Category: Economy - Page 4 - African News Today

Nigerian Government’s Subsidy Removal Continues to Raise Questions

30Jun

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Cost of Living, Economy, News, Nigeria, Petroleum

Nigerian Government’s Subsidy Removal Continues to Raise Questions

A closer look at the contradictory reports on subsidy removal and its impact on Nigeria's economy The Nigerian government has found itself once again embroiled in a debate over the subsidy removal, leaving citizens confused about the true status of the subsidy and its implications. Reports from 2016 and 2023 present conflicting narratives, raising questions about the government's stance on this critical issue. Back in August 2016, Vice President Yemi Osinbajo claimed that the federal government had saved a significant amount of N1.4 trillion by eliminating the oil subsidy. Addressing the public during a meeting in Kano, Osinbajo highlighted the benefits of deregulating the downstream petroleum sector, leading to increased petrol availability across the country. He also mentioned a...

Slip of the Naira at the I&E Window Continues on Wednesday

22Jun

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Economy, Finance, News, Nigeria

Slip of the Naira at the I&E Window Continues on Wednesday

In a recent development, the Nigerian Naira has witnessed a significant weakening against the United States dollar, as indicated by data released on the FMDQ securities exchange window. The Investors and Exporters (I&E) window, which serves as the official platform for forex trading, recorded a notable decline in the value of the Naira due to a substantial decrease in foreign exchange supply within the market segment. According to the data published by FMDQ, the Naira concluded Wednesday's trading at N763.17 per $1. This represents a 0.87 percent or N6.56 fall from the previous session's rate of N756.61 on Tuesday. The day started with the Naira being traded at N741.21, but it experienced a sharp decline throughout the trading session, reaching an intraday low of N815.00. This m...

Opinion: Dangote, the Sick, Adopted Child of Nigerian Government!

21Jun

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Economy, News, Nigeria, Tanzania, United States of America

Opinion: Dangote, the Sick, Adopted Child of Nigerian Government!

Earlier this week, news broke that Aliko Dangote was moving 60% of his family investment to the US.Two days after, we saw him in Tanzania promising to increase his investment in the country because he wants to support the new president, whose business decisions have been investment friendly. I am happy for him. He has sense. But as a businessman, I am not sure Dangote is a model. Don't take my word for it. Let the data speak: In October 2016, Dansa, Dangote's fruit juice company packed up because it wasn't making profit. It closed shop, owing its workers 6 months salary. He also started a $13 million tomato processing plant in March 2016 and closed shop in August 2017, saying it was because of "importation of tomato paste, shortfall in the supply of fresh tomatoes and power fa...

Breaking News: EFCC Boss, Bawa, Suspended by Tinubu

14Jun

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Breaking News, Corruption, Economy, Justice, Law Enforcement, News, Nigeria

Breaking News: EFCC Boss, Bawa, Suspended by Tinubu

President Bola Ahmed Tinubu has taken the decision to indefinitely suspend AbdulRasheed Bawa, the Chairman of the Economic and Financial Crimes Commission (EFCC), from his position. The suspension comes as a result of serious allegations of abuse of office that have been leveled against Bawa. The President has deemed it necessary to initiate a thorough investigation into the conduct of the Chairman during his tenure. In an official statement released on Wednesday by Willie Bassey, the Director of Information at the Office of the Secretary to the Government of the Federation, the decision to suspend Bawa was announced. The statement clarified that the suspension was implemented to allow for an unbiased investigation into the allegations brought against him. As part of the suspension ...

CBN Grants Banks Authority to Trade Foreign Exchange Freely

14Jun

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Economy, Finance, News, Nigeria, Trade

CBN Grants Banks Authority to Trade Foreign Exchange Freely

In a significant development, the Central Bank of Nigeria (CBN) has issued authorization to commercial banks, allowing them to engage in the unrestricted trading of foreign exchange at market-determined rates. This move effectively empowers banks to sell forex based on prevailing market rates, marking a departure from the previous tightly controlled exchange rate system. Notably, some banks have already set the USD to Naira rate within the range of N699 to N750, indicating that Nigeria is transitioning towards a freely floating exchange rate regime, aligning with President Bola Ahmed Tinubu's commitment to unifying the country's exchange rates. In response to this development, Dr. Andrew Nevin, the Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC), shared his in...

