FINANCING

The federal government is projecting N900 billion for fuel subsidy in an estimated N11.907 trillion budget for 2022. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said at a public presentation of the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) yesterday in Abuja that at least N900 billion was being projected for fuel ...

The passage of the Petroleum Industry Bill (PIB) by the National Assembly will now transform the Nigeria National Petroleum Corporation (NNPC) to a limited liability company which operations would now fall within the provisions of the Companies and Allied Matters Act, 1990 as amended. The new status was reflected in the just passed PIB as contained in the report by ...

The Nigeria Extractive Industries Transparency Initiative (NEITI) is seeking the legislative intervention of the House of Representatives Committee on Petroleum Resources (Upstream) to amend its Act, which will ultimately help expand its scope of operations; to effectively tackle industry blights like revenue under-remittances, opaque operations and other ills. The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, made the appeal ...

……by Ibrahim Musa……. of Representatives ad hoc committee on the assessment and status of all recovered loots from 2002-2020 has frowned at the $300 million Nigerian National Petroleum Corporation (NNPC) deposit left in Polaris Bank for seven year. The House Committee querried the intention of Polaris Bank to have allowed the NNPC money to remain in their banj for close ...

………..by Ben Ndubuwa…….In the year 2015, representatives from 196 states parties worldwide converge in Paris, France on the issue of climate Change which led to an an endorsement in 2016 on climate change mitigation, adaptation, and financing. In blazing this trail on climate change, the Franch multinational oil firm, Total has embarked on wholistic transformation to achieve net zero carbon ...

The Nigeria Extractive Industries Transparency Initiative (NEITI) says Nigeria earned N79.96billion from the solid minerals sector in 2019, according to its 2019 audit report on the sector, released on Sunday, in Abuja. It said the figure, which represented accruals to the Federation and other subnational entities, showed a 15 per cent increase when compared to the N69.47 billion recorded in ...

Nigeria lost N851.84 bilion ($2.78 billion) to oil theft and pipeline sabotage in 2019, the Nigerian Extractive Industry Transparency Initiative has said. NEITI said this in its latest oil and gas industry audit report. NEITI stated that it arrived at the estimate after using an average price of $65.61 per barrel and an average exchange rate of N306.42/$ . It, ...

The shareholders of Total Nigeria Plc, on Thursday, approved the N2.06bn dividend proposed by the company’s board of directors for the 2020 financial year. The N2.06bn represents N6.08 per share to be distributed as final dividend subject to the deduction of appropriate withholding tax at the time of payment, according to the company Total said due to the new and ...

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disclosed that the revenue-generating agencies in the country made a total remittance of N1, 538,021,801,518.37 into the Federation Account in the first quarter of 2021. The Chairman of the Commission Engr. Elias Mbam disclosed this in Abuja while receiving a Revenue Performance report from the Post- Mortem Sub Committee of the ...

The Nigerian National Petroleum Corporation (NNPC) has announced a ₦39.85billion trading surplus for the month of February 2021 representing a massive 314.24% leap from the ₦9.62billion surplus it recorded in January 2021. This is contained in the February 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group ...