Business

TRANSPORT FARES REMAIN HIGH DESPITE PETROL PRICE DROP Fares for inter and intra-state transportations have remained high across the country despite the recent reduction in the price of petrol, checks by Daily Trust have shown. The Dangote Petrol Refinery and the Nigerian National Petroleum Company Limited (NNPCL) had reduced their prices. In Lagos, a litre of petrol was reduced from …

I’M RESTING AFTER DELIVERING $20BN REFINERY – DANGOTE President of Dangote Industries Limited, Alhaji Aliko Dangote, has said he is currently resting after delivering his refinery project. The 650,000-barrel refinery and petrochemicals project worth over $20bn has come to disrupt the oil and gas market in Africa and the world even as the refinery now exports refined products to other …

WHAT STATES CONTRIBUTED TO VAT POOL AND WHAT THEY RECEIVED IN JANUARY 2025 LAGOSContributed: N305.52bnReceived: N62.59bn (20.49%) RIVERSContributed: N90.21bnReceived: N11.01bn (12.20%) OYOContributed: N27.71bnReceived: N13.02bn (47.00%) BAYELSAContributed: N12.80bnReceived: N8.02bn (62.65%) KANOContributed: N9.59bnReceived: N13.57bn (141.49%) KWARAContributed: N9.53bnReceived: N8.10bn (85.04%) DELTAContributed: N6.57bnReceived: N9.05bn (137.77%) AKWA IBOMContributed: N5.62bnReceived: N8.79bn (156.26%) EDOContributed: N5.09bnReceived: N8.17bn (160.67%) EKITIContributed: N4.98bnReceived: N7.51bn (150.65%) SOKOTOContributed: N4.41bnReceived: N8.45bn (191.63%) BORNOContributed: N3.91bnReceived: …

FG TO REVIEW ELECTRICITY TARIFF FOR BAND B, C CUSTOMERS The Federal Government has announced plans to review electricity tariffs for customers outside the Band-A category. The proposed hike aims to bring tariffs for other customer categories closer to the N206/kW paid by Band-A customers. Speaking at the public presentation of the National Integrated Electricity Policy (NIEP) and Nigeria Integrated …

CEMENT BAG IS TOO COST, REDUCE PRICE TO ₦‎7,000 PER BAG – UMAHI The Minister of Works, David Umahi, has lamented the skyrocketing price of cement, stating that it has had a significant negative effect on ongoing infrastructure projects across the country. The minister also appealed to cement manufacturers to reduce the price from N9,500 to N7,000, urging that such …

FG SPENT $8BN TO SUPPORT THE NAIRA – REWANE The Federal Government has spent approximately $8 billion in an attempt to stabilize the naira amid ongoing economic pressures. This was made known by the CEO of Financial Derivatives Company, Bismarck Rewane. Speaking on Channels Television’s News at 10, Rewane highlighted the substantial interventions made to manage exchange rate volatility and …

BABANGIDA JUSTIFIES $12.4BN GULF OIL WINDFALL MISMANAGEMENT DESPITE OKIGBO REPORT Former military President, Gen Ibrahim Babangida, says Nigeria failed to maximise its oil boom years due to what he described as a nationwide “profligacy” and “conspicuous consumption” that undermined the economy’s long-term development. He also justified the spending of the $12.4bn oil windfall by his government. “What I have done …

CBN DIRECTS BANKS TO PUBLISH DETAILS OF DORMANT ACCOUNTS, UNCLAIMED BALANCES Amid efforts to sanitise the financial sector, the Central Bank of Nigeria, CBN has directed all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites. The apex bank disclosed in a recent circular, titled “Guidelines on Management …

‘I’VE BEEN FIGHTING BATTLES’, DANGOTE OPENS UP ON HIS REFINERY Oil mogul and billionaire Businessman, Alhaji Aliko Dangote, has opened up on his determination to see his $23bn refinery succeed despite all odds. The 650,000 barrels per day capacity is Africa’s largest. According to the Kano-born richest black man on earth, “I’ve been fighting battles all my life and I …

TINUBU SETS BALL OF SOUTH EAST DEVELOPMENT COMMISSION ROLLING AS OKOYE PILOTS AFFAIR In a bold move to bridge a gap that has persisted for over 50 years in the South-east, President Bola Ahmed Tinubu signed the South-East Development Commission (SEDC) Bill into law, appointing Mark Okoye II as the commission’s pioneer Managing Director and Chief Executive Officer. Okoye’s inauguration, …