Connect with us

Economy

Price of Petrol Rises 222.92% in One Year

Published

on

Price of Petrol

By Bliss Okperan

The average price of Premium Motor Spirit (PMS), commonly known as petrol, increased by 222.92 per cent on a year-on-year basis to N630.63 per litre in October 2023 compared to the price of N195.29 per litre it was sold in October 2022.

This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch for October 2023 released by the stats office on Tuesday.

“The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of October 2023 was N630.63, indicating a 222.92 per cent increase when compared to the value recorded in October 2022 at N195.29.” the NBS stated.

Recall that President Bola Tinubu, during his inauguration speech on May 29, 2023, announced an end to the payment of subsidy on petrol, causing the price of the product to significantly rise at the retain fuel stations across the country.

Mr Tinubu said he was discontinuing the payment of petro subsidies because his predecessor, Mr Muhammadu Buhari, did not make provisions for it beyond June 2023 in the year’s budget.

It was argued that in 2022, subsidy payments gulped N4.3 trillion, and because of insufficient funds to run the government, subsidy had to go to free up funds.

In defending his decision to cut of the payment, Mr Tinubu disclosed that only a few so-called elites benefited from subsidy, noting that the country has saved over N1 trillion to expend on healthcare, education, and others.

In its latest report, the NBS said the price of petrol slightly increased by 0.71 per cent on a month-on-month basis from the N626.21 per litre it was sold in September 2023.

It revealed that Lagos, Oyo and Delta States had the lowest average retail prices for fuel in the period under review at N590.95, N592.19 and N599.38, respectively, while Zamfara State had the highest price at N659.38, followed by Gombe and Borno States with N658.33 and N657.27 apiece.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

Published

on

capital market operators

By Aduragbemi Omiyale

The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.

Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.

This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.

The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.

In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.

“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.

“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.

“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.

Continue Reading

Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

Published

on

fidson

By Aduragbemi Omiyale

One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.

The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.

The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.

They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.

Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.

“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.

“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”

Continue Reading

Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

Published

on

FG contractors protest

By Modupe Gbadeyanka

This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.

This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.

This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.

The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.

In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.

It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.

The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.

“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.

Continue Reading

Trending