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Scarcity: NNPC Expecting 250 Million Litres Of Petrol


The Nigerian National Petroleum Corporation announced on Wednesday that it was expecting up to five ships, each filled with 50 million litres of Premium Motor Spirit, popularly known as petrol, in the country in the next three days. It said the move was to bridge the shortage in the volume of PMS available for supply and distribution and make the queues by motorists in many ... Read More »

FG To Issue N10.69bn Green Bonds To Finance Budget


The Debt Management Office on Wednesday said it was set to issue Green Bonds worth N10.69bn to finance some aspects of the 2017 budget. According to the DMO, the Green Bond is being issued following Nigeria’s endorsement of the Paris Agreement on Climate Change on September 21, 2016. The agreement aims to strengthen the global response to the threat of climate change. Since its signing, ... Read More »

Senate Summons DMO, GE Over $27.9m Power Project Spending


The joint Senate Committee on Public Accounts and Power, Steel and Metallurgy, on Wednesday criticised the Federal Ministry of Power, Works and Housing over the terms of agreement with General Electric for the construction of the Afam 3 Fast Power Project. The committee condemned the release of $27.9m to General Electric at zero interest rate, out of the $350m domiciled with the Nigeria Sovereign Investment ... Read More »

World Bank To Stop Financing Oil, Gas Projects From 2019


The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced Tuesday at a climate summit seeking to boost the global economy’s shift to cleaner energy. “The World Bank Group will no longer finance upstream oil and gas, after 2019,” it said in a statement in Paris, where world leaders sought to unlock more money for the shift away from ... Read More »

Oil Price Rises Above $65 Per Barrel


Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts. Brent crude futures on Tuesday, the international benchmark for oil prices, were at $65.07 dollars a barrel at 0211 GMT. U.S. West Texas Intermediate (WTI) crude futures were at 58.21 dollars ... Read More »

FG To Release Additional N750bn For Capital Projects


The Federal Government on Monday said the sum of N750bn would be released this week to its Ministries, Departments and Agencies for the execution of some capital projects contained in the 2017 budget. The Minister of Finance, Mrs. Kemi Adeosun, gave the figure while speaking during a meeting with a delegation of investors from France. The delegation is made up of 30 companies from France ... Read More »

US Import Of Nigerian Crude Hits Four-Year High


For the first time in more than four years, the United States’ monthly import of Nigerian crude oil rose to 12.29 million barrels in August, the latest report from the US Energy Information Administration has revealed. The US imported a total of 28.53 million barrels of crude oil from Nigeria in the third quarter of this year, up from 18.88 million barrels in the same ... Read More »

State Govts In Aggressive Drive To Raise IGR


Following the persistent decline in revenue to the federation account which has impacted negatively on statutory allocation, state governments have resolved to begin an aggressive drive to shore up their Internally Generated Revenue from next year. The move is part of measures aimed at reducing the over-dependence of state governments on revenue from the federation account. Since the beginning of this year, the revenue accretion ... Read More »

Oil Workers Threaten Nationwide Strike From Dec. 18

mr. Ibe kachikwu

Barely 24 hours after oil workers under the aegis of the Independent Petroleum Marketers Association of Nigeria, Lagos State Chapter, suspended the plan to withdraw their services, the Petroleum and Natural Gas Senior Staff Association of Nigeria on Thursday threatened to embark on a nationwide strike. Last week, IPMAN, Lagos Chapter, accused the Nigerian National Petroleum Corporation of under-supplying its members with petrol, threatening that ... Read More »

Foreign Rice In Nigeria Smuggled, Some Poisonous – FG


The Federal Government on Thursday declared that all foreign brands of rice in the country at the moment were smuggled, adding that some of them were poisonous. According to the government, recent tests conducted by the Federal Ministry of Agriculture and Rural Development showed that most imported rice and poultry products were poisonous, as the commodities had been stored for several months before being shipped ... Read More »

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