The supply hitches associated with the distribution of Premium Motor Spirit, popularly called petrol, may persist till June this year, oil marketers stated on Wednesday. Nigeria’s downstream oil sector has been grappling with cases of incessant petrol scarcity since last year. The sole importer of the commodity – Nigerian National Petroleum Company Limited, has […]
Airtel Africa says its Nigerian subsidiary, Airtel Nigeria, has acquired fourth-generation (4G) and fifth-generation (5G) spectrums from the Nigerian Communications Commission (NCC) for a cumulative price of $316.7 million. Simon O‘Hara, Airtel Africa’s secretary, made this known on Monday in a corporate filing on the Nigerian Exchange Limited (NGX). The telco said it purchased […]
The Nigerian National Petroleum Company (NNPC) Limited says it did not export 17.877 million barrels of crude oil without proper documentation from 2016 to 2020. A report, quoting the former auditor-general of the federation (AuGF), had accused some exporters of shipping crude oil without completing the required Nigeria export proceeds (NXP) forms. The AuGF […]
In 2022, Nigeria’s oil sector was riddled with numerous challenges, most notably the fuel scarcity crises that hit the different parts of the nation and crippled businesses. In the first half of the year, the country’s oil revenues fell drastically due to a decline in production occasioned by crude oil theft and pipeline vandalism. […]
Shell said on Friday it will pay 15 million euros to Nigerian farmers to compensate them for damage from pipeline leaks. A Dutch appeals court ruled last year, following 13 years of legal battles, that Shell’s Nigerian branch must pay out for a series of leaks and that the parent company must install new […]
The National Bureau of Statistics (NBS) says the country generated N625.39 billion as value-added tax (VAT) in the third quarter of 2022. VAT is a consumption tax that is administered by the Federal Inland Revenue Service (FIRS). Revenue generated from VAT is usually disbursed to the three tiers of government through the federation accounts […]
Banks’ payments to the Asset Management Corporation of Nigeria (AMCON) Sinking Fund have continued to swell despite the position of the shareholders and the International Monetary Fund, IMF, that it should be scrapped. Financial Vanguard findings on the Fund’s update show a 22.6 percent rise to N269.35 billion in the nine months to September […]
The Nigerian National Petroleum Company Limited, NNPCL, yesterday, adopted new measures aimed at guaranteeing adequate fuel supply across the country, by fixing N148 per litre as the price for lifting petrol at depots. It also agreed to supply outstanding stock to independent oil marketers, to end product shortage. This came as the independent marketers […]
The total debts of 10 oil-producing states rose from N2.04tn in December 2015 to N3.35tn as of June 2022, according to sub-national debt reports of the Debt Management Office. This means that a total of N1.31tn was borrowed within a period of about seven years by the states. The 10 states are: Rivers, Akwa […]
President Muhammadu Buhari has finally unveiled the newly re-designed notes for the highest denominations of the naira. The President performed the brief ceremony just before the start of the Federal Executive Council (FEC) meeting at the Council Chambers of the Presidential Villa, Abuja. He presented to the public the new N1000, N500 and N200 […]
