The National Bureau of Statistics (NBS) has said in the second quarter of 2024 (Q2 2024), Nigeria recorded N6.94trillion trade surplus. This was contained in its report titled: “Nigeria Gross Domestic Product Q2 2024.” Which said the country’s export was N19.4trillion while its import was N12.4trillion. NBS said in the period under review, the country’s…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has said Nigeria’s first-ever foreign-currency domestic bond has secured $900m in subscriptions. While discussing the results of the historic bond issuance on Tuesday, Edun noted that the oversubscription reflects investor confidence in Nigeria’s economic stability and potential for growth. “The issuance of this…
GISTSMATE MEDIA reports that the Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the expansion of its Compressed Natural Gas (CNG) stations across the country. According to NNPC, CNG stations are now available at Gaduwa, Wuse, Gudu, Dei Dei, Ushafa, and Gwagwalada in Abuja, with plans to extend to other locations nationwide. The company,…
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has refuted reports suggesting an increase in the Value-Added Tax rate from 7.5 per cent to 10 per cent. In a statement signed by him on Monday, Edun clarified that the VAT rate remains unchanged at 7.5 per cent, as stipulated in…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it has no desire or intention to be the sole offtaker of petrol produced by the Dangote Refinery Limited, DRL. NNPC Ltd said this while reacting to claim by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined…
Olusegun Agagu University of Science and Technology, Okiti-Pupa, (OAUSTECH) Ondo state has distanced self from Okunomo Henry Adewumi, who declared himself National Association of Nigerian Students, NANS, Senate President. In a circular sighted by GISTSMATE MEDIA correspondent, the school disclosed that Okunomo is not a student of the institution, and NANS is not having any…
The Federal Government on Friday issued a ‘Licence to Construct’ to UTM Offshore Limited for the development of a 2.8 million tonnes per annum Floating Liquefied Natural Gas facility. This historic project, the first of its kind in Nigeria, aligns with the government’s ongoing efforts to boost gas production, distribution, and utilisation under the Decade…
GISTSMATE MEDIA reports that the Presidency has assured Nigerians that the current fuel scarcity in the country will soon come to an end. Minister of State for Petroleum Resources, Heineken Lokpobiri, disclosed that the situation will normalize by the weekend. Lokpobiri, who spoke on behalf of President Bola Tinubu, expressed deep concern over the hardship…
The Nigerian government on Tuesday, September 3, announced its plan to increase Value Added Tax (VAT) from 7.5% to 10%. Taiwo Oyedele the Chairman Presidential Fiscal Policy and Tax Reforms Committee gave a hint on this while speaking during an interview on Channels TV’s Politics. According to Oyedele, the committee is proposing a law to…
Owner of Lagos-based refinery Aliko Dangote, on Tuesday, said the Federal Executive Council (FEC) will determine the pricing of petrol produced at his 650,000 barrels per day facility. The refinery owner said as soon as his company finalises modalities with the Nigerian National Petroleum Company Limited (NNPCL), the product will hit the market. “Our PMS…