Category: Finance and Economy

Publish Spending Details Of N400bn Fuel Subsidy Savings, SERAP Tasks Tinubu

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Publish Spending Details Of N400bn Fuel Subsidy Savings, SERAP Tasks Tinubu

Socio-Economic Rights and Accountability Project (SERAP) has written to task President Bola Ahmed Tinubu to “urgently publish details of spending of about N400bn so far saved as a result of the removal of subsidy on Premium Motor Spirit (PMS) popularly called petrol.” Reports have it that the Federal Government has saved N400bn within the four…

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Finance and Economy, Governance

Low Demand Forces Petrol Prices Down At Depots

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Low Demand Forces Petrol Prices Down At Depots

Private Depots selling Premium Motor Spirit (PMS) to marketers have brought down the prices of fuel amidst speculations of a rise to N700 per litre this month. Investigations confirmed that private depots crashed their prices to between N495 and N496 per litre from between N502 and N503 per litre. The Nigerian National Petroleum Company Limited…

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Finance and Economy

Avoid Panic Buying, No plans To Hike Fuel Price To N700 – IPMAN.

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Avoid Panic Buying, No plans To Hike Fuel Price To N700 – IPMAN.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has allayed fears that there was a plan by the association to increase the pump price of Premium Motor Spirit (PMS), also known as petrol, to N700 per litre nationwide. NAN reported that the Chairman of IPMAN Southwest Zone, Dele Tajudeen, made the clarification in an interview…

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Finance and Economy

Petrol Projected To Cost N700/Litre From July – Marketers

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Petrol Projected To Cost N700/Litre From July – Marketers

Oil marketers have projected that the pump price of petrol could rise above N700 per litre in Northern Nigeria starting from July. The National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, told The PUNCH on Wednesday that prices could rise to above N700 in the north once independent marketers start importing products…

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Finance and Economy, Power and Energy

Nigerian Economy: Republic Of Korea Eyes Investments In Oil Refinery, Other Sectors

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Nigerian Economy: Republic Of Korea Eyes Investments In Oil Refinery, Other Sectors

The Republic of Korea on Tuesday expressed the country’s interest to invest in the Nigerian economy. The Korean investment focus is on agriculture, energy, natural resources, cyberspace, biotechnology and oil refinery. Special Envoy of the President of Korea, Mr Jang Sungmin, made this known while speaking to newsmen in Abuja after a meeting with Vice…

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Finance and Economy

FG Imposes Proof Of Ownership Certificate Fee For All Vehicles

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FG Imposes Proof Of Ownership Certificate Fee For All Vehicles

The Federal Government has started the issuance of Proof of Ownership Certificate (POC) for all categories of registered vehicles nationwide. Unveiling the new policy at the Bagauda Kaltho Press Centre, Alausa, Lagos, the Permanent Secretary, Ministry of Transportation Engr AbdulHafiz Toriola said the certificate which will come into force in the State in July ,would…

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Cars and Automobiles, Finance and Economy

Petrol Prices May Go Up Soon, As Naira Weakens Against Dollar

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Petrol Prices May Go Up Soon, As Naira Weakens Against Dollar

Prevalent Economy indices Indicates that the national average price of petrol will rise further as marketers benchmark costs against rising exchange rates, Vanguard reports. Marketers yesterday said against the backdrop of continued depreciation of the naira, the implication would be that their cost has also increased beyond the figure used in fixing current pump prices….

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Finance and Economy, Power and Energy

CBN May Intervene As Forex Scarcity Remains

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CBN May Intervene As Forex Scarcity Remains

Banks ignore CBN’s directive on domiciliary accounts Exchange rates converge around N770/$ The Central Bank of Nigeria, CBN, directive that banks should grant their customers unfettered withdrawal of foreign currencies from domiciliary accounts appears to have been ignored, Vanguard reports. This is as Nigeria’s foreign exchange market has recorded a drastic change following the market…

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Finance and Economy

Request Social Media Handles Of Customers, CBN Directs Deposit Banks

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Request Social Media Handles Of Customers, CBN Directs Deposit Banks

The Central Bank of Nigeria, CBN has directed banks to request the social media handles of customers as part of enhanced Customer Due Diligence, CDD, regulations. The directive was contained in the CBN, Customer Due Diligence Regulation 2023 issued over the weekend via a circular signed by the Director, Financial Policy and Regulation Department, CBN,…

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Finance and Economy