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NNPC Reports N20.36Bn Trading Surplus In July

The Nigerian National Petroleum Corporation (NNPC) on Thursday reported a trading surplus of N20.36bn in July 2020 compared to the N2.12bn surplus it recorded in the preceding month. The disclosure, which was contained in a statement issued by the corporation on its financial and operations report for month, indicated that its most functional and flagship […]

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Non-Oil Contribution To Tax Revenue Hits 90% – FIRS

The Federal Inland Revenue Service (FIRS) on Thursday stated that non-oil tax receipts had consistently contributed 75% to 90% of total tax collections over the past few months. The FIRS Director, Communications and Liaison Department, Dr. Abdullahi Ahmad, quoted the Executive Chairman of the service, Mallam Muhammad Nami, as disclosing this during a courtesy call […]

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IEA Revises Global Oil Demand Downward To 91.7MBD

The International Energy Agency (IEA) on Tuesday revised downward its 2020 oil demand forecast, citing caution about the pace of economic recovery from the pandemic as a major factor for the review. The Paris-based agency expects demand to fall even further by 8.4 million barrels per day in 2020, compared to its earlier estimate of […]

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FG Reports 65% Drop In Revenue

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Monday confirmed that Nigeria’s revenue had dropped by about 65 per cent as the COVID-19 pandemic impact on the economy lingers till now. The minister explained that the dwindling revenue trend necessitated the decision of the federal government to discontinue the payment of […]

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Akwa Ibom Decries Delay In Payment Of 13% Derivation Fund

Akwa Ibom State Government has decried the non-payment of 13 percent derivation oil revenue due to it by the Federal Government. Describing the non-payment of the fund by the federal government as unconstitutional, the state government lamented that the non-payment of the funds had affected adversely its development process. A news report by Vanguard newspapers […]

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FG To Parley Organised Labour Over Fuel Price, Electricity Tariff Hike

President Muhammadu Buhari on Friday directed the Minister of Labour and Productivity, Chris Ngige, to meet with the leadership of the organised labour with a view to making government understand their grievances over the recent hike in fuel pump price and the revised electricity tariffs. While disclosing this to journalists after he met the president, […]

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FG Targets N1Trn Yearly Savings From Fuel Subsidy Removal

The Federal Government on Thursday projected that about N1trn would be saved yearly from the deregulation of petroleum products’ pricing regime and that such savings would be deployed to fund critical components of the economy. The Minister of State, Petroleum Resources, Chief Timipre Sylva, who gave the forecast in Abuja during an interview with some […]

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FG, Others Shared N3.879Trn In Six Months

The Nigeria Extractive Industries Transparency Initiative (NEITI), has reported that Federation Accounts Allocation Committee (FAAC) shared N3.879 trillion to the federal states, local governments, and other agencies in the first half of this year, It reported that from January to May 2020, actual government revenue was N1.62trn, representing 62 per cent of the expected pro-rata […]

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DAPPMAN Lauds FG On Subsidy Removal, Seeks Full Deregulation

Amid growing concerns about the immediate negative implications of the fuel subsidy removal for poor Nigerians, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), has lent its support for the fiscal measure and full-scale deregulation of the downstream sector to enhance economic growth and development of the nation. The government, through the Petroleum […]

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Chamber Tasks African OPEC, Non-OPEC Members On Energy Poverty

As the global oil producers convened today in Vienna, Austria for the 177th OPEC meeting to discuss about and take decisions on issues that would guide the future of the global hydrocarbon resources industry,  the African Energy Chamber  has urged African OPEC and non-OPEC members at the meeting to commit to the Declaration of Cooperation […]