Business

OUTRAGE AS PETROL SUBSIDY APPROACHES N1TN MONTHLY, SURPASSING BUHARI’S ERA

OUTRAGE AS PETROL SUBSIDY APPROACHES N1TN MONTHLY, SURPASSING BUHARI’S ERA In a surprising turn of events, Nigeria’s petrol subsidy has made a comeback, reaching an alarming N907.5 billion per month, surpassing the pre-Tinubu era. BusinessDay’s analysis attributes this surge to the country’s foreign exchange crisis, pushing the actual cost of a litre of fuel to N1,203. The escalating black-market exchange …

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MORE HARDSHIP AS TANKER DRIVERS THREATEN TO STOP LIFTING PETROL FROM MONDAY

MORE HARDSHIPS LOADING AS TANKER DRIVERS THREATEN TO STOP LIFTING PETROL FROM MONDAY The Nigerian Association of Road Transport Owners (NARTO) has vowed to suspend operations on Monday. National president of the association, Alhaji Yusuf Lawal Othman, made this known in a press statement he issued from Abuja. Othman said the statement is an official announcement from the association’s headquarters …

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FG TO MEET CEMENT, BUILDING MATERIAL MANUFACTURERS OVER RISING PRICES

FG TO MEET CEMENT, BUILDING MATERIAL MANUFACTURERS OVER RISING PRICES The Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, Thursday, said the Federal Government has perfected plans to meet with manufacturers of Cement and other building materials in the country. This, he said, was to stem the incessant rising cost of cement and other building materials and enhance …

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MAJOR GLOBAL CORPORATIONS EXIT NIGERIA AMIDST DOLLAR SCARCITY, ECONOMIC CHALLENGES

MAJOR GLOBAL CORPORATIONS EXIT NIGERIA AMIDST DOLLAR SCARCITY, ECONOMIC CHALLENGES Several major global corporations, including Procter & Gamble Co. (P&G), GSK Plc, Bayer AG, and Sanofi SA, have recently announced their exit from Nigeria, Africa’s most populous nation and second-largest economy. The exits are attributed to challenges in accessing dollars for repatriating earnings, compounded by currency devaluations, a lack of …

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PETROL LANDING COST HITS N1,000/LITRE ON FX CRISIS

PETROL LANDING COST HITS N1,000/LITRE ON FX CRISIS The landing cost of imported petrol has surpassed N1,000 per litre as the country’s foreign exchange crisis deepened, according to findings by BusinessDay. At the black-market rate of N1,500 per dollar, findings showed the landing cost of petrol, which includes the product’s international price, shipping, insurance, and other charges, increased to N1,009/litre …

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CEMENT SELLS N13,000 A BAG IN ENUGU

CEMENT SELLS N13,000 A BAG IN ENUGU The price of cement has changed in various markets in Enugu, according to Blueprint investigation. A market survey shows that some brands of cement which sold for between N5,000.00 and N5,500.00 in January now sells for as high as N13,000.00. While Dangote Cement sells for N10,500, 00, Supaset and Bua sell N12,000.00 and …

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MORE TROUBLES AS FG ANNOUNCES PLAN TO STOP SUBSIDIZING ELECTRICITY

MORE TROUBLES AS FG ANNOUNCES PLAN TO STOP SUBSIDIZING ELECTRICITY The Bola Tinubu-led federal government has announced plans to stop subsidizing electricity. The Minister of Power, Adebayo Adelabu, disclosed this at a press conference in Abuja on Wednesday, February 14. Adelabu said that Nigeria cannot continue to subsidise electricity, adding that the nation must begin to move towards a cost-effective …

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OUTAGES: FG PLANS SANCTIONS FOR NON-PERFORMING DISCOS

MM OUTAGES: FG PLANS SANCTIONS FOR NON-PERFORMING DISCOS Power distribution companies that are performing below stipulated standards in the Nigeria Electricity Supply Industry are going to lose 50 per cent of their operating expenditures, the Federal Government declared on Monday. It made the declaration through the Nigerian Electricity Regulatory Commission at the 1st NESI Stakeholders Meeting of 2024 in Lagos, …

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WE’RE INCREASING PRICES OF OUR PRODUCTS -NIGERIAN BREWERIES

WE’RE INCREASING PRICES OF OUR PRODUCTS – NIGERIAN BREWERIES The Nigerian Breweries PLC has issued a “Price Review Notification” to all its direct customers in the West Zone. This was contained in a letter issued to customers on Monday, February 12, 2024, and seen by Nairametrics. According to the statement, the price adjustments, effective from Monday, February 19, 2024, is …

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AUDITOR-GENERAL ASKS CBN TO ACCOUNT FOR MISSING $4.5BN FROM FOREIGN RESERVES

AUDITOR-GENERAL ASKS CBN TO ACCOUNT FOR $4.5BN MISSING FROM FOREIGN RESERVES The Auditor-General of the Federation, Shaaka Chira, has asked the Central Bank of Nigeria, CBN, for an explanation for a missing $4.5 billion fund. According to an audit report from the Office of the Accountant General, the sum was unaccounted for in Nigeria’s foreign reserves between 2018 and 2019. …

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