Nigeria’s Foreign Reserves Rose to $39bn in October – Cardoso The governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, says the country’s foreign reserves rose by 12.74 percent to $39.12 billion as of October 11. Cardoso spoke on Tuesday when he appeared before the house...

REA Plans N1.1bn Private Sector Funding  The Federal Government has disclosed plans to crystallise N1.1bn private sector funding for the power sector. The Managing Director of Rural Electrification Agency, Abba Aliyu, disclosed this on Wednesday at the ongoing Nigeria Energy Summit, which was held in Lagos...

Nigeria Lost 5% of GDP to Petrol Subsidy – Wale Edun The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says petrol subsidy cost Nigeria about 5 percent of its gross domestic product (GDP). On May 29, President Bola Tinubu said the petrol...

National Grid Collapses Second Time in 24 Hours Nigeria’s power grid has once again collapsed, less than 24 hours after its previous failure. The collapse occurred around 9:17am on Tuesday, plunging many parts of the country into another round of power outages. Confirming the system collaspse, the...

Lower Fuel Price in Sight as IPMAN Engages Dangote Refinery There is uncertainty over the commencement of lifting of premium motor spirit (PMS) otherwise known as petroleum from Dangote Refinery by the Independent Petroleum Marketers Association of Nigeria (IPMAN). Daily Trust learnt that the independent marketers...

Niger, Togo, Benin Owe Nigeria N9.41bn Electricity Bill for Q2 2024, Says NERC The Nigerian Electricity Regulatory Commission (NERC) says international customers owe $5.79 million for electricity supply in the second quarter (Q2) of 2024. The debt amounts to N9.41 billion when converted using the official...