Author: Ogochukwu Ndubuisi

No Subsidy in Oil, Gas Sector – NMDPRA The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), says there are no subsidies in the oil and gas sector as Nigeria operates a completely deregulated market. Mr George Ene-Ita, the Director, Public Affairs Department, NMDPRA, made this known to the News Men in Abuja on Friday. Ene-Ita was reacting to the recent reports that the Federal Government has removed subsidies or increased the price of Compressed Natural Gas (CNG). The CNG refilling stations in the Federal Capital Territory (FCT) had early this week increased the product from N230 to N380 for…

FG Has no Immediate Plans to Implement 5% Fuel Tax- Edun The Federal Government has no immediate plans to implement the five per cent fuel surcharge contained in the newly signed Tax Administration Act 2025. Mr Wale Edun, the Minister of Finance and Coordinating Minister of the economy, said this at a news conference in Abuja on Tuesday He said that the surcharge was a long-standing provision first introduced in 2007 under the Federal Road Maintenance Agency (FERMA) Act, and not a new tax measure created by President Bola Tinubu administration. According to him, the surcharge’s inclusion in the 2025…

UK Commits £19m to Climate-Resilient Health, Education in Nigeria The United Kingdom (UK) has announced a 19 million pound, which is approximately 24 million dollar, funding commitment to support the development of climate-resilient health and education infrastructure in Nigeria. This is disclosed in a joint statement issued on Tuesday by the British High Commission and the United Nations Children’s Fund (UNICEF). The announcement was made during a joint inauguration event hosted by the UK Government, UNICEF, Nigeria’s Federal Ministry of Health, and the Governments of Kano and Jigawa States. The funding will support the development of 84 climate-resilient facilities, including…

Why Nigeria Suspended Raw Shea Exports The Minister of Information and National Orientation, Alhaji Mohammed Idris, says the recent temporary ban of raw shea exports by President Bola Tinubu, is to position the country as a global leader in the shea economy. Idris said this at the 20th Institute of Chartered Accountants of Nigeria (ICAN), Northern Zonal Accountants’ Conference in Minna, Niger. This is contained in a statement issued by the minister’s Special Assistant on Media, Malam Rabiu Ibrahim, issued on Tuesday in Abuja. Idris was represented at the event by the Director-General of the Voice of Nigeria, Mallam Jibrin…

IPMAN Calls Off Strike after Agreement with Dangote, NUPENG The Independent Petroleum Marketers Association of Nigeria (IPMAN), Western Zone, has suspended its strike action following agreements reached with Dangote Group and the National Union of Petroleum and Natural Gas (NUPENG) workers. The suspension, effective Sept. 9, was contained in a statement issued by the Western Zone Chairman of IPMAN, Chief Oyewọle Akanni, and made available to the News Agency of Nigeria (NAN) in Ibadan on Tuesday. Akanni said the decision followed productive discussions and mutual agreements that addressed issues raised by NUPENG over alleged anti-labour and monopolistic practices by Dangote…

Nigerian Bonds Investors Hold Positions, Yields Steady The Federal Government of Nigeria (FGN) bonds traded soft in the secondary market in the absence of a bargain-fuelling catalyst to lift investors’ subdued sentiment. Bond investors held positions tight amidst uncertainties in the economy, fluctuating returns and intermittent profit-taking activities. At the close of the trading session, the investment firm reported that the average yield closed flat at 16.97%, citing thin trading activity in the secondary market.  Across the benchmark curve, the average yield expanded at the short (+1bp) end, driven by the profit-taking activities on the MAR-2027 FGN bonds (+2bps) bond.…

Former Bank of China Vice President Under Probe Lin Jingzhen, former vice president of the Bank of China, has been reported to be under investigation for suspected severe violations of Party discipline and the law. This is according to an official statement released on Tuesday. Lin’s case is being investigated by the Communist Party of China Central Commission for Discipline Inspection and the National Commission of Supervision. The leaderships of the party are investigation into the alleged, the statement said. #Former Bank of China Vice President Under Probe# Oil Prices Rise on Geopolitical Risks, China Imports Grow

Oil Prices Rise on Geopolitical Risks, China Imports Grow Oil prices surged for the second consecutive day, gaining more than 0.80% on Tuesday after hitting its lowest levels since June last week. The upward move is largely driven by a mix of geopolitical risks in light of both U.S.–Venezuela tensions and OPEC+ supply dynamics, Samer Hasn, Senior Market Analyst at XS.com said in a commentary note. At the same time, expectations of a more accommodative Federal Reserve are adding to the support, keeping sentiment constructive after weeks of pressure on crude. Geopolitical tensions are once again playing a critical role.…

Anti-Union Practice: Dangote, NUPENG Talks End in Deadlock A marathon meeting convened by the Federal Government to resolve NUPENG’s strike against alleged Dangote Refinery’s anti- union practices ended in stalemate at dawn. The Federal Government, through the Ministry of Labour and Employment, had convened the emergency meeting in a bid to end the planned industrial action on Monday in Abuja. The meeting aimed to address allegations of anti-union practices against the Dangote Refinery, but discussions reportedly broke down as the Dangote representatives’ walkout of the meeting. The Minister of Labour and Employment, Alhaji Muhammad Dingyadi, who presided over the meeting,…

Naira Strengthens to N1506 as Foreign Reserves Hit $41.5bn The Nigerian local currency, the naira, appreciated to N1,506 per dollar at the official window as the nation’s foreign reserves reached $41.500 billion. According to FX update released by the Central Bank of Nigeria (CBN) spot rate settled at N1506.8433 per dollar at the official window on Monday in the absence of significant FX demand pressure. The exchange rate appreciated from N1,514.8671 last week due to sufficient US dollar liquidity in the currency market. Analysts projected that the naira will remain relatively stronger in the local currency amidst broader pressures on…