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Business

Nigerian business and economy news: the naira, CBN policy, inflation, oil and gas, banking, markets, budgets and companies.

Prostitutes will pay tax – Taiwo Oyedele

The Federal Government has said that ‘runs girls’ (commercial sex workers) will pay tax under the new laws. Oyedele, Chairman of the Presidential Committee on Fiscal…

Folarin Kehinde

Panic buying hits Abuja as NNPC, NUPRC, NMDPRA shut over PENGASSAN strike PANIC buying of petrol has spread across the Federal Capital Territory as the nationwide strike declared by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) shut down operations at Nigeria’s key oil and gas regulatory institutions. Motorists were seen thronging fuel stations for panic buying in several parts of the city, including the Airport and Kubwa roads, while queues also stretched at Maple, Kugbo and Nyanyan areas of the nation’s capital . The industrial action, which commenced on Monday, paralysed activities at the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). According to Punch, at the NUPRC headquarters in Abuja, the main gate was firmly locked, leaving staff stranded outside. Security operatives confirmed that no entry was permitted in line with the union’s directive. Similar scenes played out at the NMDPRA office in the Central Business District, where offices were deserted. Confirming the situation, PENGASSAN chairman at NMDPRA, Tony Iziogba, said the strike recorded “100 per cent compliance,” barring both staff and visitors from accessing facilities. He added that the same level of compliance was achieved at the NNPCL and other agencies nationwide. The strike followed PENGASSAN’s National Executive Council (NEC) resolution over the dismissal of about 800 workers at the Dangote Petroleum Refinery. The union accused the refinery of violating Nigerian labour laws and International Labour Organisation (ILO) conventions by sacking workers for joining the union and replacing them with foreigners. “All processes involving gas and crude supply to Dangote Refinery should be halted immediately,” the NEC declared in a statement signed by PENGASSAN General Secretary, Lumumba Okugbawa. The resolution directed all international oil companies (IOCs) to cut crude and gas shipments to the plant. The move has already triggered fears of acute fuel scarcity and blackouts. Marketers warn that halting supply to Nigeria’s largest refinery will disrupt distribution, drive up prices, and destabilise the downstream market.

Panic buying of petrol has spread across the Federal Capital Territory as the nationwide strike declared by the Petroleum and Natural Gas Senior Staff Association of…

Folarin Kehinde

BREAKING: Dangote Refinery sacks Nigerian workers

The management of Dangote Petroleum Refinery has announced the termination of appointment of all its Nigerian staff. The mass sack is happening less than 24 hours…

Folarin Kehinde

CBN Cuts Interest Rate to 27% as Inflation Eases

The Central Bank of Nigeria (CBN) on Tuesday reduced the benchmark interest rate from 27.5 percent to 27 percent, citing a sustained decline in inflation over…

Nelson Ugwuagbo