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Former President Olusegun Obasanjo said over 80 per cent of Nigeria’s crude oil were unaccounted for and stolen. Obasanjo stated this in Abuja at the launching of a book titled, ‘Court and Politics,’ written by Dr. Umar Ardo. According to the former president, one of the reasons why Nigeria’s economy is in shambles is that…
Read More “Over 80% of Nigeria’s Crude Unaccounted For, Stolen — Obasanjo” »
The federal government of Nigeria has banned the exportation of cooking gas as part of efforts to beat down the price within the country and make the product available. This was made known on Thursday by the Minister of State, Petroleum Resources, Ekperikpe Ekpo. Speaking at a stakeholders workshop in Abuja with the theme, “Harnessing…
The International Monetary Fund (IMF) has warned that the exchange rate of the Naira may further depreciate by about 35 percent this year, adding that this could lead to inflation rate peaking at 44 per cent before the monetary policy tightening could bring the situation under control. IMF disclosed this in its February 2024 Post–Financing…
Read More “IMF Predicts Further 35% Drop In Value Of Naira This Year” »
The Nigerian government has ordered internet service providers to block access to the websites and apps of major cryptocurrency trading platforms including Binance, Coinbase, and Kraken. Authorities said the move aims to crack down on the alleged use of these platforms by currency speculators and money launderers to manipulate the foreign exchange market and facilitate…
Read More “FG Blocks Cryptocurrency Trading Platforms Over Forex Manipulation” »
The Tinubu-led Federal government has reacted to the hike in the cost of cement in the country. The government threatened to open the borders to force down the price of the product. The Minister of Housing and Urban Development, Ahmed Dangiwa, who dropped the warning on Tuesday, said key components of cement manufacturing were locally…
Read More “Reduce Your Prices Or We Open Borders For Cement Importations, FG Tell Manufacturers” »
The Nigerian Breweries Plc has announced an upward price change for its Stock-Keeping Units (STUs) with effect from February 19. A letter dated February 12 titled: ‘Price review notification,’ by the Zonal Business Manager (West), Lekan Awosanya, reads in part: “This is to inform you that we are constrained to review the prices of some…
Read More “Nigerian Breweries Releases New Prices of Beer” »
The Nigerian Government has warned Fast-Moving Consumer Goods (FMCG) outlets nationwide, threatening to shut them down due to deceptive pricing practices amidst increasing economic hardship. The Acting Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Adamu Abdullahi, issued a statement on Saturday warning against the rising cost of food. Abdullahi emphasized…
Read More “Price Racketeering: FG Threatens To Shut Down FMCG Outlets” »
The cost of a 50 kilograms bag of cement in the Federal Capital Territory has risen to between N10,000 and N15,000. A market survey conducted on Friday by DAILY POST in Gwarimpa, Area 10, Kubwa, Lugbe and Dawaki showed that a 50kg bag of Dangote cement is N10,000 and BUA cement stood at N15,000. A…
The Registrar General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, disclosed on Tuesday, February 13, that social media content creators, Instagram users with larger followers, and TikTok users will soon be forced to register as businesses so they can start paying taxes to the government. The RG disclosed this during a visit by…
Read More “CAC Moves To Compel Content Creators TO Register As Business Owners” »
Naira plunged to a record low on Monday after exchanging at N1,534.39 to a dollar at the official market segment. According to data published on the FMDQ website, the local currency moved to an intraday high of N1000/$1 and a low of N1,550 to a dollar before it eventually settled at N1,534.39 at the close…
Read More “Naira Depreciates To New Low At Official Market” »