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Tuesday, 08 October 2024 05:00

Three agencies got N533bn in 7 months as income for collecting revenues for FG - NBS

Three major revenue-generating agencies in Nigeria deducted a total of N533.11bn as costs of revenue collection in the first seven months of 2024. The agencies include the Nigeria Customs Service, Federal Inland Revenue Service, and Nigerian Upstream Petroleum Regulatory Commission. This figure, derived from the Federation Accounts Allocation Committee reports published by the National Bureau of Statistics, marks a substantial increase of 99.85 per cent compared to the N266.75bn recorded in the corresponding period of 2023. The FIRS and NUPRC deducted about four per cent of the cost of revenue collection, while the NCS received seven per cent. The cost…

Monday, 07 October 2024 04:38

Tariff hike boosts Discos’ revenue to N887bn in 7 months

Nigeria’s electricity distribution companies have raked in a total of N887.86bn as revenue in the first seven months of 2024 following the tariff increase for Band A customers and improved revenue collection, findings by The PUNCH have shown. Despite consistent complaints over poor power supply by consumers and high tariffs, the 11 Discos increased their income by 46.96 per cent from N604.15bn recorded in the same period of 2023, spanning January to July. This information emerges as stakeholders in the sector decreased their borrowings from commercial banks by N28.82bn. According to an analysis of data released by the Nigerian Electricity…

Saturday, 05 October 2024 04:28

Nigeria’s crude oil production declines by 40,000 bpd amidst massive oil theft in N’Delta

Nigeria’s crude oil production continues to decline, falling by 40,000 barrels per day (bpd) in September, according to a report by Reuters based on a survey of OPEC’s output for the month. This decrease adds to Nigeria’s ongoing struggle to meet its OPEC production quota, which has hovered between 1.2 and 1.3 million bpd since the start of the year. The nation produced 1.35 million bpd as of August 2024, according to OPEC’s latest report. A key issue exacerbating Nigeria’s production woes is the massive oil theft occurring in the Niger Delta, a region responsible for much of the country’s…

Friday, 04 October 2024 04:46

NNPCL takes out 8m barrels of crude oil monthly to service $8.8bn debt. Here are the details

The Nigerian National Petroleum Company Limited has pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn. By pledging 272,500 barrels daily, it means that about 8.17 million barrels of crude will be used for different loan deals by the national oil firm on a monthly basis. This is according to an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPC’s financial statements. Under these deals, notable projects include Project Panther, Project Bison, Project Eagle Export Funding (Original, Subsequent, and Subsequent 2 Debts), Project Yield, and Project Gazelle. According…

Friday, 04 October 2024 04:45

Court bars VIO from imposing punitive penalties, impounding vehicles in Abuja

The Federal High Court in Abuja has issued an order barring the Directorate of Road Traffic Services otherwise known as Vehicle Inspection Officers (VIO) from further stopping vehicles on the road, impounding vehicles, or imposing fines on motorists. The judge, Evelyn Maha, issued the order in a judgement on a fundamental rights enforcement suit FHC/ABJ/CS/1695/2023 filed by a human rights activist and lawyer, Abubakar Marshal of Falana and Falana chambers. Other respondents sued in the case are the Director of Road Transport, the agency’s Area Commander, Jabi, and the Team Leader, Jabi, and the Minister of the FCT. In the…

Thursday, 03 October 2024 04:33

Used vehicles importation slumps 83% in H1 2024 - NBS

Nigeria’s import bills on used vehicles, popularly known as ‘tokunbo’, fell by 83 per cent year-on-year to N138.62 billion in the first half of the year, from N819.15 billion in H1’23. Quarter-on-quarter, a breakdown of the National Bureau of Statistics (NBS) for the review period showed that in Q1 ’24 no used vehicle was imported compared to N69.23 billion worth of used vehicles that were imported in Q1’23. In Q2’24, the value of imported used vehicles was N138.62 billion, representing an 81.5 per cent decline YoY from N749.92 billion in Q2’23.NBS noted that the used vehicles were imported mainly from…

Thursday, 03 October 2024 04:32

FG removes VAT on diesel, LPG, others

The Federal Government says it has removed Value Added Tax (VAT) on diesel, cooking gas, among others. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while unveiling two major fiscal incentives, on Wednesday. A statement by the Director, Information and Public Relations at the Ministry of Finance, Mohammed Manga, said the incentives are aimed at revitalising Nigeria’s oil and gas sector. The incentives include value-added tax (VAT) modification order 2024 and notice of tax incentives for deep offshore oil and gas production, in accordance with the Oil and Gas Companies (tax incentives, exemption, remission, etc.)…

