• Friday, March 01, 2024
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Five things to know to start your Friday

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Mixed reactions trail FG 50% fare reduction ends

Commuters at Lagos’ Oshodi Transport Interchange expressed relief over the Federal Government’s 50 percent transport subsidy, which alleviated financial strain during the Yuletide.

Following the removal of petrol subsidies, transport fares had doubled nationwide.

The initiative, running from December 21, 2023, to January 4, 2024, provided rebates for intercity travel, benefiting over 163,000 passengers.

Commuters praised the reimbursement, urging an extension. Abiodun Otunola, MD of Planet Projects, noted a 100 percent compliance at Oshodi Terminal, with passengers receiving refunds of up to N15,000.

Weather forecast for Friday: Expect dust haze and possible thunderstorms

Moderate dust haze with a visibility range of 2–5 km and localised visibility of less than or equal to 1000m is expected over the Northern region and the North Central states during the forecast period.

Patches of clouds in a hazy atmosphere are anticipated over the inland cities of the South and coastal belt during the morning hours.

There are slim prospects of localised thunderstorms over parts of Lagos, Akwa Ibom Rivers, and Cross River states during the afternoon and evening hours.

Entourage reduction: LCCI seeks clarification on penalty for non-compliance

The Lagos Chamber of Commerce and Industry urges the Nigerian government to clarify penalties for officials not adhering to President Tinubu’s directive on reducing travel entourages.

While praising the cost-cutting move, LCCI anticipates resistance from officials accustomed to larger entourages.

The chamber emphasises the need for clear sanctions to ensure effective implementation and lauds the president’s example-setting move for fiscal responsibility.

President Tinubu recently reduced travel entourage sizes as part of massive cost-cutting measures across the government.

NBC commits €1 million to social impact initiatives

The Nigerian Bottling Company Ltd. pledges a €1 million donation to support impactful social programmes across eight states.

Managing Director Goran Sladic, during a visit by Minister Doris Nkiruka Uzoka-Anite, emphasises the company’s dedication to community initiatives, focusing on empowering women and youth, water stewardship, environmental sustainability, and waste management.

As part of its 70th-anniversary celebration, NBC reinforces its commitment with the donation, demonstrating ongoing support for Nigeria’s development.

The minister highlights the real sector’s importance for sustainable economic growth, aligning with President Tinubu’s push for industrialization.

US bitcoin ETFs see $4.6B in volume in first day of trading

U.S.-listed bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, and ARK 21Shares Bitcoin ETF, generated $4.6 billion in trading as investors embraced the landmark products approved by the U.S. securities regulator.

The launch of 11-spot bitcoin ETFs marks a pivotal moment for the cryptocurrency industry, testing its broader acceptance as an investment.

Grayscale, BlackRock, and Fidelity dominated trading volumes, signalling the start of a competitive race for market share among these ETFs.