Category: Business

Business

CBN multiple exchange rates may increase debt burden – World Bank

Aminu Imam

The President of the World Bank Group, David Malpass, has warned that Nigeria’s parallel exchange rate is harmful, as it worsens future debt service payments and increases the risk of debt distress. Malpass said this in a blog post, titled: “Parallel Exchange Rates: The World Bank’s Approach to Helping People in Developing Countries”, published on Wednesday on the bank’s website. According to Malpass, about 24 emerging and developing economies, including Nigeria, have an active parallel currency market. The World Bank chief noted that parallel exchange rates are expensive and can…

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Senate holds Emergency Session, amends CBN Act, 

Aminu Imam

The Senate has approved the upward review of the Ways and Means loan accessible to the Federal Government from five to 15 percent. According to the lawmakers, the very essence of the Bill was to enable the Federal Government to meet its immediate and future obligations in the approval of the ways and means by the National Assembly and advances to the Federal Government by the Central Bank of Nigeria”. Ways and Means, by definition, are the revenues and methods of raising the revenues needed for the functioning of a…

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‘Dangote Refinery will address supply shortages, price hike’ – IPMAN

Aminu Imam

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the new Dangote refinery will address fuel shortage and price hikes in the country. Chairman of IPMAN, Enugu Community depot in charge of Anambra, Ebonyi and Enugu states, Chinedu Anyaso, stated this in an interview with the Newsmen in Awka, the State capital, on Monday. The 18.5 billion dollar Dangote refinery with 650, 000 barrel production capacity was inaugurated by President Muhammadu Buhari on Monday. Anyaso envisaged an initial increase in pump price, but said it would decrease in the long…

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Electricity: Over $7.5bn spent on transmission under Buhari, yet darkness persists – Report

Aminu Imam

The projected gains expected from the over $7.5 billion loans taken by the President Muhammadu Buhari administration to overhaul the transmission segment of the electricity sector and deliver stable supply have remained a mirage with a few days to the end of the administration. Recall that the World Bank, African Development Bank (AfDB), Japan, France Development Agency and other financiers borrowed Nigeria over $7.5 billion to improve the weak wheeling capacity of the transmission network and the grid. But alleged widespread corruption, political considerations, non-alignment of the infrastructure, and the…

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Jamoh X-rays potential, untapped opportunities in maritime tourism

Aminu Imam

The Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has called for collaboration between the tourism and maritime sectors in Nigeria. Jamoh explained that with the enormous resources inherent in the maritime sector, the tourism industry will be an easy and low hanging fruit for Nigeria’s economic development agenda. He stated this at the 6th National Tourism Transportation Summit and Expo organised by the Institute for Tourism Professionals of Nigeria (ITPN), in collaboration with the Ministries of Transportation, Aviation, Information and Culture at the International Conference…

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Nigeria ranks 109 amid 168% tariff hike in eight years – Findings

Aminu Imam

Despite a near-zero improvement in power supply efficiency under the President Buhari administration, and contrary to the boast by the Minister of Power, Abubakar Aliyu, that Nigeria enjoys the cheapest electricity, findings have shown that over 100 countries offer more affordable electricity compared to Nigeria. This is coming as the current Government has in the last eight years increased electricity tariff by over 168 percent, with billing jumping from an average of N23.5 a kilowatt-hour (kWh) in 2015 to N63 kWh as of January this year. Nigerians paid between N16 and…

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PIA 2022: ‘Comply with Senate resolution on crude oil export terminals’ – Buhari directs MDAs

Aminu Imam

President Muhammadu Buhari, has instructed all government establishments to comply with the senate resolution asking that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) be the sole and only regulatory entity to regulate and monitor the activities of all existing crude oil export terminals in Nigeria. The resolution was passed November 2022 in alignment with Section 7ee of the Petroleum Industry Act (PIA) 2021. Institutions affected by the directive include the NUPRC, Nigerian Midstream Downstream Regulatory Authority (NMDPRA), the Nigerian National Petroleum Company Limited (NNPCL), Federal Ministry of Industry, Trade and…

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Buhari excludes Finance Ministry from TSA

Aminu Imam

President Muhammadu Buhari yesterday, gave his approval for the Ministry of Finance Incorporated, (MOFI), to be partially excluded from the Treasury Single Account. Along with granting the inclusion of the Minister of Power in the Governing Council, Buhari also agreed to the Board of MOFI’s request to levy administration and transaction fees. In order to turn MOFI from a register of investment records into a premier asset and investment management organisation, the new MOFI was launched on February 1, 2023, according to the President, who delivered the permission at the…

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TCN restores power supply in Kaduna, Kano, Aba after FG’s intervention

Aminu Imam

The Transmission Company of Nigeria, (TCN), yesterday disclosed that it will reconnect Kaduna Electricity Distribution Company, Kano Electricity and Aba Power Limited Electric to the national grid following the intervention of the Minister of Power. The Market Operator, an arm of TCN, had a few days ago disconnected the three utilities from the grid for failing to adhere to rules governing the Nigerian Electricity Supply Industry, NESI, and for failing to meet up with their financial obligations. TCN said the companies failed to produce their Bank Guarantees when it was…

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Foreign shipping firm slams $250 per unit surcharge on Nigeria-bound cargoes

Aminu Imam

A foreign shipping firm, CMA CGM has announced an Overweight Surcharge (OWS) from Asia and India East Coast to Nigeria that takes effect from April 28, 2023. The French ocean carrier said that Nigerian importers will pay an overweight surcharge of $250 (about N115,000) per TEU (Twenty foot Equivalent Unit) on dry containers with a container gross weight equal to or more than 18 tons from China, South East Asia, North East Asia, and the East Coast of India to Apapa, Tin-Can and Onne Ports. CMA CGM said that the…

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