The Central Bank of Nigeria (CBN) has refuted reports claiming it disbursed $1.25 billion to major oil sector operators for the importation of refined petroleum products and related items. The clarification followed media reports on Monday alleging that the apex bank released the funds during the first quarter (Q1) of 2025. In a statement issued […]
Senate Committee on Petroleum (Downstream ) in Abuja on Thursday hinted of its readiness to tackle challenges confronting the downstream petroleum sector This will include an investigative hearing to be carried out by the committee to dissect all the problems and proffer solutions to them . Chairman of the Committee, Senator Kawu Sumaila ( Kano […]
Baba Alkasim Baba Nigerians across Abuja, Suleja, Kano Lagos, Enugu and Port Harcourt recently experienced heart-rending petrol scarcity arising from public fears of a speculated increase in the pump price of petroleum, an ugly spectacle which many thought was since history. Not even the often repeated assurances by the Nigerian National Petroleum Corporation (NNPC) that […]
By Doosuur Iwambe For the Nigerian Petroleum Industry to move forward in the face of the COVID-19 pandemic, the Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mallam Mele Kyari, has urged stakeholders to evolve innovative ways to reposition the sector for sustainability. The NNPC GMD, speaking at the opening ceremony of the Society of […]
Participants at an online workshop organised to review key issues that require urgent reforms in the oil and gas industry amid the COVID-19 pandemic have called for an accelerated passage of the Petroleum Industry Bill (PIB). The workshop organised by the Centre for Transparency Advocacy (CTA) drew participants from various Civil Society Groups as well […]
…Say pronouncement should be backed by new law …FG should engage industry stakeholders for policy to work – PETROAN Experts and industry players in the Oil and Gas sector have expressed concern over Federal Government’s pronouncement of deregulating the downstream oil and gas sector without a law backing it. Prof. Wumi Iledare, the former President, […]
Lagos – Analysts on Wednesday urged the Federal Government to strengthen the non-oil sector by ensuring lower interest rate to reduce cost of borrowing, in order to boost Gross Domestic Product (GDP). They stated this in an interview in Lagos, while reacting to the fourth quarter GDP which expanded to 2.55 per cent. NBS, on […]
Motolani Oseni A civic-tech organisation based in Lagos, BudgIT has warned that Nigeria may face a fresh financial crisis as a result of government failing revenues from Oil and Non-Oil sector. In a document signed by its Communications Associate, Shakir Akorede, noted that the federal government 2018 budget performance, released on September 2, 2019, the […]
The presidential candidate of the Allied Congress Party of Nigeria (ACPN), Dr. Obiageli Ezekwesili, has said that there is a need for a ‘pressing’ reform in the oil sector. In a statement on Saturday, the presidential candidate demanded for an immediate end to oil subsidy in Nigeria, saying, “It gives little or no benefit.” Ezekwesili […]
As the country battles to enact bills establishing several petroleum bills to enshrine transparency in the sector, the Nigeria Extractive Industries Transparency Initiative (NEITI), is set to hold a symposium on the Petroleum Industry Governance Bill (PIGB) recently passed by the National Assembly. Daily Times recall that that apart from the PIG bill, other bills […]
Chief Executive Officer of NEPC, Dr Olusegun Awolowo said the nation’s bourse has a key role to play towards driving export from the nation’s manufacturing sector. Awolowo who visited the Nigerian Stock Exchange on Monday to sound the closing gong and present a Zero Oil Plan Proposal to capital market stakeholders said the present administration, […]
The Minister of State for Petroleum Resources, Ibe Kachikwu, yesterday unfolded the Federal Government’s plan for the oil sector in 2017, including passing the long-overdue Petroleum Industry Bill and overhauling of the refineries. In a statement, the minister said oil and gas policies will be restructured for maximum productivity, which will improve revenue generation by […]