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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. […]

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

Power supply to increase by 2,000MW – Official

An industry official has revealed that power supply is expected to increase by 2000 megawatts, thereby increasing supplies to homes and businesses and promoting economic productivity across the country. This is as the Federal Government of Nigeria Power Company and other stakeholders in the Presidential Power Initiative await the arrival of the first two energy […]

Naira redesign: CBN has my approval, Buhari clarifies
Oil and Gas

Buhari makes a U-turn over Seplat, ExxonMobil $1.3bn deal

The President, Major General Muhammadu Buhari (retd.) in alignment with the Nigerian National Petroleum Company Limited, reversed his authorisation of the $1.3bn acquisition shares capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited. Buhari’s change of position was disclosed to newsmen by the Senior Special Assistant to the President on Media and Publicity, […]

Elon Musk discloses plans for self-driving cars
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Elon Musk sells $7bn Telsa shares amid Twitter buyout fray

Amid the legal battle with Twitter over his $44 billion buyout deal, the Chairman of Telsa, Elon Musk has sold about $7 billion worth of his electric car company shares. According to AFP, a legal filing published on the Securities and Exchange Commission’s website showed that Musk had on Tuesday sold Telsa shares after he […]

Diesel hike: NRC slash Lagos-Ibadan trips by 67%
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Diesel hike: NRC slash Lagos-Ibadan trips by 67%

The Nigeria Railway Corporation has decided to reduce the number of trips on the Lagos-Ibadan Train Service by about 66.67 per cent. The decision was made as a result of a hike in the price of diesel, the Managing Director, NRC, Fidet Okhiria, disclosed. According to The Punch, the corporation on Tuesday had sent recommendations […]

Nigeria's mineral production rose by 39% in 2021 - NBS
News

Nigeria’s mineral production rose by 39% in 2021 – NBS

The National Bureau of Statistics has disclosed that Nigeria’s mineral production increased by 39.19% in 2021, from 64.29 million tons recorded in 2020 to 89.48 million tons in 2021. This was disclosed in an NBS report on Monday titled, ‘Mineral production Statistics’ for 2021. The report added that the most mined mineral in Nigeria remains […]

FG budgets N8.68tn for agric, food imports - Report
News

FG budgets N8.68tn for agric, food imports – Report

The Federal Government budgeted an estimated N8.68tn for agriculture and food imports from 2016 to 2021, according to a report. The PUNCH reported that of the estimated N8.68tn, about N874.83bn was budgeted for the Federal Ministry of Agriculture and Rural Development, whereas the imports of agricultural goods into Nigeria during the same period were estimated […]

Trapped funds: CBN to give foreign airlines $150m
Economy

Harmonise foreign exchange rate – Group tells CBN

The Nigerian Economic Summit Group has urged the Central Bank of Nigeria to harmonise foreign exchange rates as the nation battles scarcity of forex and dwindling value of the naira, amongst other economic challenges. NESG’s call comes hours after the Nigeria Employers Consultative Association asked the government to allocate available forex to manufacturing and other […]

Buhari
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Nigeria ranks fourth on World Bank debtors’ list

Nigeria under the regime of the President, Major General Muhammadu Buhari(retd), currently ranks fourth on the World Bank’s top 10 International Development Association borrowers’ list. Rising debt has pushed Nigeria from the fifth position with $11.7bn IDA debt stock as of June 30, 2021 on the World Bank Fiscal Year 2021 audited financial statements, known […]

Experts slam FG as debt servicing nears N10.43tn
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Experts slam FG as debt servicing nears N10.43tn

Experts have slammed the Federal Government following its projection that debt servicing will cost N10.43tn by 2025. According to the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper, the projection represents a 182.66 per cent increase from the N3.69tn budgeted for debt service in 2022. The PUNCH reported that multilateral agencies and economists have […]

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