Category: Business
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Diesel reaches N950/litre, industries worried about potential closures and employment cuts.
On Monday, oil marketers highlighted that Nigeria’s foreign exchange woes, combined with the recent 7.5% VAT on diesel, have driven the cost of diesel to N900-N950/litre across numerous states. This price surge alarms local manufacturers, who predict potential factory shutdowns and job losses. The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) shed light…
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“CBN takes action against speculators as Naira falters; diaspora remittances curbed.”
The naira’s recent downward trajectory in the parallel market has prompted action from the Central Bank of Nigeria (CBN). The bank is rolling out measures to stabilize the currency, focusing primarily on curbing speculative demands. After discussing the currency’s instability with President Bola Tinubu, Acting CBN Governor, Folashodun Shonubi, emphasized that the naira’s fluctuations weren’t…
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NBS reports a 98% rise in transportation costs in just one month.
Bus transportation costs within Nigerian cities have surged. According to the National Bureau of Statistics (NBS), the average fare for intra-city bus rides increased by 98% from N649.59 in May 2023 to N1,285.41 in June 2023, paralleling the spike in Premium Motor Spirit prices. This significant rise amounted to an added N636 within a mere…
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“FG commits to clearing N187.32bn owed to contractors by November 2023.”
The Bola Tinubu-led government plans to allocate around N187.32bn this year to address outstanding debts to local contractors.⁸ These obligations, cataloged as promissory notes in a document by the Debt Management Office dated September 30, 2022, signify a formal commitment to pay certain amounts at future dates. As described by Investopedia, a promissory note is…
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Marketers Suggest Possible Fuel Price Increase Amidst Naira Decline
The depreciation of the naira against the US dollar, combined with the recent surge in global crude oil prices, has triggered concerns among Nigerians about a potential escalation in the cost of Premium Motor Spirit (PMS), commonly known as petrol. While the Nigerian National Petroleum Company Limited and other oil marketers have not formally announced…
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“Promote transformation in Africa,” urge UN and Lagos to OPS.
The United Nations and Lagos state have called on the private sector to spearhead change in Africa. This call was made during the Africa Social Impact Summit 2023 in Lagos. The summit’s theme centered on harmonizing global visions with local actions for sustainable development outcomes in Africa. UN’s Resident & Humanitarian Coordinator, Matthais Schmale, highlighted…
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Naira decline: Marketers suggest potential rise in fuel prices.
The naira’s depreciation against the US dollar and the recent surge in global crude oil prices have raised concerns among Nigerians about a potential increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol. While the Nigerian National Petroleum Company Limited and other oil distributors haven’t confirmed a price hike, they…
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Dollar surpasses N900/$ mark, approaching N950/$ in secondary markets.
The Nigerian Naira (₦) is facing turbulence, plummeting to N910/$ in the black market, sparking fears it might descend further to N1000/$ soon. Despite stabilizing around N750/$ just weeks ago, it’s been in a rapid decline recently. Trading conditions are notably unpredictable. The Naira is fluctuating between N900/$ and N915/$, with many black market traders…
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“Marketers anticipate a hike in cooking gas prices next week.”
Gas consumers in Nigeria are set for challenging times as marketers signal an impending price surge next week. Olatunbosun Oladapo, the head of the Nigerian Association of Liquefied Petroleum Gas Marketers, alerted consumers to brace for price hikes. A combination of factors, including increased international prices, higher tax rates, vessel costs, foreign exchange scarcity, and…
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Ebonyi CITN Boss tasks FG on multiple taxation
From Lateef Taiwo Chairman Chartered Institute of Taxation Of Nigeria (CITN), Abakaliki and District Society, Dr Justina Nnachi has stressed the need to address the issues of multiple taxation on taxpayers amidst hardship by the removal of fuel subsidy by the federal Government. Nnachi stated this on Monday in Abakaliki, the Ebonyi capital during her…