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Nigerian National Petroleum Corporation (NNPC)

Subsidy: NNPC faces more pressure as Bonny Light rises by 150 percent

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.
Nigerian National Petroleum Corporation (NNPC)

NNPC assures will continue to meet financial obligations to FAAC

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.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC projects gradual crude oil recovery in H2 2021

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.

CBN governor tasks ivory towers on agric productivity

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 has posted 13.66 per cent turnover growth in the Fixed Income and Currency (FIC) for the month of July.

FMDQ: Nigerian government can leverage derivative market to hedge against oil price volatility

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.
Marketers of cooking gas on Wednesday blamed its increasing prices on massive importation, causing anguish to end users.

Nigeria to generate N10 billion through increased LPG use

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.

Rain Oil boss advocates full deregulation of downstream sector

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.
Ever Given Ship stuck in the Suez Canal for almost a week has been refloated and the canal open for international trade.

Suez Canal Authority says stranded ship partially refloated

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 this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar.

Criticisms trail central bank’s policy as naira weakens

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.

PDP governors dismiss defection rumour

Governors of the Peoples Democratic Party (PDP) have dismissed rumours that its members were contemplating leaving the party, urging Nigerians to ignore rumour mongers and mischief makers trying to sow seeds of disunity in the party.

PDP governors inaugurate finance, legal affairs, legislative liaison committees

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.
FILE PHOTO - Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS-Brendan McDermid

Fuel price hike looms as crude oil hits $71 per barrel

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) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

CBN justifies plan to sell assets to fund 2021 budget

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.
Zainab Ahmed, the minister of finance, budget and national planning, says state and local governments share some of the responsibility to fix roads in Nigeria.

Finance minister: Only innovative policies would address malnutrition

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.
Dr Chris Ngige, Minister of Labour and Employment said this while fielding questions on television concerning the time for payment of the new wage.

Federal government to meet with governors over petrol price, electricity tariff

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.
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria, file. REUTERS-Afolabi Sotunde

Operators identify factors discouraging foreign investors from stock market

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.

Ex-TUC chief: Nigerian government still subsidising petrol

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.

IMF: Nigeria vowed to avoid fuel subsidy’s return

The International Monetary Fund says Nigeria has expressed strong commitment to avoid the return of fuel subsidy and to put an end to electricity tariff shortfalls by June this year.
FILE PHOTO - A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. REUTERS-Yuriko Nakao-File Photo

Forex: Nigerian manufacturers seek policy review, rates unification

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, Chief Timipre Sylva, has said that more private and public sector collaboration will be encouraged as Nigeria steps up effort to realise its target of boosting domestic gas utilisation.

Minister: Why another hike in price of petrol is inevitable

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.
FILE PHOTO - Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS-Brendan McDermid

Analysts foresee faster economic recovery as oil price hits $60

Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil prices, at $60 per barrel, hit a new high since February 2020.

FAO: Global food prices rise for eighth straight month

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.

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FILE PHOTO - A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. REUTERS-Yuriko Nakao-File Photo

World Bank: Nigeria responsible for over 40 percent diaspora remittances in Sub Saharan Africa

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,

Femi Falana: Southern governors should legalise open grazing ban to prosecute offenders

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 Judicial Commission of Inquiry set up by Governor Godwin Obaseki to investigate the construction of the Edo Specialist Hospital and supply of equipment has indicted former governor, Adams Oshiomhole.

Edo governor: Nigeria’s unity must be on social justice, equity

The Governor of Edo State, Godwin Obaseki, has called for unity in Nigeria in order for the country to overcome its many challenges.
Demonstrators gather outside the army headquarters in Khartoum on Tuesday [Ashraf Shazly-AFP]

Two people killed in Sudan rally over 2019 protest killings

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.
The police command in Ekiti on Friday confirmed the killing of a police officer as gunmen allegedly abducted a Chinese expatriate in Ado Ekiti, the Ekiti State capital.

Gunmen abduct graduate, one other in Ondo community

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.

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A foremost Nigerian-born US cardiologist and essayist, Dr Nowa Austin Omoigui, is dead.

Renowned cardiologist Nowa Omoigui passes on at 62

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.
Manchester City defender Eric Garcia has tested positive for Covid-19, the club has revealed.

Barcelona reach agreement to sign Eric Garcia from Manchester City

Garcia will move to Camp Nou on a free transfer when his current contract at City expires at the end of June.
The Deputy Governor, Dr Manassah Daniel Jatau, stated this when the Nigerian Governors’ Forum (NGF) rose from its meeting on Wednesday at the NGF Secretariat in Abuja.

Gombe eyes World Bank loan to address erosion at Federal College

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.
Suleiman Adamu, Minister Of Water Resources

Minister: 28 states at risk of severe flooding

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 protest in Ondo

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.