• FG signs global deal to reduce airline fees
• Dangote and NNPCL aim for crude-sale and petrol buy-back deal
• Central Bank requests for monthly PoS transaction reports
• Tinubu celebrates the growth of the Nigerian economy under his administration
• Shortage of aircraft in Nigeria raises the price of airfare

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

Top Stories Tamfitronics FG signs global deal to reduce airline fees

The Nigerian federal government has signed the Cape Town Convention (CTC) Practice Direction deal, which is focused on reducing airline expenses in the country.

The CTC Practice Direction deal was signed by Justice John Tsoho, Chief Judge of the Federal High Court, on September 12, 2024. The signing makes the CTC completely operational in Nigeria and simultaneously reduces the cost of insurance for airlines, among other things.

The Vice President of Nigeria, Kashim Shettima, promised the aviation sector that Tinubu’s administration would strive to promote and protect the airline industry as this was a pro-business administration.

Top Stories Tamfitronics Dangote and NNPCL aim for crude-sale and petrol buy-back deal

Dangote Refinery and Nigerian National Petroleum Company Limited (NNPCL) are finalising their discussion on NNPCL selling crude to Dangote Refinery in Naira and buying back the finished product in Naira.

In a virtual interview hosted on X, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, spoke about oil marketers boycotting the aviation fuel and diesel produced by Dangote Refinery and NNPCL wanting to monitor the production pending its release into the market next week.

“Now we are still discussing with the government to give us the crude in Naira. The discussions have been going on. It has not yet been concluded. When we buy the crude from them in Naira, they will take the products back from us in Naira; that’s where we are. We are still in discussions,” he said.

Top Stories Tamfitronics Central Bank requests for monthly PoS transaction reports

The Central Bank of Nigeria (CBN) has requested that all monthly Point of Sale transactions be submitted without fail.

The CBN has instructed two licensed Payment Terminal Service Aggregators (PTSAs), Nigeria Interbank Settlement System PIc (NIBSS) and Unified Payment Services Limited (UPSL), to execute this order.

“To achieve the objective of tracking electronic transactions in Nigeria, the Central Bank of Nigeria (CBN) in August 2011, granted a Payment Terminal Service Aggregator (PTSA) license to Nigeria Interbank Settlement System PIc (NIBSS),” the apex bank circular reads in part.

Top Stories Tamfitronics Tinubu celebrates the growth of the Nigerian economy under his administration

President Bola Tinubu celebrated the announcement of a report from the NBS that revealed that the country’s economy has seen vast growth since he came into power.

According to the National Bureau of Statistics (NBS), a trade surplus of ₦6.95 trillion in Q2 of 2024 translates to a 6.6% increase compared to the ₦6.52 trillion in Q1 of 2024.

A statement from the Presidency expressed confidence that the President was on the right path in reforming the country.

Top Stories Tamfitronics Shortage of aircraft in Nigeria raises the price of airfare

Air travelers have been informed of the increased airfares due to the lack of aircraft in Nigeria’s airports.

Therefore, fewer aircraft are making domestic trips around Nigeria, and passengers are now stranded with little to no option but to fly with whatever flight is available, no matter the price.

Airlines with fewer aircraft have opted to reduce the frequency of their operations to maximize their profits.