Business

NNPC Logo The Nigerian National Petroleum Corporation (NNPC) Thursday in Abuja announced an increase of 19.14 per cent in the average daily natural gas supply to power plants which translates to 788millon standard cubic feet of gas per day (mmscfd), equivalent to power generation of 2,873MW. The NNPC, in a …

China is almost out of space to hold the oil that domestic traders bought at bargain-basement prices earlier this year when the Covid-19 pandemic crushed global crude demand. As of Wednesday, China had used up 69% of its crude oil storage capacity with the 33.4 million tons it had stockpiled, …

 The Central Bank of Nigeria debited N122bn ($338m) from banks’ excess cash with the apex bank before weakening the currency at a retail auction on Friday in a move to unify its multiple exchange rates.  Reuters reported on Monday that Nigeria’s multiple foreign-exchange rates were imposed to manage dollar demand …

The Federal Government has decided to write off 60 per cent of the N7bn owed by radio and television stations in licensing and renewal fees. The government has also slashed the existing licence fee by 30 per cent for all open terrestrial radio and television services with effect from July …

The Central Bank of Nigeria (CBN) may be forced to further retract its defence and depreciate the naira as the apex bank increased the bid price for foreign exchange at its Secondary Market Intervention Sales (SMIS) window by 5.56 per cent to N380.00/$. Most analysts at the weekend agreed that …

The total public debt portfolio of Nigeria has risen to N28.63tn, the Debt Management Office announced on Thursday. In its Public Debt Portfolio report released on Thursday night, the DMO explained that the country’s total debt rose from the N27.4tn recorded in December 2019 to N28.63tn in March 2020. This …

The Nigeria Union of Petroleum and Natural Gas Workers has given the Federal Government a two-week ultimatum to rehabilitate the bad roads across the country. NUPENG also asked the government to immediately address the issue of multiple roadblocks and extortions from all security agents or the union might be forced …

Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, on Thursday, alerted Nigerians of its plans to declare a nationwide industrial action over unfair labour practices by some indigenous oil companies. Although NUPENG did not disclose when the industrial action would begin, its President, Prince Williams Apkoreha, at a briefing …

OVER 250,000 farmers are to benefit from the Central Bank of Nigeria rainy season intervention in troubled Borno State. The CBN Head, Development Finance, Maiduguri office, Mahmood Nyako, disclosed this while launching farm inputs’ distribution for cotton farmers in northern part of the state. Nyako said the Anchor Borrowers programme …

The Petroleum Products Pricing Regulatory Agency has announced a new price band of N140.80 to N143.80 per litre for Premium Motor Spirit, also known as petrol. The PPPRA, in a circular dated July 1, 2020 to marketers, said, “After a review of the prevailing market fundamentals in the month of …