Bola Tinubu

Obasanjo knocks Tinubu over fuel subsidy removal, exchange rate unification

by
Obasanjo And Tinubu

Former President Olusegun Obasanjo has criticized President Bola Tinubu’s approach to implementing fuel subsidy removal and exchange rate unification, stating that while these actions are necessary, their execution was flawed. Speaking at a colloquium in Abuja, Obasanjo emphasized the importance of effective leadership and proper implementation to avoid economic hardships for Nigerians. He also addressed … Read more

Nigerians should expect drop in electricity tariffs – Power Minister

by
Aedc Electricity Tariff Hike

Power Minister, Adebayo Adelabu, assured Nigerians on Friday that the current high electricity tariffs are a temporary issue and will eventually decrease, akin to the trend seen in telecom tariffs in the country. Addressing criticism from consumers about recent tariff hikes and poor power supply, Adelabu expressed optimism about the future. “Though it seems costly … Read more

What Tinubu’s govt is doing about Nigerian tax system – Shettima

by
Shettima (1)

Vice President Kashim Shettima says the President Bola Tinubu’s administration is reforming the nation’s tax system, focusing on improving collection efficiency rather than increasing the tax burden on citizens. During a meeting with a delegation from the Chartered Institute of Taxation of Nigeria (CITN) at the Presidential Villa on Thursday, VP Shettima emphasized that the … Read more

Marketers make major demand as Dangote Refinery ends fuel imports in June

by
Dangote Refinery

The Dangote Refinery is poised to halt Nigeria’s monthly importation of approximately one billion liters of premium motor spirit, signaling a significant shift in the nation’s fuel landscape. Aliko Dangote, Chairman of the Dangote Group, announced that Nigeria will cease petrol imports once the refinery begins selling the product in June. This development follows the … Read more

We’ve paid $125m in taxes to Nigeria, Chinese company tells Tinubu

by
Fb Img 1716016250421

Chairman of the China Railway Construction Corporation (CRCC), Mr. Dai Hegen, says the company has paid a whopping sum of $125 million in taxes to the Nigerian government. Hegen, who disclosed this during a visit to President Bola Tinubu at the State House, Abuja, on Friday, said the corporation has signed investment cooperation agreements with … Read more

Power sector : Tinubu approves payment of N3.3trn debts

by
Tinubu

In a strategic move to address the persistent power outages plaguing Nigeria, President Bola Tinubu has approved a phased repayment plan for the power sector’s outstanding debts, totaling over N3.3 trillion. The initiative will see the federal government disburse approximately N1.3 trillion to power generating companies (Gencos) through a combination of cash payments and promissory … Read more

Nigeria to realize over $3bn investment from CNG vehicles’ conversion initiative – Zayyanu

by
Img 20240516 Wa0018

The Programme Coordinator, Regulatory, Compliance and Facilitator, Presidential Compressed Natural Gas Initiative, Mr Zayyanu  Yabo says Nigeria will realize over three billion dollars investment in the CNG value chain. He made this known in Abuja during a stakeholder engagement on the CNG conversion initiative. According to him, abNigeria eyes over N3bn investment from CNG vehicles’ … Read more

IMF urges Tinubu to stop electricity subsidy

by
Tinubu Expresses Sadness

The International Monetary Fund (IMF) has issued a stark warning to President Bola Tinubu, urging him to take decisive action to remove implicit fuel and electricity subsidies in Nigeria. In a recent report, the IMF highlighted the substantial impact of these subsidies, estimating that they would consume three percent of the nation’s Gross Domestic Product … Read more

IMF kicks over Tinubu’s govt reintroduction of fuel subsidy

by
Filling station, fuel petrol subsidy

The International Monetary Fund (IMF) has said the silent reintroduction of fuel subsidy by the President Bola Tinubu administration is expected to gulp almost half of its projected oil revenue this year. According to the IMF, the implicit subsidy will cost Africa’s largest crude producer an estimated N8.43tn ($5.9bn) of its projected N17.7tn of oil … Read more

Naira reverses gains, slipped to world’s worst performing currency in April  – Report

by
Naira

Nigeria’s naira has reversed recent gains and is now the world’s worst performing currency in the last month, increasing pressure on the central bank to keep raising interest rates, Bloomberg reported on Friday. The naira has slipped to 1,466.31 to the dollar, its weakest level since March 20, hurt by the local scarcity of the … Read more