The House of Representatives Ad-hoc Committee on Petroleum Industry Bill (PIB) has asked Nigerians to make input into the Legislature’s deliberations on the Bill now before it by submitting their memoranda before finally passing it into an Act. Chairman of the Ad-hoc Committee, Hon Mohammed Monguno, made the appeal on Wednesday during the committee’s inaugural […]
The Central Bank of Nigeria (CBN) on Tuesday flawed the position of parallel market rates protagonists on real value of the nation’s currency, insisting that their pressure to devalue the Naira is not logical. The CBN Governor, Mr. Godwin Emefiele, made this vow at the end of the 2020 Monetary Policy Committee (MPC) meeting, in […]
The Petroleum Industry Bill (PIB) on Tuesday passed through for second reading at the House of Representatives after being dogged by controversies among lawmakers several years after its submission by the Executive for passage. Precisely, the PIB was initiated by the Executive Arm of government about 18 years ago to promote transparency in the nation’s […]
The Organisation of Petroleum Exporting Countries (OPEC) on Monday projected brighter outlook for oil and gas demand in the next two decades with oil demand growing to 90 million barrel per day (bpd) in 2021. Secretary General of the organisation, Mohammad Barkindo, who gave these forecasts in his address at the Crescent Ideas Forum via […]
The World Bank on Monday predicted that Nigeria’s per capital income could ebb to its lowest value in 40 years as the volatility of the oil market globally continues to take huge toll on government’s earnings and overall performance of the nation’s economy. World Bank Country Director for Nigeria, Mr. Shubham Chaudhuri, made the latest […]
As the international oil market’s volatility continues unabated following the lingering COVID-19 pandemic, Nigeria and other oil producing countries in Africa have been advised to develop fiscal regimes that ensure fair treatment for the state without burdening companies with unreasonable obligations on top of their project risks, local content requirements, and the expenses associated with […]
The Nigerian National Petroleum Corporation (NNPC), has reported that in August this year earnings from its Crude Oil & Gas export sales rose to $139.50 million, representing an increase of 64.84 per cent compared to the previous month’s earnings. The state-owned petroleum company, stated in its August 2020 NNPC Monthly Financial and Operations Report (MFOR) […]
The Deputy Senate President, Senator Ovie Omo Agege, has condemned in unequivocal terms the diversion of the 13 percent oil derivation funds by oil producing states in view of the implications for the socio-economic wellbeing of ordinary people in the affected states. The lawmaker lamented that despite the billions of Naira being distributed to the […]
The Department of Petroleum Resources (DPR) has disclosed that Waltersmith Modular Refinery located in Ibigwe, Imo State, with refining capacity of 5,000 barrels per day (bpd) is ready for operations. The Director of DPR, Engr. Sarki Auwalu, who gave this hint during a pre-commissioning visit to the project site recently, said the purpose of the […]
President Muhammadu Buhari on Thursday stoutly defended his administration’s recent fiscal policy measures, particularly the deregulation of the petroleum pricing regime, saying the measures are inevitable if the abuses in the downstream subsector are to be curtailed and the economy better positioned for citizen’s socio-economic wellbeing. The President, who justified the fiscal policy stance of […]