Nigeria’s fiscal position worsened in the first four months of the year as the cost of repaying debt surpassed the government’s revenue in the first quarter of 2022.According to details of the 2022 fiscal performance report for January through April, Nigeria’s total revenue stood at N1.63 trillion while debt servicing stood at N1.94 trillion, showing…
For consumers optimistic of lower diesel prices or drop in inflation rate anytime soon, they may be disappointed, as oil price outlook remains volatile, alongside challenges of inflation, hiked interest rates, supply constraints and expected cold winter. With fears of another recession, there are concerns that many developing economies may be unable to bear the…
Fuel marketers have identified high cost of transportation as a major cause of fuel scarcity in Abuja. A former chairman, Major Oil Marketers Association of Nigeria (MOMAN), Tunji Oyebanji, said that the Federal Capital Territory constantly witnessed fuel scarcity due to high cost of diesel. According to him, a litre of diesel sold for N600…
The Central Bank of Nigeria has ordered banks and Payment Service Providers to accept indemnity from customers for highly secured online funds transfers. It stated this in a circular signed by the Director, Payments System Management Department, Musa Jimoh, with the reference number: PSM/DIR/PUB/CIR/01/006, titled ‘Circular on the review of operations of the NIBSS Instant…
CERVICAL cancer induced by the germ Human papillomavirus (HPV) is becoming a leading cause of death in women. Researchers have discovered an important substance present in some medicinal plants to cure cervical cancer. It can kill HPV. They had studied the chemical constituents of 20 medicinal plants in North West Himalaya on HPV-18 and found…
Four months after the Federal Government and the Nigerian Electricity Regulatory Commission (NERC) quietly ordered the removal of subsidy on electricity and increased end-user tariffs, orders released, yesterday, by the regulator have created fresh concerns as poor Nigerians are now heavily burdened by tariff increases. Yesterday, six power distribution companies (DisCos) got NERC approval to…
Steelmakers are sceptical about the planned concession of Ajaokuta Steel Company Limited after Nigeria imported iron, steel, and metals valued at N837.761bn in the third and the fourth quarters of 2021. According to the National Bureau of Statistics, Africa’s most populous nation brought in basic metals, iron, and steel products with 6000mm in width, rolled,…
To boost electricity supply, the Federal Executive Council (FEC), presided over by President Muhammadu Buhari, again approved multi-billion naira contracts for the power sector yesterday. Minister of Power, Abubakar Aliyu, while briefing State House correspondents, said all three memos presented by his ministry scaled through, adding that the approvals were for the purchase of major…
