The National Bureau of Statistics, NBS, yesterday said that illegal and hidden activities like prostitution and drugs peddling will now be included in the calculation of the country’s Gross Domestic Product, GDP. In a report by Vanguard, the NBS has proposed 2019 as a new GDP base year and 2024 as new base year for…
The Central Bank of Nigeria (CBN) has issued a circular announcing the immediate suspension of approvals for the extension of export proceeds repatriation on behalf of exporters. Dated January 8, 2025, the directive applies to both oil and non-oil export transactions, marking a significant policy shift aimed at ensuring compliance with existing regulations. The circular…
The Federal Government has approved a tariff increase for telecommunications operators in the country. The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, made this known at a stakeholders’ meeting with Mobile Network Operators (MNOs) in Abuja. According to Dr. Tijani, the government has been engaging with telecom operators to arrive at an…
Strong indications emerged at the weekend that prices of Premium Motor Spirit (PMS), popularly called petrol, may crash further in 2025. Industry experts, who spoke to Saturday Sun, noted that petrol, which currently sells for between N900 and N950 in many fuel stations, may have its price further crashing to as low as N500 a…
The Nigerian National Petroleum Company Limited (NNPC Ltd.), says the 150,000 barrels per day (bpd) Port Harcourt Refinery and Kaduna Refinery are undergoing a comprehensive overhaul, designed to meet world-class standards. The company said the rehabilitation done at the 60,000 bpd Port Harcourt Refinery and Warri Refinery was not the typical Turnaround Maintenance (TAM) of…
BREAKING: 125,000 bpd Warri Refinery Begins Operation (VIDEO) The 125,000 barrel per day Warri Refinery has begun operation, GISTSMATE MEDIA reports. This was disclosed by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari during a tour of the facility on Monday. Before the tour of the facility began,…
The World Bank has released a $1.5bn loan to Nigeria following the Federal Government’s implementation of a few of its economic reforms, including removing fuel subsidies and introducing tax policies. This was after the apex bank said it had approved two operations: $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET)…
Food crises have been reported in 31 states of the country, while the North East region is severely affected. The situation is compounded by rising production costs as witnessed in Maize production costs, which have surged by 69.7 percent, with the attendant significant food price increases like cowpea prices, which have gone up by 300…
President Bola Tinubu has stated that his administration’s tax reforms have come to stay. The Nigerian leader stated this on Monday night while speaking during his first presidential media chat in Lagos State. The tax reform bills, which are before the National Assembly, have generated controversies and met push back especially from the Northern leaders,…
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down. The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday. Soneye said the claim was false and urged the media…