Wednesday, 02 October 2024 04:51

#EndBadGovernance protests 2.0: This is how it went nationwide

Overview On October 1, 2024, coinciding with Nigeria's 64th Independence Day, protesters across multiple cities in Nigeria took to the streets as part of the #EndBadGovernance movement. This was a continuation of protests held in August 2024, with demonstrators expressing grievances over economic hardships, rising costs of living, and government policies. Key Points 1. The protests, also known as "National Day of Survival" or "#FearlessInOctober", occurred in several major cities including Lagos, Abuja, Ibadan, Akure, Osogbo, and Port Harcourt. 2. Main grievances included: - High fuel prices following subsidy removal - Rising food costs - Increased electricity tariffs - General…

Wednesday, 02 October 2024 04:50

Tinubu in Independence Day speech made 4 claims about the economy. The Cable fact-checked and found 2 to be false, 2 true. Here they’re

On Tuesday, President Bola Tinubu joined Nigerians in celebrating the country’s 64th Independence Day anniversary — his second since assuming office on May 29, 2023. The president made several claims while reading his Independence Day speech, stating how his policies and reforms have yielded results since he took over the reign of power. TheCable checked some of his claims, and here is what we found. CLAIM ONE: Tinubu said Nigeria attracted foreign direct investments (FDI) worth more than $30 billion in 2023 due to his economic policies. “The economy is undergoing the necessary reforms and retooling to serve us better…

Wednesday, 02 October 2024 04:49

NNPC ‘swore’ Port Harcourt refinery would finally start production Sept ending. Here’s timeline of the 7 times NNPC’s promises failed

The Nigerian National Petroleum Company Limited has again failed to begin fuel production at the Port Harcourt refinery in Rivers State. This is despite the refinery failing to commence operations after six postponements as of August 2024. Promises made to Nigerians by the Federal Ministry of Petroleum Resources and NNPC about the refinery have continued to hit brick walls. After the failure of the early August promise, the Chief Financial Officer of the NNPC, Umar Ajiya, said the Port Harcourt refinery would commence operations in September 2024. Speaking to journalists in August, Ajiya had said petroleum products would be ready…

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Tuesday, 01 October 2024 04:49

#EndBadGovernance protests hold today as police talk tough

Organisers of today’s protest against hardship and bad governance, yesterday, alleged that the Federal Government and the Police were intimidating them but vowed to proceed with the action as the Police said protest or procession would not be allowed to take place in the Federal Capital Territory, FCT, Abuja. Nobody is harassing organisers – FG However, the Federal Government denied organisers’ allegations that they were being harassed and intimidated. Still, it said there was no need for the protest while asking the organisers to see opportunity in the various government policies and use them to better their lives. In a…

Tuesday, 01 October 2024 04:47

World Bank approves fresh $1.57bn loan for Nigeria

The World Bank has announced the approval of $1.57 billion (N2.4 trillion at N1601 to a dollar) to boost human capital in Nigeria through better health for women, children and adolescents. According to a statement by the bank, part of the support will also help to mitigate the impact of climate change in Nigeria through improvement in dam safety and irrigation. It added that “The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health (HOPE-GOV), $570 million for the Primary Healthcare Provision Strengthening Program (HOPE-PHC) and $500 million for the Sustainable Power…

Monday, 30 September 2024 04:28

600 medical doctors service 20m Kano residents - Union

The National Association of Government General and Medical Dental Practitioners has raised concern over the current doctor to patient ratio in Kano State, threatening to embark on strike from October 1. The secretary of the association in Kano, Anas Idris Hassan, made this known while addressing newsmen on Saturday. He stated that despite reaching an agreement with the Kano State Government months in June, their demands are yet to be met. Hassan said the government has not addressed the issue of hazard allowance, specifically the post Covid-19 allowance, which has been paid by the federal government since 2021 but yet…

Sunday, 29 September 2024 04:58

#EndBadGovernance 2.0 slated for Oct 1. Here’s what to expect

Barely two months after the August 1-10 protests tagged #EndBadGovernance, some Nigerians are warming up for fresh nationwide protests planned to hit the streets on October 1, that is, about 48 hours away. The date coincides with the 64th Independence Day celebration of Nigeria, and the protests are basically to reinforce demands earlier made by protesters but largely greeted with silence from the Federal Government despite President Bola Tinubu’s promise in a broadcast to dialogue with protest leaders. Another reason perhaps is that #EndBadGovernance protesters, numbering over 1,000, remain in various prison facilities across the country after being charged with…

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