Category: Economy
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CBN/RIFAN working towards crashing price of rice – official
The Central Bank of Nigeria (CBN) and Rice Farmers Association of Nigeria (RIFAN), disturbed by the increase in price of rice, have concluded plans to crash the price in all markets across the country. Dr Musa Olasupo, an Assistant Director in CBN and a member, CBN Rice Value Team made this known on Tuesday in…
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CBN releases framework for financing of mass metering
Central Bank of Nigeria (CBN) has released its framework for National Mass Metering Programme (NMMP). The framework was released by the Development Financing department of the apex bank through its official website on Monday. It stated that introduction of the Service-Based Tariff (SBT) in the Nigeria Electricity Supply Industry (NESI) effective Sept. 1, had put…
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SEC to introduce capital market studies in primary, tertiary institutions
The Securities and Exchange Commission (SEC) says it is working with other stakeholders in the market to introduce capital market studies in primary, secondary and tertiary institutions in the country. Mrs Efe Ebelo, the Head of Corporate Communication, SEC, Abuja, in a statement on Sunday said that the move would boost the level and quality…
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Shell builds huge gas plant in Aba
Shell Nigeria Gas Limited (SNG), said it has commenced the construction of a huge gas plant in the commercial city of Aba, in Abia, an official said. SNG, a subsidiary of the Shell Petroleum Development Company (SPDC), said the facility will be used for the transmission and delivery of gas to its business customers in…
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World Bank president commends FG for removing fuel subsidy
Mr David Malpass, President of the World Bank Group, has commended the Federal Government for removing subsidies on petroleum products. He said this in Washington D. C. on Wednesday at the opening press conference for the World Bank at the ongoing 2020 International Monetary Fund (IMF)/World Bank virtual annual meetings. Malpass was responding to a…
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NNPC cuts loss by 99.7% – Report
The Nigerian National Petroleum Corporation (NNPC) says it has recorded a 99.7 per cent reduction in its loss profile from ₦803billion in 2018 to ₦1.7billion in 2019. NNPC disclosed this in its 2019 Audited Financial Statement (AFS), released by Dr kennie Obateru, spokesman for the corporation, in Abuja, on Thursday. It will be recalled that…
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FG to double airports by 2023 – Sirika
The Federal Government says it will double the number of airports in the country before the end of 2023 to enhance air connectivity and boost the nation’s economy. The Minister of Aviation, Mr Hadi Sirika said this while responding to questions during the Public Presentation of the 2021 Budget Proposal on Tuesday in Abuja. The…
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FG not considering accessing the World Bank DSSI debt relief loan – Minister
The Minister of Finance, Mrs Zainab Ahmed says the Federal Government is not considering accessing the Debt Service Suspension Initiative (DSSI) loan due to the high risks the offer comes with. Ahmed made this known on Tuesday in Abuja at the public presentation of the 2021 budget proposal. Ahmed said that the Federal Government had…
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Tank Farms in high density areas may relocate- NASS C’ttee
Mr Sergius Ogun, Chairman, National Assembly ad hoc committee on relocation of tank farms, said tank farms sited in high density areas may be relocated for safety of lives and properties. Ogun made the remark on Wednesday in Port Harcourt during a three days tour of tank farms in Port Harcourt zone of the Department…
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Expert says forex responsible for hike in petrol price
Mr Ronke Onadeko, an expert in oil and gas, says high exchange rate of Naira to the dollar is responsible for increase in price of Premium Motor Spirit (PMS), also called petrol, in the country. Onadeko disclosed this on Wednesday in Lagos at a policy dialogue on reporting the oil and gas sector. According to…