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FINANCING

NNPC to Rake in $500 Billion from Renegotiated PSCs

The Nigerian National Petroleum Company (NNPC Limited, will earn not less than $500 billion in revenue from the renegotiated Production Sharing Contract (PSCs) which it signed with oil majors at the headquarters in Abuja on Friday. Mr. Bala Wunti, the Group General Manager, National Petroleum Investment Management Services, (GGM NAPIMS) disclosed this during the Execution of Renegotiated PSC agreements between ...

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Economists Kick as Nigeria Debt Servicing Hit N10.43 Trillion

The Federal Government has projected that debt servicing will cost N10.43tn by 2025, according to the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper. This is a 182.66 per cent increase from the N3.69tn budgeted for debt service in 2022. Multilateral agencies and economists have constantly warned the Federal Government about the rising cost of debt service, which can ...

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First Bank Insists Head office, Branch not Closed

FirstBank Nigeria Limited has said that none of its branches or head office was closed, contrary to some media reports.  The bank disclosed this in a statement saying, “Our attention has been drawn to the news reports online with the conflicting claims that FirstBank branch or/head office has been sealed.  “Please be informed that the referenced story is a misrepresentation ...

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Federal Government Investing in Renewable Energies, says Minister.

Minister of State for Petroleum Resources, Timipre Sylva, has said the Federal Government is investing in renewable energies, primarily solar, to reduce carbon emissions, while continuing to exploit hydrocarbon resources, especially natural gas – recognised as the energy transition fuel for Nigeria. He also said the country as the oil and gas industry leader in Africa, is committed to pursuing ...

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We Didn’t Increase Petrol Price, Marketers did –FG

The Federal Government on Monday insisted that it had not raised the pump price of Premium Motor Spirit, popularly called petrol, above the regulated cost of N165/litre. It said the hike in the cost of the commodity, currently between N175/litre and N230/litre, depending on the location of purchase, was done by oil marketers. The government, however, could not explain why ...

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OPEC+Slumped 2.84m bpd below its Oil Production Target in June

The Organisation of Petroleum Exporting Countries (OPEC) and its allies, the OPEC+ group had a massive shortfall of 2.84 million barrels per day (bpd) in June between actual production and the target oil output level as part of the deal, two delegates at the alliance told Argus. As OPEC+ is unwinding its cuts, more and more members, including Nigeria, are ...

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Seplat Energy Commences Commercial Injection of Crude Oil through Amukpe-Escravos Pipeline

Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, is pleased to announce that it has begun commercial injection of crude oil through the new Amukpe-Escravos Pipeline. The 67km mostly underground pipeline is expected to provide a more reliable and secure export route for liquids from Seplat Energy’s major assets OML ...

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Lekki Port to Generate $562b Revenue in 45years

By CHIAMAKA NDUBUWA…. The Lekki Deep Sea Port is expected to generate an estimated $562b revenue to federal government coffers in 45 years, The Nation has learnt. Giving this hint at the weekend were top management staff of the company during the Private Public Partnership Consultative Forum held at its corporate headquarters at the Lagos Free Trade Zone, Lekki-Expressway. Speaking ...

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NNPC Remitted $2.7bn to CBN Accounts in 6 Months

The Nigerian National Petroleum Company Ltd, remitted  $2.7 billion into its accounts with the Central Bank of Nigeria (CBN) between January and June this year, a document made available to The Nation at the weekend has revealed. This disclosure counters CBN’s claim on Thursday that “zero-dollar remittance to the country’s foreign reserve by the NNPC,” precipitated the forex crisis in ...

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Nigeria’s Foreign, Domestic Debts Unsustainable, says NACCIMA

Nigeria’s total foreign debt as at March, this year stood at $40 billion, increasing from $38.4 billion last December; domestic debt also rose from N23.7 trillion to N25 trillion within the same period. Such levels of debt, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) said, had become unsustainable. NACCIMA National President Ide John C. Udeagbala, ...

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