Vanguard News
Between Labour and the opposition to deregulation
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ast week, the price of crude oil rallied to $66 per barrel, the highest in 13 months. This was after oil price sank to sub-zero level in the wake of the COVID-19 pandemic in 2020. Ordinarily, for a country like Nigeria that is heavily dependent on revenues from oil, the price rally ought to be good news as it portends more money for the government to provide social amenities for the welfare of the citizens.
But the cheery news of oil price rally is dampened by the prospect of a rise in the pump price of petrol. In March 2020, the Federal Government finally took the bull by the horns and deregulated the downstream by taking advantage of the low oil prices induced by the COVID-19 pandemic.
Between Labour and the Opposition to Deregulation, By Tayo Olu premiumtimesng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from premiumtimesng.com Daily Mail and Mail on Sunday newspapers.
The benefits of the fuel subsidy removal far outweighs the pains associated with the expected rise in petrol pump price due to the upswing in crude oil price, writes Obinna Chima
The rising cost of Brent crude oil and its attendant implication on petrol price in the country appears to have resuscitated the age-long debate over fuel subsidy removal in Nigeria.
Once more, there has been divergent views about this policy which until it was phased out last year, was a thorn in the flesh of successive governments in the country.
For instance, the federal government had disclosed that the nation spent N10. 413 trillion on fuel subsidy between 2006 and 2019, even as the country consistently grappled with low revenue generation over same period.
In Bond Issuance, Fidelity Bank Raises N41 21bn thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
Fidelity Bank Plc issues largest ticket Tier II local bonds in Nigeria
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By Babajide Komolafe
Fidelity Bank Plc has successfully issued 10 years N41.21 billion in fixed rate unsecured subordinated bond at a 8.5 percent coupon rate due in 2031.
The bond issuance which was fully subscribed, given that total investor interest and commitments in the bonds were N56.6 billion, adds to the impressive portfolio of landmark transactions structured by the bank, and underscores its capacity to successfully execute debt capital market transactions.
The transaction is a landmark achievement in the Nigerian domestic debt market for being the largest corporate bonds ever issued by a Nigerian Bank including the deposit money banks and merchant banks etc.