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Middle East Tensions Support Crude Oil Price at $70 Per Barrel


Crude oil prices slipped slightly on Monday but a rebound in stock market and the escalating Saudi Arabia – Iran tensions capped the losses and supported Brent crude futures at over $70 per barrel. Concerns of a looming trade dispute between the United States and China had also weighed on global markets. Global stocks came off six-week low on optimism that the United States and ... Read More »

National Assembly begins public hearing on 2018 budget today

Buhari budget

The National Assembly will today (Tuesday) and Wednesday hold a public hearing on the 2018 Appropriation Bill. The hearing is jointly organised by the Senate and House of Representatives’ Committees on Appropriations, according to an advertisement published in some national daily newspapers on Sunday. Buhari presents 2018 Appropriation Bill to NASS Leke Baiyewu, Abuja The National Assembly will today (Tuesday) and Wednesday hold a public ... Read More »

We’re ready to pay meter service charge – Customers


Power consumers on Monday expressed their readiness to pay the prescribed meter service charge contained in the recently unveiled 2018 Meter Asset Provider Regulations by the Nigerian Electricity Regulatory Commission. According to them, it is better to pay the fee and get meters than to continue paying a tariff that is meant to provide free meters but has failed to do so. Earlier this month, The ... Read More »

Finance ministry, EFCC harmonising data on recovered funds – Adeosun


The Minister of Finance, Mrs. Kemi Adeosun, on Sunday said that the letter that she wrote to the Acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, was to improve control over recovered funds. Adeosun said in a statement issued by her Media Adviser, Oluyinka Akintunde, that contrary to media reports that she had ulterior motives, the letter was written to enable the ... Read More »

CBN Pumps $18.1bn into FX Market in 13 Months


The Central Bank of Nigeria (CBN) has injected a total of $18.067 billion into the interbank segment of the foreign exchange (FX) market since it started its forays into the market in February last year, figures compiled by THISDAY have shown. According to the weekly FX sales by the central bank between February 21, 2017, and March 23, 2018, compiled by THISDAY, the CBN sold the greenback to authorised dealers in a ... Read More »

700 pipeline breaches disrupt petroleum supply – NNPC


The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, has lamented the incessant vandalism of the Aba-Enugu products’ pipeline, which has suffered about 700 breaches. According to him, this has hampered efficient supply and distribution of petroleum products not only in Enugu State, but in the entire South-East, and partly in the North-Central and North-East. Baru stated this when he paid a courtesy call ... Read More »

Discos Claim Manufacturing Firms over Them N30bn


The eleven electricity distribution companies (Discos) in Nigeria’s power market have alleged that the amount of monies owed them by members of the Manufacturers Association of Nigeria (MAN) as shortfall in the 2015 electricity tariff approved by the Nigerian Electricity Regulatory Commission (NERC) but which MAN refused to accept was about N30 billion. They said the lawsuit MAN instituted against their application of the tariff ... Read More »

DMO: FGN Bond Auction for March Oversubscribed

DMO debt management office

The Debt Management Office (DMO) has disclosed that the FGN Bond Auction for March was oversubscribed like the January and February auctions. Total subscription at the March Auction was N142.81 billion, representing 204 per cent of the amount offered. The subscription rates for the 5, 7 and 10 year Bonds were 189 per cent, 84 per cent and 329 per cent respectively, showing the preference ... Read More »

NNPC: N’Assembly Has Promised to Pass Remaining Aspects of PIB by June


The Nigerian National Petroleum Corporation (NNPC) thursday disclosed that it got a committed assurance from the National Assembly that the omnibus Petroleum Industry Bill (PIB) would be passed before the end of June 2018. The NNPC also stated that its planned revamp of four of its refineries in Kaduna, Warri and Port Harcourt, would include an upgrade of their collective refining capacities from their present ... Read More »

FG raises N64bn for 2018 budget through bonds

map nigeria

The Debt Management Office on Thursday announced that it had raised N64.06bn towards the implementation of the 2018 budget through the issuance of Federal Government of Nigeria Bonds. In a statement issued in Abuja, the DMO said the bond auction was oversubscribed as investors staked a total of N142.81bn on the issue. The DMO said, “We conducted the third in the series of FGN Bond ... Read More »

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