Business

The Nigerian National Petroleum Corporation has alerted the federal and state governments to its dwindling contribution to the federation account as a result of the bloated fuel subsidy. It said it would only be able to remit N12.966bn to the Federation Accounts Allocation Committee in June after removing fuel subsidy …

The Chairman, Senate Public Accounts Committee, on Wednesday gave the Ministry of Finance, Office of the Accountant General of the Federation and the Office of the National Security Adviser till Tuesday next week to explain an alleged ‘secret withdrawal of N7.5bn from the two per cent National Automotive Council Design …

The Federal Government and the World Bank will hold a virtual meeting on Thursday to discuss the modalities used by the National Bureau of Statistics in gathering data for employment statistics. The Minister of Labour and Employment, Senator Chris Ngige, disclosed this Wednesday while receiving the leadership of the Chartered …

Efforts at stabilising crude oil price may suffer setbacks as the Organisation of Oil Exporting Countries (OPEC) and its allies struggle to manage market volatility following fresh worries over the COVID-19 pandemic. Although over one billion jabs have been administered globally, failing vaccines and rising cases of the virus, especially …

The Organisation of Petroleum Exporting Countries and its allies seem set to ease back on their production cuts, after ministers, on Tuesday, endorsed previously agreed plans to boost crude oil output from May. The group, known as OPEC+, intends to pump some two million barrels per day of extra crude …

The Nigerian Electricity Regulatory Commission on Monday announced that another tariff review for Nigeria’s 11 power distribution companies would hold in July. It disclosed this in its notice of Minor and Extraordinary Review of Tariffs for Electricity Transmission and Distribution Companies, a development that might lead to a rise in …

Nigeria’s apex bank, Central Bank of Nigeria (CBN)’s policy initiatives are having salutary effect on much -needed foreign exchange inflows and reserves. Group Business Editor, Simeon Ebulu reports that the recent ‘Naira-4-Dollar Scheme’ has strengthened the country’s foreign exchange position In its determination to ensure steady inflow of foreign currency …

The Federal Government of Nigeria is spending $1.5bn (N568.5bn at N379/$ exchange rate) annually to fund electricity tariff shortfalls, the World Bank has said. According to the global financial institution, this amount could further increase if the country fails to take the right action. The bank disclosed this in its …

The Nigerian National Petroleum Corporation and its partner, Sterling Oil Exploration and Production Company, on Thursday signed the gas development agreement for the execution of the Oil Mining Lease 143. In a statement issued in Abuja by the spokesperson of NNPC, Kennie Obateru, the corporation said the agreement would boost …

ANOH Gas Processing Company has expressed its commitment to spend up to $10m on capacity development initiatives in the oil and gas sector. The Managing Director of AGPC, Okechukwu Mba, said this on the sidelines of the kickoff meeting and tour of the Centre for Skills Development and Training in …