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Nigeria, Morocco commence 5,600km gas pipeline project

Subsidy: FAAC meets as NNPC deductions threaten states’ allocations

The planned deduction of N242.53bn fuel subsidy from the Federation Account this month by the Nigerian National Petroleum Company Limited is raising uncertainty among states as the Federation Accounts Allocation Committee is scheduled to meet on Tuesday (today). It was gathered that commissioners for finance from the 36 states would meet today for the usual […]

agencyreport
22nd March 2022
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Why oil theft estimates are unrealistic- Navy

Energy

Brent rises to $115 as EU considers Russia oil ban

Brent crude, the global oil benchmark, appreciated in price on Monday, moving up by 7.3 per cent or $7.88 to $115/barrel at 7.54pm Nigerian time as European Union nations considered joining the United States in a Russian oil embargo. Industry figures showed that the commodity has been gaining in price since about a week, as […]

agencyreport
22nd March 2022
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22 Views

News

FG will gain excess foreign earnings from Dangote fertilizer plant – Buhari

The President, Major General Muhammadu Buhari (retd.), on Tuesday, hailed Africa’s richest man and Nigeria’s pride, Aliko Dangote, describing him as the biggest employer of labour after the Federal Government. Buhari stated this during his speech when he inaugurated the multi-billion dollar Dangote Fertiliser Plant, located at the Ibeju Lekki area of Lagos State. He […]

kayode
22nd March 2022
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33 Views

Economy

Nigeria loses N150bn to fake battery products, says expert

The Chief Executive Officer, Emilinks Nigeria Limited, Mr Solomon Nwadiogbu, has said Nigeria loses about N150bn every year to fake battery products. Nwadiogbu disclosed this during a press briefing. He added that fake battery products often cause damage to cars in the nation. According to him, Nigeria needs approximately five million batteries annually with an […]

agencyreport
21st March 2022
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News

Gencos counters NBET over purchase agreements, list N1.64tn debts

Power generation companies on Sunday said the Nigerian market was under threat based on the recent claims by the Nigerian Bulk Electricity Trading Company Plc that only five Gencos had active Power Purchase Agreements in Nigeria. Speaking under the aegis of the Association of Power Generation Companies, the Gencos faulted the claims by NBET, as […]

agencyreport
21st March 2022
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33 Views

News

Reps write Kyari, summon 17 NNPC subsidiaries over audit queries

THE House of Representatives’ Committee on Public Accounts has written to the Group Managing Director of the defunct Nigerian National Petroleum Corporation, now Nigerian National Petroleum Company Limited, Mr Mele Kyari, over audit queries issued against the NNPC and its subsidiaries. The committee, which had accused the NNPC of shielding its 17 subsidiaries in the […]

agencyreport
21st March 2022
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44 Views

Economy

FG incurs N950bn new domestic borrowing in Q1 2022 – DMO

THE Federal Government has incurred N950bn new domestic borrowing between January 2022 and March 11, 2022, the Debt Management Office has revealed. The fresh borrowing was disclosed on March 17 in the presentation of the Public Debt Data as of December 31, 2021, by the Director-General of the DMO, Patience Oniha. In the document, Oniha […]

agencyreport
21st March 2022
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20 Views

Nigerians bought petrol N191.65 per litre September- NBS

Energy

Queues persist in northern states despite 1.8bn litres fuel supply

The queues by motorists for Premium Motor Spirit, popularly called petrol, particularly in Abuja and northern states have refused to clear despite the supply of about 1.824 billion litres of PMS by the Nigerian National Petroleum Company Limited. Also, the NNPC on Sunday denied claims that it had reviewed the ex-coastal, ex-depot and the NNPC […]

agencyreport
21st March 2022
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Flights to South-South most expensive - NBS

Ports and Airports

Extortion: FAAN bans two immigration officers from airports

The Federal Airports Authority of Nigeria has expelled two officers of the Nigerian Immigration Service from working in any airport in Nigeria due to their involvement in the extortion of N8,000 from a passenger. FAAN said on Friday that the On Duty Cards of the officers were permanently withdrawn after it was confirmed that they […]

agencyreport
19th March 2022
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40 Views

Policy and Regulations

Take advantage of import duty waivers, FG tells manufacturers

The Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo, has urged manufacturers to take advantage of import duty waivers through the Import Duty Exemption Certification. Adebayo, who was represented by the Deputy Director of Industrial Development at the ministry, Mr. Mohammed Bala, said this during a national symposium organised by the INGO Third Sector […]

agencyreport
19th March 2022
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34 Views

Ports and Airports

Bulk cargo traffic to Lagos ports drop by 60%, say operators

Some members of the Barge Operators Association of Nigeria have said bulk cargo traffic to Lagos ports has dropped by 60 per cent as a result of extortion and traffic congestion. In separate interviews with our correspondent, they said Onne port was witnessing a surge in bulk cargo traffic as a result of this. According […]

agencyreport
19th March 2022
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26 Views

Why Nigeria must save oil revenues - IMF

Energy

Fear of corruption hampering subsidy removal in Nigeria -IMF

The International Monetary Fund says the fear of political resistance, widespread corruption and pressure from interested groups is hampering the removal of the fuel subsidy in Nigeria. The IMF said this in its ‘Nigeria: Selected Issues Paper’ report, which was prepared by a staff team of the Fund as background documentation for its periodic consultation […]

agencyreport
19th March 2022
0 Comments
32 Views

Retail stores expansion in South Africa unsustainable –

FIRS knocks FCTA, denies owing ground rent

NNPCL eyes 1.9mbd oil output in 2025 –

Shell urges local firms to seize deepwater, offshore

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Subsidy: FAAC meets as NNPC deductions threaten states’ allocations

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