NNPCL Cautions Against Panic Buying, Says There Is Sufficient Petrol In Stock

The Nigerian National Petroleum Company Limited (NNPCL) has issued a statement advising citizens against panic buying of premium motor spirit (PMS), commonly known as petrol. The company has reassured the public that it has enough petrol in stock to last for the next 30 days as supply continues to improve across the country. In a press release issued on Tuesday, May 7th, the company stated that measures taken to address supply scarcity have led to a significant reduction in queues at fuel stations nationwide.

Federal Government Announces Addition Of 625MW To National Grid

The federal government has announced the addition of 625 MW of power to the national grid, increasing the grid’s wheeling capacity to 4800 MW. Bolaji Tunji, special adviser on strategic communications to the Minister of Power, said this in a statement in Abuja on Friday. Mr Bolaji quoted the minister, Adebayo Adelabu, as saying this at the inauguration of the 63 Mega Volt Ampere (MVA), 132/33 Kilo Volt (KV) mobile station at Ajah, Lagos, and the inauguration of the 60MWA, 132/33KV power transformer in Birnin Kebbi, Kebbi.

FG Orders Registration Of PoS Operators

The Federal Government (FG) through the Corporate Affairs Commission (CAC) has set July 7, 2024 as the deadline for the registration of Point of Sale (PoS) operators. This development was made known on Monday during a meeting between Fintechs and the Registrar-General of the CAC, Hussaini Ishaq Magaji, who stated that the development was aimed at improving the economy.

Gas Licence: FG Announces New Guidelines

The Federal Government (FG) has announced new guidelines regarding the issuance of licence to gas companies, following the aftermath of the recent gas explosion in Abeokuta, Ogun State which reportedly claimed a life and burnt some vehicles. This development was made known on Thursday by the Minister of Resources (Gas), Ekperikpe Ekpo where he was received by Ogun state governor, Dapo Abiodun during the minister’s condolence visit to the state.

FG Caps Power Sale To International Customers

The Nigerian Electricity Regulatory Commission (NERC) has issued an order to cap the supply of power to neighboring countries such as Benin Republic, Niger Republic, and Togo to 6%. The order, titled 'Interim Order on Transmission System Dispatch Operations, Cross-border Supply, and Related Matters,' was jointly signed by the commission's Chairman, Sanusi Garba, and Vice Chairman, Musiliu Oseni, and was published on May 3rd, 2024, and will be effective from May 1st, 2024, for six months, subject to review.

FERMA Identifies Lack Of Maintenance Funding For failure Of Roads Across The Country

The Federal Roads Maintenance Agency (FERMA) said both major and minor road networks in Nigeria suffer from deterioration due to the absence of adequate maintenance funding allocated during budgeting for such roads. The Managing Director of FERMA, Dr Chukwuma Agbasi, said this yesterday in Abuja at the Bureau of Public Service Reforms (BPSR) seminar titled ‘Road Infrastructure: Plans and Priorities of FERMA viz-a-viz the President’s Renewed Hope Agenda’.

Naira to Be Removed From P2P Platforms- FG

The Federal Government has disclosed plans to remove the Naira from all Peer-to-Peer, P2P, platforms to address Foreign Exchange, FX.

Naira Rebounds As Dollar Nears 6 Month High

On the last day of April, the Naira closed on a positive note, gaining N28.15 at the official market, and trading at N1,390.96/$. On the first trading day of May 2024, it maintained its stability at 1,340/$ in the black parallel market. Despite losing its value over the past two weeks due to increased speculative activity and inadequate liquidity, the Naira, which was named one of the world's best-performing currencies in March, has made a 1.98% gain.

Anambra Receives 20,078 Bags Of Palliatives From The Federal Government

The Federal Government has sent 20,078 bags of garri and maize to Anambra State to alleviate the suffering of vulnerable homes. The palliatives comprising 16,130 bags of maize and 3,948 were bags of garri was moved to the State over the weekend by the National Emergency Management Agency, (NEMA) in conjunction with the State Government.

CBN Bars Opay, Moniepoint, Other Fintech Companies From Onboarding New Customers

The Central Bank of Nigeria (CBN) has stopped mobile money operators including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers. A source at the apex bank, who confirmed the development however, said no circular was served by the apex bank in that respect.