Category: Business
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Nigerian Senate to Regulate Airline Routes with New Bill
The Nigerian Senate is working on a bill to regulate airline routes, aiming to restrict airlines with three or fewer aircraft from operating multiple routes. This initiative, according to Senator Fatai Buhari, Chairman of the Senate Committee on Aviation, is designed to improve the passenger experience and ensure better service in the aviation sector. Speaking…
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Petrol Price Hits N998 Per Litre in Lagos
The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, from N855 to N998 per litre at its retail outlets in Lagos. This represents a 12.7% increase, or N113 per litre, compared to the previous day’s price. This unexpected hike, which took effect early in…
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Transport Costs Soar 50% as Fuel Prices Hit N1,250 in Borno
Residents of Maiduguri are grappling with a sharp rise in transportation costs, with fares increasing by 50% after fuel prices skyrocketed to N1,250 per liter at private filling stations on Wednesday. Many fuel stations in the city, including the NNPC retail outlet, remain closed, pushing residents to rely on private stations and black-market sellers for…
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Minister Lokpobiri Denies Instructing NNPC to Halt Refinery Operations
By Aaior K. Comfort The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has denied claims that he directed the Nigerian National Petroleum Company Limited (NNPCL) to cease operating its own refineries. This follows reports that the minister allegedly asked the NNPCL to focus solely on equity participation in other refineries. In a statement…
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Naira Strengthens by N73.39 Against Dollar at Official Market
The Nigerian Naira gained N73.39 against the U.S. dollar on Tuesday, October 8, 2024, closing at N1,561.76 per dollar at the official market, according to data from the FMDQ Exchange. This marks a 4.48% appreciation from the previous trading day, when the Naira was at N1,635.15 per dollar. Additionally, daily trading volume surged, with the…
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FG, NNPCL, and Dangote Refinery Set to Revamp Petrol Lifting and Distribution Processes
Plans are advancing for significant changes in the petrol lifting and distribution process in Nigeria, involving the Federal Government, the Nigerian National Petroleum Company Limited (NNPCL), and Dangote Refinery. Currently, the NNPCL allocates crude oil for refining while also overseeing the distribution of petrol throughout the country, directly and through oil marketers and depot owners.…
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Gov. Uba fulfils promise, offers Scholarship to journalist Wife
Governor Uba Sani, of Kaduna state, has fulfilled his promise to sponsor the academic programme of late Kudi Oseni’ Taiwo Bamgbose, wife of Aljazira Editor, who worked with him between 2007 and 2008.The wife of the journalist, who died while working with Governor Sani, in his office, left a child of of barely one year…
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Nigeria Loses 362.28 Million Barrels of Crude to Sabotage — NEITI
A recent report from the Nigeria Extractive Industries Transparency Initiative (NEITI) reveals that Nigeria lost an alarming 362.28 million barrels of crude oil due to measurement errors, sabotage, and production adjustments between 2014 and 2023. This translates to an average loss of approximately 992,547 barrels per day over the past decade. The findings were published…
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Oil Production : 3million barrels per day achievable – NNPCL
The Nigerian National Petroleum Company Limited ( NNPCL ) , declared on Saturday in Abuja that production of 3million barrels of crude oil per day is achievable from the 1.7million it is, presently . Making the declaration at Stakeholders Engagement Session NNPCL had with journalists covering the National Assembly, the Chief Corporate Communications Officer (…
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Kwara Gov pledges more investments in livestock sector
Stephen Olufemi Oni, Ilorin Kwara State Governor AbdulRahman AbdulRazaq has reiterated the commitment of his administration to investing in vital infrastructure and equipment in the livestock sector for the betterment of the citizenry. Governor AbdulRazaq stated this at the opening of the 3rd batch training workshop for additional 100 extension agents and farmers on small…