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Amidst ongoing dust raised by the new electricity tariff at the backdrop of inadequate power supply, electricity generation nosedived to 2,775 megawatts, MW, yesterday, a 32.3 per cent decline from 4,099.87MW recorded last week. This was contained in the data released by the Nigeria Electricity System Operator, NESO, a semi-autonomous unit of the Transmission Company of Nigeria, TCN. Findings by Vanguard indicated that there has been no improvement in the power value chain despite the recent review of Band A power consumers’ billing as there is yet inadequate supply of gas to the thermal stations, including the poor state of…
PRESS RELEASE Despite Afenifere's March 2nd 2024 initial public demand for transparency of the Lagos-Calabar Coastal Highway contract awarded to Chagoury’s Hitech Construction Company, and ex-Vice President Atiku Abubakar further probing last week, the government has failed to answer the calls for transparency, and continues the nearly twenty years wastage on the Lagos-Epe corridor. Afenifere demands more clarity on the Lagos-Calabar Coastal Highway Contract, especially the Lekki-Epe corridor that has been a source of controversy since 2008, when it was awarded as Private Public Partnership contract to Craneburg Construction of 29 Bourdillion Avenue, President Bola Tinubu's neighbours with obscure directors,…
One week after the Nigerian Electricity Regulatory Commission (NERC) increased electricity tariff for Band A customers to N225 per kilowatt hour from N68, electricity distribution companies are finding it hard to sustain the 20-24 hour supply to their customers on the band. It would be recalled that NERC had on April 3 increased the tariff for electricity customers that enjoyed a minimum of 20 hours electricity supply daily with the aim of attracting investment into the sector and freeing the government from the continuous payment of subsidy for rich customers. But it was observed that one week after the increase,…
Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production dropped to 1.23 million barrels per day (bpd) in March 2024. OPEC disclosed this in its monthly oil market report released on Thursday. The oil alliance said the production data was based on direct communication with Nigerian authorities. OPEC receives data on crude oil production from two sources: direct communication — which is from members of the group; as well as secondary communication, such as energy intelligence platforms. The oil cartel said the current output figure represents a 6.88 percent decrease from the 1.32 million bpd recorded…
Oil prices rose in early trade on Friday on heightened tensions in the Middle East, where Iran has promised to retaliate for a suspected Israeli air strike on its embassy in Syria, which could risk disruptions to supply from the oil producing region. Brent crude futures climbed 34 cents, or 0.38%, to $90.08 a barrel, while U.S. West Texas Intermediate crude futures rose 44 cents, or 0.51%, to $85.45, at 0033 GMT. The gains erased some losses from the previous session, which was dominated by worries about stubborn U.S. inflation that dampened hopes for an interest rate cut as early…
A Russian military cargo plane has brought a team of instructors and various equipment to assist the Nigerien army with counter-terrorism training, according to the West African nation’s media reports. The Russian instructors arrived in the country on Wednesday night, public broadcaster Radio Television du Niger (RTN) reported late Thursday, airing footage of a military plane unloading cargo. “We are here to train the Nigerien army... to develop military cooperation between Russia and Niger,” said a man in camouflage interviewed by RTN. “We have a lot of experience in fighting terrorism. And we are here to share this experience with…
As a result of insecurity, higher transportation costs, poor topography and bad roads, the cost of trade in Nigeria is four to five times higher than what is obtained in the United States, the World Bank has revealed. In its latest Africa Pulse released, the global bank said market distortions across Africa result in high price differentials in imported food and non-food products, indicating a lack of integration across African markets. “Similarly, access to product markets is constrained, which prevents firms and farms from scaling up production. In particular, the lack of connectivity and market integration means that markets are…
Nigeria's health regulator is recalling a batch of Johnson & Johnson children's cough syrup after finding an unacceptably high level of a potentially fatal toxic substance, it said on Wednesday. Laboratory tests on Benylin Paediatric showed a high level of diethylene glycol, which has been linked to the deaths of dozens of children in Gambia, Uzbekistan and Cameroon since 2022 in one of the world's worst waves of poisoning from oral medication. The syrup is used to treat cough and congestion-related symptoms, hay fever and other allergic reactions in children aged two to 12, Nigeria's National Agency for Food and…
Federal Government has extended the public holiday for this year’s Eid -El-Fitr celebration to cover Thursday. It has earlier declared Tuesday and Wednesday as public holiday for the celebration, but added Thursday, making it three days declared for the end of Ramadan celebration. The latest announcement was contained in a press statement signed by the Permanent Secretary, Ministry of Interior, Aishetu Gogo Ndayako on Tuesday. The statement read. “The Federal Government has approved Thursday 11th April, 2024 as an additional public holiday to celebrate this year’s Eid -El-Fitr. Thisday
Central Bank of Nigeria has barred commercial lenders from accepting foreign currency-denominated collateral to grant naira loans, a move that could protect the banking system against a strengthening of the local currency, it said on Monday. The regulator said in a circular that the practice it had observed of bank customers using foreign currency as collateral for naira loans was "prohibited". The CBN on Monday said it approved Eurobonds issued by the government or letters of credit issued by an offshore bank as eligible foreign currency collateral. It told lenders to wind down all loans currently secured with dollar-denominated collateral…
March 16, 2025

Petrol price war drives marketers to reduce purchases as losses mount

A price war between Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL)…
March 16, 2025

El-Rufai speaks further on Tinubu’s presidency, Chicago scandal, other issues

Former Kaduna State Governor Nasir El-Rufai has revealed that he and other political leaders were…
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 16, 2025

Here’s the latest as Israel-Hamas war enters Day 527

Freed Israeli hostage speaks for the first time about his 505 days of surviving Hamas…
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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