LAGOS JUNE 16TH (NEWSRANGERS)-The removal of the peg on the naira thus allowing for a free float will force a review of the assumptions that led to the pump price of petrol at N488 per litre in Lagos, industry operators say. Nigeria’s state-owned oil company, the Nigerian National Petroleum Company Limited (NNPCL) last month issued…
LAGOS JUNE 16TH (NEWSRANGERS)-President Bola Ahmed Tinubu Policy Advisory Council has recommended the declaration of a state of emergency on revenue generation in the country. The council also proposed the merger of the Federal Inland Revenue Service, Nigerian Customs Service, and the Nigerian Maritime Administration and Safety Agency into the Nigerian Revenue Service in order…
LAGOS JUNE 16TH (NEWSRANGERS)-Air travellers across Nigeria have decried the high fares being charged by airlines for domestic flights despite the massive decline in the cost of aviation fuel. Airlines still charge as high as N60,000 for one-way ticket for domestic flights in Nigeria, despite the decline in the cost of aviation fuel from over…
LAGOS JUNE 16TH (NEWSRANGERS)-Sitting on top of a yellow jerry can of fuel, Jeannine waits for customers on a sidewalk in Benin’s economic capital Cotonou, but business is slow. The motorbikes and cars she normally supplies are no longer stopping to stock up on her cheap gasoline, which is smuggled in from neighbouring Nigeria. Since…
LAGOS JUNE 15TH (NEWSRANGERS)-Abdulsamad Rabiu, the chairman of BUA Group, has suffered a substantial loss to his fortune in the wake of the Naira’s devaluation. It had reported that the Central Bank of Nigeria announced that the naira exchange rate to the dollar will now be determined by market forces. The apex bank went further…
LAGOS JUNE 14TH (NEWSRANGERS)-Nigeria’s central bank allowed the naira to slump to a record low as officials look set to phase out currency controls that have distorted Africa’s biggest economy for years. The naira slid 29% to 664 per dollar at the close in Lagos, according to FMDQ, a local exchange operator. The Central Bank…
LAGOS JUNE 14TH (NEWSRANGERS)- The Nigerian Content Development and Monitoring Board, NCDMB, has accepted to lead discussion at the 2023 National Conference on Building Local Content Synergy between the Insurance Industry and Oil and Gas Sector. Executive Secretary of the Board, Simbi Kesiye Wabote, who has confirmed NCDMB’s participation has also accepted to be the…
LAGOS JUNE 14TH (NEWSRANGERS)-Key players in the country’s downstream sub-sector of the oil and gas industry are seeking access to foreign exchange at a rate that will be friendly to their bottom-line. They also expressed concerns over what they described as haphazard implementation of the Petroleum Industry Act (PIA), especially, with regard to the withdrawal…
