Nigerians Spent More on Food and Transportation in 2019 – NBS

EconomyFoodNewsNigeriaNigerians Spent More on Food and Transportation in 2019 – NBS

Adeola Oladipupo (Correspondent)May 11, 2020

A total of N40.2 trillion was spent by Nigerians on food and non-food items in 2019, a report just released by the National Bureau of Statistics (NBS) revealed. The report which details findings on the consumption expenditure pattern in Nigeria is based on the Nigeria Living Standard Survey (NLSS) which was last conducted in 2009. It classifies household consumption expenditure types by food and non-food items at the national, zonal level, state level, and the...

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IPMAN Confirms Purchase of PMS at N108 Per Litre Ex-Depot Price

BusinessOil & GasIPMAN Confirms Purchase of PMS at N108 Per Litre Ex-Depot Price

PilotnewsMay 10, 2020

The President,  Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Okoronkwo says its members have started buying Premium Motor Spirit (PMS) also known as petrol at N108 ex-depot price as announced by NNPC. Okoronkwo made this known in an Interview with the News Agency of Nigeria (NAN) in Abuja, on Sunday. NAN recalls that the Nigerian National Petroleum Corporation (NNPC) had on May 6, announced a reduction in the ex-depot price of PMS from...

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CACOVID, NCDC to Support Oyo With N350 Million

ConservationEconomyNewsNigeriaCACOVID, NCDC to Support Oyo With N350 Million

PilotnewsMay 10, 2020

The Coalition Against COVID-19 (CACOVID) and the Nigeria Centre for Disease Control (NCDC) are donating N350 million to support Oyo State to contain the spread of   COVID-19. This is contained in a statement issued on Sunday in Ibadan by Mr Taiwo Adisa, Chief Press Secretary to Gov. Seyi Makinde. Adisa said that Oyo State Commissioner for Finance, Mr Akinola Ojo, and a member of the COVID-19 Task Force, Prof. Temitope Alonge, disclosed this during...

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AFRICA: Why Spending In Healthcare Is A Healthy Investment

AfricaHealthInvestingAFRICA: Why Spending In Healthcare Is A Healthy Investment

PilotnewsMay 10, 2020

There’ve been several reminders in recent weeks about the pledge African leaders made to dedicate 15% of their budgets to healthcare back in April 2001 at an African Union meeting. The pledge is known as the Abuja Declaration (pdf). The reason for those stories or social media posts is that few of these countries have come close to matching that reasonable target and we’re all in the middle of a health crisis. As Quartz Africa covered last week, many...

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Nigeria is Wasting Revenue Through Subsidy – PwC

EconomyNigeriaOil & GasNigeria is Wasting Revenue Through Subsidy – PwC

Adeola Oladipupo (Correspondent)May 8, 2020

The federal government needs to look at areas where we seem to be wasting revenue, the subsidy is the biggest one and about N4 trillion could be gained if removed, PwC Nigeria said. Crude oil, Nigeria’s major source of revenue has been hit by the Covid-19 pandemic which forced oil prices down for several weeks – until a few days ago when Brent began rising — making the country consider reviewing the 2020 budget oil...

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Lockdown: Traders in Aba Threaten Reopening Markets

BusinessCoronavirusMarketsNigeriaLockdown: Traders in Aba Threaten Reopening Markets

PilotnewsMay 7, 2020

Traders in Aba have threatened to reopen their shops in major markets if Abia Ministry of Trade and Investment continue delaying the reopening. Some residents who spoke to the News Agency of Nigeria (NAN) disclosed this in separate interviews on Thursday in Aba. Gov. Okezie Ikpeazu of Abia had on May 1, at a meeting with market leaders and other stakeholders outlined modalities for gradual relaxation of lockdown. The modalities included setting up 17-man COVID-19...

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CBN Disburses Loan to Maize Farmers in Anambra

BusinessMoneyNewsNigeriaCBN Disburses Loan to Maize Farmers in Anambra

PilotnewsMay 7, 2020

The Central Bank of Nigeria (CBN) has commenced the disbursement of loans to maize farmers in Anambra under its Anchor Borrower Programme meant for the 2019 farming season. Speaking at the event on Thursday, Mrs. Bridget Okpalaeke, the Development Finance Officer of CBN, Awka branch explained that the inauguration was delayed due to heavy flooding in 2019. Okpalaeke, who noted that the loan granted to the farmers was to aid them financially, explained that CBN...

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COVID-19: Africa Will Lose $65bn to Full Lockdown – UNECA

AfricaEconomyHealthCOVID-19: Africa Will Lose $65bn to Full Lockdown – UNECA

PilotnewsMay 7, 2020

Mr. Stephen Karingi, Director, Regional Trade and Integration, United Nations Economic Commission for Africa (UNECA), says African economy will lose 65 billion dollars if there is a full lockdown of the continent due to COVID-19. Karingi said this during the World Health Organisation (WHO) and the World Economic Forum (WEF) virtual joint press briefing on Thursday. The director said that the African economy would contrast as much as three percent in 2020. According to him,...

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ADAPALM Can Employ 35,000 People – Gov. Uzodimma

BusinessJobsNewsNigeriaADAPALM Can Employ 35,000 People – Gov. Uzodimma

PilotnewsMay 7, 2020

Gov. Hope Uzodimma of Imo on Wednesday said the state’s Palm Oil Producing Industry, ADAPALM, could employ about 35,000 people if fully revived. The governor said this while on inspection visit to the palm oil industry to have on-the-spot assessment of the state of affairs in the industry. He said the industry if revived, would help the state government in facilitating industrial growth, harmony, expansion, and increased productivity. Uzodinma said he was happy that production had...

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Nigerians Await New Petrol Pump Price as Depot Price Reduces by N5

BusinessNigeriaOil & GasNigerians Await New Petrol Pump Price as Depot Price Reduces by N5

Adeola Oladipupo (Correspondent)May 7, 2020

The Nigerian National Petroleum Commission (NNPC) Tuesday, announced a reduction in the depot price of petrol from N113.28 per litre to N108 per litre. The reduction comes barely 3 weeks after it reduced the deport price of petrol from N133.28 per itre to 113.28 per litre which resulted in the slash in the retail price of petrol from N145 to N125 per litre. At the time, the Petroleum Products Pricing Regulatory Agency (PPPRA) said according...

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