Business

PPPRA To Nigerians: Be Ready To Pay Higher For Petrol

Nigerians should be ready to pay high or low prices for petrol following the price liberalisation scheme currently in place, the Petroleum Products Pricing Regulatory Agency said on Monday. The PPPRA is also engaging with the Central Bank of Nigeria to determine the applicable foreign exchange rates for the importation of petroleum products by oil marketers. The agency’s Executive Secretary, ...

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Bank Begins Disbursement Of CBN’s N50bn COVID-19 Fund

Barring any last-minute change in plans, the disbursement of the first tranche of the Central Bank of Nigeria N50bn targeted credit facility would begin on Thursday. The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80,000 applications. The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, confirmed the development in a telephone interview with our ...

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Richard Branson’s Virgin Collapses In Australia

Virgin Australia has gone into voluntary administration after the country’s Government again ruled out saving the airline, putting 16,000 jobs at risk. Having been forced to cancel almost all its flights during the coronavirus outbreak, the airline suspended trading in its shares on the Australian stock exchange last week. Australia’s Federal Government reportedly rejected Virgin’s repeated requests for an emergency bailout ...

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COVID-19 Lockdown Cripples Hotel Business

Raymond Ozoji, Awka The total shutdown of activities across the nation as a result of the coronavirus pandemic has completely crippled the hospitality industry. Hotels in the Anambra state capital Awka responded to the total lockdown because they were under lock and key except for skeletal movements within the premises by security operatives as well as those offering sanitary services. ...

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Dangote-Led Flood Committee Donates N1.5bn To Further Fight COVID-19 Pandemic

Bothered with the increasing trend and spread of Covid-19 pandemic, the Presidential Flood Relief and Rehabilitation Committee, set up in 2012 by the Federal Government and led by the President of Dangote group, Aliko Dangote, has announced a donation of N1.5billion, to further curtail the virus spread. Announcing the donation on Wednesday after an emergency meeting, Chairman of the committee, ...

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Two-Month Free Electricity Mere Propaganda, Says TCN

The recent announcement of plan to give Nigerians two months of free electricity as part of palliatives for COVID-19 is nothing more than propaganda that cannot work, the Transmission Company of Nigeria has said. The TCN faulted the announcement by power distribution companies that the Federal Government and the National Assembly would pay for the proposed two-month free electricity for ...

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‘Nigeria To Experience Worst Recession In 30 Years’

The International Monetary Fund (IMF) has projected that Nigeria’s economy will recede by 3.4 per cent in 2020 due to the COVID-19 pandemic that has disrupted global supply chains. “This would be the worst recession in 30 years, and the second recession in five years, following closely after a negative economic growth of 1.51 per cent in 2016,” the IMF ...

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COVID-19: Shell Equips Three Hospitals, Provides 8 Vehicles

The Shell companies in Nigeria have presented eight vehicles to the governments of Lagos and Rivers State to support the efforts at contact tracing and treatment of novel coronavirus (COVID-19) cases. The companies, comprising  The Shell Petroleum Development Company of Nigeria Limited (SPDC); Shell Nigeria Exploration and Production Company (SNEPCo); and Shell Nigeria Gas (SNG), also joined other players in the oil ...

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Coronavirus Plunges World Economy Into Brutal Recession

Measures imposed to slow the spread of the coronavirus are pushing the world economy into a recession deeper and more painful than initially expected, even if a rebound is still on the cards for next year. A week before the International Monetary Fund updates its forecasts for the global economy that will take into account the initial damage incurred since ...

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FG Slashes 2020 Budget

The Federal Government has revised downward the revenue projection for the 2020 budget by N3.3tn from the initial approved amount of N8.41tn to N5.08tn. The revised revenue projection is contained in a proposal sent to the National Assembly by the executive. The reduction became imperative in view of of the negative impact of the coronavirus pandemic, which had led to ...

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