Nigerian Naira Weakens Against the Dollar, Now 190 To 1 U.S Dollar!

For the first time, a day before the Central Bank makes its rate decision, the naira falls to 190 against the U.S dollar.

See Chart below:

Nigerians React To Slash In Fuel Price!

With the current down turn in oil prices across the globe, which The Economist attributed to "weak economic activity, increased efficiency, and a growing switch away from oil to other fuels. Turmoil  in Iraq and Libya, two big oil producers with nearly 4m barrels a day combined—has not affected their output. The market is more sanguine about geopolitical risk. And America's emergence as the world’s largest oil producer. Though the U.S does not export crude oil, it now imports much less, creating a lot of spare supply. Finally, the Saudis and their Gulf allies have decided not to sacrifice their own market share to restore the price" .

To make matters Worse, the Organization of Petroleum Exporting Countries, (OPEC), after a meeting in Vienna, November 27, appeared determined not to curb oil price,  a situation that has sent the price of oil falling.

This is not so good for energy exporting  countries, where governments depend heavily on high oil price to pay for expensive foreign adventures and expensive social programmes. The Economists lists some of these nations as "Russia (which is already hit by Western sanctions following its meddling in Ukraine) and Iran (which is paying to keep the Assad regime afloat in Syria), Venezuela and Nigeria. 

The 18 January, 2015 slight slash in the cost of motor spirit fuel, by Nigerian Petroleum Minister, Diezani Madueke, is greeted with mixed reactions, as some groups out rightly criticized the reductions, saying the government should do better, considering the  global oil price. Among such groups is a Nigerian based Human Right Organization, "Committee for Democracy and Rights of the People"(CDRP). 

The group stated their disappointment in the federal government's mere N10 reduction, despite current global fall.

"The natural economic expectation of our organization is that the price of petroleum would drop in conformity with the current global fall in the price of the commodity. Therefore, it is strange and parochial to hear that the federal government is celebrating a paltry N10 reduction.

“A careful review of government action thus far has clearly shown that the federal government has not learnt from the aftermath of January 1st 2012 subsidy protest. They are about to impose a reverse subsidy on the populace. In case the government does not know, the main message of the 2012 protest was that there is a limit upon which government can take people for granted” Comrade Saka stated.

The group therefore emphasized that the government has no basis to keep the retail price of PMS at N87.

“The price of PMS must revert to N65 with immediate effect”. The group's  Acting National Coordinator, Comrade Saka Waheed stated.

Nollywood Star, Muna Obiekwe Is Dead!

The Nigerian Film Industry lost one its finest actors Muna Obiekwe.

It was reported that he passed on, in an undisclosed hospital in Lagos, at about 4:15pm on Sunday January 18, 2015,after having battled with kidney failure for a long time.

According to news, Muna was rushed to the hospital after he collapsed in his home.

Rest In Peace Muna!

Someone Posing As Abati On twitter?

Hello.....who is imitating Nigeria's Presidential Spokesman, Reuben  Abati's twiiter page?

He warned the public of this development on Sunday, January 18, 2015.

His tweet below:

16 minutes ago

"An APC imitation of my twitter account is tweeting bizzare stuff to annoy Nigerians on the fuel issue. "0" is not "O". Beware.

Nigerian Government reduces Petroleum Motor Spirit Price From =N=97 To =N=87!

This election period is getting interesting by the day, in what appears to be a glimpse of hope to the average Nigerian, Petroleum Minister, Diezani Madueke, announced a reduction in fuel price from N97 per litre to N87 per litre, with effect from midnight.
She revealed this in a statement, she issued Sunday, January 18 2015.



The statement read: 
"As you may be aware, there has been a lot in the oil market in the past few months and due to this, importation prices of our petroleum products have been impacted. Therefore, with the approval  and directive of Mr. President and by virtue of Section 6 clause 1 of the Nigerian Petroleum Act, it is my responsibility as Minister of Petroleum Resources to hereby announce a reduction in the pump price of Petroleum Motor Spirit (Petrol) from the current Ninety Seven Naira (=N=97 per litre pump price down to Eighty Seven Naira (=N=87=) per litre pump price, effective from twelve (12) midnight Sunday, 18 of January 2015. Accordingly, I have directed the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Department of Petroleum Resources (DPR) to ensure strict compliance of this price adjustment by all marketing companies. It is my hope that all Nigerians will benefit from this adjustment. I thank you and God Bless you all

Diezani Alison-Madueke (Mrs.) CON 

Honorable Minister of Petroleum Resources".


It is not certain if this is mere campaign strategy, or sheer luck to Nigerians. 

Which ever it is, let's just enjoy the ride...


Do you think the federal government should have gone lower than =N= 87?


Share your thoughts please....

Nigerian Presidential Aspirants Jonathan and Buhari Meet In Abuja!

With exactly one month to the 2015 general elections, two heavy weights in Nigeria's 2015 presidential elections, the All Progressives Congress (APC) candidate Rtd Major general Muhammadu Buhariand, and the Peoples Democratic Party (PDP) the incumbent Goodluck Jonathan, reportedly met in Abuja, the Nigeria capital city, on Wednesday January 14, to discuss ways to reduce election violence during the February polls.
Photos below:

Italian President Giorgio Napolitano Resigns!

Italian officials revealed that 89 year-old President Giorgio Napolitano on Wednesday, January 14, announced his retirement in a resignation letter after eight years in office, as Prime Minister Matteo Renzi  scouts for a successor.