President Bola Tinubu has approved the nomination of Mr Rabiu Abdullahi Umar as the new Chief Executive of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The appointment is subject to Senate confirmation. The president has also approved the removal of Mr Saidu Mohammed as the Authority Chief Executive of NMDPRA, in the public interest….
Oil prices surged approximately three per cent to reach a two-week high on Monday, driven by stalled peace talks between the U.S. and Iran and ongoing restrictions on shipments through the Strait of Hormuz, which continue to tighten global oil supplies. Brent crude futures increased by $2.90, or 2.8per cent, closing at $108.23 per barrel….
Former Finance Minister and Coordinating Minister of the Economy, Mr Wale Edun, duly tendered his resignation from office, citing health reasons, before President Bola Ahmed Tinubu announced his replacement on Tuesday. Also, the former Minister of Housing and Urban Development, Ahmed Musa Dangiwa, similarly resigned and thanked the President for the opportunity given him to…
President Bola Tinubu recently named Lele as Nigeria’s envoy to Algeria as part of a broad ambassadorial appointment. In a statement on Wednesday, Kimiebi Ebienfa, spokesperson for the federal ministry of foreign affairs, said Lele died in the early hours of Sunday, April 19, in Ankara, Turkey, “after a protracted illness”. Ebienfa said until his…
Nigeria’s local carriers have issued a notice to withdraw flight services begining from Monday, April 20 if the Federal Government fails to intervene on the astronomical hike in aviation fuel price which has hit the rooftop from N900.00 per litre to over N3,300 per litre. Details coming
Nigeria’s consumer inflation rate quickened for the first time in a year in March with headline consumer inflation rising to 15.38% year-on-year, up from 15.06% in February, according to the National Bureau of Statistics (NBS) figures. Food inflation accelerated to 14.31% year-on-year, up from 12.12%. Analysts say this inflation spiral is a headache for President…
Nigerian Finance Minister and Chair of the G-24 coalition of developing countries, Wale Edun, said multilateral institutions should do more to support vulnerable countries weather the economic shocks of the war in the Middle East. “We would like them to do more, we definitely like them to provide, particularly at this time, additional liquidity risk…
Nigeria will slash import duties on food, vehicles and industrial inputs from July 1, the Presidency said on Tuesday, as Africa’s most populous country seeks to rein in inflation and ease rising living costs. The cuts include sharp tariff reductions on rice, sugar, palm oil, passenger vehicles and construction materials, with full exemptions for electric…
The recent escalation in the US-Israel conflict with Iran has delivered a sharp reminder of Nigeria’s economic vulnerability. As oil prices surged past $100 per barrel and fuel costs climbed by 35% at Nigerian pumps, a troubling paradox emerged: Nigeria, a major crude oil producer with Africa’s largest privately-owned refinery now operational, still found itself…
