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The Nigerian National Petroleum Corporation (NNPC) has said that the Federal Government spent N752 billion on petrol subsidy in 2019, According to NNPC’s operations and financial activities for January 202 the government through the Corporation spent the sum of N594,525,670,942 as subsidy payments captured as under-recovery in its financial statement for January 2019 and January 2020. The report stated further ...

by Jenifer Dike……… The Minister of Finance Zainab Ahmed has said that the 2020 budget is being amended to reflect the $20 per barrel oil price. This move to cut down on Nigeria budget is not unconnected to the current downward slide of crude oil price in the international market due to the coronavirus pandemic which brought about lockdowns. “We ...

The Nigerian Equity Market threw up Dangote, Nestle, MTN, Zenith, and Access Bank with N375 billion as Investors gained N374.94 billion, and market capitalization went up to N12.408 trillion at close of trading. The market continued its upward trend as the benchmark All Share Index recorded an impressive 3.12% increase to close at 23,809.31. Investors gained N374.94 billion, as market ...

by Abisoye Shola……… There are strong indications that the implementation of the African Continental Free Trade Agreement (AfCTA) agreement will not begin on July 1st, 2020 as planned due to disruptions of the coronavirus pandemic. The newly elected Secretary-General of the AfCFTA, Wamkele Mene has been reported to have bowed under external pressure to shift this all-important meeting even when ...

by Musa Ibrahim………. The Chairman of Dangote Group of Companies, Alhaji Aloko Dangote, has move in to rescue Kano State from the ravaging coronavirus pandemic in the State. This rescue mission has lead to the hiring of 54gene Laboratory, one of the private health facility accredited by the Nigerian Centre for Disease Control (NCDC) to conduct 1,000 COVID-19 test per ...

by James Ikenna……, There are strong indications that Europeans buyers are dumping Nigeria and some African crude oil and turning to Norway due to proximity. Crude oil from Nigerian and some African Crude oil are getting less attractive to some buyers in Europe. The reason being that these category of buyers seem to prefer producers close to them. Though crude ...

by Chiamaka Praise…….. The Central Bank of Nigeria (CBN) in conjunction with the Bankers’ Committee have kicked against the sacking of any bank worker whether permanent or temporary due to the economic crash caused by the current coronavirus pandemic. The decision was taken as a result of the earlier warning by the Federal Government on sacking of workers during the ...

by Ben Ndubuwa…….. As part of efforts not to allow the oil a gas industry collapse under the weight of the ravaging coronavirus pandemic, the government has been advised to suspend royalty on new production; relax ring fencing and give tax holiday on new assets. Professor Wumi Iledare, who is the chairman of National Petroleum Research  and UCC Institute for ...

The Nigerian National Petroleum Corporation (NNPC) and it’s partners Commence the construction of a permanent medical infrastructural facility in Yenagoa. The NNPC led Oil and Gas Industry Intervention Initiative on COVID-19 over the weekend began the third phase of their support programme with the ground breaking ceremony for a permanent Emergency and Infectious Diseases Hospital for the South-South Region in ...

The Nigerian National Petroleum Corporation (NNPC) has commiserated with families of the victims of a fuel tanker fire incident at Obalende area of Lagos. the The corporation’s Group General Manager, Group Public Affairs, Dr. Kennie Obateru, stated that NNPC wishes all those that sustained injuries in the incident quick recovery. Obateru explained that all the injured people had been rushed ...