FINANCING

The Minister of Finance, Budgets and National Planning, Mrs. Zainab Ahmed, said that the Petrol and electricity subsidies will be removed in phases as it has become an increasing burden to the federal government. Ahmed who spoke at a virtual meeting of the International Monetary Fund (IMF) with the theme: “The Political Economy of Fiscal Reforms in Africa”, said the ...

African Petroleum Producers’ Organization (APPO), has advised African leaders to reinvest most of the oil and gas revenue into the industry to avoid over-dependent on foreign investment. APPO urged the African countries that produce crude oil to invest heavily on research and development (R&D) so as to increase the local content in their various countries. APPO therefore advocates for the ...

The African Export-Import Bank (Afreximbank) has released 700 million Eurobond to the development of the oil and gas sector. Speaking in Lagos at the African Local Content Investment Forum with the theme: ‘Pan-African strategy towards sustainable funding of Africa oil and Gas projects, the Managing Director, Afreximbank, Dr. Benedict Oramah, said the Eurobond was released last week. Oramah who was ...

The Nigeria Extractive Industries Transparency Initiative (NEITI, said oil and gas companies liabilities to the Federation Accounts as at Dec. 31, 2020 was N1.32 trillion. Dr Orji Ogbonnaya Orji, the Executive Secretary, NEITI made this known on Monday in Abuja at the public presentation of reports on Oil, Gas and Mining as well as Fiscal Allocation and Statutory Disbursement. Orji, ...

The Nigerian National Petroleum Company Limited (NNPC) has announced a trading surplus of ₦37.50billion for the month of September 2021 representing a 352% increase from the ₦8.29billion surplus in August 2021. Details of the figures contained in the September 2021 NNPC Monthly Financial and Operations Report (MFOR) indicate that the rise in trading surplus was largely due to the increased ...

The Federal Government of Nigeria is expected to pay the International Monetary Fund a total of $3.51 billion between 2022 and 2026 to offset a $3.4b billion loan. This is according to information obtained from a webpage on the IMF’s website, titled ‘Nigeria: Financial Position in the Fund as of January 31, 2022.’ In April 2020, the IMF disbursed a ...

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has announced an impressive post covid-19 results. The company’s audited results for the full year ended 31 December 2021, recorded a growth for its 2021 full-year gross profit by 128.9 percent to N114.2 billion. The foremost indigenous energy company ...

President Muhammadu Buhari, on Tuesday, transmitted a supplementary budget of N3trillion to the National Assembly for consideration and passage. The amount included N2.557trillion meant to provide subsidy on petroleum products from June to December 2022. This is contained in a letter from the President and read on the floor at plenary by the Senate President, Ahmad Lawan. Buhari also requested ...

The International Monetary Fund has said Nigeria’s external reserves could fall to $29.1bn by 2024 on the back of lower oil prices, restricted Eurobond market access, and higher capital outflows. The IMF disclosed this in its ‘Nigeria Staff Report for the 2021 Article IV Consultation’ report. According to the report, the country’s external position is weaker as external buffers are ...

The Nigerian National Petroleum Company (NNPC) Limited posted a total of $224.29million receipt from crude oil and gas export in August 2021 as against $191.26million in July 2021. A breakdown of the figures captured in the August 2021 NNPC Monthly Financial and Operations Report (MFOR) indicates that export of crude oil amounted to $7.77million while gas and miscellaneous receipts stood ...