The federal government is expected to forfeit $10 million from a World Bank credit due to audit shortcomings, delays in launching a national budget portal, and slow implementation of a revenue assurance system. The fund is part of the $103 million fiscal governance and institutions project (FGIP), a public financial management initiative financed through a…
The price of Premium Motor Spirit (PMS), otherwise known as petrol, continues its free fall in Nigeria after six depots slashed the price to heighten competition in the downstream sector of the Nigerian Petroleum industry. Incoming reports indicate that Hyde, Pinnacle, Aiteo Emadeb, First Royal, and MENJ have reduced their prices to match the ongoing…
Babcock University, Ilishan-Remo, Ogun State, has dismissed a student, Oladipupo Siwajuola, over what it described as “gross violation of university rules,” including involvement in fetish practices, drug peddling, impersonation, and dishonesty. Siwajuola’s disappearance became a trending topic in early May 2025, after his mother took to social media alleging that the university failed in its…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a scheduled maintenance shutdown of the Port Harcourt Refining Company (PHRC), set to begin on May 24, 2025. In a statement released on Saturday by the Chief Corporate Communications Officer, Femi Soneye, the NNPC said the shutdown is part of a planned maintenance and sustainability…
Dangote Petroleum Refinery has again announced a fresh reduction in the pump prices of Premium Motor Spirit (PMS), also known as petrol, across Nigeria, with the new rates now ranging from N875 and N905 per litre, depending on the region. According to a breakdown of the updated pricing template, residents in Lagos will now pay…
The Chinese Ambassador to Nigeria, Yu Dunhai, has reaffirmed China’s commitment to deepening bilateral cooperation with Nigeria, particularly in the solid minerals sector, through the establishment of electric vehicle (EV) factories and increased industrial collaboration. Speaking during a courtesy visit to the Minister of Solid Minerals Development, Dele Alake, at the weekend, Ambassador Dunhai emphasised…
Indonesia, the world’s largest producer of palm oil, increased the export tax on crude palm oil (CPO) from 7.5% to 10% on May 17. This policy shift is aimed at financing biofuel initiatives and replanting activities within the country. Nigeria, the world’s fifth-largest palm oil producer, still imports almost half of the two million tons…
Nigeria’s external reserves have recorded a sustained rebound for the first time in 2025, rising by $364 million between April 30 and May 14, 2025. This marks the first consistent two-week upward trend in the country’s foreign reserves since they peaked on January 6, 2025, at $40.92 billion. According to the latest figures published by…
The Chairman of BUA Group, Abdul Samad Rabiu, has pledged to further lower the prices of rice and other food items, which he said have already decreased over the past year. He commended President Bola Tinubu for granting waiver on imported food items, saying that his “foresight” helped crash food prices in the country. In…
The World Bank, yesterday, described the Budget 2025 key assumptions of 2.1 million barrels per day oil production and $73 per barrel price as ambitious given the current production level of 1.6mbpd and $60pb price at the international market. The Federal Government however disagreed, saying that the assumptions were based on the potentials of the…