The House of Representatives on Wednesday directed its Committees on Finance and Petroleum (Upstream and Downstream) to investigate reports from the Revenue Mobilisation Allocation and Fiscal Responsibility Commission alleging that the Nigerian National Petroleum Company Limited (NNPCL) withheld ₦8.48 trillion as claimed subsidies for petrol. EDITOR’S PICKS Japa: Russia Opens Doors to Migrants Amid Workforce … Read more
Former presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi, has urged the federal government to prioritize transparency and accountability in managing Nigeria’s vital oil resources. This comes as the Port Harcourt Refinery officially resumes production after undergoing rehabilitation. Reacting to the development, the former governor of Anambra State took to … Read more
The Nigerian Senate is set to approve President Bola Tinubu’s $2.2 billion (approximately ₦1.77 trillion) external loan request aimed at addressing the ₦9.7 trillion deficit in the 2024 budget. The request, outlined in letters presented during Tuesday’s plenary sessions of the Senate and House of Representatives, is part of the government’s external borrowing plan … Read more
President Bola Tinubu has submitted a request to the National Assembly for approval of a fresh external borrowing plan amounting to ₦1.767 trillion. The loan is intended to partially bridge the ₦9.7 trillion budget deficit in the 2024 appropriation act. The Speaker of the House of Representatives read the president’s request during Tuesday’s plenary. If … Read more
President Bola Ahmed Tinubu has reaffirmed the federal government’s commitment to combating hunger and poverty while advocating for Nigeria’s inclusion in the G20 as a step toward addressing global challenges. Speaking at the 19th G20 Leaders’ Summit in Rio de Janeiro, Brazil, Tinubu expressed his administration’s determination to lead discussions on sustainable development, energy transition, … Read more
The Presidency has remained silent following critical remarks from former President Olusegun Obasanjo and the International Monetary Fund (IMF) concerning President Bola Tinubu’s economic reforms. Speaking at the Chinua Achebe Leadership Forum at Yale University, Obasanjo described Nigeria as being under “state capture,” accusing the government of corruption and poor leadership. EDITOR’S PICKS Trump Taps … Read more
The Central Bank of Nigeria (CBN) has directed commercial banks to prioritize cash disbursements through automated teller machines (ATMs), warning that failure to comply will attract strict penalties. EDITOR’S PICKS Trump Taps Fox News Host Pete Hegseth As Defence Secretary Sanwo-Olu Appoints Barr. Rekiya Olufunke Hassan as new Chairman of Onigbongbo LCDA Meter Replacement Violations … Read more
President Bola Ahmed Tinubu is currently leading the Federal Executive Council (FEC) meeting at the State House in Abuja, which began at 1:11 pm. This marks the first FEC session after last Wednesday’s meeting was canceled due to the passing of the late Chief of Army Staff, Lieutenant General Taoreed Lagbaja. EDITOR’S PICKS Trump Taps … Read more
The Nigeria Deposit Insurance Corporation (NDIC) has initiated the auction process for the landed properties and chattels of Heritage Bank, as part of efforts to ensure the timely distribution of liquidation dividends to uninsured depositors of the failed bank. This action, as stated by NDIC spokesperson Bashir Nubu, is in line with the Corporation’s legal … Read more
The Spiritual Director of Adoration Ministry, Enugu State, Rev. Fr. Ejike Mbaka, has called on Nigerians to pray against the looming threat of famine in the country. He decried the escalating cost of fuel, warning that Nigeria is already grappling with hunger, and if left unaddressed, the situation could spiral into a full-blown famine crisis. … Read more
The Central Bank of Nigeria (CBN) is urged by the World Bank to avoid forex auctions and instead adopt a structured, transparent approach to foreign exchange interventions to stabilize the naira. This recommendation was highlighted in the Nigeria Development Update, which suggests CBN focus on a flexible, market-reflective exchange rate policy to foster economic stability. … Read more
The Nigerian National Petroleum Company Limited (NNPCL) has dismissed rumors regarding an increase in Premium Motor Spirit (PMS) prices at its retail outlets. In an interview with Daily Post on Tuesday, NNPCL spokesperson Olufemi Soneye clarified that he is unaware of any rise in fuel pump prices, countering claims that the cost per litre had … Read more
The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has addressed social media criticisms of the president, assuring Nigerians that Tinubu is not indifferent to their economic struggles. In an interview on Channels Television’s Sunday Politics, Onanuga responded to claims that Tinubu has been nicknamed “T-pain” by some Nigerians online, clarifying … Read more
Labour Party Caucus Leader in the House of Representatives, Afam Ogene, has strongly criticized the Central Bank of Nigeria (CBN) for its unclear stance on the concurrent use of old and new Naira notes, describing the situation as confusing for the public. Ogene’s statement, made in Abuja on Friday, followed a recent clarification from the … Read more
The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has announced that seized petrol in Adamawa State will be auctioned at ₦630 per litre. This decision was disclosed during a press conference on Wednesday, October 9, 2024, in Yola, the capital of Adamawa State. Represented by the Deputy Comptroller-General of Customs, Aliyu Alajogun, Adeniyi … Read more
The Lagos State government, under Governor Babajide Sanwo-Olu, has announced that at least 3,000 cows are slaughtered daily to meet the food demands of residents. EKO HOT BLOG reports that this information was revealed by Deputy Governor, Dr. Obafemi Hamzat, during an appearance on Channels Television on Tuesday, October 1, 2024. Hamzat, speaking on the … Read more
Experts in the petroleum industry have proposed that with effective government intervention, petrol from the Dangote Refinery could be sold for less than ₦600 per litre. The Crude Oil Refiners Association of Nigeria (CORAN) expressed optimism that local refineries, including Dangote’s, could reduce fuel costs if proper measures are implemented. EDITOR’S PICKS Police Arrest Man … Read more
Salihu Lukman, former National Vice Chairman (North-West) of the All Progressives Congress (APC), has accused the Nigeria National Petroleum Company Limited (NNPCL) of manipulating petroleum prices since the Dangote Refinery began operations. EKO HOT BLOG reports that in a statement titled “Nigerian Democracy in ICU,” Lukman argued that the pricing system is designed to maintain a … Read more
The Nigerian National Petroleum Company Limited (NNPCL) has insisted that it paid ₦898 per litre for petrol purchased from Dangote Refinery. Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, reiterated this in response to a statement from the refinery. Earlier, Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote, had denied NNPCL’s claim, stating that … Read more
The Federal Government has appointed the Nigerian National Petroleum Company Limited (NNPC) as the exclusive buyer of Premium Motor Spirit (PMS) from the Dangote Refinery. According to the agreement, marketers interested in purchasing the product will need to obtain it through NNPC’s trading company. EDITOR’S PICKS Japan’s Next PM Vows to Respect BOJ’s Autonomy Insecurity: … Read more