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Crude Oil Prices
There are indications that the Federal Government through the Nigerian National Petroleum Corporation, NNPC would be under more pressure to fund Nigeria’s petrol under-recovery or subsidy as the price of Bonny Light rises to $65 per barrel in May 2021.
The Nigerian National Petroleum Corporation (NNPC) has clarified that the revenue projection contained in the letter to the Accountant General of the Federation being cited in the media pertains only to the Federation revenue stream being managed by the Corporation and not a reflection of the overall financial performance of the Corporation.
A joint committee of ministers from OPEC and non-OPEC countries have projected an increase in global crude oil demand by second half (H2) 2021.
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday challenged the university community to rise to the occasion and develop breakthrough solutions especially in seeds production to improve agricultural yields.
FMDQ Securities Exchange Limited has disclosed that the federal government could leverage derivative product to hedge against crude oil price volatility, just as the global gross market value of Over the Counter, OTC derivative market hits $15.5 trillion in first half 2020, H1’20.
Managing director of Rain Oil Limited, Dr.Gabriel Ogbechie has said Nigeria would be able to generate over N10 billion ($27 million) annually if 50 per cent of kerosene users can switch to using Liquefied Petroleum Gas (LPG) or cooking gas.
The Managing Director of Rain Oil Limited, Dr. Gabriel Ogbechie, has advocated the need for the Federal Government to fully deregulate the nation’s downstream sector of the petroleum industry.
The stranded container ship that blocked the Suez Canal for nearly a week was almost fully re-floated on Monday and has restarted its engines, a shipping source with knowledge of the matter said, raising hopes the busy waterway will soon be reopened.
The Naira depreciated by 1.04 per cent to N485 per dollar as the new Central Bank of Nigeria’s (CBN’s) Naira for Dollar Scheme failed to incentivise the foreign exchange (forex) market.
A communiqué issued at the end of the meeting and signed by the Chairman of the Forum, Governor Aminu Tambuwal of Sokoto State says the Finance Committee is chaired by Abia Governor Okezie Ikpeazu and has as members Gov. Nyesom Wike of Rivers, Gov. Ifeanyi Okowa of Delta, Gov. Seyi Makinde of Oyo, Gov. Ahmadu Fintiri of Adamawa, Gov. Godwin Obaseki of Edo and Gov. Udom Emmanuel of Akwa Ibom.
There will be more money for the 2021 budget implementation as the crude oil price on Monday hit $71/ barrel which doubles the $30 benchmark.
The Central Bank of Nigeria (CBN) has thrown its weight behind the federal government’s decision to sell its least valued assets and use funds from the sale to execute infrastructural projects in the 2021 budget.
Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the federal government must implement innovative policies and strategies to address the pervasive issue of malnutrition in Nigeria.
The federal government will meet with state governors and the Nigerian National Petroleum Corporation (NNPC) on Thursday to find a solution to the issue of petrol pricing.
Foreign investors’ low patronage of the Nigerian stock market has been attributed to scarcity of foreign exchange (FX) as well as concerns about the coronavirus pandemic.
A former Trade Union Congress president, Peter Esele, said the recent announcement of increment in fuel pump price by Petroleum Retail Outlets Owners Association of Nigeria (PETROAN) showed that the federal government is still subsidising petrol.
Manufacturers and industrialists on Wednesday appealed to the Federal Government and the Central Bank of Nigeria for a review of the available foreign exchange (FX) policies in the country.
The Minister of State for Petroleum Resources, Mr. Timipre Sylva, has asked Nigerians to ready to endure the pain of another hike in the price of premium motor spirit, popularly called petrol, even as the country is also set to benefit from the rise in price of crude oil in the international market.
Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil prices, at $60 per barrel, hit a new high since February 2020.
Global food prices continued rising for the eighth conservative month in January, led by cereals, vegetable oils and sugar, the Food and Agriculture Organisation of the United Nations has said.
In a statement on Wednesday, the Washington-based financial institution said remittances to SSA declined by an estimated 12.5 percent in 2020 to $42 billion. The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria,
Human rights lawyer, Femi Falana (SAN), has urged southern governors in the country to back their ban on open grazing with a legal instrument to enable the prosecution of offenders.
The Governor of Edo State, Godwin Obaseki, has called for unity in Nigeria in order for the country to overcome its many challenges.
At least two people have been killed and dozens wounded as Sudanese security forces cracked down on a rally that demanded justice for protesters killed during anti-government demonstrations two years ago, according to the army.
Gunmen suspected to be kidnappers have created tension in Ikaram Akoko, in Akoko North West council area of Ondo State, following the abduction of two residents of the community including a graduate, identified as Gbodi.
He was for many years a columnist and essayist for Nigerian publications contributing mostly politics and governance in Nigeria, aside his full time vocation as a medical doctor.
Garcia will move to Camp Nou on a free transfer when his current contract at City expires at the end of June.
The state’s Deputy Governor, Manassah Jatau, made the declaration in Gombe on Tuesday when a Presidential Visitation Panel, led by Prof. Kenneth Okiongbo, visited the school.
No fewer than 28 states are likely to experience severe flooding this year, the Minister of Water Resources, Suleiman Adamu, announced on Thursday.
Tipper drivers in Akure, the Ondo State capital on Saturday blocked major roads in the town to protest the burning of their trucks by commercial motorcycle operators popularly known as Okada riders.