This brings the total disbursement to Nigerian National Petroleum Company (NNPC) to $3.175 billion, African Export-Import Bank (Afreximbank) said. Afreximbank said the deal was the largest crude-backed facility in Nigeria and one of the largest syndicated debts raised in Africa. The pan-African lender had been tapping oil traders to finance a $3 billion loan to Nigeria's state oil company after the energy firm approached it for the facility last August, to help the government's…
In a not-so-surprising development, the federal government has admitted that Nigeria, Africa’s largest oil producer, will be spending up to N5.4 trillion on oil subsidies in 2024. This admission follows months of repeated denials by government officials who had insisted that there were no subsidies. The revelation came during a presentation by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, on an Accelerated Stabilisation and Advancement Plan (ASAP). The plan is designed to address key challenges affecting reform initiatives and stimulate development across various sectors of the economy. “At current rates, expenditure on fuel subsidy is…
Médecins Sans Frontières (MSF), also known as Doctors Without Borders, is facing an overwhelming influx of severely malnourished children at its medical facilities in Northern Nigeria. The global humanitarian organization raised the alarm in a statement on Tuesday, issued by its Field Communication Officer in Nigeria, Abdulkareem Yakubu. According to the statement, MSF in-patient facilities in Northern Nigeria have recently recorded an "extraordinary increase in admissions of severely malnourished children with life-threatening complications," surpassing last year’s figures by over 100 percent in some locations. "For the MSF teams, this is an alarming indication of a premature peak of the lean…
Seventy-five percent of the clients at Thornaby’s Sprouts Community Food Charity (SCFC) are now Nigerian students grappling with financial difficulties, charity manager Debbie Fixter revealed. The charity, which offers food, clothes, and household items, has experienced a surge in Nigerian students seeking help. Fixter told BBC News that the charity has reached its “maximum capacity.” SCFC reported a shift in its clientele in recent months, with the majority of visitors being Nigerian master’s degree students from Teesside University. Nigerian students in the United Kingdom have recently been making headlines, with some being blocked from continuing their studies and ordered to…
March 15, 2025

Dangote Refinery further reduces petrol loading price amidst fresh crude supply from NNPCL

In a significant development in Nigeria's downstream oil sector, the Dangote Petroleum Refinery has further…
March 14, 2025

I know individuals in Tinubu’s govt who bought ministerial positions, El-Rufai claims

Former Kaduna State governor, Nasir El-Rufai, has revealed that he knows individuals who paid to…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 15, 2025

What to know after Day 1115 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Putin urges Kiev to order troops in Kursk Region to surrender Moscow is…
March 15, 2025

Humanoid robot with human-like competence unveiled in China

Du Qiongfang Humanoid robot manufacturer AgiBot in Shanghai unveiled on Tuesday its latest humanoid robot…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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