Business

Reps To NDDC: Clear Debts With Your 2019 Budget

Published

6 years ago

December 10, 2019

The House of Representatives has directed the Niger Delta Development Commission to clear its liabilities through the implementation of its 2019 budget .

The House of Representatives Committee on NDDC issued the directive in Abuja on Tuesday when the interim management of the commission , led by the acting Managing Director , Mrs Joy Nunieh , appeared before the lawmakers to defend the budget proposed for 2019 .

The committee , at the last sitting , had vowed not to consider the 2020 budget proposed by NDDC until the 2019 budget was presented and considered .

Chairman of the committee, Mr Olubunmi Tunji – Ojo , accused the commission of failing to implement its 2019 budget due to widespread infractions and sharp practices by the former management .

Tunji – Ojo stated that as part of the measures towards ensuring implementation of NDDC ’ s 2019 budget , the commission must present the list of all contractors it owed . He also stated that payment of claims would only be made after thorough verification and approval by the committee.

The lawmaker also stated that the NDDC must recover the over N1 trillion owed it by various entities to offset the commission ’ s liabilities .

Tunji – Ojo noted that when the recommendations by the committee are approved by the House, all ongoing projects in the NNDC ’ s 2019 budget would be rolled over to 2020 , which he said would be considered after the approval.

The committee’ s chairman lamented that the commission was 14 months behind schedule in implementing 2019 budget , describing it as a huge drawback .

In her presentation, Nunieh said a total sum of N 346 , 513 , 046, 220 was proposed by the NDDC as budget for 2019 based on the assumption of an improved revenue inflow .

She said as of December 2018 , the aggregate revenue inflow was N291 . 47 bn.

(Punch)

Business

Naira Appreciates At Official Market

Published

4 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

4 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

1 month ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.