NEWS MIRROR

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...

Top:  Transmission Facility   Down: An official working on the wires  By Favour Ifeoluwa & Akinola Ajibade  Nigerians are experiencing  power outage across the country again, following the collapse of national grid again on Friday June 6th, this year). This is the fourth time the grid will collapse in 2024, a development, which has generated  controversy among stakeholders in the nation's economy.  For instance, the country was thrown into blackout  three months ago, a development, which the Federal Government through the Transmission Company of Nigeria( TCN) is still battling with in the country. This system collapse, which occured at about 3:00pm on Saturday afternoon has continued to suprise many Nigerians, as regards the effectiveness of the power infrastructure in Nigeria, few years after privatisation of the electricity sector. Speaking on the issue, the  Head, Corporate of Communications at Enugu Electricity Distri...

(By Favour Ifeoluwa & Akinola Ajibade)  President Bola Tinubu says the 2025 budget proposal of N49.7 trillion will bring inflation down to 15 per cent next year from its current 34.6 per cent.  He said this during his presentation of the N49.7 trillion 2025 budget forecast to both Houses of Senate and Representative on Wednesday. Also, the President  said that the exchange rate which has risen to N1,700 per dollar will be reduce to N1,500 per dollar. According to Tinubu,  the 2025 budget is an ambitious but necessary to secure the future of Nigerians.  “The Budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day,” Tinubu said. The President said the budget projections are based upon observations such as reduction of pet...

Nigerians Thrown In Darkness Again  (By Favour Ifeolowa& Akinola Ajibade) National Grid Collapses Again , 12Times in 2024 Nigerians experience darkness Again, following collapsed of the national grid. News Mirror gathered that the grid collapsed around 2.30 pm today, making it 12tmes this year. A Check in the Independent System Operator, an arm of the Transmission Company of Nigeria ( TCN) shows that electricity supply is inot adequate. 

Shell Nigeria Exploration and Production Company Limited (SNEPCo) has announced a final investment decision(FID) on Bonga- North, deep -water project off the coast of Nigeria. The company, a subsidiary of Shell Plc, in a statement, said that Bonga North will be a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility which Shell operates with a 55% interest. The Bonga North project involves drilling, completing, and starting up 16 wells (8 production and 8 water injection wells), modifications to the existing Bonga Main FPSO and the installation of new subsea hardware tied back to the FPSO. The project will sustain oil and gas production at the Bonga facility. Bonga North currently has an estimated recoverable resource volume of more than 300 million barrels of oil equivalent (boe) and will reach a peak production of 110,000 barrels of oil a day, with first oil anticipated by the end of the decade. “This is another significant...

Dangote Petrochemical Refinery  (By Akinola Ajibade  Dangote Refinery says it has not received facility of $1 billion from the Nigerian National Petroleum Commission Limited( NNPCL) when  it was  struggling with finance. The company, in a statement signed by its Group Chief Branding and Communications Officer, Tony Chijejena,said NNPC was misforming the public on the matter. He said : “We have received numerous inquiries from the media and other concerned stakeholders seeking clarification on a recent report attributed to the Nigerian National Petroleum Company Limited (NNPCL) that their decision to secure a $1 billion loan backed by its crude was instrumental in supporting the Dangote refinery during liquidity challenges. We would like to clarify that this is a misrepresentation of the situation as $1bn is just about 5% of the investment that went into building the Dangote Refinery.” “Our decision to enter into a partnership with NNPCL was based on recog...

By Akinola Ajibade President Bola Tinubu yesterday( Wednesday) announced $49.7 billion Budget Proposal  for 2025.  In the Budget Presentation are Security and Defence, Infastructure, Education & Health. These are some of the sectors with high allocation They were presented before a joint session of joint session of the National Assembly.  According to the President: " It is with great pleasure that the presentation was done before the distinguished session of the National Assembly. In the 2025  budget titled, The Restoration of Peace, building of property, , Tinubu said as he concluded his 30 minute at 1.10 pm on Wednesday, the budget as the name implies would bring back hopes of many Nigerians. While making his presentation, he defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others. “The 2025 budget seeks to restore macro-economic stability enhance the business environment, foster inclusive growth,...

Access to Acquires 💯 per cent stake in BIDvest  (By Favour  Ifeoluwa & Akinola Ajibade) Nigeria’s Access Bank Plc has offered to acquire Bidvest Bank Holdings Limited to help the country’s biggest lender by assets expand in South Africa. The purchase is expected to move Access Bank, a unit of Access Holdings Plc, closer to its 2027 goal of becoming one of the continent’s largest lenders. Access Bank, in a statement is  acquiring BIDvest to the tune of 2.8billion rand or roughly S159 million. The statement signed by the  bank’s Managing Director, Roosevelt Ogbonna added that the binding agreement for the acquisition of a 100 per cent equity stake in Bidvest, reflects the bank’s commitment to strengthening its footprint in South Africa. In addition , it said it will help in consolidating its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on effi...

By Favour Ifeoluwa& Akinola Ajibade  Germany's President, Steinmeier  The German President,Frank Steinmeir, yesterday,  arrived Nigeria for a three-day official visit. Steinmeier tuched down on the night at the Presidential Wing of the Nnamdi Azikiwe Airport, Abuja, where he was was welcomed by Federal Capital Territory (FCT) Minister, Nyesom Wike.  His visit aims to underline the strength of Nigeria-Germany relations and to mark Germany’s appreciation of Nigeria.  Steinmeier, during his visit, is expected to meet with President Bola Tinubu, as well as with the President of the Commission of Economic Community of West African States (ECOWAS), Dr. Alieu Omar Touray.  He will then proceed to Lagos, where he will engage with business representatives, visit a start-up hub and meet with members of Nigeria’s culture sector and civil society.   A statement by the German embassy in Nigeria said: “Following the visit of German Chancellor Ol...

Members, House of Repsentative  (By Favour Ifeoluwa & Akinola Ajibade) Members House of Representatives Southern Caucus, yesterday (Tuesday) expressed support for President Bola  Tinubu's Tax Reform Bills. The lawmakers briefed journalists  after a meeting at the residence of the Deputy Speaker, Benjamin Kalu. According to them, the tax reform bill is  a welcome development for the country, adding that it will give the bill the necessary support it  needed in order to improve the tax system in the country Speaking on the issue,  the caucus chairman, Nicholas Mutu, said  the lawmakers will consult widely over the controversial clauses to ensure all stakeholders are carried along. Regarding key northern leaders’ opposition to the bill, the Southern Caucus stated that it would continue to meet with its counterparts from the north to find a middle ground on all contentious issues. The four executive bills transmitted to the National Assembl...