Data from the Central Bank of Nigeria (CBN) reveals a significant rise in net foreign exchange (FX) inflows into the Nigerian economy, increasing by 65.7% year-on-year (YoY) to $46.92 billion in the first ten months of 2024. This is up from $28.31 billion in the same period in 2023. The […]
Economy
Nigeria’s electricity subsidy has surged by 269%, reaching ₦2.4 trillion in 2024, up from ₦650 billion in 2023. This dramatic increase comes despite efforts to reduce the subsidy, particularly through the implementation of the Band A tariff service category in April 2024, which was anticipated to cut the government’s subsidy […]
The Nigerian government has called for urgent private sector investment in the country’s power sector, estimating that at least $10 billion will be needed over the next decade to achieve stable, 24-hour electricity supply nationwide. Minister of Power, Mr. Adebayo Adelabu, emphasized this during a meeting with Dr. Jobson Ewalefoh, […]
Nigeria faced yet another national power grid collapse on Thursday, November 7, at approximately 11:20 a.m., leaving the country in darkness and prompting widespread frustration. This marks the second grid failure within a week and the twelfth incident in the past eleven months, raising serious questions about the state of […]
The Nigerian Naira took a significant hit on Monday, losing ₦70.65 in value according to data from the FMDQ Exchange, which regulates the Nigerian Autonomous Foreign Exchange Market (NAFEM). This 4.41% decrease brought the Naira down to ₦1,600 per dollar, from the rate recorded on Friday, October 25. In addition […]
At the Seventh Day Adventist General Conference Annual Council held on October 15, 2024, Adedeji Adeleke, a prominent industrialist and layperson from the West-Central Africa Division, revealed the ongoing construction of Nigeria’s largest thermal power plant. The 1,250 MW facility, valued at $2 billion, will significantly boost the country’s energy […]
The Transmission Company of Nigeria (TCN) has announced that it is close to fully restoring the national grid after a partial disturbance occurred on Monday evening. According to Mrs. Ndidi Mbah, TCN’s General Manager of Public Affairs, the disturbance, which happened around 6:48 p.m., triggered immediate recovery efforts. In a […]
The Nigerian national petroleum company limited (NNPC) has agreed to sell premium motor spirit (petrol) to members of independent petroleum marketers association of Nigeria ( IPMAN) at N995 per litre, this new pricing comes after the department of state services (DSS) intervened in the dispute between NNPC and IPMAN, aiming […]
The Nigeria Labour Congress (NLC) has demanded an immediate reversal of the recent fuel price hike, criticizing the Nigerian National Petroleum Company Limited (NNPCL) for setting prices in a supposedly deregulated market. The NLC, led by President Joe Ajaero, has called on President Bola Tinubu’s administration to roll back the […]
The Nigerian National Petroleum Company Limited (NNPCL) has announced another significant hike in the price of Premium Motor Spirit (PMS), commonly known as petrol, increasing the cost to N998 per litre. This new rate, which came into effect on Wednesday, reflects a 12.7% rise, equivalent to an additional N113 per […]