Category: Economy
-
IPMAN, others back removal of fuel subsidy
Some stakeholders in the petroleum sector on Tuesday said removing subsidy on fuel would benefit the nation’s economy in the long run. The stakeholders told the News Agency of Nigeria in separate interviews in Lagos that the crash in the price of crude oil in the international market had provided the government the opportunity to…
-
BREAKING: Finally, FG to stop paying oil subsidy, going forward
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, says Nigeria would no longer pay subsidy on petrol with the ongoing global oil price decline. Kyari disclosed this in a statement signed by NNPC spokesman, Dr Kennie Obateru, in Abuja on Monday. The NNPC boss said this while he featured…
-
Nigeria earns $32.63bn from oil, gas sector in 2018 — NEITI
The Nigeria Extractive Industries Transparency Initiatives (NEITI) said Nigeria earned a total of 32.63 billion dollars from the oil and gas sector in 2018. NEITI disclosed this in the Oil and Gas industry Audit Report released in Abuja, on Monday. It said that the amount represented a 55 per cent increase on the 20.99 billion…
-
Oil hits 18-year low as lockdowns diminish demand
Crude oil fell sharply on Monday with U.S. crude briefly dropping below 20 dollars and Brent hitting its lowest level in 18 years on heightened fears that the global coronavirus shutdown could last months and demand for fuel could evaporate further. U.S. West Texas Intermediate (WTI) crude fell 1.14 dollars or 5.3 per cent to…
-
We have 60-days fuel sufficiency – NNPC
Nigerian National petroleum Corporation (NNPC) has urged Nigerians not to engage in panic buying of Premium Motor Spirit (PMS), as the country has adequate stock of the products to last for over 60-days. Mr Mele Kyari, Group Managing Director of the corporation, gave the assurance while briefing newsmen on Sunday in Abuja. Kyari assured that…
-
COVID-19: Analyst unbundles implications of falling oil prices on Nigerian economy
Oil and gas analyst, Ronke Onadeko on Wednesday in a tweet chat with the Nigeria Natural Resource Charter (NNRC) and other experts unbundled the implications of falling oil prices on the Nigerian economy as the Coronavirus disease (COVID-19) rage through most countries in the world. Recall that the Nigerian government reduced the pump price of…
-
36 states, FCT generate N2.57 trillion net revenue
Fiscal Responsibility Commission (FRC) has put the total net revenue of the 36 states and Federal Capital Territory (FCT) at N2.57 trillion excluding the Internally Generated Revenue (IGR). Mr Victor Muruako, the Acting Chairman, FRC, disclosed this in the 2018 Annual Report and Audited Accounts of the commission and made available to News Agency of…
-
Without energy infrastructural development will be limited- Jamil Mohammed Abubakar
Jamil Mohammed Abubakar better known as Capt. Jamyl is an aircraft pilot with over a decade of experience to his name. He is better known for his aviation mentorship program and an NGO that caters for the health, education, and alleviation of the less privileged in communities all around northern Nigeria. An indigene of Gusau,…
-
Inflation rises to 12.13% in January
The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI) which measures inflation increased by 12.13 per cent year-on-year in January 2020. The NBS made this known in its report on Inflation released on Tuesday. It stated that this increase was 0.15 per cent points higher than the rate recorded in December 2019,…