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Monday, 02 September 2024 04:44

Fuel shortages won’t end anytime soon, NNPC’s admitted financial woes confirm

The Nigerian National Petroleum Company Limited (NNPC Ltd) has raised alarms about its ability to sustain regular petrol supply across the country, citing significant financial strain due to escalating Premium Motor Spirit (PMS) supply costs. This financial pressure is now threatening the stability of fuel supply in Nigeria, according to Olufemi Soneye, the company's Chief Corporate Communications Officer. In a statement released on Sunday, Soneye acknowledged the company’s considerable debt to petrol suppliers, which has been highlighted in recent media reports. The NNPC’s financial difficulties stem from the gap between fixed pump prices and rising international fuel costs, exacerbated by…

Monday, 02 September 2024 04:43

‘Baba Jesus, do wonder, Tinubu has suffered us’, Nigerians cry out as netizens flock to Jesus’ lookalike TikTok page

Nigerians have stormed the TikTok page of a Jesus-like character, requesting help with economic and personal difficulties. Some mischievous users also inquire about Judgment Day and when it would happen. The TikTok user behind the account ‘Love Everyone’ resembles English actor Robert Powell, who portrayed Jesus in the iconic 1977 epic British-Italian television drama series ‘Jesus of Nazareth’. The TikTok account, created in August, has little information about the owner, but checks revealed that he is based in France and features French music in most of his videos. The page shows Mr ‘Love Everyone’ walking through deserted bushes with a…

Monday, 02 September 2024 04:41

Nigeria’s foreign trade payments crash 57 percent on Naira devaluation, forex scarcity

Nigeria’s Letter of Credit payments in the first seven months of 2024 have dropped by 57.04 per cent to $391.91m compared to $912.35m in the same period of 2023. This is according to the weekly International Payments Data provided by the Central Bank of Nigeria on its website. A Letter of Credit is a mode of payment used for the importation of visible goods. It is a written undertaking given by s bank (issuing bank) at the request of its customer in which the bank promises in writing to pay the exporter a certain sum within a certain time frame…

Saturday, 31 August 2024 04:43

Tinubu ‘living large’ while Nigerians are hungry - Donald Duke

Donald Duke, former governor of Cross River, has criticised the acquisition of an aircraft for President Bola Tinubu. Last week, the presidency confirmed the purchase of a 15-year old Airbus A330 to replace the 19-year-old Boeing B737-700 acquired under former President Olusegun Obasanjo. Speaking on Friday when he featured on Inside Sources, a programme anchored by Laolu Akande on Channels Television, the former governor described the decision as “failure of leadership” considering the country’s economic situation. “There is no glamour in saying your people are going through hard times; it is a failure of your leadership. If I am the…

Friday, 30 August 2024 04:59

After threats to invade over military coup, Nigeria signs security deal with Niger

Nigeria and Niger have signed a deal to boost their security cooperation, the Nigerian military said on Thursday, despite tensions between the neighbours since a coup in Niger a year ago. "Both parties reaffirmed their commitment to resuming and strengthening collaboration, with a view to ensuring regional stability and security," a Nigerian military statement said after the signing of a memorandum of understanding by the nations' defence chiefs in Niamey, Niger's capital, on Wednesday. Ties between the two countries soured after Niger's junta toppledMohamed Bazoum and the July 2023 coup has also split the Economic Community of West African States…

Thursday, 29 August 2024 04:54

Subsidy removal, insecurity push 31.8m Nigerians into acute hunger - Report

More than 31.8 million Nigerians are currently facing acute food scarcity due to insecurity and the removal of subsidy on petrol. According to a 2024 report by Cadre Harmonise, the “surge in food commodity prices due to the removal of fuel subsidy in addition to security challenges has placed millions of Nigerians in a precarious situation”. Julie Osagie-Jacobs, spokesperson of the ministry of budget and economic planning, said the report was presented on Tuesday by the Food and Agriculture Organisation (FAO), Green Action in Enterprises (GAIN), GIZ, and Agsys. The report also indicated a sharp rise from the 18.6 million…

Thursday, 29 August 2024 04:52

CAC dissolves NNPC retail that bought OVH, while the sold company continues to exist and run its buyer

The Corporate Affairs Commission (CAC) has dissolved the downstream arm of the Nigerian National Petroleum Company Limited (NNPC Retail) and Nueoil Energy from its database, a check by PREMIUM TIMES has shown. The companies’ dissolution follows the acquisition by OVH Energy Marketing Limited. Last Week, PREMIUM TIMES reported how a court ruling had effectively dissolved NNPC Retail and transferred its ownership to OVH Energy Marketing Limited. The NNPC Retail officially no longer exists after it asked a court to transfer its ownership and properties to a firm it claimed to have bought. An official search by this newspaper shows that…

