Chairman of the China Railway Construction Corporation (CRCC), Mr. Dai Hegen, says the company has paid a whopping sum of $125 million in taxes to the Nigerian government. Hegen, who disclosed this during a visit to President Bola Tinubu at the State House, Abuja, on Friday, said the corporation has signed investment cooperation agreements with … Read more
The National Bureau of Statistics (NBS) has reported a significant increase in cooking gas prices, with the average cost to refill a 5kg cylinder of Liquefied Petroleum Gas shooting up by 7.10% from February to March 2024, hitting N6,591.62 According to the latest NBS report for March 2024, the average price to refill a 5kg … Read more
The Federal Government, FG, says it will stop awarding licences to gas businesses with no ability to develop pipes for gas distribution. The government stated that this was necessary to discourage the transportation of compressed natural gas on roads. The Minister of State for Petroleum (Gas), Ekperikpe Ekpo, made this disclosure when he was in … Read more
A surge in dollar demand in the parallel market, driven by banks and end-users, combined with slow forex disbursement to BDCs by the Central Bank of Nigeria, CBN, caused the Naira to fall by 23% against the dollar last week, marking the Naira’s worst weekly performance since February. Though the CBN came to the rescue … Read more
The Nigerian Electricity Regulatory Commission, NERC, has approved 481 Band A areas for the purpose of implementing the new tariff. Documents obtained from the regulator indicated that the Abuja Electricity Distribution Company, AEDC, emerged the highest with 107. Yola Electricity Distribution Company, YEDC, has 15, apparently the least. A breakdown indicated that the Ikeja Electricity … Read more
The Central Bank of Nigeria (CBN) has announced plans to offer foreign exchange worth $20,000 to any eligible Bureau De Change operator across the country. This comes more than two years after suspended former CBN governor Godwin Emefiele prohibited the sale of foreign exchange to BDC operators in that area of the FX market. The … Read more