Business

CBN Increases Interest Rate To 18.50%

Published

7 days ago

May 24, 2023

The Central Bank of Nigeria (CBN) has again increased the monetary policy rate (MPR) by 0.50 per cent to 18.50 per cent.

The Governor of the CBN, Mr Godwin Emefiele, announced this interest rate hike on Wednesday while addressing newsmen in Abuja.

He said members of the team agreed to raise the benchmark interest rate to curb inflation.

The CBN governor said the committee considered a perennial scarcity of Premium Motor Spirit known as petrol, the 2023 general elections, continuous rise in energy prices, exchange rate pressure as well as continuous rise in insecurity.

He said committee members noted that the naira redesign has huge moderating factors to price development on cash.

Announcing the committee’s decision, Emefiele said, “MPC was of the view that although the inflation rate moderated marginally in December, the economy remained confronted with the risk of high inflation with adverse consequences on the general standards of living.

“Committee, therefore, decided to sustain the current stance of policy at this point in time to further rein in inflation aggressively.

“MPC voted to raise the MPR to 17.5%, retain the asymmetric at +100/-700 basis points around the corridor.”

Business

BREAKING: NNPCL Confirms Increase In Fuel Pump Price

Published

2 hours ago

May 31, 2023

Editor

The Nigerian Petroleum Company Limited (NNPC) has confirmed the adjustment of the pump price of PPM across its retail outlets, citing that the decision was hinged on the current market realities.

Recall report earlier had that the downstream sector of Nigeria’s petroleum industry was thrown into confusion as a document puts the retail price of petrol at over N500 per litre.

The document, obtained by Vanguard, put petrol price in Abuja, Lagos and Kano at N537, N488 and N540 per litre respectively.

Details soon…

Business

BREAKING: Confusion As Document Puts Petrol Price At Over N500 Per Litre

Published

2 hours ago

May 31, 2023

Editor

The downstream sector of Nigeria’s petroleum industry has been thrown into confusion as a document puts the retail price of petrol at over N500 per litre.

The document, obtained by Vanguard, put petrol price in Abuja, Lagos and Kano at N537, N488 and N540 per litre respectively.

The Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Mr. Farouk Ahmed, whose agency regulates sector activities, did not respond when Vanguard called repeatedly for confirmation.

But an oil marketer, who pleaded anonymity, dismissed it as fake, adding: “How can any credible business base its pricing on an obviously fake random list circulating on social media?”

Business

Fuel Subsidy Gulped $10bn In 2022 – Shettima

Published

21 hours ago

May 30, 2023

Editor

Vice President Kashim Shettima has revealed that $10 billion was spent by the immediate past administration of Muhammadu Buhari subsidizing fuel in 2022.

He said the current administration was bent on exiting fuel subsidy because of its negative implications for the country as a whole.

Shettima reiterated his principal’s position on Tuesday, while reporting for duties on his first day in office at the Presidential Villa Abuja.

He said the current administration anticipated that there will be fierce opposition to its decision to remove fuel subsidy.

His words, “The President has already made pronouncements yesterday on the issue of the fuel subsidy. The truth of the matter is that, it is either we get rid of the subsidy or the fuel subsidy gets rid of the Nigerian nation.

“In 2022, we spent $10 billion subsidizing the ostentatious lifestyle of the upper class of society because you and I benefit 90% from the oil subsidy. The poor 40% of Nigerians benefit very little and we know the consequences of unveiling a masquerade.

“We will get fierce opposition from those benefiting from the oil subsidy scam, but where there is a will, there is a way. Be rest assured that our president is a man of strong will and conviction.

“In the fullness of time, you will appreciate his noble intentions for the nation. The issue of fuel subsidy will be frontally addressed. The earlier we do so, the better.’’