President Bola Ahmed Tinubu has directed Service Chiefs and heads of security and intelligence agencies to ruthlessly deal with oil thieves and other criminals involved in vandalizing the nation’s oil assets The President, who gave the order on Thursday, said that his administration would not tolerate such criminal acts that have been undermining the nation’s […]
The National Bureau of Statistics (NBS) has reported that Nigeria’s Tax-to-GDP ratio, which has been hovering between 5% to 6% in the past 12 years, rose to 10.86% by the end of 2021. The Statistician-General of the Federation/Chief Executive Officer of the Bureau, Prince Adeyemi Adeniran, gave these figures in a letter dated 25th May […]
Amid raging controversies and consumers’ anger over the timing of the fuel subsidy removal by the government and resurfacing of queues in filling stations nationwide, the Nigerian National Petroleum Company Limited (NNPCL), the biggest player in the petroleum industry’s downstream sub-sector, on Wednesday announced the official adjustments of its pump price for Premium Motor Spirit […]
Worried about resurfaced long queues in petrol stations nationwide following the declaration by the newly elected President Bola Ahmed Tinubu in his inaugural address that fuel subsidy would be discontinued by the new administration, the Asiwaju Bola Ahmed Tinubu Media Centre has stated that the planned fiscal measure will not be implemented until the end […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued seven new regulations to guide operators in Nigeria’s oil and gas industry. The commission’s Chief Executive Officer, Engr. Gbenga Komolafe, who disclosed this in a statement issued on Thursday, clarified that the seven new regulations were aimed at creating a regulatory environment that assures efficiency, predictability, […]
…..analysts forecast $382bn spending on solar in 2023 The International Energy Agency (IEA) has predicted that investment in clean energy will extend its lead over spending on fossil fuels this year, with solar projects expected to surpass funding commitments on oil production for the first time. The Paris-based energy industry watchdog made this projection […]
The Nigerian National Petroleum Company Limited (NNPCL) has announced its signing of a series of agreements concerning Oil Mining License (OML) 130 with major oil exploration and production (E&P) companies in furtherance of its sustained efforts to improve Nigeria’s oil output on a sustainable basis. The company stated through its official Twitter account that the […]
The National Bureau of Statistics (NBS) reported on Wednesday that the nation’s Gross Domestic Product (GDP) grew by 2.31% (year-on-year) in real terms in the first quarter of 2023. The Bureau, which is Nigeria’s statistical system coordinating agency, in its just published ‘Nigeria Gross Domestic Product Q1 2023’, disclosed that the Q1 2023 growth rate […]
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has projected that the commencement of operations of the Dangote Refinery had the potential of saving Nigeria over $25 billion in foreign exchange (FX) in energy imports and provide $10 billion as exports. Emefiele, who made this forecast on Monday during the commissioning of the […]
….consumers pay 47.18% higher for petrol The National Bureau of Statistics (NBS) has reported that consumers paid higher for Automotive Gas Oil (AGO/diesel) in the month of April this year, with the price of the commodity surging to an average of N842.25 per litre. The April 2023 price of diesel per litre represented a […]