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Crude Oil Prices

Algeria’s Supreme Islamic Council said the National Bank of Algeria (BNA) had become the first state bank to obtain a sharia compliance certificate from the Sharia Board for issuing Fatwas for the Islamic Finance Industry.

Algeria allows first Islamic finance products by state banks

Algeria said on Sunday it had given the go-ahead to a plan aimed at offering Islamic finance services, as it seeks new funding sources to cope with financial problems caused by a fall in energy revenues.
Recall that the N10.594 trillion 2020 Budget passed by the National Assembly was on Tuesday assented to by President Muhammadu Buhari. 4

President Buhari’s speech at signing into law of revised 2020 budget

Speech by His Excellency, Muhammadu Buhari, President of the Federal Republic of Nigeria at the signing into law of the Appropriation (Repeal and Amendment) Act, 2020 Presidential Villa, Abuja. Friday, 10TH July, 2019
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has insisted that there is no plan to divest the Federal Government’s stakes in joint venture oil assets.

Nigerian government explains reasons behind deregulation policy

The federal government has said in view of recent misguided comments and innuendos, it has become expedient for the Ministry of Petroleum to explain misconceptions around the issue of Petroleum Products Deregulation.
A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo. REUTERS-Kim Kyung-Hoon

World Bank: Nigeria faces worst recession in 40 years

The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to “plunge the Nigerian economy into a severe recession, the worst since the 1980s”, the World Bank said on Thursday.
Nigerian Youths

Nigerian youths tasked to exploit digital skills as means of survival

Nigerian youths have been advised to join hands with the government to acquire necessary digital skills for self-reliance, post-COVID-19 era.
Saudi Aramco’s multibillion-dollar share sale, likely the biggest initial public offering (IPO) in history, is officially underway after the company formally announced its plans to list stock on the Kingdom’s stock exchange, the Saudi Tadawul.

Saudi Aramco profit plunges

Saudi Arabian state oil giant Aramco on Tuesday reported a 25 percent fall in first-quarter net profit, hurt by lower oil prices and coronavirus.
Clement Agba, the Minister of State, Federal Ministry of Finance, Budget And National Planning has reiterated the Federal Government’s determination to go into partnerships to create jobs as well as boost the economy.

Nigeria expects injection of N2 trillion stimulus into the economy – minister

Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, has said that the Federal Government expects the injection of about N2 trillion stimulus into the economy in response to the COVID-19 pandemic and the fall in oil prices.
The Petroleum Products Pricing Regulatory Agency (PPPRA) is set to commence a comprehensive audit and survey of downstream oil and gas logistic facilities, with a view to identifying the infrastructure gap in the sector

PPPRA: Nigerians should be ready to pay higher for fuel

Executive Secretary, the Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu, has said Nigerians should be ready to pay high or low prices for petrol following the price liberalisation scheme currently in place.
The Senator representing Rivers South East Senatorial District, Barinada Mpigi, has said that Carveton Helicopters violated Rivers State laws by flying into Port-Harcourt in disregard for laws to prevent the spread of COVID-19 in the State.

Carveton helicopters: Rivers senator backs governor

The Senator representing Rivers South East Senatorial District, Barinada Mpigi, has said that Carveton Helicopters violated Rivers State laws by flying into Port-Harcourt in disregard for laws to prevent the spread of COVID-19 in the State.
Chairman of the Presidential Taskforce on Covid-19 and Secretary to the Government of the Federation, Mr Boss Mustapha, who stated this yesterday during the daily briefing of the Taskforce, added that the federal government would also put in place measures to control the movement of nomadic herdsmen who go across the border in search of greener pastures for their cattle.

Nigeria warns states against relaxing coronavirus regulations

Some state governments recently met with religious leaders and relaxed their regulations with respect to having a gathering of not less than 30 or even 20 people gathered in a place at any given time.

Crude oil prices inch up after US record $2 trillion stimulus

Crude oil prices went up at trade opening on Wednesday with optimism that the $2 trillion aid package to stimulate the American economy would increase crude demand.

Low crude oil prices may force Nigeria to abandon production

Nigeria may soon slip out of reckoning as a profitable oil producer in the Organisation of Petroleum Exporting Countries (OPEC) if crude oil prices decline further by at least another $3.
Nigeria Naira

Naira bounces back after days of depreciation

The naira appreciated against the dollar on Friday after days of panic buying amid speculations that the Nigerian central bank may devalue the local currency.
The Petroleum Products Pricing Regulatory Agency (PPPRA) is set to commence a comprehensive audit and survey of downstream oil and gas logistic facilities, with a view to identifying the infrastructure gap in the sector

PPPRA assures of sufficient products amid declining global demand

Amid declining global demand of petroleum products worsened by the Novel Coronavirus outbreak, the Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu, on Sunday assured Nigerians of sufficient supply of needed energy to operate optimally.

Oil prices tick higher after inventories dip

Crude oil prices edged slightly higher Thursday after the Christmas holiday, as a weekly inventory report indicated a bigger-than-expected decline in stockpiles for oil.

$107 billion withdrawn from ECA in 15 years

According to fresh statistics from Nigeria’s civic tech organization, BudgIT, it has revealed that a total of $107 billion was withdrawn from Excess Crude Account (ECA) between 2004 and 2018.

Oil rises on US high retail sales

Crude oil prices rose more than two per cent on Friday, recovering from two days of declines after data showing a rise in U.S. retail sales helped to ease concerns about a recession in the world’s biggest economy.
Oil marketers have given the Federal Government an ultimatum, threatening to shut down depots across the country.

Depot owners want total deregulation of petrol

The Depot and Petroleum Marketers Association of Nigeria (DAPMAN) says the rise in landing cost of petroleum products has renewed calls for full deregulation.

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The Petroleum Products Pricing Regulatory Agency (PPPRA) is set to commence a comprehensive audit and survey of downstream oil and gas logistic facilities, with a view to identifying the infrastructure gap in the sector

PPPRA fixes petrol ex-depot price for N138.62

The Petroleum Products Pricing Regulatory Agency (PPPRA) kept the petrol dealers guessing on Tuesday when it approved an ex-depot price of N138.62 per litre for the Premium Motor Spirit (PMS) petrol and kept the pump price to its chest.
Senate Minority Leader, Hon. Ndudi Elumelu from Delta State. on Monday in a motion canvassed for adherence and respect to the concept of separation of powers as enshrined in the laws of Nigeria.

Rep Elumelu: Opposition lawmakers leading anti-corruption investigations

The Minority Leader of the House of Representatives, Rep. Ndudi Elumelu (PDP-Delta), says opposition lawmakers in the house have been at the center of unearthing and exposing acts of corruption in the country.
Gov. Bello Matawalle of Zamfara has lifted the ban on congregational prayers in Mosques and Churches placed to curtail the spread of the coronavirus in the state.

Zamfara schools to resume August 9

The Zamfara State Government has directed secondary schools in the state to reopen from August 9, to enable exiting students sit for Secondary School Certificate Examination (SSCE).
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria, file. REUTERS-Afolabi Sotunde

NSE: Trading sustains positive trend, up by 0.31 per cent

Activities on the Nigerian Stock Exchange (NSE) extended a positive trend on Tuesday with key market indices appreciating further by 0.31 per cent.

NUC: 32 universities involved in research to tackle impacts of coronavirus

The Executive Secretary, National Universities Commission (NUC), Prof. Abubakar Rasheed, says 32 federal, state and private universities across all geopolitical zones are involved in different stages of research toward tackling direct and collateral impacts of COVID-19.