Fuel scarcity looms as anticipated petrol subsidy removal triggers panic-buying

…NAEE, LCCI okay removal …Cost hits N731bn Fuel shortage appeared to have worsened over the weekend as queues of vehicles were seen at filling stations in Abuja, Lagos, Ondo and Ekiti. Investigation showed that the shortage was fuelled by the Federal Government’s announcement that it might undertake a gradual phase out of fuel subsidy, which the World Bank said cost Nigeria N731 billion in 2018. The Minister of Finance, Zainab Ahmed, who announced the decision of the Federal Government, was reacting to a recommendation by the International Monetary Fund, IMF,…

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PDP calls on N/Assembly to probe FG’s N24.3 trn debt profile

The People’s Democratic Party (PDP) has raised questions over Federal Government’s “unwholesome” borrowings amounting to N24.38 trillion debts, from 2015 debt stock of N12.12 trillion. Revelations on the government’s current debt profile were contained in a report released by the Debt Management Office (DMO) last week, prompting the PDP to call on the National Assembly to investigate how the monies were spent. In a statement Monday by the spokesman for the PDP, Kola Ologbondiyan, the main opposition party blamed the Buhari administration for what it described as saddening and devastating…

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OPINION; BANKERS IN NIGERIA ARE ENDANGERED, THE WAITING CALAMITY

The urgent need to review the working conditions of bank staff in Nigeria by: Wale Adeniranye Some years back I heard the unverified news that SHELL Nigeria carried out a study and found out that their staff who retire from the company die between 5-7 years of leaving the company! As a result of this finding, SHELL made sweeping changes to their remuneration structure, retirement policies, among others. The company organized trainings for their staff so they are better able to manage themselves when they eventually leave. This is in…

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Shehu Sani tackles Fashola; ‘States enjoying 24 hours power supply are in Mars’ .

Shehu Sani, senator representing Kaduna central, says the states enjoying almost 24 hours power supply are in other planets of the universe. When he appeared on a Channels Television programme, Babatunde Fashola, minister of power, works and housing, had said there was improvement in the electricity sector and that some states in the country now enjoy almost 24 hours of electricity supply. “Sitting down here I can tell you some states that have almost 24 hours – Kebbi, Yobe. Some have five, some have 10 and there are still outages,”…

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TraderMoni still in operation — Presidency

TraderMoni still in operation — Presidency The TraderMoni scheme, other Government Enterprise and Empowerment (GEEP) micro-credit products (MarketMoni and FarmerMoni), a component of the Buhari administration’s Social Investment Programme(SIP) are still very much in operation, the Presidency has saidm Mr Laolu Akande, the Senior Special Assistant on Media and Publicity to the President, Office of the Vice President, disclosed this in a progress report on GEEP made available to newsmen on Thursday in Abuja. He said that contrary to speculations in some quarters, the micro-credit schemes had not stopped, as…

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Abia: Sex workers go into hiding in Umuahia as govt declares war on prostitution

War against prostitution in Abia Commercial sex workers in Umuahia, the Abia State capital, have gone into hiding to evade police arrest, following state government’s order shutting down brothels in the city. News Agency of Nigeria (NAN) correspondent, who monitored the enforcement of the government’s directive, reports that the sex workers now lived in palpable fear. NAN reports that Gov. Okezie Ikpeazu on Monday ordered the immediate shutdown of brothels located on Orlu, Kaduna and Arochukwu streets, among others, in the capital city. Ikpeazu also directed the immediate prosecution of…

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Orji Uzor launches free high yielding palm seedlings to all communities in Abia-state

Special Announcement The new senator elect for Abia north and the former governor of Abia State, Dr. Orji Uzor Kalu has launched another first in his pursuit to better the lives of the less privileged in the society. Dr kalu who through his Facebook account announced the launch of his new project to empower Abians wrote: “Good day dear friends as we all await the official inauguration of the Senate kindly be informed that the Orji Uzor Kalu Foundation in line with the United Nations Sustainable Development Goals Agenda 2030…

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Senate Approves N30,000 Minimum Wage For Federal, State Workers

Senate Approves N30,000 Minimum Wage For Federal, State Workers Senate Confirms Bolaji Owasanoye As ICPC Chairman The Senate has approved N30, 000 as the minimum wage for Federal and State workers. This follows the passage of the National Minimum Wage Bill by members of the upper chamber on Tuesday. Chairman of the Ad-hoc Committee on National Minimum Wage, Senator Francis Alimikhena had earlier presented the National Minimum Wage Act CAP N61 LFN (repeal and re-enactment) Bill, 2019 (SB. 722) to lawmakers which was read for the third time and then…

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Election Result: Video; Nigerian Stock Market Loses N85 Billion In 6 Hours

The market capitalisation of listed equities on Tuesday shed N85 billion in six hours of trading to what traders attributed to profit taking as a result of the presidential poll. Specifically, the market capitalisation, which opened at N12.194 trillion, shed N85 billion or 0.69 per cent to close at N12.109 trillion. Also, the All-Share Index lost 226.30 points or 0.69 per cent to close at 32,473.82, compared with 32,700.12 recorded on Monday. Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the market pullback to profit taking embarked by some…

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Nigeria debt levels, fast approaching the pre-2005 levels -CBN

The monetary policy committee of the Central Bank of Nigeria (CBN) has warned that the federal government’s debt levels could be fast approaching the pre-2005 levels. Reading the communique of the committee’s decision at the end of its bi-monthly meeting on Tuesday, Godwin Emefiele, the CBN governor, said: “On external borrowing, the committee noted the increase in debt level advising for caution, noting that it could fast be approaching the pre-2005 Paris Club level.” On October 20, 2005, Nigeria reached an $18 billion debt relief agreement with Paris Club. Nigeria…

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