Business
Petrol landing cost climbs to ₦186 as oil hits $64
Landing cost of imported Premium Motor Spirit (PMS) popularly known as petrol has risen to N186.33 per litre.
The sharp increase is occasioned by the rising price of crude oil at the international market, currently at $64 per barrel.
Already, the Federal Government has hinted of possible increase in the pump price of petrol at the filling stations saying there is no provision for fuel subsidy in the budget,
But the labour has kicked against any fresh increase in petrol price, which they note that Nigerians cannot absorb in view of the biting economic crunch.
The Minister of Labour and Employment said a decision on the petrol price would be taken a meeting between the FG and state governors on Thursday.
The landing cost of petrol rose to N180 per litre on February 5 from N158 .53 per litre on January 7.
Crude oil price accounts for a large chunk of the final cost of petrol, and the deregulation of petrol price by the Federal Government last year means that the pump price of the product will reflect changes in the international oil market.
The pricing template of the Petroleum Products Pricing Regulatory Agency showed that the landing cost of petrol rose to N186.33 per litre on February 16.
The latest rise also indicates that the pump price of the product would be N209.33 per litre.
The Nigerian National Petroleum Corporation, which has been the sole importer of petrol into the country in recent years, is still being relied upon by marketers for the supply of the product despite the deregulation of the downstream petroleum sector.
Oil marketers said recently that they were ready to resume importation of petrol if the foreign exchange was made available to them at a competitive rate.
“The discussion we should be having today is how best to maximise the benefits of the removal of price controls and subsidies while minimising the adverse effects of this action on our citizens,” Chairman, Major Oil Marketers Association of Nigeria, Mr Adetunji Oyebanji, said at a virtual press briefing.
The international oil benchmark, Brent crude, closed at $ 63.96 per barrel on February 16, up from $59.34 per barrel on February 5.
Brent crude, against which Nigeria’s oil is priced, rose by to $64.58 per barrel as of 6.08pm Nigerian time on Monday.
Other cost elements that make up the landing cost are freight (N10. 29), lightering expenses (N4.57), insurance cost (N0.25 ), Nigerian Ports Authority charge (N2.38), Nigerian Maritime Administration and Safety Agency charge (N0.23), jetty throughput charge (N1.61 ), storage charge (N2.58), and financing (N1.33).
The freight cost rose to $35.41 per MT (N10.29 per litre) last Wednesday from $30.04 per MT ( N8.74 per litre ) on February 5 .
The pump price is the sum of the landing cost, wholesale margin and the distribution margins. The wholesale margin is N4.03 while the distribution margins comprise transporters allowance ( N3 . 89 ), retailer ( N6 . 19 ), bridging fund ( N7 . 51 ), marine transport average (N 0 .15 ) , and admin charge (N1 . 23 ).
Apart from the changes in global crude oil prices , the exchange rate of naira to the dollar also affects the cost of imported petrol .
The cost of petrol would be higher if the 410/ $ 1 rate at which the naira closed on Monday at the Investors’ and Exporters’ Foreign Exchange Window was used. The naira closed at 480 / $ 1 at the parallel market.
Business
MaxAir suspends flight operations for five days
MaxAir suspends flight operations for five days
MaxAir Limited has announced a temporary suspension of flight operations from January 4 to January 8, 2025, to conduct scheduled aircraft maintenance.
In a statement issued Sunday, the airline’s management stated, “This necessary maintenance ensures we continue delivering safe, reliable, and efficient services to you.”
The airline noted that some routes might face disruptions or cancellations during the maintenance period. However, MaxAir assured passengers that normal flight schedules would resume by January 9, 2025.
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Passengers impacted by the changes can reschedule their flights at no additional cost.
The announcement comes just weeks after an incident in December 2024, when an engine on a MaxAir aircraft carrying Borno State Deputy Governor, Alhaji Umar Kadafur, and over 100 passengers caught fire shortly after departing Maiduguri International Airport.
The aircraft, en route to Abuja, suffered engine failure caused by a bird strike approximately 10 minutes into the flight. The pilot and crew successfully performed an emergency landing back at Maiduguri Airport, averting a potential disaster.
In a subsequent statement, the airline confirmed the pilot’s decision to return to the airport was prompted by “abnormal engine parameters.”
MaxAir suspends flight operations for five days
Business
8 financial mistakes to avoid in 2025
8 financial mistakes to avoid in 2025
Managing your money is more crucial than ever as 2025 approaches. Although Nigeria’s economy is unpredictable, you might go from barely making ends meet to actually flourishing by avoiding common financial mistakes.
Here are eight financial mistakes to avoid in 2025.
1. Taking unnecessary loans
Although taking out a loan can seem tempting, doing so can eventually make you take on more debt. High interest rates and undisclosed costs are some of the features of loans, which may quickly add up and make repayments difficult. Before taking out a loan, always consider whether it is necessary and make sure it fits with your financial situation. Consider whether you truly need anything before taking out a loan.
