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Global Minimum Corporate Tax Rate Proposal Gains Traction

President Joe Biden’s campaign promise to crack down on tax-evading multinationals and recent call for a global minimum corporate tax rate has continued to elicit reactions from major players in the global economic space as some fear that President Biden’s plan may hinder developing economies’ Covid-19 recovery. The President had in April, as part of […]

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NNPC Selects 26 Firms For Nigeria’s Crude Oil Lifting

The Nigerian National Petroleum Corporation (NNPC) has approved 26 foreign and Nigerian companies and 12 countries to lift the country’s crude oil within the next two years. The crude oil lifting term contracts which are expected to run from 2021 through 2023, would operate on a Government-to-Government (G2G) basis and allow selected companies and countries […]

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PwC Forecasts Feasibility Of Nigeria’s 2021 Oil Budget Projections

Pricewaterhouse Coopers Limited Nigeria (PwC), one of the world’s leading research and consulting firms, has projected that given the realities in the international oil market, Federal Government’s oil production target and earnings’ projections in the 2021 budget look feasible. The consulting company gave this hint in its just published ‘Economic Alert: Assessing the 2021 FGN […]

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Seplat Records $28Mn PBT, $77.8Mn EBITDA In Q1, 2021

Seplat Petroleum Development Company Plc, a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has announced $152.4 million in revenue in the first quarter this year, representing 16.8 percent increase over the earnings in the corresponding period of year 2020. The company also reported […]

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NEITI, ICPC Partner On Extractive Industries’ Anti-Corruption Drive

The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have agreed to cooperate on anti-corruption crusade in the nation’s extractive industries. A statement issued on the partnership of the two agencies by NEITI’s Head, Communications and Advocacy, Mrs. Obiageli Onuorah, on Wednesday indicated that under the […]

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OAGF To Assist NEITI In Tracking Oil, Gas Revenue Accruals

The Office of the Accountant General of the Federation (OAGF) has indicated its readiness to support the Nigeria Extractive Industries Transparency Initiative (NEITI) in tracking oil and gas revenue accruable to the Federal Government to ensure appropriate remittances. The Accountant General of the Federation (AGF), Mr. Ahmed Idris, gave the pledge on Tuesday when he […]

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FG To Hasten Ogoniland Clean Up, Inaugurates Trust Fund Board

The Federal Government on Friday assured of its readiness to hasten Ogoniland clean up project as part of efforts to improve the socio-economic wellbeing of Ogoni people. To demonstrate its commitment to environmental remediation process in the Niger Delta region, the government also inaugurated the Second Governing Council of the Hydrocarbon Pollution Remediation Project and […]

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FG Apologises Over PPPRA’s Fuel Price Template Saga

The Federal Government has apologized to Nigerians over the confusion triggered by the latest petrol price template of N212.6 per litre released on Thursday by the Petroleum Products Pricing Regulatory Agency (PPPRA). The Minister of State for Petroleum Resources, Mr. Timipreye Sylva, who tendered the government’ss apology, explained that template was a mix-up and urged […]

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FG Rejects PPPRA’s N212.6 Petrol Pricing Template, As Agency Recants

The Federal Government has disassociated itself from the latest petrol price template of N212.6 per litre released by the Petroleum Products Pricing Regulatory Agency (PPPRA), saying it is not planning to raise fuel price for now. This is even as the Nigerian National Petroleum Corporation (NNPC) has ruled out any possible increase in fuel pump […]

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Nigeria Records -N7.37Trn Merchandise Trade Deficit In 2020

Nigeria’s total merchandise trade deficit last year worsened remarkably increasing to -N7. 37 trillion, as the COVID-19 pandemic negatively impacted across the broad spectrum of the economy, particularly the real sector. The latest ‘Foreign Trade in Goods Statistics (Q4 2020)’ report by the National Bureau of Statistics (NBS), indicated in the year under review, Nigeria’s […]