Nigeria will slash petrol subsidies by 90 percent this year because government revenues have been hit by the slump in oil prices. The government had said it would gradually phase out fuel subsidies which are a significant burden on public finances, but cutting subsidies risks aggravating a fuel crisis in the country. Major cities are […]
Category: Business Headline
Security agents raided the offices of black market currency dealers on Thursday, detaining some and ordering others to sell dollars at a lower rate in a bid to break the fall of the currency, dealers said. The central bank has been unable to stop the naira’s slide on the black market, where importers go to […]
President Muhammadu Buhari has signed an amendment to the 2015 budget act which authorised the executive to extend the implementation of the capital vote component in the act beyond Dec. 31. The Senior Special Assistant to the President on National Assembly Matters ( Senate ), Senator Ita Enang, confirmed this in a statement in Abuja […]
Ford Motor Co’s new Nigerian assembly plant has built its first model and will produce an initial 10 vehicles a day for the domestic market, the U.S.-based carmaker said on Tuesday. The company said in August it would start the assembly of its best-selling Ford Ranger pickup trucks in Nigeria, as it expands in Africa […]