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EXXONMOBIL-REFINERY
News

FG backs ExxonMobil’s $10bn Investment in offshore oil operations 

The Federal Government has expressed its support for ExxonMobil’s announcement of a $10 billion investment in Nigeria’s deep-water offshore oil operations This was disclosed in a statement by Nigeria’s Vice President, Kashim Shettima, during a meeting with ExxonMobil executives at the ongoing 79th Session of the United Nations General Assembly in New York, United States. […]

FG deducts N256.5bn for gas projects in six months
featured

FG proposes naira-only payments for NIMASA, NPA services

The federal government is proposing that the Nigerian Maritime Administration and Safety Agency and the Nigerian Port Authority begin collecting charges, fees, fines, and other payments in Naira instead of foreign currencies. The Special Adviser to the President on Information and Strategy, Bayo Onanuga disclosed this initiative during a briefing at the State House in […]

Economy

FG nears $1.5bn World Bank loan approval

Nigeria is poised to secure approval from the World Bank for three significant loan projects totaling $1.5 billion, with negotiations expected to conclude this week. According to the World Bank’s official website, the approval date is set for September 26, 2024. The loans are designed to bolster Nigeria’s development initiatives across healthcare, governance, and infrastructure. […]

90% of Nigeria's tax revenue comes from nine sources – Wale Edun
News

FG to implement global standards for Inflation measurement, GDP reassessment

The Federal Government is reaffirming its commitment to adopting global best practices for rebasing the Consumer Price Index and Gross Domestic Product, as well as conducting the Nigeria Living Standards Survey. This was disclosed by the Permanent Secretary of the Ministry of Budget and Economic Planning, Dr. Vitalis Obi during a dialogue with experts on […]

News

FG initiates talks with Libya for gas pipeline project

The Nigerian government has initiated discussions with Libya for the construction of a gas pipeline project between the two countries. This was disclosed by the Minister of Petroleum (gas), Ekperikpe Ekpo, during a meeting with the Libya’s Minister of Oil, Dr. Khalifa AbduAlsadik, on the sidelines of the Gastech Exhibition and Conference 2024 holding in […]

News

FG partners Russian consortium to revive Ajaokuta steel plant

The Federal Government of Nigeria, through the Ministry of Steel Development, has signed a Memorandum of Understanding with a Russian consortium to rehabilitate and operate the Ajaokuta Steel Company and the National Iron Ore Mining Company. This agreement, formalized during a visit by Minister Prince Shuaibu Abubakar Audu to Moscow, represents a significant step in […]

90% of Nigeria's tax revenue comes from nine sources – Wale Edun
News

Nigeria’s nominal GDP reaches N60.93tn in Q2 – FG

The Federal Government has reported that Nigeria’s nominal Gross Domestic Product reached N60.93 trillion in the second quarter of 2024, indicating notable improvements in the economy. Additionally, it reaffirmed its commitment to implementing policies aimed at identifying inefficiencies and ensuring resources are allocated effectively. This was disclosed by the Permanent Secretary of the Federal Ministry […]

FG deducts N256.5bn for gas projects in six months
Oil and Gas

FG mandates private employers adheres to N70,000 minimum wage

The Federal Government has mandated that agencies recruiting for the private sector adhere to the N70,000 minimum wage, warning that any deviations will not be tolerated. Emphasizing the necessity of the new minimum wage to reflect current economic realities, the government stated that no Nigerian worker, whether in public or private employment, should earn less […]

News

FG reassures civil servants of IPPIS database security

The Federal Government has reaffirmed the security of the Integrated Personnel and Payroll Information System database, following concerns about its safety. The Office of the Accountant-General of the Federation, through Director of Press and Public Relations Bawa Mokwa, issued this reassurance on Monday in Abuja, according to The Punch. Recent reports suggested that the IPPIS […]

News

FG stresses importance of policy frameworks to address payment delays

The Federal Ministry of Budget and Economic Planning and the Ministry of Finance have stressed the importance of coordinating policies and payments to meet Nigeria’s financial obligations. The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, highlighted this collaborative effort, aiming to address delayed payments to manufacturers and other critical sectors, according to The […]

Dangote Refinery loses N32.5bn after petrol price cut
News

FG begins sale of crude in naira to Dangote refinery

The Federal Government has commenced the sale of crude oil to local refineries, with transactions conducted in Naira in significant development aimed at easing pressure on the Naira, cutting transaction costs, and enhancing the availability of petroleum products The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced this breakthrough […]

News

FG provides free CNG conversion at six Lagos locations

The Federal Government’s Presidential Compressed Natural Gas Initiative will allow Lagos residents to convert their vehicles to CNG for free on Friday, September 13, from 3pm to 6pm at six designated locations. The first 50 vehicles at each site that pass inspection will receive free CNG conversion kits. Owners can then refuel at N230 per […]

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