Author: Aishat Olalere

The National Bureau of Statistics reported in the Diesel Price Watch for 2024, released in Abuja on Wednesday that the average retail price of a litre of diesel increased from N828.82 in January 2023 to N1,153.01 in January 2024. The report said that the January 2024 price of N1,153.01 per litre amounted to a 39.11 per cent increase over the N828.82 paid in January 2023. It also added that on a month-on-month basis, the price increaced by 2.34 percent from the N1,126.69 per litre recorded in December 2023. On state profile analysis, the report said the highest average price of…

Ardova PLC. is Nigerian indigenous energy company., and it is into production of Local cooking gas. Ardova was established by one of the silent Nigeria billionaire , Abdulwasiu Sowami, and is located in Ojora, Lagos . The Chief Executive of the Nigerian Midstream and Downstream petroleum regulatory Authority (NMDPRA), Farouk Ahmed, anounced at the pre- commissioning tour of the facility the completion of its new Liquefied Petroleum Gas (LPG) plant. It is expected to commence operation in March 2024 and will meet 50 percent of Nigerian demand. There is an expectation that with more local production, cooking gas prices are…

Ian Wanjala is a 22 years old boy who was shot to death by the police as a result of him threatening to kill his mother. Ian Wanjala allegedly armed himself with machete and Knife to kill his 68- year-old mother. Ian elder brother reported to Navakholo police station. An officer at the police station came in, Ian turned his anger to the police officer and threatening to kill the police man. the police officer shot him in the chest in self defense. According to the police report, the Officer Commanding the Station led a team of officers to the…

On Tuesday, The Naira depreciated further at the parallel market despite the federal government ordered on foreign exchange market speculators. Naira is exchange to dollar for N1,900 in Abuja and Kano and N1,800 in Lagos, while the british ponds was exchange to N2,250. This occurred after the Bureau De change (BDC) hubs was raided in Abuja, Lagos, Kano and some operators by the Economic and Financial Crimes Commission (EFCC) on Monday. However, at the official market, the naira recorded a marginal gain closing at N1,551.24 as against the earlier N1,574.62, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM). It…

On Tuesday, at the emergency meeting held with cement and building materials manufacturers in Abuja, the Federal Government warned the manufacturers of the cement that if they keep increasing the price of cement, the border might be open to allow importation of cement. The manufacturer had increase the price of a bag of cement from N5000 to N10,000 and above within two weeks. The minister of works, Dave Umahi, had a meeting with the cement manufacturer on Monday, at the meeting the manufacturers insisted that they could only reduce the price of cement if the government addressed some of their…

The Debt Management Office (DMO) said on Tuesday that it was able to raise only N1.495 trillion as its monthly auction of February 2024 from the N2.5 trillion ought to be raised. The failure was a result of tight market subscriptions. At the close of the auction, a total of N873.53 billion was allotted for the 2031 FGN bond and N621.38 billion was allotted for the 2034 FGN bond, making a total allotment of N1.495 trillion. DMO offered N1.25 trillion seven-year bond, maturing in 2031 and another N1.25 trillion 10-year FGN bond, maturing in 2034. The debt office said that…

On Tuesday, the senate resolved to investigate how total of N30tn was spent by the administration of the former President Muhammadu Buhari. The sum of N30tn was a Ways and Means loan of the Central Bank of Nigeria. Ways and Means is a loan facility through which the CBN finance the government budget shortfall. The money was collected under the regime of Godwin Emefiele. The senate stated that the reckless spending the N30tn largely accounted for the food and security crises the country was currently facing. The investigation is as a result of Food crisis, Naira depreciation, insecurities currently going…

Blue Square limited launched residential development, Gazania Park, located in the heart of periwinkle Estate in Lekki, Lagos. Gazania Park is a residence that include 1-bedroom apartments, 2 and 3-bedroom apartments with staff quarters, and 3 and 4-bedroom luxury maisonettes with staff quarters. Omotoyosi Ajayi, The Head of Marketing and Public Relations, Blue Square Limited, said the development represented a unique bend of luxury, comfort and sophistication, catering to the diverse needs of their esteemed clientele. She added, “We are thrilled to introduce Gazania Park to the market. With its prime location and unrivalled amenities, Gazania Park is poised to…

There are decrease in prices of food in major grains market in Kano, Taraba and Niger state. There had been protests in some ststes such as Lagos, Kano , Oyo and Niger state over the hardship in the country. Prominent Nigerians, including former Vice President Atiku Abubakar, the Sultan of Sokoto, Muhammadu Sa’ad Abubakar; the Emir of Kano, Aminu Ado Bayero; among others, as we as the Arewa Consultative Forum (ACF) and Northern Elders Forum (NEF) had called on the federal government to take measures to address the situation. Some factors has been seen as the cause of decrease in…

On Tuesday, Vice President Kashim Shettima said at a conference on public Wealth Management in Abuja that on the midnight of Sunday, 45 trucks loaded with maize were intercepted while making their way to neighbouring countries. The Federal Government has uncovered 32 routes through which food items are smuggled out of the country. Hoarding and smuggling have been identified as factors worsening the hardship in the land as they fuel increase in cost of commodities. The government has sought different measures to tackled the trend. “Just three nights ago, 45 trucks of maize were caught being transported to neighbouring countries.…