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Oil prices rise on trade deal hopes as OPEC cuts supply

Oil prices rise on trade deal hopes as OPEC cuts supply

2019-03-04 04:30:31

Oil prices rose on Monday, buoyed by output cuts by OPEC and reports that the United States and China are close to a deal to end a year-long tariff row. Men at work International Brent futures were at 65.25 dollars a barrel at 07:13 GMT, up 18 cents, or 0.3 per cent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at 55.94 dollars per barrel, up 14 cents or 0.3 per cent. The U.S. and China appeared close to a deal that would roll back U.S. tariffs on at least 200 billion dollar worth of Chinese… continue reading


Economy as epicenter of elections brouhaha in 2019

Economy as epicenter of elections brouhaha in 2019

2019-02-18 04:28:37

Barely 24 hours to the kick off of 2019 general elections, which were botched at the last minute, the National Bureau of Statistics said the country yearly inflation dropped to 11.37 per cent in January, down from the seven-month high it reached in December, at 11.44 per cent. The Central Bank of Nigeria (CBN) has had a running battle taming inflation numbers in nearly two years, with a mix of interest rate hike and foreign exchange management. By analysts’ estimates, the efforts have been largely successful. However, the ongoing electioneering may have something contrary for the assessed monetary policy successes… continue reading


Petrol subsidy hits N2.43b daily

Petrol subsidy hits N2.43b daily

2019-01-03 03:31:49

The task of determining the daily consumption and subsidy on petroleum products has been taken over by the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).The development came as statistics show that the government currently pays N2.434billion daily to subsidise petrol.It was gathered that the Petroleum Products Pricing Regulatory Agency (PPPRA) saddled with the responsibility of determining the pricing template of petroleum products in the country had been unable to discharge the responsibility in the last two years. Indeed, the PPPRA official website which displays the landing cost and other parameters for determining the… continue reading


FG withdraws $1.6bn in three weeks, shrinks ECA to $631m

FG withdraws $1.6bn in three weeks, shrinks ECA to $631m

2018-12-20 03:09:19

Between November 25 and December 19, the amount in the Excess Crude Account declined by about $1.68bn, statistics obtained from the Federation Account Allocation Committee have revealed. As of November 25 when the FAAC committee meeting was held to allocate revenue for that month, the balance in the ECA was put at $2.319bn. However, at the resumed meeting on Wednesday at the headquarters of the ministry of finance, the balance, according to the Permanent Secretary in ministry, Mahmoud Dutse, had dropped to $631m. Dutse, who briefed journalists shortly after the meeting, said withdrawals were made by the Federal Government from… continue reading


FG invests N72 billion in distribution of 2000MW, others

FG invests N72 billion in distribution of 2000MW, others

2018-11-09 03:58:21

Although, there are about 645 million people without electricity in Africa, with about 90 million Nigerians affected, the Minister of Power, Works and Housing, Babatunde Fashola, has said the Federal Government is doing everything possible to reverse the trend in Nigeria. Fashola, at a post-event interview with The Guardian on the side line of the on-going first Africa Investment Forum (AIF), organised by the African Development Bank (AfDB), in Johannesburg, South Africa, yesterday, said the Ministry expects over 1000 megawatts (mw) to come on stream next year.“We have also put in place about 90 transmission projects in various stages of… continue reading


Banks lost N12bn to robbery, fraud in six months – CBN

Banks lost N12bn to robbery, fraud in six months – CBN

2018-11-06 03:24:23

Losses recorded by banks from armed robbery cases and other criminal activities perpetrated by members of staff and non-staff members of lending institutions rose to N12bn in six months. Figures obtained from the Central Bank of Nigeria stated that the attempted fraud and forgery cases, which were, however, not successful, stood at a figure of N7.99bn between January and June 2018. The CBN said that there was a staggering rise in the reported cases of such incidences from 16,762 in the first half of the financial year of 2017 to 20,768 in the corresponding period of 2018. It said, “There… continue reading


Flood may cause rice shortage next year – FG

Flood may cause rice shortage next year – FG

2018-10-05 04:36:23

The heavy flood in about 14 states may lead to shortage of rice across the country next year, the Federal Government has warned. It warned that if adequate measures were not taken to replant the rice affected by severe flood in some states, Nigeria might experience shortage of the staple by 2019. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, stated these at the inauguration of the National Agricultural Seed Council Molecular Facility and the 2018 Seed Fair and Farmers’ Field Day in Abuja on Thursday. According to him, the flood affected some major rice-producing states, and this… continue reading


At 58, infrastructure, low purchasing power undermine real sector’s EODB

At 58, infrastructure, low purchasing power undermine real sector’s EODB

2018-10-03 03:59:33

The Gross Domestic Product (GDP) report of the National Bureau of Statistics (NBS) for the second quarter (Q2) showed a 0.45 per cent fall from 1.95 per cent in Q1, to settle at 1.5 per cent (year-on-year) in real terms. For the financial analysts, the nation’s economy is experiencing turbulent seasons, which they had already described as similar to the quarters prior to recession. Though the Q2 data from NBS showed improvements in the non-oil sector, as driven by the services sector, the manufacturing sector contributed 9.29 per cent. Leading the non-oil sector contributions that helped to salvage the situation… continue reading


CBN  boosts naira with injection of more dollars to the market

CBN boosts naira with injection of more dollars to the market

2017-04-03 03:41:51

Barely three days after the naira weakened against the United States dollar, the Central Bank of Nigeria is set to boost the local unit with the injection of more dollars into the foreign exchange market this week. The CBN, it was learnt, was planning to increase dollar supply with a view to ensuring liquidity in the interbank market. This came barely one week after the apex bank promised to increase the sale of dollars to Bureaux de Change operators from $8,000 per week to $10,0000 twice a week. The CBN has been engaged in aggressive supply of forex into the… continue reading


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