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Monday, 05 June 2023 04:16

Subsidy removal: NNPC ending crude oil swap contracts for imported petrol - CEO

Nigeria's state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month. The move is part of new Nigerian President Bola Tinubu's plans to deregulate the gasoline market and reduce the burden on government finances. Tinubu has already scrapped a costly fuel subsidy, effective from last Tuesday, a decision which tripled petrol prices, angering labour unions who have called for a strike starting on Wednesday if the decision is not reversed. NNPC has…

Sunday, 04 June 2023 04:34

NewsScroll asked ChatGPT to write an essay on the implications of Tinubu’s removal of subsidy on petrol. Here’s what the generative AI wrote

NewsScroll: President Bola Tinubu of Nigeria announced removal of petrol subsidy, resulting in almost three fold price increase. Against the backdrop of widespread poverty in Nigeria, please write an essay on the implications of this action by the president. ChatGPT: Title: The Implications of President Bola Tinubu's Removal of Petrol Subsidy in Nigeria Introduction: President Bola Tinubu's decision to remove petrol subsidy in Nigeria has generated significant debate and concern. The subsequent threefold price increase of petrol has far-reaching implications, particularly against the backdrop of widespread poverty in the country. This essay aims to explore the potential consequences of this…

Sunday, 04 June 2023 04:33

NUJ keys into NLC’s planned strike over petrol subsidy removal

Nigeria Union of Journalists (NUJ) says it will embark on a nationwide protest next week Wednesday over the removal of petrol subsidy. On Friday, the Nigeria Labour Congress (NLC) issued a five-day ultimatum to the federal government to revert to the old price of petrol or face a nationwide protest. Joe Ajaero, NLC president, said the federal government had until Wednesday to revert to the old price of N185. Reacting in a statement on Saturday, Shuaibu Leman, NUJ national secretary, said an emergency central working committee (CMC) meeting of the union was convened virtually. Leman said discussions at the meeting…

Sunday, 04 June 2023 04:31

FG increases frequency of Abuja-Kaduna train service

Federal Government has announced the recommencement of two additional train trips on the Abuja-Kaduna Train Service (AKTS) which was earlier suspended. The Board and Management of Nigerian Railway Corporation (NRC) made the announcement in a statement by the Manager of AKTS, Pascal Nnorli, on Saturday. “The additional train service will resume on Sunday, June 4 with the following train trips: AK1 departs IDU (Abuja) at 0945hrs, KA2 departs RIGASA (Kaduna) at 1330hrs, AK3 departs IDU (Abuja) at 1500hrs. “Subsequently from Monday, June 5, KA2 will depart RIGASA (Kaduna) at 0800hrs, AK1 will depart IDU (Abuja) at 0945hrs, KA4 will depart…

Saturday, 03 June 2023 04:28

CBN auctions dollar at N645, weaker than spot rate

Central Bank of Nigeria has sold the dollar at N645 at its latest auction, results showed on Friday, lower than N465 where the currency is trading on the official secondary market. Nigeria operates multiple exchange rates, which the CBN has used to manage demand, mask pressure on the naira and conserve its dwindling reserves. The system has fueled a black market, trading sharply lower than the spot rate. The bank held the latest bi-weekly auction on May 26. In April, it auctioned dollars at N630. The naira has weakened faster at the central bank's auctions than on the spot market,…

Saturday, 03 June 2023 04:27

NLC declares strike over petrol subsidy removal

Nigeria's main labour union said on Friday it plans to go on strike from Wednesday to protest against a tripling of fuel prices in what would be the first big test for new President Bola Tinubu after he scrapped a costly fuel subsidy. The price increase has led to a sharp rise in transport fares and Estonian ride-hailing and food delivery startup Bolt said it had hiked its prices in Nigeria, citing increased operating costs due to higher fuel prices. Nigeria's fuel subsidy cost the government billions of dollars annually but was popular as it helped keep prices low in…

Saturday, 03 June 2023 04:19

Tinubu appoints Chief of Staff, Deputy CoS, SGF

PRESS RELEASE President Bola Tinubu Friday in Abuja announced the appointment of Speaker of House of Representatives, Femi Gbajabiamila as Chief of Staff, and Ibrahim Hadejia, a former Deputy Governor of Jigawa State, as Deputy Chief of Staff. In a meeting with Progressives Governors Forum (PGF), the President also named former Governor of Benue State and immediate past Minister of Special Duties, George Akume, Secretary to the Government of the Federation (SGF). Signed: Abiodun Oladunjoye Director, Information, State House. June 02, 2023

