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Zainab Ahmed

Finance minister presents draft 2021 to 2023 MTEF to NEC

Hajia Zainab Ahmed, the Minister of Finance, Budget and National Planning, on Thursday presented the draft 2021 to 2023 Medium Term Expenditure Framework(MTEF) as well as the Fiscal Strategy Paper to the National Economic Council (NEC).
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil edges lower as US inventory build stokes supply fears

Oil prices dipped on Wednesday after industry data showing a build in United States crude stockpiles added to worries about oversupply, but hopes for a swift economic recovery in China limited losses.

Angola agrees to comply fully with oil cuts after OPEC pressure – sources

Angola has agreed with OPEC to comply fully with a global pact on supply curbs and will compensate for previous overproduction by cutting more from July to September, two OPEC sources said.
The Egyptian Ministry of Petroleum and Mineral Resources announced on Thursday a new oil discovery in the shallow waters of Geisum concession south of the Gulf of Suez, with an initial production rate of 2,000 barrels of crude oil per day.

Oil prices fall amidst US coronavirus case surge

Oil prices fell on Tuesday, erasing earlier gains, on concerns that the surge in coronavirus cases in the United States, the world’s biggest oil user, will limit a recovery in fuel demand.

Former central bank chief tasks federal government on ailing refineries

Dr Titus Okunronmu,a former Director, Budgetary Department, Central Bank of Nigeria (CBN) has urged the Federal Government to resuscitate all the nation’s refineries towards addressing the problem of fuel importation.

Petrol price hike a move to end subsidy regime – expert

Nigeria’s first professor of the Capital Market and former Imo State Finance Commissioner, Prof Uche Uwaleke, on Wednesday described the hike in petrol price from N123.50k/litre to a price band of N140.80 to N143.80 as an indication that the Federal Government was ready to gradually exit the fuel subsidy regime.
Venezuela's President Nicolas Maduro delivers a speech during a press conference to launch the international trading of oil-backed cryptocurrency called Petro, on October 1, 2018. - AFP PHOTO - Federico PARRA

Oil tankers carrying two months of Venezuelan output stuck at sea

Tankers carrying nearly two months worth of Venezuelan oil output are stuck at sea as global refiners shun the nation’s crude to avoid falling foul of United States sanctions, according to industry sources, PDVSA documents and shipping data.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Bonny Light price bounces back to $40 as OPEC, GECF meet over oil market

The price of Bonny Light, Nigeria’s Bonny Light, has bounced back to $40 per barrel, as the Organisation of Petroleum Exporting Countries, OPEC and the Gas Exporting Countries Forum, GECF, have ended a successful engagement over the oil market.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

Oil prices gain with OPEC+ holding the line on supply cuts

Oil prices rose more than one per cent on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet commitments on cutting supply and two major oil traders said demand was recovering well.
NNPC Group Managing Director Mele Kyari, speaks at the Nigerian International Petroleum Summit in Abuja, Nigeria, on February 10, 2020. REUTERS-Afolabi Sotunde-File Photo

Mele Kyari: Nigeria’s daily oil output overfull OPEC+ deal

Nigeria’s current daily oil production overcomplies with its promised cuts under an agreement among major oil producers, the head of the state oil company said on Friday.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

Oil prices slump as wary traders eye upcoming OPEC+ meeting

Oil prices edged down on Monday as traders took profits, with the Organisation of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.

Fifty unsold cargoes of Nigeria’s oil await buyers in global market

The global oil market remains dull as 50 unsold cargoes of Nigeria’s Bonny Light await buyers, indicating that the volatile market is still flooded with unsold stocks.

Oil prices rise as US stock drawdown eases supply glut fears

Oil prices advanced on Thursday as a drawdown of the U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains.

Fitch: 417,000bpd oil cut’ll deepen Nigeria’s recession

A global credit ratings agency, Fitch Ratings, has said Nigeria’s compliance with the oil production cut deal led by the Organisation of Petroleum Exporting Countries will lead to deeper economic contraction and fiscal deficits.
Iran’s OPEC governor Hossein Kazempour-Ardebili has died of a brain haemorrhage two weeks after falling into a coma, the oil ministry said on Saturday.

Iran’s OPEC governor dies of brain haemorrhage

Iran’s OPEC governor Hossein Kazempour-Ardebili has died of a brain haemorrhage two weeks after falling into a coma, the oil ministry said on Saturday.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC sees oil market already rebalancing

The rebalancing of the oil market is underway and will accelerate, the OPEC cartel said Wednesday, days after some of its members voluntarily increased their production cuts.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

Oil falls as fears of second coronavirus wave take hold

Oil prices fell on Wednesday as potential OPEC+ plans to deepen supply cuts were overshadowed by demand concerns exacerbated by a possible second wave of coronavirus infections as countries ease lockdowns.

Saudi Arabia cuts oil output, asks OPEC+ do same

Saudi Arabia said on Monday it would add to existing oil output cuts by reducing production by another 1 million bpd next month — equivalent to 1% of global oil supply.

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In view of this, the Commissioner of Police Akwa Ibom State, Imohimi Edgal, wishes to reaffirm to the general public that the State government directives will be vigorously enforced.

Police arrest five for rape in Akwa Ibom

Akwa Ibom State Police Public Relations Officer, CSP. Fredrick Nnudam, disclosed this in a statement, Thursday in Uyo, the state capital.
Earlier this month, UEFA indefinitely suspended the Champions League, Europa League and the European Championship playoffs amid the ongoing concerns due to the COVID-19 pandemic.

Champions League and Europa League last-16 venues confirmed by UEFA

UEFA has confirmed that the outstanding Champions League and Europa League last-16 second leg matches will be hosted by the clubs who were scheduled to play at home.

DisCos advocate CBN-funded massive roll-out of meters to address power challenge

Power Distribution Companies (DisCos) have advocated a Central Bank-funded massive meters roll-out project, to ensure that electricity customers were adequately metered.
The Governorship Election Petition Tribunal in Uyo, on Monday, ordered INEC to allow the All Progressive Congress (APC) candidate, Mr Nsima Ekere, to inspect all election materials used during the March 9 Governorship Election.

INEC confirms 17 political parties for Ondo guber poll

The Independent National Electoral Commission (INEC) has confirmed that 17 out of the 18 registered political parties will be contesting the October 10, 2020 Ondo state governorship election.
Gov. Ben Ayade of Cross River has directed applicants for the 8,000 automatic jobs to enlist through their respective village heads.

FIDA, NCWS, others fault Governor Ayade over Justice Ikpeme

International Federation of Women Lawyers, FIDA, Nigeria; Women in Politics and National Council for Women Society, Nigeria, among others civil society organisations, have described the refusal of Governor Ben Ayade of Cross River State and members of the state House of Assembly to confer Justice Akon Ikpeme as the Chief Judge of the state, as gross injustice.