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Scarcity: Petrol sells for N200 on black market


As the scarcity of petrol continued on Monday across the country, illegal hawkers of the commodity on the black markets resurfaced in parts of Lagos, Abuja and other cities, selling the product for between N120 and N200 per litre to desperate motorists and other users. The official pump prices of ...

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Power supply drops by 1,589MW


Power supply to households and businesses across the country has plunged by 1,589.69 megawatts since the nation achieved its peak generation of 5,074.70MW on February 2. Electricity supply on Sunday, February 14, dropped to 3,485MW from the 3,558.39MW generated that day, data obtained from the Federal Ministry of Power on ...

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26 die after drinking home-made alcohol in Indonesia


More than two dozen Indonesians have died after drinking bootleg alcohol in central Java, police said Monday. Investigators said a majority of the victims died after purchasing home-made liquor from a couple in Sleman, a town north of Yogyakarta city, local police said. “Most of the victims were students,” Sleman ...

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N’Assembly to pass 2016 budget Feb. 25


The National Assembly is expected to pass the 2016 Appropriation Bill on February 25. The House of Representatives also said on Wednesday that the N6.07tn proposed by the executive as the total size of the budget would be retained and passed. The Chairman, House Committee on Appropriation, Mr. Abdulmumin Jibrin, ...

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FG lost N2.5tn on stamp duty in 2014 – NIPOST


The Federal Government lost over N2.5tn to the non-implementation of the Stamp Duty Act in the financial sector in 2014, the Nigerian Postal Service has said. It said this in a document on the stamp duty, which was obtained by our correspondent in Abuja on Wednesday. The postal service also ...

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Nigeria’s debt rises by N1.31tn in one year


Nigeria’s debt burden rose by N1.31tn in one year, the Debt Management Office has said. Official statistics released by the DMO in Abuja on Wednesday showed that the country’s total debt rose from N11.24tn as of December 31, 2014 to N12.6tn at the end of 2015. The N1.31tn increase showed ...

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NNPC recorded N267bn loss in 2015 – Report


The Nigerian National Petroleum Corporation recorded a loss of N267.14bn in 2015, latest data from its group financial report for the month of December have shown. According to the report, the national oil firm lost N11.861bn in the month of December alone, down from the N14.29bn loss recorded in November. ...

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70% of Gala raw materials sourced locally – UAC


UAC Foods Limited, a joint venture business between the UAC of Nigeria Plc and South African Tiger Brands Limited has said that more than 70 per cent of raw materials used in making its flagship sausage roll, Gala, is sourced locally. This was made known by the General Manager, Marketing, ...

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Lagarde holds talks with CBN Governor, bank MDs


The Managing Director of the International Monetary Fund, IMF, Ms Christine Lagarde Wednesday, met for about two hours with the Central Bank of Nigeria, CBN, Governor, Mr Godwin Emefiele. The meeting, which held at the CBN headquarters in Abuja, was reportedly used to discuss issues relating to the development of ...

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Fuel Subsidy: More Questions Than Answers


The new pump price of petrol has thrown up the novelty of having two separate regulated pump prices for petrol, also are puzzles on deregulation of the petroleum downstream sector, and whether or not subsidy has been removed. Juliet Alohan examines the developments. Effective January 1, this year, the federal ...

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Dry Season Farming Yields More Money – Expert


Dr Idris Badiru, a Senior Lecturer, Department of Agric Extension and Rural Development, University of Ibadan, says dry season farming yields more money to farmers. Badiru told the News Agency of Nigeria (NAN) in Ibadan on Sunday that farmers get more returns from less effort in dry season. The Agric ...

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