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Sunday, 23 July 2023 04:21

Subsidy removal: NNPCL resumes remittance into Federation Account

Nigerian National Petroleum Company Limited (NNPC) yesterday said it remitted N123 billion as interim dividend and Production Sharing Contracts (PSC) profit oil to the Federation Account in June this year. The remittance is coming barely two months after the NNPC exited the fuel subsidy regime following the removal by President Bola Tinubu. In a note from the national oil company attributed to the NNPC Chief Financial Officer, Umar Ajiya, the company stated that N81 billion of the amount was the monthly interim dividend and N42 billion was 40 per cent PSC profit oil. The note stated: “In line with the…

Sunday, 23 July 2023 04:19

2 killed as youths invade warehouse located near Army Barracks in Taraba, loot foodstuffs

Youths have stolen hundreds of bags of maize, locally processed rice and other items worth millions of naira in Jalingo, Taraba State. The youths, who were said to be in large numbers, stormed the warehouse located not far from the 6 Army Brigade and looted the warehouse Friday midnight. The warehouse is said to belong to Jugulde, a former member of the state House of Assembly and immediate past chairman of Sardauna Local Government Area of the state. One of the guards at the warehouse, who would not like his name mentioned, told our correspondent that when the youths started…

Saturday, 22 July 2023 04:40

FG increases Unity schools’ fees 122 percent

The Federal Government through the Federal Ministry of Education has increased the school fees of new students into Federal Government Colleges otherwise known as Federal Unity Colleges to ₦100,000. This was contained in a directive from the Office of the Director of Senior Secondary Education Department of the Federal Ministry of Education, reference number ADF/120/DSSE/I, dated 25th May, 2023, and addressed to all Principals of Federal Unity Colleges. According to the circular entitled, “Approved fees/ charges for Federal Unity Colleges (1st Term) for new students“, signed by the Director of Senior Secondary Education, Binta Abdulkadir, new students are expected to…

Saturday, 22 July 2023 04:39

UNILAG hikes tuition fees 900 percent

The management of the University of Lagos, Akoka, Lagos State has reportedly increased fees for undergraduate students in the institution. This was contained in a statement dated July 20, 2023, by the Senior Staff Association of Nigerian Universities, UNILAG branch following a meeting with the top management staff. The union, in the statement, said the VC stated that fees would be increased for UNILAG undergraduate students. Recall that the students of the institution previously paid N19,000 but the management has fixed new fees at N190,250 (more than 900 percent increase) for students studying medicine while for courses that require laboratory…

Friday, 21 July 2023 04:51

FAAC: 48% shared among FG, states, LG as petrol subsidy removal, exchange rates gain boost revenues to N1.9trn

The total distributable revenue, available to be shared between the three tiers of the Nigerian government, increased from N786.161 billion in May to about N1.9 trillion in June, over a 100 per cent increase. The three tiers of the Nigerian government, however, agreed to share less than half of the revenue earned in June among themselves after agreeing to save a large chunk of the revenue, an official has said. Dele Alake, spokesperson to President Bola Tinubu, said in a statement that the federal government, states and local governments shared N907 billion of the total N1.9 trillion (48 per cent…

Friday, 21 July 2023 04:50

NEC dumps Buhari’s social investment register, approves alternative

National Economic Council (NEC) presided over by Vice-President Kashim Shettima, has dumped the national social register compiled under Muhammadu Buhari, immediate past president, for lacking credibility. The council, instead, proposed the implementation of a cash transfer programme for states based on their social registers and a cash reward policy for public servants for six months. The decision was part of the outcome of the over five hours meeting by members of the council at the State House on Thursday. Speaking with journalists, Chukwuma Soludo, governor of Anambra, said NEC agreed that states should come up with their own registers using…

Friday, 21 July 2023 04:49

FIRS rakes in record N5.5trn in Half 1, 2023 on ‘improved voluntary tax compliance’

Federal Inland Revenue Service (FIRS) has announced a total tax revenue collection of N5.5 trillion for the half-year period of January to June 2023. This is the highest tax revenue collection ever recorded by the Service in any first six months of a fiscal year, the agency said in a statement Thursday. The statement noted that Muhammad Nami, Executive Chairman of the FIRS, made the disclosure while presenting the 2023-2024 tax revenue outlook to the National Economic Council at its meeting on Thursday, July 20, at the Presidential Villa, Abuja. The presentation, which contained FIRS’ 2023 Half-Year Collection Report, showed…

