Business

The domestic air transport fares rose by 66.36 per cent in one year. According the National Bureau of Statistics, in air travel, the average fare paid by air passengers for specified routes single journey decreased by 0.18% on a month-on-month basis from N74,702.70 in January 2023 to N74,571.62 in February 2023. The report noted that omn a year-on-year basis, the fare rose by 66.36% from N44,825.04 in February 2022. It added that […]

The National Directorate of Employment, NDE, has announced the disbursement of N1.4m as loans to 74 beneficiaries in the Micro Enterprise Enhancement Scheme. Director-General of NDE, Abubakar Fikpo said the loan was meant to expand small businesses, which would in turn have a multiplier effect on the nation’s economy. Fikpo, cautioned the beneficiaries that the money was a loan and not a grant and as such must be repaid.

The National Bureau of Statistics has revealed that the average retail price of a liter of petrol has increased from N170.42 in February 2022 to N263.76 in February 2023. This is according its Petrol Price Watch for February 2023 released Tuesday. It stated that the February 2023 price of N263.76 represented a 54.76 per cent increase over the price of N170.42 recorded in February 2022.

The Nigerian Exchange Limited has sanctioned 16 companies for various market infractions in three years. Specifically, the NGX imposed the sum of N779.5m fine on listed companies on the bourse between 2020 and 2022. Fourteen of the companies were sanctioned N170.6m in 2022, while the NGX imposed N586m monetary sanctions on seven of them in 2021.  In 2020, three of the firms were sanctioned N22.9m.

Reports say the consumption of petrol, has risen to 80 million liters daily, pushing up subsidy on the commodity to an estimated N484bn monthly. According to the Nigerian National Petroleum Company Limited, a total of 558.83 million liters of petrol was evacuated during the period, translating to an average daily consumption of 79.83 million liters. It added that at least 66 million liters of petrol was pumped daily into the […]

The Federal Government has said it has yet to harmonize efforts with states to set up palliative measures ahead of the June 2023 deadline for the discontinuation of petrol subsidy set up. Minister of State for Budget and National Planning, Clem Agba, revealed this after this week’s Federal Executive Council meeting, which was presided over by the President Muhammadu Buhari. Agba noted that concerned committees would soon conclude discussions with […]

Nigeria inflation rate has risen to 21.91%, compared to January 2023 inflation rate which was 21.82%. According to the Consumer Price Index report by the National Bureau of Statistics, the percentage represents a 0.09% point increase. The rise in the inflation rate followed the naira crisis across the country and uncertainties relating to the just concluded presidential election.

The International Air Transport Association, IATA, has revealed that the trapped funds belonging to foreign airlines operating in Nigeria have risen by 12.39 per cent in January 2023 from $662m in the corresponding period last year. IATA made this known in a letter, signed by the Area Manager West and Central Africa, Samson Fatokun. The letter urged the minister of aviation to intervene and ensure the resolution of the issue […]

Nigerians applying for passports will be charged N1000 in for the verification of their National Identification Number. This was contained in a statement issued by the Head, Corporate Communications,  National Identity Management Commission, Kayode Adegoke. The statement noted that the fee is to improve the quality of service, accuracy, and speed of passport services through timely verification of NIN.