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Nigeria Spends $25bn to Import Oil, Gas – Analysts Amidst worsening foreign exchange pressures, analysts said Nigeria’s crude oil and gas import costs grew by more than 21% annually over five years to about $25 billion in the fiscal year 2022. Rising importation bills remain one of the drivers of foreign currency outflow in Nigeria. […]

Oil Dips over Weak Economic Data in U.S, China The crude oil market continues its bearish session with declining prices as a result of demand fears fueled by an estimated build in US inventories and weak economic data in the world’s two largest oil consumers, the United States (U.S) and China. International benchmark Brent crude […]

When, How Will Naira Gets Its Grooves Back? The Nigerian local currency, the Naira,  may be passing a road to Zimbabwe already -not so quick- there is an opportunity to get it right – either by reform or devaluation. The former is preferable but who has the balls to reform Nigeria’s economy and by extension, […]

FPIs Show Preference for Nigeria’s Jul-2023 Eurobond With uncertainties in the global market, foreign portfolio investors (FPIs) took positions on the 6.375% Jul-2023 Federal Government of Nigeria Eurobond to optimise returns amidst interest rate hikes. The increased demand for the instrument pushed the market price to USD99.220 according to data from the debt office. At […]

Akin Osuntokun, director-general of the Labour Party (LP) presidential campaign, says Lamidi Apapa, factional chairman of the party, is obsessed with recognition. At the presidential election petition hearing on Wednesday, Apapa confronted Osuntokun over the sitting arrangement and the situation led to an elaborate row in the courtroom. Apapa was eventually dragged and pushed out […]

The presidential candidate of the People’s Democratic Party, PDP, Atiku Abubakar, has described the telephone conversation between the United States Secretary of State, Antony Blinken, and the President-elect, Asiwaju Bola Tinubu as “demoralising and acknowledgement of a fraudulent election in Nigeria.” Atiku stated this in a statement via his verified Twitter handle on Wednesday. The […]

The Nigeria Police Force said it had arrested and detained the policemen who were seen in a viral video brutalising an Okada rider in Lagos. The Force spokesperson, Olumuyiwa Adejobi, confirmed this on Wednesday evening during a Twitter Space webinar organised by Premium Times. Recall that three policemen were seen in the viral video brutalising […]

The Federal Government has said that the construction of Second Niger Bridge is completed and now ready for commissioning before May 29, 2023. The government also assured that the epileptic power supply witnessed in recent times in different parts of the country would soon be a thing of the past, saying that power generation and […]

The Federal Government has said Governor Bello Matawalle of Zamfara State is exercising his freedom of expression by saying that the Economic and Financial Crimes Commission (EFCC) should extend its investigation to the presidency and the outgoing ministers. Governor Matawalle had dared the EFCC Chairman, Abdulrasheed Bawa, to go after President Muhammadu Buhari’s cabinet members […]

The immediate past chairman of Arewa Consultative Forum (ACF) and former Minister of Agriculture and Rural Development, Chief Audu Ogbe, has called on Northerners from desist from politics and embrace agriculture as a business. Ogbe said politics has never grown any society, adding the forum is worried about severe shortages of finance in the region. […]

The Archbishop of the Catholic Diocese of Abuja, Cardinal John Onaiyekan, has said census should reflect religion in its data. Onaiyekan stated this while fielding questions from newsmen at a round table engagement with traditional and interfaith leaders in advocating for partnership to improve human capital development through girl-child education, in Abuja on Wednesday. The […]

A Facebook User in Nigeria, Imaobong Uye, has asked the Lagos High Court at to compel Facebook Nigeria Operations Limited and its parent company Meta Platforms Inc to pay her N7million in damages after she lost her life savings to a scheme advertised on the social media app. Ms Uye, in her May 12, 2022 […]