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Britain’s Inflation Drops To 3.1% In Sept Despite Fuel Price Surge

Britain’s inflation rate dropped to 3.1 percent year-on-year (Y-o-Y) in September following the artificial blip caused by year 2020’s ‘Eat Out to Help Out’ scheme dropped out of the figures. However, analysts are projecting that higher prices are still expected in the months ahead. The Office for National Statistics (ONS) reported on Wednesday that  the […]

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Nigeria’s Rig Count Rises By 20.8% In Q3 – OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has reported that  Nigeria’s rig count increased by 20.8 per cent Year-on-Year (YoY), to 29 in the third quarter of this year  from the 24 rigs recorded in the corresponding period of last year. Rig count is a global index for measuring activities in the upstream sector of […]

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NNPC Unveils Plans To Utilize Tax Credit Scheme For Road Projects

The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mallam Mele Kyari, has hinted of plans by the corporation to rebuild key roads used in the transportation of petroleum products under the Federal Government’s Tax Credit Scheme. Established under FG’s Executive Order 7 of 2019, the Road Trust Fund Policy/Tax Credit Scheme gives private sector […]

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Nigeria’s Crude Oil Production Hits 1.451MB/D In September – OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) has reported that Nigeria’s crude oil production averaged 1.451 million barrels per day in September 2021. The oil cartel in its Oil Market Report for October 2021 sourced on Wednesday indicated that the figure represented an increment of 156 barrels per day over  the 1.296 million barrels […]

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Diversification Of Nigerian Economy On Course – FIRS Boss

Chairman of the Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, has maintained that the diversification of the Nigerian economy, though a work in progress, is on course. Nami, was quoted in a statement by his SA Media and Communication, Johannes Wojuola, as making this remark while speaking at the ‘Public Presentation and Breakdown of  […]

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NNPC Limited Registered With Highest Share Capital In Nigeria – CAC

The Corporate Affairs Commission (CAC) on Friday declared that the Nigerian National Petroleum Company (NNPC) Limited had the highest share capital among registered entities in the country. The Registrar General of the commission, Barrister Garba Abubakar, made this disclosure while presenting the Certificate of Incorporation of the company to President Muhammadu Buhari at the State […]

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Nigeria Records 51% Oil Revenue Shortfall, As Buhari Proposes N3.6Trn For Debt Servicing In 2022

President Muhammadu Buhari on Thursday disclosed that the Federal Government’s share of oil revenue as at July this year totalled N570.23 billion, representing 51 percent shortfall from the budgetary target for the seven months period. Buhari  gave this hint in his address on the proposed N16.39 trillion Appropriation Bill 2022 at the National Assembly. He […]

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Senate Confirms NURC’s Board Nominees, DPR To Be Scrapped

The Senate on Wednesday confirmed the Nigerian Upstream Regulatory Commission (NURC) board member-nominees following the recommendations of its committee on Petroleum Resources. The commission, after the inauguration of the approved nominees, will take over the responsibilities of the Department of Petroleum Resources based on the provisions of the Petroleum Industry Act 2021. The Red Chamber’s […]

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ACCI Tasks FG On Policies To Support Investments

The Abuja Chamber of Commerce and Industry (ACCI) has advocated the need for policy measures to support investments in the country, especially those that could help indigenous entrepreneurs to grow their businesses in order to ensure sustainable growth of the nation’s economy. The Chamber’s President, Dr. Mujtaba Abubakar, in his chat with journalists at the […]

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NEITI To Report Tax Defaulting Oil, Gas Firms To Anti-Graft Agencies

The Nigeria Extractive Industries Transparency Initiative (NEITI) has hinted of its moves to report oil and gas companies that have defaulted in remittance of their profit taxes to the federation account to anti-graft agencies. The organisation’s  Executive Secretary, Dr .Orji Ogbonnaya Orji , reported that based on  the 2019 Oil and Gas Industry and Solid […]