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Senate considers petrol subsidy removal, naira devaluation

The Nigerian Senate has expressed its willingness to consider the removal of subsidy on petrol and devaluation of the Naira.



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Barely two days after the Central Bank of Nigeria rolled out some policy measures to help curtail the adverse economic effects of the coronavirus pandemic in the global economy, the Nigerian Senate has expressed its willingness to consider the removal of subsidy on petrol and devaluation of the Naira to help forestall the looming economic crises as a result of the disease.

This is contained in the interim report of the Senate joint committees on finance, appropriations, national planning and petroleum resources (upstream) which was presented to the Senate.

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Senator Solomon Adeola

The joint committee, which is chaired by Senator Solomon Adeola, was set up last week to liaise with relevant government agencies to come up with probable solutions on how to tackle the effect of the coronavirus on the global economy. They were mandated to assess, examine and suggest to the senate the immediate steps to be taken in order to cushion the effect on the nation’s economy, especially the crash in crude oil prices.

The Senate adopted the recommendations contained in the interim report of the joint committee which include:

  • review of the 2020 budget as had been passed by the national assembly which appears inevitable;
  • reconsidering the number of agencies and parastatals of the government as was recommended in the Oronsanye report;
  • loss of revenue worth billions of dollars due to gas flaring and some others; and
  • removal of fuel subsidy, devaluation of the Naira and some other sundry issues.

[READ MORE: Nigeria in trouble as rising subsidy cost exacerbates revenue crisis)

The legislative and executive arms are expected to jointly work out the modalities to be adopted in the review of the 2020 budget. The committee, as part of its recommendation in the interim report, asked the revenue-generating agencies of the government to strictly adhere to the fiscal responsibility act as passed by the National Assembly.

Adeola disclosed that the joint committee before it came up with its interim report, got different views from economic and financial experts on the state of the economy.

Fuel subsidy, Nigeria's pump price

The Senate President, in his comment, admitted that the country is going through challenging times at the moment. He lamented the difficulty government encounters in the implementation of capital projects. He said that the Senate would engage the CBN to find out if the measures they just rolled out are good enough or can be better.

It must be recalled that as part of measures aimed at reducing the negative impact of the coronavirus pandemic, the CBN rolled out some monetary policies for businesses and households.

READ MORE: Nigeria’s economic growth lower than non-oil dependent nations- IMF

Some of those measures include reduction of interest rate on intervention facilities from 9% to 5%, extension of moratorium on intervention funds by one year, provision of N50 billion credit facility for households and families and so on.


Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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PayPal is buying a Crypto security startup for less than $200 million

PayPal is set to outrightly purchase a crypto-security firm, Curv as part of its campaign in building its crypto ecosystem.




PayPal is set to outrightly purchase a crypto-security firm Curv as part of its campaign in building its crypto ecosystem, the company disclosed today.

According to a report credited to CNBC, the deal is estimated to be worth less than $200 million, it’s expected to close before June this year.

The company’s stock price however recorded some selling pressures at the time of writing amid rising U.S Treasury yields and greenback keeping global investors on their toes.

READ: CBN and cryptocurrency ban

The crypto startup about to be acquired by PayPal provides companies with Crypto security technology via the cloud. PayPal revealed that the purchase would help its expansion on supporting crypto.

“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” PayPal’s Jose Fernandez da Ponte said in a statement.

In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of; financial inclusion and access, efficiency, speed, the resilience of the payments system and the ability for governments to disburse funds to citizens quickly.

READ: U.S customers can now buy Cryptos with Paypal

“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.

Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.

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Corporate Press Releases

Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences

Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.



Dupe Olusola

Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.

The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.

“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”

Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.

For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.

With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.

Guests and hosts can sign up at to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.


Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.


Aura by Transcorp

Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.

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