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Economic expert warns ₦897 fuel price will drive more Nigerians into poverty

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The expert said the sudden increase in Premium Motor Spirit (PMS) pump price of the Nigerian National Petroleum Company Limited (NNPC Ltd.) was beyond a simple fuel price adjustment. He said that it would have a far-reaching impact on Nigeria’s private sector, trade and the already suffering Nigerian masses.

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Mba-Kalu, the Executive Director of Africa International Trade and Commerce Research said this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.

NAN reports that NNPC Retail Management has approved an upward review of the pump price from ₦617 per litre to ₦897 litre, effective from September 3, amidst economic hardship and persistent fuel scarcity.

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Checks by NAN revealed that the NNPC retail stations have adjusted their pumps and totems (price boards), reflecting a new PMS price of ₦897 against ₦617 per litre while independent marketers are selling between ₦930 to ₦1,200.

Mba-Kalu said without government interventions, the economic and social repercussions of this price hike could be severe and long-lasting, pushing more people into poverty.

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“What we will witness is the immediate high cost of transport, which will lead to higher costs of food and inflation.

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“In the long term, it could pose challenges for small and medium-sized enterprises (SMEs) and the agricultural sector,” the expert said.

He urged the Federal Government to acknowledge these implications and consider measures to reduce the impact, such as targeted incentives for energy efficiency, stopping wasteful spending, and reducing the cost of governance.

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“Without such interventions, the economic and social repercussions of this price hike could be severe and long-lasting, pushing more people into poverty,” he warned.

Chris Nzeh, a motorist, who condemned the development, describing it as crazy, said what had been going on in Nigeria under the current government would only suffocate Nigerians.

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How do they want the average man to survive?

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“We were told that with the removal of fuel subsidy, fuel will be available everywhere in Nigeria, but today, it appears NNPC Ltd. is scamming Nigerians.

“They are the sole importer of petroleum and they have refused to make refinery work and you ask yourself what is going on in Nigeria.

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“Nigerians should rise and save this country from collapse,” he stated.

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State of emergency: Can the president suspend a governor? Here’s what the constitution says

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President Bola Tinubu on Tuesday exercised his constitutional power by declaring a state of emergency in Rivers State. The president

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CBN approves Greenwich Holdings Limited to commence Operations

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Greenwich Merchant Bank Limited is pleased to announce that it has received regulatory approval from the Central Bank of Nigeria (CBN) for its financial holding company, Greenwich Holdings Limited. This milestone marks a significant step enabling Greenwich Group to consolidate its existing financial service businesses, expand into new markets, and strengthen its position as a leading player in the financial sector.

Upon the commencement of operations, Greenwich Holdings Limited will oversee Greenwich Merchant Bank Limited, Greenwich Asset Management Limited, and Greenwich Securities Limited, while driving the strategic expansion of the Group.

In a Statement from the Head of Corporate Communications, Greenwich Merchant Bank Limited, Ozena Utulu,  the regulatory approval is an attestment of the dedication, hard work, and commitment to excellence that have definedGreenwich’s legacy as a trusted partner in the financial industry.

Greenwich Holdings Limited represents a new chapter in the unparalleled growth which began with Greenwich Trust Limited, a foremost provider of financial solutions that commenced operations in June 1994 as a Financial Adviser and Issuing House. The SEC-regulated firm later applied to the Central Bank of Nigeria for the conversion of its operations which led to theestablishment of Greenwich Merchant Bank Limited in 2020.

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Over the course of 30 years, Greenwich has expanded its footprint across various segments of the financial sector through its subsidiaries and affiliated entities including Greenwich Registrars and Data Solution Limited and Greenwich Trustees Limited.

Greenwich Holdings Limited is committed to delivering innovative financial solutions, fostering growth and creating value for its stakeholders.

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Arsenal to open contract talks with Bukayo Saka

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Arsenal are preparing to open formal negotiations with Bukayo Saka over a new contract as the forward enters the final

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