Business

Seven Days Too Long, Senator Replies Buhari Over Currency Crisis

Published

3 years ago

February 5, 2023

Editor

A lawmaker of the All Progressives Congress, APC, Senator Smart Adeyemi of Kogi State said seven days is too long for President Muhammadu Buhari to deal with the currency crisis.

Adeyemi, a former president of the Nigeria Union of Journalists, NUJ, made this disclosure to newsmen in Abuja.

He was reacting to President Buhari’s comment on Friday where he stated that he needed seven days to address the challenges occasioned by the Central of Nigeria’s implementation of the naira redesign policy.

Adeyemi said: “There is no room for anybody to want to run Nigeria into trouble. We are gradually getting over the problem of PMS scarcity, but this currency affects most of us. People need access to money. Do you know how people are suffering?

“Mr President, thanks for your concern, but seven days is a long time. It’s like a woman in a labour room, and you said she should continue labour for seven days.

“Mr President, not all women in the labour room will survive seven days. This problem is like a woman in the labour room, Mr President. This is how the situation is. Nigerians are suffering. The majority who are poor are languishing. Mr President, you have done your best whether anybody likes it or not. Apart from the insecurity that has blundered other achievements, Buhari, you have done your best.”

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

7 hours ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

3 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

3 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.