Business

The Federal Government has revealed that 13 out of the 30 marginal fields awarded since 1999 were not producing crude oil as only 17 of the fields were currently meeting the target of crude oil production. It, however, noted that it has awarded 57 marginal fields to at least 49 new investors in Abuja, adding that a total of N202.91billion was raked in by the government from the just concluded […]

The Federal Government has announced plans to clamp down on filling stations selling Premium Motor Spirit above the N165 agreed pump price. A statement issued by the Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, said the pump price of PMS was still N165 per liter and that the FG has not changed its decision.

The Nigerian National Petroleum Company Limited, NNPC, has said the amount spent as subsidy on Premium Motor Spirit, also known as Petrol, and on refinery rehabilitation between January and May this year was N1.301trillion. According to NNPC, bulk of the oil firm’s spending was on Petrol subsidy, as it consumed N1.274trillion during the five-month period, while for refinery rehabilitation, NNPC spent N9.11billion in each of the months of January, March […]

The World Bank has said that fuel shortage and rising inflation will likely restrain economic growth in Nigeria. The Financial Institution projected that Nigeria’s economy would grow by 3.4 per cent in 2022 but decline to 3.2 per cent in 2023 and 2024. It noted that there would be persistent production challenges in the oil sector, which are expected to weigh on growth.  

The Exchange rate between the Naira and the US dollar closed at N420/$1 at the Investors and Exporters window. Naira gained against the US dollar reaching its highest level in the week to close at N420.17/$1, representing a 0.08% appreciation compared to N420.5/$1 recorded in the previous trading session. The Exchange rate at the parallel market depreciated by 0.66% to close at N611/$1, from N607/$1 recorded as of the previous […]

The Federal Government has commenced the implementation of a N10 per liter sugar tax on carbonated sugar drinks and beverages. Chief Superintendent of Customs, Department of Excise, Free Trade Zone and Industrial Incentives, Dennis Ituma, disclosed this at a Policy Breakfast Meeting in Abuja on Thursday. According to Ituma, the policy was introduced in the Finance Act, alongside the 2022 Appropriation Bill.

The World Bank has said that Nigerian States will likely lose N18.8billion in oil and gas revenues in 2022. The bank warned that many states would be unable to meet up with their expenditures, adding that there was an increase in debt servicing expenditures of States.

The Central Bank of Nigeria, CBN, has revealed that the total non-performing loans in the banking sector hit N1.21trillion as of the end of February 2022. According to CBN, the total credit in the sector rise to N25.25trillion as of the end of February 2022.

Some Business Owners located at Imo State University, IMSU, have decried the effect of ASUU strike on their business. In an interview with Boss Radio Business Team, a Trader, OnyinyeOkoro expresses her displeasure about the strike. Francis Chukwunonye, a Pharmacist urges the government to intervene. IkonneIhechi laments that her business recorded downward trend from the inception of the strike.