2. Mixing personal and business finances
Combining your personal and business money in a single account could lead to confusion. Keep them separate to ensure transparency and accountability. If your business generates your major income, pay yourself a salary and keep separate accounts for personal and business spending. This can help you keep organised and avoid money problems down the road.
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3. Investing without proper understanding
Investing is an intelligent way to build wealth, but putting your money in projects you don’t completely understand might cause harm. Whether it’s stocks, real estate, or mutual funds, take the time to study the dangers and benefits while seeking professional counsel. Do not fall into “get-rich-quick” schemes and instead use technology to enhance your knowledge. And, as you invest carefully, avoid making reckless lifestyle decisions that strain your budget. These decisions have the potential to undermine your progress toward financial stability.
4. Confusing saving with investing
Savings accounts provide security and access to funds, but they typically fail to keep up with inflation. Investing, on the other hand, can help you create wealth through earnings that compound. Distribute funds for suitable investment options, such as equities or mutual funds, for long-term goals like retirement or owning a home. Seek advice from financial professionals to create a diverse portfolio.
5. Neglecting an emergency fund
Without an emergency fund, unexpected expenses such as car maintenance, medical expenses, or sudden job losses may arise. These unforeseen expenses might throw you off if you don’t have an emergency fund. Aim to accumulate 12–18 months’ worth of living costs in liquid funds in a different account. Having this reserve will help you feel more at ease and prevent you from depending on loans when things get hard.
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6. Living pay cheque to pay cheque
If you spend every naira as soon as it arrives, leaving little provision for emergencies or savings, you risk becoming overly reliant on each pay cheque for everyday costs. Identify and reduce nonessential spending, such as eating out or unused subscriptions, and set aside some funds for savings. If possible, search for ways to supplement your income, such as freelancing or converting a pastime into a side hustle.
7. Ignoring budgeting
It’s simple to lose track of your finances without a budget, which can lead to both excessive spending and insufficient savings. Make a thorough budget that breaks down your sources of income so that you can save for fixed costs like your child’s school, a down payment on a home, or retirement while prioritising necessities like rent, food, and medical care. Put your earnings and outlays in writing, then create a strategy that you can follow. Budgeting is about maintaining control, not about limiting oneself.
8. Forgetting about inflation
The money you have now will not purchase as much tomorrow due to inflation. To beat inflation, make sure your money holds its value by investing in assets like stocks or real estate that can grow faster than inflation. Making money work harder is necessary to maintain its worth; simply preserving money is insufficient.
Financial management can be stressful, but avoiding these costly mistakes can help significantly. Financial growth takes time, so be patient with yourself and maintain consistency. In a challenging economy, every wise decision counts. Let 2025 be the year you take control of your finances and begin creating the future you want.
8 financial mistakes to avoid in 2025
Business
Meta deletes AI accounts after backlash over posts
Meta deletes AI accounts after backlash over posts
Meta promptly deleted several of its own AI-generated accounts after human users began engaging with them and posting about the bots’ sloppy imagery and tendency to go off the rails and even lie in chats with humans.
The issue emerged last week when Connor Hayes, a vice president for Meta’s generative AI, told the Financial Times that the company expects its homemade AI users to appear on its platforms in much the same way human accounts do.
“They’ll have bios and profile pictures and be able to generate and share content powered by AI on the platform… that’s where we see all of this going.”
That comment sparked interest and outrage, raising concerns that the kind of AI-generated “slop” that’s prominent on Facebook would soon come straight from Meta and disrupt the core utility of social media — fostering human-to-human connection.
As users began to sniff out some of Meta’s AI accounts this week, the backlash grew, in part because of the way the AI accounts disingenuously described themselves as actual people with racial and sexual identities.
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Facebook users have complained of an increase in AI-generated spam content on the platform, as new artificial intelligence tools make it easier than ever to generate large numbers of fake images.
In particular, there was “Liv,” the Meta AI account that has a bio describing itself as a “Proud Black queer momma of 2 & truth-teller,” and told Washington Post columnist Karen Attiah that Liv had no Black creators — the bot said it was built by “10 white men, 1 white woman, and 1 Asian male,” according to a screenshot posted on Bluesky. Liv’s profile included a label that read “AI managed by Meta,” and all of Liv’s photos — snapshots of Liv’s “children” playing at the beach, a close-up of badly decorated Christmas cookies — contained a small watermark identifying them as AI-generated.
As media scrutiny ticked up Friday, Meta began taking down Liv and other bots’ posts, many of which dated back at least a year, citing a “bug.”
“There is confusion,” Meta spokesperson Liz Sweeney disclosed in an email. “The recent Financial Times article was about our vision for AI characters existing on our platforms over time, not announcing any new product.” CNN reported.
Sweeney said the accounts were “part of an early experiment we did with AI characters.”
She added: “We identified the bug that was impacting the ability for people to block those AIs and are removing those accounts to fix the issue.”
Meta deletes AI accounts after backlash over posts
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