Thursday, 20 July 2023 03:53

Gaps between official and parallel market Naira exchange rates widen again

The naira has continued its downward spiral, falling to N860 per dollar at the parallel market on Wednesday. The figure represents a N35 or 4.2 percent depreciation compared to the N825 it traded on Tuesday. With the depreciation, the gap between the official and parallel market exchange rates is widening once again. The naira has consistently experienced fluctuations since the government unified the exchange rate windows. At the investors and exporters (I&E) window, the local currency appreciated by 6.58 percent against the dollar to close at N742.9 on Tuesday, according to FMDQ OTC Securities Exchange — platform that oversees foreign-exchange…

Thursday, 20 July 2023 03:46

Foremost professor of literature, Kole Omotoso is dead

A Nigerian author and professor, Kole Omotoso, is dead. He died at the age of 80 in South Africa where he had been ill for a while, a family source said. Omotoso’s family is set to release a statement announcing his death later on. Some of the works of fiction he authored include The Edifice and The Combat. PT

Thursday, 20 July 2023 03:44

Putin will participate in BRICS summit by video link – Kremlin

Russian President Vladimir Putin will take part in the summit of BRICS leaders in South Africa via video link, spokesman Dmitry Peskov has said. The host nation announced earlier on Wednesday that the Russian leader will not attend the high-profile event in person. Putin’s contribution to the gathering next month will be “comprehensive”despite its remote nature, Peskov told the Russian media on Wednesday. Foreign Minister Sergey Lavrov will travel to Johannesburg in person to serve as Moscow’s representative, he added, confirming a previous statement by the South African government. Earlier in the day, the office of South African President Cyril…

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Wednesday, 19 July 2023 05:17

NLC vows to ‘take matters in our own hands’ as Nigerians cry out loud over new hike in petrol prices

There was widespread anger by Nigerians, on Tuesday, following the hike in the pump price of Premium Motor Spirit, popularly called petrol, by the Nigerian National Petroleum Company Limited and other oil marketers across the country. In Abuja and Ondo State, for instance, the cost of petrol jumped from about N537/litre to between N617 and N630/litre, forcing the cost of transportation to skyrocket within hours, and leaving thousands of passengers stranded in many cities. Nigeria Labour Congress, Trade Union Congress and many other citizens lambasted the President Bola Tinubu-led Federal Government for being so tough on citizens by allowing the…

Wednesday, 19 July 2023 05:13

NNPC raises petrol prices 15%, adding more pain at the pump - Bloomberg

Nigeria’s state oil company increased the pump price of gasoline by nearly 15%, weeks after prices almost tripled following the scrapping of fuel subsidies and a sharp depreciation of the naira, which made imports more costly. The Nigerian National Petroleum Co. on Tuesday raised the cost to 617 naira ($0.78) a liter from 537 naira in Abuja, the nation’s capital, according to pump price adjustments at the company’s mega station seen by Bloomberg. President Bola Tinubu in late May scrapped fuel subsidies that cost the government $10 billion in 2022 and opened the market to other gasoline importers, ending the…

Wednesday, 19 July 2023 05:10

EU says slavery inflicted 'untold suffering', hints at reparations

The European Union (EU) said on Tuesday that Europe's slave-trading past inflicted "untold suffering" on millions of people and hinted at the need for reparations for what it described as a "crime against humanity". From the 15th to the 19th century, at least 12.5 million Africans were kidnapped and forcibly transported by mostly European ships and sold into slavery. Almost half were taken by Portugal to Brazil. The idea of paying reparations or making other amends for slavery has a long history but the movement is gaining momentum worldwide. Leaders of EU and the Community of Latin American and Caribbean…

Wednesday, 19 July 2023 05:09

Arresting Putin in South Africa would be declaration of war - Ramaphosa

South African President Cyril Ramaphosa said a court order that would force him to commit to arresting Russian leader Vladimir Putin if he attends a BRICS summit in Johannesburg next month would be premature, and effecting such a ruling would be tantamount to a declaration of war. The Democratic Alliance, South Africa’s main opposition party, approached the country’s High Court to compel the government to honor an International Criminal Court warrant issued against Putin that’s related to war crimes during the invasion of Ukraine. South Africa is a signatory to the Rome Statute that established the ICC and is bound…

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