business and economy

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The Organised Labour has criticised the federal government over its fresh move to increase petrol pump price following the rise of crude oil price above $60 per barrel in the international market. The minister of State for Petroleum Resources, Timipre Sylva, on Tuesday at the official launch of the Nigerian Upstream Cost Optimisation Programme, urged […]

The Central Bank of Nigeria has given an insight into why it banned Nigerian banks from trading in cryptocurrencies, saying transactions in them are largely speculative and volatile. The apex bank gave the explanation in a statement by Mr Osita Nwanisobi, Acting Director of Communications. The explanation is coming on the heels of widespread reactions […]

South Korean Trade Minister Yoo Myung-hee withdrew her bid to lead the World Trade Organisation, leaving former Nigerian Finance Minister Ngozi Okonjo-Iweala as the only remaining candidate for the job. Yoo was said made the decision after discussions with the United States and other major nations, and took various issues into account “comprehensively” including the […]

The Kebbi Governor, Alhaji Atiku Bagudu, has explained why youths in the state have refused to join the orgy of violence unleashed by their counterparts in Kaduna, Plateau, Adamawa, Taraba and southern states. He said the youths in the state have been exerting their energy on farming to ensure food security rather than engaging in […]

Several leaked documents have revealed how the world’s biggest banks enable criminals to launder money around the world. The documents showing about $2tn of transactions are popularly called FinCEN files. The BBC reports that the FinCEN files are more than 2,500 documents, most of which were files that banks sent to the US authorities between […]

The consumer price index (CPI) which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent), the National Bureau of Statistics said in a Report just released The increases were driven by food, border closure and energy prices . The […]

In a report titled “Selected Banking Sector Q2 2020,” the bureau said online transfer accounted for majority of the volume of transactions in the period under review. It added that the sector recorded 1,317,621,686 volume of online transfer transactions, which amounted to N72.25trillion in the second quarter of this year. The NBS said the bank […]

President Muhammadu Buhari’s spokesman Garba Shehu has received backlash for trying to justify the hike in prices of petrol and counter the criticism of the increment by the People’s Democratic Party. Shehu in an bid to defend the recent hike in petrol price said Nigerians once bought petrol at #600 per litre during the PDP […]

For decades, Nigeria’s three major oil refineries have been grounded to near-zero capacity utilisation with all of its refined fuel imported from other countries. Data exclusively obtained from the African Refiners & Distributors Association (ARA) revealed that strong refinery performance in Niger meets local fuel demand, and excess production exported to Nigeria, Mali and Burkina […]

The Nigerian government last week increased the price of the Petrol Motor Spirit (PMS) from N138 to N151, majority of the citizenry were furious on the grounds of it being a time of economic hardship come about by the coronavirus lockdown. “Please be informed that a new product price adjustment has been effected on our […]

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