The Finance Dude

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) says the Nigeria National Petroleum Corporation (NNPC) has fixed N150 per litre as the official depot price of kerosene. Alhaji Tokunbo Korodo, the South-West Chairman of the union, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos on Saturday. According to him, the price will encourage more importation of the product by the marketers. He said that most of the filling stations selling kerosene between N200 and N220 as the pump price was as a result of additional money on transportation of the product and some other levies paid by marketers. The chairman said that at present, NNPC was the only importer of kerosene and was using private depots to sell the product. “The NNPC has fixed N150 per litre as the new depot price of kerosene and has directed all its depots and private depot to comply with the directive. “This did not include the transportation of the...

The Nigerian National Petroleum Corporation in its financial report for the month of May, said it recorded a total loss of N65.83bn between January and May 2016. The report, which was released on Friday, showed that the corporation’s revenue in the first five months was N588.46bn, while the expenses incurred was N654.29bn. The report, however, stated that the national oil firm recorded a profit of N274m in the month of May 2016, while its three refineries posted losses in the period under review. In April 2016, the group made a total loss of N19.43bn. Kachikwu said the NNPC was able to cut its operational cost by 30 per cent, adding that Nigerian refineries had started working for the first time in about 10 years. He said, “We need to find a structure, and we have started, in which private funds will come into the refineries and we will be able to rebuild our refineries to 90 or 100 per cent capacity. “I’ve already made a commitment that by 2018, 60 per ce...

Plans have been concluded to commence the enforcement of the bill across the 23 local government areas next month. The commissioner for education, science and technology, Prof Andrew Nok who briefed Journalists on the activities of the ministry, said the bill to enforce compulsory primary education in the state has been passed into law and would be become effective in September. He said, government came up with law in order to ensure that no one is deprive of basic education in the state, “the law provides penalty to parent who refuse to send their children or ward to school.” “Anybody who is caught giving or receiving alms to beggars, and parent who sends their children to school would be dealt with by the law,” he said. He said, the State government is going to get the Almajiri children integrated into the modern school system. The commissioner also disclosed that a total of N2.2 billion has been spent on the payment of 1,200 newly recruited teachers in the state. The commissi...

Nigeria’s exchange rate dropped to a new low of N400 to the $1 at the parallel market on Thursday. This is the lowest we have seen the naira drop on the parallel market and the lowest since the CBN floated the naira. The exchange rate hit an all time low of about N410 to $1 back in February 2016 as Nigerians reacted negatively to a rash of new CBN policies that artificially restricted the demand for dollars. This time around, foreign currency analysts say that the reason for the drop was due to the continued pressure on the retail end for Nigerians seeking to fund their holiday expenses abroad. This is further exacerbated by their inability to obtain forex at the official interbank window. The CBN last week tried to inject some liquidity in the retail end by instructing commercial banks to now start selling dollars deposits from foreign remittances to BCD’s. However, the impact of this is yet to be seen in the retail end leading to the further depreciation of the nai...