Cooking gas price increases by 101% in one year – NBS

The average price of 5 kilogrammes of cooking gas increased from N4, 397.68 in July to N4, 456.56 in August. The assertion was made by the National Bureau of Statistics (NBS), in its Cooking Gas Price Watch issued yesterday, in Abuja. The NBS noted that the price in August indicated a 1.34 percent increase on a month-on-month basis from what obtained in July. “On a year-on-year basis, the August 2022 price was a 101.17 percent increase over the price of N2,215.33 paid for the same volume of gas in August…

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“We need N3.4trillion to subsidise daily fuel consumption – NNPC

The Nigerian National Petroleum Company (NNPC) Limited says the sum of N3.4 trillion is needed to subsidise the 66.7 million litres of Premium Motor Spirit (PMS), otherwise known as petrol, for daily consumption, and not the N4 trillion approved in this year’s budget. The Chief Executive Officer of NNPC, Mele Kyari, disclosed this at the resumed hearing of the House of Representatives ad-hoc committee investigating subsidy regime from 2013 to 2021 in Abuja, on Monday. Kyari, who was represented by the NNPC’s Chief Financial Officer, Umar Ajia, said there is…

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FG grants N16 trillion waiver to Dangote, Honeywell, others

The Federal Government has foregone N16.76 trillion in revenue to tax reliefs and concessions given to large companies between 2019 and 2021. These were contained in the tax expenditure statement (TES) reports in the Medium-Term Expenditure and Fiscal (MTEF) strategy documents posted on the website of the Budget Office of the Federation. As of the end of 2021, 46 companies had benefitted from various tax incentives and duty waiver schemes while the requests of 186 companies were still pending. The TES deals with revenue forgone on Company Income Tax (CIT),…

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Embattled Nigeria Air: Ethiopian Airlines selected as technical partner, core investor – Report

The Federal Government has reportedly picked Ethiopian Airlines as a technical partner and core investor for the planned national carrier, Nigeria Air. According to a source at the ministry of aviation who spoke to newsmen yesterday, said that representatives of the ministry had travelled to Addis-Ababa to finalise the agreements, adding that the selection will be announced soon “Yes, we have selected Ethiopian Airlines. We have agreed to work with the airline, and we are hoping to make the announcement soon”, the source was quoted as saying. The source further…

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Just In! NCAA suspends Azman Air’s operating license

…Chaos at Nigeria’s airports Azman Airlines has failed the renewal audits of its Air Operator Certificate (AOC) from the Nigerian Civil Aviation Authority, (NCAA). With this, the regulatory agency has suspended indefinitely the operating license of the airline. AOC is an aviation safety instrument that authorises an airline operator to carry out specified commercial air transport operations. The document issued to Azman Air allowed it to operate as a passenger, cargo, scheduled and charter flight operator. The certificate is renewed every two years in Nigeria by the NCAA. This development…

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FG Conspiracy of Silence on Diezani: ‘Over 2,000 assets forfeited by Diezani, others rot away’ – Findings

Over 2,000 assets, including proceeds of corruption, confiscated from politically exposed persons, civil servants and other individuals are currently rotting away, findings have revealed. According to the published findings, this is happening at a time the Federal Government is facing a cash crunch that has made it resort to borrowing from multilateral agencies and China to pay salaries and execute capital projects. Some of the assets include over 90 sea vessels, scores of fuel-laden tankers, trucks, exotic cars, residential and commercial buildings, machinery, phones, laptops, jewellery, furniture, equipment and other…

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Fuel Subsidy MDA’s conflicting figures: NMDPRA gives new figure of 66.8m litres daily petrol consumption in Nigeria 

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has given a new figure of what it says is the amount of petrol distributed across the country daily. The agency said Nigeria consumes 66.8 million litres of petrol daily, not 62.9 million it earlier quoted. However, both the previous figure and the new one contradict the quantity announced by the State-owned oil company, Nigerian National Petroleum Company (NNPC) Limited, as the volume consumed in the country. Recall that the NNPC had last Sunday insisted that the country consumes 68 million…

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Nigeria’s $16bn subsidy bill surges; to double total spending of all 36 States – Rewane

Full year estimate for petrol subsidy payment for 2022 will hit nearly sixteen (16) billion dollars (roughly N6.8trillion), representing double the total expenditure budget of all the thirty-six States in 2021, according to leading economist, Bismarck Rewane. The renowned economist, who spoke at the breakfast meeting of the Lagos Business School, said according to a World Bank report last year, all the 36 States spent the equivalent of $9.8bn (about N4.2 trillion), or half what the nation will spend this year to cover the controversial petrol subsidy payments, which goes…

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Sabotage responsible for fall in crude oil production ― Buhari

President Muhammadu Buhari has blamed the fall in crude oil production on sabotage, with the country managing just 1 (one) million barrels in August. According to an issued press statement by the President’s Special Adviser on Media and Publicity, Femi Adesina, Buhari said this at the inauguration of the Presidential Committee on the National Economy The President stated this yesterday, during the inauguration of the Presidential Committee on the National Economy, at the Presidential Villa, Abuja, where he also noted that despite the disruptions in the global economy and internal…

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Tribunal slams N25m fine on MultiChoice Nigeria over tariff hike

The Competition and Consumer Protection (CCPC) Tribunal, sitting in Abuja, has ordered MultiChoice Nigeria Ltd – the operator of satellite televisions – DSTV and GoTV- to pay N25 million fine for violating an order restraining the company from increasing its tariff. In a ruling yesterday, the tribunal ordered the fine to be paid immediately to the Tribunal’s Registry. It also restrained the company from proceeding to appeal its judgement until the fine has been paid. The 3-member panel of the tribunal, headed by Thomas Okosun, held the company breached the…

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