Traders Groan As Prices Of Food Increases at Popular Market.

The prices of foodstuffs have continued to rise daily in various markets across the country as Nigerians continue to fight the ongoing recession in the country. The costs of transportation, processing and market changes have been identified as the forces influencing the increasing price of food stuffs in the market. A survey conducted

Recession: Budgetary Reforms On The Way

Governor of Sokoto  State, Aminu Tambuwal, Speaker of the House  of  epresentatives, Yakubu Dogara and Minister of Budget and National Planning, Udoma Udo Udoma, are among key stakeholders lined up to discuss possible reforms of the budgetary process as a path of getting Nigeria out of economic recession.The forum is the Gallery Colloquium organized by  OrderPaper.ng,

RECESSION: Buhari’s way out

THE Presidency has said that prior to the confirmation by the National Bureau of Statistics that Nigeria was now officially in recession critical measures were already ongoing to get the country out of the prevailing economic decline. Buhari As a direct response to the fiscal crisis, it said the Federal Government   and its agencies were now focusing on agriculture, solid minerals, taxation, infrastructure, industrialisation, plugging leakages, anti-corruption and reducing the cost of governance among others. A functional framework, it said, had been put in place at all levels of

Nigeria Lost N105.9bn to Gas Flaring in Six Months

Nigeria lost about $336.33 million in the first half of 2016, as oil and gas companies operating in the country flared 112.11 billion Standard Cubic Feet (SCF) of gas between January and June 2016, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.” At the Nigerian Gas Company’s average gas price of $ per $1,000 SCF of the commodity, the flaring of 112.11 billion SCF translates to a loss of $336.33 million or N105.9 billion at current exchange rate.

Ways Out Of The Recession

The recent announcement by the Finance Minister, Mrs Kemi Adeosun, that the economy is now technically in recession did not surprise stakeholders. Even the Central Bank of Nigeria (CBN) has repeatedly affirmed that the economy has been sinking, and the trend has held sway for most of 2016 with little prospect of an early rebound. Apart from the gloomy performance of the oil sector, which is a worldwide phenomenon compounded for Nigeria by the renewed militancy in the Niger Delta, the country’s weak production base left the economy without a fallback position when oil prices started tumbling. Nigeria’s near-total dependency on imported manufactured goods,

Fix the Economy Now

Former Head of state , General Yakubu Gowon (retd), yesterday, took a retrospective look at the situation in the country and asked President Muhammadu Buhari to ensure that the country’s economy regain its strength to alleviate the suffering of the masses. Gen. Gowon Gowon spoke at Ile-Ife at a programme, Health Caravan and Award ceremony for the Ooni of Ife, Oba Enitan Ogunwusi, who was conferred with the Royal Ambassador for Hepatitis Advocacy in Nigeria by the Seham Health Care Foundation as part of activities to commemorate the 2016 World Hepatitis

India Moves to Boost Trade in Nigeria, Opens Industrial Association

In its bid aimed at boosting its trade relations with Nigeria,India has opened its oldest industrial associations in Nigeria.The Indian trade organisation,otherwise known as ASSOCHAM India,with over 450,000 members and branches in 10 countries in Africa,was formally launched yesterday,in Abuja.

Another Nationwide Fuel Scarcity

Hey bae's  get ready for another fuel scarcity!am just fed-up with all these looming troubles,well brace yourselves!!!!read on for details...The owners of mega filling station across the country have threatened to shut operations over alleged plans by the management of Nigeria National Petroleum Company (NNPC) to impose lower pump price of fuel price on them.

Job Creation’ll End Pipeline Vandalism— Kachikwu

Job creation is the way 4ward for a bleeding economy and encouraging small businesses...read on..The Minister of Petroleum Resources, and Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Dr. Ibe Kachikwu, yesterday said the country would not totally end pipeline vandalism without creating an enabling environment that will empower militants in the Niger Delta.

