A devastating fire broke out in Amarata Community, Yenagoa Local Government Area of Bayelsa, causing extensive damage to property and goods valued at millions of naira. Fortunately, there were no reported casualties in the incident. Eyewitnesses revealed that the fire originated from a diesel-laden vehicle parked near a fuel station, ignited by a spark. Both…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on Governor Chukwuma Soludo of Anambra State to settle a debt of N900,664,805.00 owed to its members for the supply of Automotive Gas Oil (diesel) used to power streetlights in the state. The call was made in a reminder letter addressed to Governor Soludo by…
During the Africa Trade and Investment Summit, Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, highlighted a startling statistic about the Nigerian employment landscape. Oyedele stated that approximately 81% of employed Nigerians are not involved in productive sectors of the economy, suggesting that their work does not contribute meaningfully…
The Bureau De Change (BDC) operators in Abuja have suspended their operations in response to the significant depreciation of the Nigerian naira against the United States dollar. This decision was made due to the rising exchange rates, which have led to concerns about the stability of the currency. On Thursday, several BDC shops in the…
The Senate Committee on Banking, Insurance, and other Financial Institutions has issued a summons to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before the committee next Tuesday. This summons comes as a response to the current state of the economy and the significant decline in the value of the…
The Dangote Refinery, a monumental $20 billion project, is set to diversify its crude oil sources by importing two million barrels of WTI Midland from the United States, a move that marks the refinery’s first foray into non-Nigerian crude procurement. This significant development is indicative of the evolving dynamics in the global oil market, driven…
The Central Bank of Nigeria (CBN) has taken decisive steps to tackle the backlog of verified foreign exchange (forex) transactions, injecting US$500 million into various sectors. This move follows closely on the heels of the recent disbursement of approximately US$2.0 billion to settle outstanding commitments in the manufacturing, aviation, and petroleum industries. Speaking on Monday…
The upcoming 21st Annual Daily Trust Dialogue, scheduled for Thursday in Abuja, is set to feature a lineup of distinguished speakers and guests. Among them is Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, who will be joining other eminent personalities to analyze the various economic reforms implemented by President Bola…
The National Agency for Food and Drug Administration and Control (NAFDAC) has launched an investigation into an allegation that a woman fried plantain chips using oil adulterated with polythene, following a viral social media post. The post claimed that the woman melted approximately five pieces of “olonka rubber” (polythene) into the oil before frying the…
Nigeria experienced a surge in food inflation, reaching 33.93% in December 2023, up from 32.83% in November of the same year. This data was revealed in the Consumer Price Index (CPI) report for December 2023, published by the National Bureau of Statistics (NBS) on Monday. The increase of 2.72% in food inflation from November to…