Wednesday, 11 May 2016

Finally, FG Removes Fuel Subsidy as It is Considering N56,000 Minimum Wage

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
FG Removes Fuel Susidy…. Petrol to cost N145 per litre
FG finally removes subsidy from sale of petrol with immediate effect. An official of NNPC told Economic Confidential that there was no provision in the approved budget 2016 for any subsidy for fuel consumption in Nigeria.
 
Fuel Subsidy: It's Time for Difficult Decisions- Osinbajo
Ahead of the federal government's announcement on the removal of subsidy on petrol, Vice-President Yemi Osinbajo has said that the government will have to take tough decisions.
 
Oil price rises on Nigeria attacks, others
Global oil prices traded higher, buoyed by supply disruptions of 2.5 million barrels per day in some countries, including Nigeria and Canada. Brent crude, the global oil benchmark, rose by 1.59 per cent to $45.20 per barrel, while the United States West Texas Intermediate traded around $44.51.
 
Nigerian oil utput falls towards 22-year low
A series of attacks on Nigeria's oil infrastructure in the Niger Delta region has pushed output of crude close to a 22-year low, putting intense pressure on the country's finances. Shell workers at Bonga oilfield in the region were evacuated following a militant threat
 
'Oil Companies Evacuating Workers'
Young Oil producers are evacuating workers from the Niger Delta because of deteriorating security situation in Nigeria's most important oil-producing region, organised labour has said.
 
Shell Oil to Continue Operations in Nigeria, Despite Attacks
Shell Companies in Nigeria have restated their long-term commitment to the Niger Delta, saying they would continue operations in the oil-rich region despite the spate of militant attacks in recent days.
 
FG Considering N56,000 Minimum Wage – Minister
The minister of labour and employment, Dr Chris Ngige, has described as legitimate the call by labour for a review of the national minimum wage and said the federal government is carefully studying it in order to give an appropriate response.
 
Clampdown on Banks to Strengthen Financial System- CBN
Central Bank of Nigeria, CBN, has said that the on-going investigation of some financial transactions in some banks by law enforcement authorities are aimed at strengthening the financial sector and the economy.
 
Ajaokuta Steel To Come On Stream In 24 Months
The Federal Government has set in motion strategies to resolve the court action by Global Infrastructure on Ajaokuta Steel Complex to get it operational in the next 24 months.
 
Lagos Generates N101bn in 3 Months
The Lagos State Government generated a total revenue of N101.69bn in the first quarter of 2016 out of which a surplus of N4.85bn was realized as against an expected N29.92bn deficit.
 
FG Gives Conditions for Accessing N350bn Economy Stimulation Fund
The Federal Government earmarked N350 billion for capital projects in the second quarter of this year which will only be accessed by Ministries, Departments and Agencies (MDAs) with development plans.
 
Adeosun: FG to Redefine Government Spending for Maximum Impact
The Minister of Finance, Mrs. Kemi Adeosun, has  reiterated the resolve of the Federal Government to redefine spending in order to get maximum impact.
 
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