Breaking: CBN Governor, Emefiele Suspended by President Tinubu

9Jun

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Breaking News, Corruption, Economy, Justice, News, Nigeria

Breaking: CBN Governor, Emefiele Suspended by President Tinubu

President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect. This decision was made in light of the ongoing investigation of his office and the planned reforms in the financial sector of the economy. The suspension of the Central Bank Governor has caused widespread concern and criticism. The President does not have the power to suspend the Central Bank Governor. The power to remove the CBN Governor is vested in the President and the Senate jointly, as stated in Section 11(2) of the Central Bank of Nigeria Act, 2007. Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr. Folashodun Adebisi Shonubi, who will act as the Central Bank Governor...

Nigerian Electricity Workers to Go on Nationwide Strike Over Fuel Subsidy Removal

4Jun

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Economy, Labour, News, Nigeria, Petroleum, Power

Nigerian Electricity Workers to Go on Nationwide Strike Over Fuel Subsidy Removal

In response to the sudden elimination of fuel subsidy by the Nigerian government, the National Union of Electricity Employees (NUEE) has instructed its members to go on a nationwide strike. The NUEE has called upon its members to comply with the directive and halt their work starting from early Wednesday morning. The decision comes after President Bola Tinubu declared the discontinuation of the petroleum subsidy regime, citing its lack of sustainability. Following this announcement, the Nigerian National Petroleum Company Limited (NNPCL) directed its outlets across the country to sell fuel at prices ranging from N480 to N570 per litre, a nearly 200 percent increase from the previous price below N200. In reaction to these developments, the Nigeria Labour Congress (NLC) has declared i...

Tinubu Gets the Backing of Ibori, Wike, Makinde on Subsidy Removal

3Jun

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Economy, News, Nigeria, Petroleum

Tinubu Gets the Backing of Ibori, Wike, Makinde on Subsidy Removal

In a surprising move, three members of the Peoples Democratic Party (PDP) have thrown their support behind President Bola Tinubu on the removal of petroleum subsidy. The Oyo State governor, Seyi Makinde, immediate past governor of Rivers State, Nyesom Wike, and former governor of Delta State, James Ibori, made this known during their visit to the Presidential Villa, Abuja on Friday. During the visit, Makinde stated that they were there to let the president know that he has the support of the generality of the people. On the subsidy issue, Makinde said, “We discussed it. It’s something that is on top of public discussion right now. We know it’s a tough decision for the people and he needs the support of everybody to see this through.” The PDP chieftain, Ibori, and Tinubu served as go...

31May

By adminNo Comments

Economy, News, Nigeria, Petroleum

Subsidy: NNPC Effects New Fuel Prices

The Nigerian National Petroleum Corporation (NNPC) has finally announced the long-awaited price for petrol following the removal of the controversial subsidy, which cost almost $10bn annually. The move was made on Wednesday morning to provide clarity around prices after the subsidy was removed. According to BusinessDay, NNPC now retail fuel at N488 a litre at its station on Kingsway Ikoyi in Lagos, while the NNPC Mega Station at Lagos Bus Stop in Port Harcourt sells for N511 per litre. NNPC is the sole supplier of petrol in Nigeria, and it is expected that other marketers will take a cue from NNPC's prices and adjust their own pump prices accordingly. NNPC Fuel Prices from May 31 2023 Analysts have noted that since NNPC has implemented different pump prices for different cities, ...

Subsidy wasn’t Removed by Tinubu – Keyamo

31May

By adminNo Comments

Economy, News, Nigeria, Petroleum

Subsidy wasn’t Removed by Tinubu – Keyamo

Festus Keyamo, the Chief Spokesman for the All Progressives Congress Presidential Campaign, has clarified that President Bola Tinubu did not remove fuel subsidy. Keyamo stated that a section of the media is twisting the narrative to read that Tinubu's government has removed subsidy, despite the president proclaiming that subsidy was gone while giving his inaugural speech on May 29. The former Minister of State for Labour explained that Tinubu's administration only inherited a regime where there was no provision for subsidy in the 2023 Appropriation Act beginning June 2023, and the Petroleum Industry Act, which is now extant, has no provision for subsidy. In a series of tweets on his official handle, @fkeyamo, he said, "President Tinubu merely acknowledged this state of affairs in hi...