LIST OF REASONS

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) states that price of fuel in Nigeria will decrease soon because of price competition. According to reports, the resumption of operations at the Warri Refining and Petrochemicals Company Limited (WRPC) has generated optimism among oil marketers and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) about a potential decrease in the prices of refined petroleum products. This development, they believe, will intensify competition within the downstream oil sector, compelling domestic refiners to reduce prices to attract buyers. The Nigerian National Petroleum Company Limited (NNPCL) announced that the Warri refinery, with a capacity of 125,000 barrels per day, has commenced operations. This follows closely on the heels of the Port Harcourt Refinery's restart, which began producing 60,000 barrels per day just a month prior. The NNPCL also revealed plans to export refined products to i...

BBC report has it that Magnus Carlsen decided to rejoin the chess championship he  quitted because the International Chess Federation (FIDE) has shifted grounds on its dress code. The world’s top-ranked chess player, Magnus Carlse had previously withdrawn from the World Rapid and Blitz Chess Championships in New York due to a dress code conflict. The resolution of this issue paves the way for Carlsen to continue defending his title in the prestigious event.  The controversy erupted on Friday when Carlsen, dressed in jeans, was informed that he could not continue participating in the tournament. The existing FIDE dress code mandates "dark colored trousers" for men, explicitly excluding jeans if a business casual dress code is in effect. Carlsen, who had been wearing a shirt, blazer, and jeans, was fined $200 (£159) for the dress code violation. Carlsen explained that he had worn the jeans to a lunch meeting and had not considered changing them before heading to the tournament....

Financial experts warn that the free fall of Naira decked with inflation threaten the 2025 fiscal year because Federal Government might not be able to fund the 2025 budget. In their beliefs, the 2025 fiscal year is shaping up to be a challenging one for Nigeria. They insist that with the significant devaluation of the Naira, the Federal Government's capacity to fund the new budget is under severe threat. Despite a nominal increase of 74% in the budget, its real value has shrunk by 23% due to the Naira's depreciation. This financial strain is exacerbated by the Central Bank of Nigeria’s (CBN) struggling forex policy, which has failed to stabilize the currency over the past year. The 2025 budget, proposed by President Bola Tinubu, amounts to N49.7 trillion. However, financial experts warn that this amount, under current economic conditions, will not achieve what the N28.777 trillion budget accomplished in 2024. The significant drop in the Naira's value has eroded the purchasi...