Mass Sack: Labour Moves Against Diamond Bank, 5 others

Well am not for sacking workers but ,how are the banks expected to pay them?read for more details:ORGANISED Labour has written to the management of six banks to recall sacked workers and accept unionisation or face the wrath of workers and civil society allies. The banks include Diamond, First City Monument Bank Plc, Skye Bank Plc, among others.

Bank Suspends ATM International Transactions

By Babajide Komolafe.Banks may have decided to suspend international transactions on Naira and Dollar denominated ATM cards in protest of harassment of staff by the Economic and Financial Crimes Commission (EFCC). Indications to this emerged last week, when a bank announced a temporary shutdown of Mastercard International transactions.
ATM-Naira-and-Dollar
“Please be informed that all international transactions on your MasterCard Naira and Dollar (Debit, Prepaid) will be temporarily declined, effective May 26, 2016 due to the current volatility in the foreign exchange market.

Buhari’s first year: Five ways Nigeria has changed

By Adaobi Tricia Nwaubani.1. Are we safer?
Those of us who travel regularly in Nigeria's north-east had become used to what should be a 15-minute journey turning into an hour-long ordeal.
You had to stop dozens of times at roadblocks and disembark, while heavily armed soldiers inspected your vehicle for traces of the Islamist militant group, Boko Haram

FG In Talks With Militants To End Pipeline Vandalism

By Olasunkanmi Akoni.The Minister for Information and Culture with the Minister of State for Petroleum, Dr. Ibe Kachikwu, Monday, said the Federal Government is considering opening a robust dialogue with the Niger-Delta militants on the need to stop militancy in the oil rich region.

Why President Buhari deregulated downstream oil sector

– PPRA reveals that the deregulation became inevitable following recent difficulties being experienced by markerters – Explains that the getting forex had also become an issue which could not be managed The federal government of Nigeria has explained the reason it deregulated the downstream oil sector which has led to the hike in fuel price. According to Premium Times, the Petroleum Products Pricing Regulatory Agency (PPPRA) informed that the deregulation and the hike in fuel price were inevitable. Nigerians groaned on Wednesday, May 11,

P-Harcourt refinery producing 5m litres daily; NNPC deploys 200 trucks

Finally, some progress has been made about fuel supply in nigeria.Port Harcourt Refining Company, PHRC, Nigeria’s biggest refinery, has been re-streamed and now producing between three and five million litres daily, according to the Nigerian National Petroleum Corporation, NNPC.

State of economy: PDP’s wasteful 16 years reason Nigeria is poor – Buhari

We just want CHANge!!!! more blames on PDP for the bad economy,read more .ABUJA – In a manner that depicted worry and anger consequent upon the present poor state of the Nigerian economy, President Muhammadu Buhari on Monday in Abuja lashed out at the 16 years rule of the People’s Democratic Party, PDP,

PwC Projects Nigeria’s Economy to Rank Top 10 in 2050

LAGOS— PricewaterhouseCoopers (PwC), yesterday, projected that the Nigerian economy could rise through the world rankings to top 10 in 2050 with projected Gross Domestic Product, GDP, of $$6.4 trillion, surpassing Germany, the United Kingdom, France and Saudi Arabia. Economy

Nigeria Seeks Emergency OPEC Meeting

For some of the world’s biggest oil-producing nations, the pain of more than a year and a half of falling prices is forcing increasingly desperate measures.

Nigeria:N6.08trn budget: Nigeria going the way of Greece —PDP

ABUJA—THE national leadership of the Peoples Democratic Party, PDP, yesterday took a swipe at President Muhammadu Buhari and the All Progressives Congress, APC-led government, saying with government’s proposed N1.84 trillion borrowing as contained in the 2016 budget,

Nigeria:2016 Economic Growth: FG, World Bank disagree over budget target

LAGOS — Contrary to the projections of the World Bank that pegged the Gross Domestic Product growth rate at 3.7 per cent, the Federal Government economic agenda as contained in the 2016 budget breakdown insisted on GDP growth rate of 4.37 per cent thus making it ambitious.