$652m needed to reactivate, complete Ajaokuta steel plant -Audit

An audit conducted by Nigerian and Ukrainian experts showed that a total of $652m is required to reactivate and complete the Ajaokuta steel plant, an audit report has revealed. According to the information sourced from the company’s website in Abuja on Monday, the audit was conducted in April 2018 by Nigerian engineers, technicians, and other […]

Afreximbank’s $1bn AfCFTA support facility for member countries

Africa Export-Import Bank (Afreximbank), pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade, apparently buoyed by the continent’s leaders’ ratification of the African Continental Free Trade Area (AfCFTA) and Nigeria’s final and much awaited entry into the continental trade group, is pushing forward with a series of initiatives to support the […]

External debt servicing gulps $357.26m in three months

The federal government spent a total of $357.26m in the first three months of the year to service external debt, the Debt Management Office has disclosed. Statistics obtained from the DMO in Abuja on Thursday showed that commercial loans gulped the largest amount spent on external debt servicing in the first quarter of the year. […]

No plans to hike fuel price says NNPC

The Nigerian National Petroleum Corporation on Thursday advised motorists and other petroleum product consumers to disregard the trending rumour of a planned hike in the pump price of Premium Motor Spirit, popularly known as petrol. It explained that the statement of Mele Kyari, the corporation’s group managing director, at the National Assembly on Wednesday did […]

NNPC: It’s very difficult for us to make fuel available at N145

Mele Kyari, group managing director of the Nigerian National Petroleum Corporation (NNPC) says it is very difficult to make fuel available at N145 per litre. He made this known while speaking on Wednesday during a courtesy visit to Ahmed Lawan, the senate president, at the National Assembly Complex in Abuja. According to Kyari, the cheap […]

No state’s revenue was enough to fund its 2018 budget – NEITI

None of the 36 states of the federation could fund their budgets from total revenue received in 2018, the Nigerian Extractive Industries Transparency Initiative (NEITI) has reported. The transparency agency said, in the latest edition of its Quarterly Review, that the total revenues received by the states for the year stood at about N3.95 trillion […]