Wednesday, 28 August 2024 05:04

100 landowners team up for legal battles with FG over Lagos-Calabar highway demolition

Over 100 property owners in Lafiaji community, Eti-Osa Local Government Area of Lagos State, are planning legal action against the Federal Government as they are being issued demolition notices to evacuate their properties for the Lagos- Calabar Highway construction. This was made known in a statement titled, ‘Being the text of a press conference addressed by Property Owners and Residents of Lafiaji Community, Eti Osa Local Government Area, Lagos State on the distortion in the construction of the Lagos-Calabar coastal highway by arbitrary deviation from the long-established right of way by the Minister Of Works and the threatened unlawful demolition…

Wednesday, 28 August 2024 05:02

Prices of beans, eggs, tomatoes surge by over 200% in one year - NBS

According to a recent report from the National Bureau of Statistics (NBS), the prices of essential food items such as beans, tomatoes, and eggs have skyrocketed over the past year, with increases exceeding 200%. The report, titled “Selected Food Price Watch for July 2024”, reveals that the average price of 1kg of brown beans (sold loose) reached N2,444.81 in July 2024. This represents a staggering 262.98% increase from N673.53 recorded in July 2023, and a 6.63% month-on-month rise from N2,292.76 in June 2024. Similarly, the price of a dozen medium-sized agricultural eggs rose by 217%, from N1,006.64 in July 2023…

Tuesday, 27 August 2024 04:51

Nigeria’s GDP grew 3.19% in Q2 2024 - NBS

Nigeria’s Gross Domestic Product (GDP) grew while oil production dropped between the first and second quarters of 2024, according to official data. The GDP grew by 3.19 per cent year-on-year in real terms in the second quarter of 2024, the National Bureau of Statistics has said. The NBS said this growth rate is higher than the 2.51 per cent recorded in the second quarter of 2023 and higher than the 2.98 per cent growth in the first quarter of 2024. The statistics bureau said this in its “Nigerian Gross Domestic Product (GDP) Report Q2 2024” released on Monday. The report…

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Tuesday, 27 August 2024 04:50

Nigeria’s average GDP growth rate remained negative since 2014 – Okonjo-Iweala

The Director General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has observed that Nigeria’s Gross Domestic Product (GDP) growth rate on average has been steadily declining since 2014, signalling a downturn in the economic well-being of the average Nigerian. Okonjo-Iweala, speaking at the annual General Conference of the Nigerian Bar Association (NBA) on Sunday, noted that the country’s economic fortunes experienced a reversal following the decade between 2000 and 2014, during which the average GDP growth rate was approximately 3.8%. According to the Director-General of the WTO, this consistent GDP growth outpaced the nation’s population growth, which was only…

Monday, 26 August 2024 04:38

FG expresses hopelessness in exceeding 1.7m bpd of crude oil for this key reason

The Federal Government has declared that the Nigerian National Petroleum Company Limited does not have the funds required to rebuild old pipelines. The Minister of State for Petroleum Resources, (Oil), Heineken Lokpobiri, stated this at the just concluded Energy and Labour Summit 2024 organised by the Petroleum and Natural Gas Senior Staff Association of Nigeria in Abuja. Lokpobiri, while speaking about the divestment of international oil companies and the need to ramp up production, emphasised that Nigeria also needs to repair its pipelines, which he said are old, corroded, and expired. He noted that even if the country can produce…

Monday, 26 August 2024 04:37

Public outrage over arrest of prominent journalist, Soyinka

Many Nigerians have condemned the early Sunday arrest of a journalist, Adejuwon Soyinka, at the Muhammed Murtala International Airport, Lagos, on his arrival from the United Kingdom. They also expressed worry over the growing trend of harassment of journalists in the country. SSS operatives arrested Soyinka at the airport on his arrival via a Virgin Atlantic flight. In a flood of reactions following story of the arrest on Sunday, many Nigerians spontaneously expressed their outrage about the arrest and detention. After being picked up at the airport, Soyinka was driven to the SSS headquarters annexe in Ikoyi, Lagos, and released…

Monday, 26 August 2024 04:34

Police accuse Shi’ites of killing 2 officers as IMN alleges several members killed by police

Members of the Islamic Movement of Nigeria (IMN), better known as Shi’ites, have clashed with the police in Abuja. The brawl occurred on Sunday at the Wuse area of the federal capital territory (FCT) during the Arba’een symbolic trek observed by IMN members. In a statement, Josephine Adeh, FCT police spokesperson, claimed members of the group attacked and killed two officers. The police spokesperson added that three officers were rushed to the hospital for medical attention after the incident. “The FCT police command wishes to confirm an unprovoked attack by the proscribed Islamic Movement of Nigeria, popularly known as the…

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