The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, on Monday inaugurated a technical committee to review the just enacted Petroleum Industry Act (PIA) 2021 and its implications for the statutory responsibilities of the ministry. Before the latest action, the ministry earlier indicated a move to push for the amendment of the newly passed […]
Initial hopes of the investing public that the proposed successor company of the Nigerian National Petroleum Corporation (NNPC) would go public in line with amended 2021 Petroleum Industry Act appear to have been dashed on Monday as the corporation’s Group Managing Director, Mallam Mele Kyari, said that company may not be ready for an Initial […]
Gombe State Governor, Inuwa Yahaya, on Thursday urged President Muhammadu Buhari to do everything within his powers to fast-track the current crude oil surveys in the Northern part of the country. Yahaya, who gave the charge while chatting with State House correspondents at the Villa, pointed out that discovery and exploration of crude oil in […]
The Senate on Wednesday accused Government Owned Enterprises of worsening the current dwindling revenue situation of the country and accused them of engaging in spending spree instead of remitting the appropriate funds into the federation account. The Chairman of the Senate Committee on Finance, Senator Solomon Olamilekan Adeola, made the allegation on Wednesday at a […]
The Nigerian National Petroleum Corporation (NNPC) reported that it incurred N756.99 billion on fuel subsidy from January to July this year. These figures were contained in the state-owned petroleum company’s operations report for the seven- month period. According to the corporation’s data on fuel importation and subsidy provisions in the financial records, the subsidy provisions […]
The Liquefied Petroleum Gas Retailers Association of Nigeria, has linked the recent surging market price of Liquefied Petroleum Gas (LPG) to fiscal policy measures of the Federal Government, particularly the imposition of a 7.5 percent Value Added Tax (VAT) on imported gas and the waning value of the Naira in the foreign exchange (forex) market, […]
Nigeria and other African countries are reported to be annually losing as much as $3.8 billion to erosion, pollution and other environmental and health threatening issues. A new research document just published by Nature and the International Support Network for African Development (ISNAD-Africa) in partnership with World Wildlife Fund raised concerns over the alarming rate […]
President Muhammadu Buhari, who is also overseeing the operations of the Ministry of Petroleum Resources, has announced N287 billion profit after tax (PAT) for the Nigerian National Petroleum Corporation (NNPC) for the 2020 financial year. Buhari , who made the disclosure on Thursday in a statement by his Special Adviser on Media and Publicity, Mr. […]
House of Representatives Committee on Finance has commended the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, for providing detailed explanations on some oil industry issues during an interactive session on the 2022-2024 Medium Term Expenditure and Revenue Framework (MTERF) and Fiscal Strategy Paper (FSP). The Chairman of the House […]
Apparently miffed by reports by the bribe scandal trailing the passage of the Petroleum Industry Bill (PIB), the Senate President, Dr. Ahmad Lawan, has debunked the allegation, saying it is “unwarranted, unprovable, false and fake information.’’ Specifically, the lawmaker denied allegations that he and the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, collected […]