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Obasanjo insists Port Harcourt, Warri, Kaduna refineries won’t work

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Oil theft: More illegal pipelines uncovered in Delta
Oil and Gas

Shell discharges five oil barrels into Ogoni

After an operation failure, the Shell Petroleum Development Company discharged five barrels of crude oil into the Bodo community in the Gokana Local Government Area of Rivers State. The spillage which was said to be 98 per cent water was confirmed by a report of a Joint Investigation Visit. According to The PUNCH, the report […]

Power generation dropped 43mw after worker's strike - FG
Electricity

Power intervention fund hits N2.9trn

The Federal Government’s intervention fund for electricity distribution companies has increased to N2.9 trillion. According to The PUNCH, the fund which moved from N2 trillion in May of this year represents a 45% increase over the period. By estimation, the N2.9trn is the total funding extended to the sector since privatisation in 2013. The Director-General, […]

inflation
Economy

Nigeria’s inflation hits 19.64%

Nigeria’s inflation rate hit a 17-year high of 19.64 per cent in July just a month after surging to 18.6 per cent recorded in June 2022. This was disclosed in a Consumer Price Index report for the month of July 2022 according to the National Bureau of Statistics. Food inflated to 22.02% from the 20.6% […]

FG to end fuel subsidy in 2023 - Minister
Oil and Gas

Oil theft threatens Nigeria’s N9tn revenue – FG

The Federal Government has blamed pipeline vandalism, crude oil theft and high petrol subsidy cost, as it risks missing its N9.37tn oil and gas revenue target for the year. This was disclosed in the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper recently presented by the Minister of Finance, Budget and National Planning, Dr […]

News

Telecoms consumers head to court over tax imposition

  The National Association of Telecoms Subscribers has promised to take legal action against the constitutionality of the planned five percent excise levy on telecoms services. They argue that customers’ already dwindling purchasing power will be further eroded by the excise charge on telecom services, which would amount to an additional five per cent consumption […]

LCCI warns FG on rising debt
Economy

LCCI warns FG on rising debt

The Lagos Chamber of Commerce and Industry has warned the rising debt stock incurred by the Federal Government is becoming increasingly problematic. Amid dwindling government revenue and the unsustainable burden of subsidy payments, the chamber expressed worries over the debt servicing cost of the government in a statement signed by its president, Michael Olawale-Cole. The […]

Huawei revenue drops 6% in 2022 first half
Telecommunications

Huawei revenue drops 6% in 2022 first half

Chinese telecom giant Huawei suffered a revenue dip of slightly under six per cent in the first half of 2022, company figures showed as the Covid-19 pandemic and US-China trade rivalry hit sales. Ken Hu, Huawei’s rotating chairman, confirmed the development in a statement on Friday. The company brought in 301.6 billion yuan ($44.8 billion), […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Oil and Gas

Nigeria lost oil worth N101bn in July – OPEC

Data from the Organisation of Petroleum Exporting Countries has revealed that Nigeria lost N101 billion worth of oil in July 2022. OPEC’s report on Thursday tied the loss to the drop in Nigeria’s crude oil production which plunged by 2.3 million barrels in July 2022, unlike the previous month. In its latest Monthly Oil Market […]

Nigeria Air: FG warns against fake recruitment website
Aviation

FG mum on identities of Nigeria Air investors

The Federal Government has kept mute on the identities of Nigeria Air investors as it continues to work towards ensuring that the nation has a national carrier before the end of 2022. According to The PUNCH, Stakeholders in the aviation sector have also called on the Federal Government to disclose the identities of the strategic […]

Controversy as Seplat disputes ExxonMobil deal cancellation
News

Controversy as Seplat disputes ExxonMobil deal cancellation

Hours after the President, Major General Muhammadu Buhari (retd.), announced the withdrawal of the approval given to Seplat Energy to buy Mobil Producing Nigeria Unlimited’s shares, the company Thursday stated that it had not heard from the Federal Government on the reversal. According to The PUNCH, the company added that it was requesting clarification from […]

Nigeria gained $2.6bn from non-oil export six months
Oil and Gas

Oil demand rises as gas prices surge

Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency said Thursday. Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies and “escalating concerns over the deteriorating […]

Naira fall'll worsen Nigeria’s food, energy crisis — W’Bank
Economy

Nigeria facing existential threats – World Bank

The World bank on Wednesday alerted the regime of the President, Major General Muhammadu Buhari(retd), that Nigeria might be facing an existential threat due to its dwindling revenue. The international financial institution also cited the continued payment of trillions of naira on fuel subsidies by the government and the attendant economic challenges, as other causes. […]

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