Saturday, 03 June 2023 04:18

Nigeria’s seaports to shut down on Monday as maritime union directs workers to withdraw services

Maritime Workers Union of Nigeria has threatened to embark on an industrial action on Monday over the poor welfare of its members in the shipping sector. The development has forced some operators in the maritime sector to kick, saying the proposed shutdown would affect their business operations. However, President General of MWUN, Adewale Adeyanju, while briefing journalists at its head office in Apapa on Thursday, explained that the group would embark on the strike action over the failure of the management of shipping companies to discuss and negotiate the welfare and condition of service of its members in the shipping…

Friday, 02 June 2023 04:40

CBN denies devaluing Naira as calls grow louder - Bloomberg

Central Bank of Nigeria dismissed a report that it had devalued the naira as traders raised bets for it to weaken by almost a third, days after President Bola Tinubu said his administration will seek to end the nation’s multiple-currency regime The CBN said a media report claiming it had devalued the naira by 26% to 630 per dollar was inaccurate. The exchange rate is N465 per dollar and “has been stable around that rate for a while,” it said on Twitter. Tinubu announced plans to adopt a uniform exchange rate in his inauguration speech on May 29. Nigeria has…

Friday, 02 June 2023 04:39

NNPC says it will end monopoly on petrol supplies

Nigeria's state owned oil company NNPC will soon end its monopoly on petrol supplies, its chief executive told local television on Thursday, a day after it nearly tripled prices at its fuel stations countrywide. Newly inaugurated President Bola Tinubu pledged to remove fuel subsidies, a popular but costly benefit that has drained billions annually from government coffers. Mele Kyari told Arise TV that prices were expected to come down once new companies started supplying petrol, bringing more competition. "All we did was to set variable prices depending on our costs by location and knowing full well that NNPC is the…

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Friday, 02 June 2023 04:36

Deadly protests rock Senegal as opposition leader sentenced to jail

Nine people were killed in Senegal on Thursday in clashes between riot police and supporters of opposition leader Ousmane Sonko after a court sentenced him to two years in jail, casting serious doubt on his chances of running for president next year. Sonko, 48, did not attend the hearing over an alleged sexual assault. The justice ministry said the opposition leader could now be taken to prison at any time. Police remained stationed around his home Dakar as unrest flared in the capital and elsewhere after the verdict. Sonko was accused of raping a woman who worked in a massage…

Thursday, 01 June 2023 04:37

Petrol prices triple in Nigeria as Tinubu axes subsidy - Bloomberg

Nigeria’s state oil company almost tripled the pump price of gasoline after President Bola Tinubu said he’ll fulfill a pledge to scrap fuel subsidies that cost the government $10 billion last year. The Nigerian National Petroleum Co. on Wednesday raised the cost to N488 ($1.05) a liter from N184 in Lagos, Nigeria’s commercial hub, according to a document seen by Bloomberg and confirmed by the company. In Abuja, the nation’s capital, prices will jump to N537 from 194 naira, it said. Tinubu announced the end of the decades-long subsidy regime in his inauguration speech on May 29. Many filling stations…

Thursday, 01 June 2023 04:34

FG, labour unions meeting on petrol subsidy removal ends in deadlock

The meeting between the Nigeria Labour Congress (NLC), Trade Union Congress (TUC) and the federal government has ended without an agreement. The meeting, at the instance of the federal government, was intended to reach an agreement with organised labour after President Bola Tinubu’s announcement that petrol subsidy would cease to be in place by the end of June. Speaking after the meeting on Wednesday night, Dele Alake, a member of the government’s team, said the meeting was engaging but did not provide details. “We have been deliberating on finding very amicable resolutions to the issue at hand —to the queues…

Thursday, 01 June 2023 04:33

FIRS revises 2021 tax-to-GDP ratio to 10.9 percent

Nigeria has revised its tax-to-GDP ratio for 2021 to 10.86% from 6% following an adjustment to include revenues collected by other government agencies, the tax office chief said on Wednesday. Tax collection rates have hovered between 5%-6% of gross domestic product over the past 12 years, Federal Inland Revenue Service head Muhammad Nami said, adding that revenues collected by other agencies were previously left out of the calculation. Africa's biggest economy has one of the lowest tax collection rates in the world, though tax receipts did rise by 56% in 2022 to a record 10 trillion naira ($22 billion). Previous…

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