Business & Finance

Nigerian Govt, States, LGs owe NNPC N797bn – NEITI

Aug 24, 2019

The federal, state and local governments owe the Nigerian National Petroleum Corporation (NNPC) N797bn, a 136-page report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed. The indebtedness, Daily Trust, reports may not be unconnected with the expenses incurred as subsidy (on fuel importation) in the period under review but which was not paid…

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NNPC failed to remit N77.92bn in 2017 – NEITI

Aug 23, 2019

The Nigerian Extractive Industries Transparency Initiative (NEITI) on Thursday accused the Nigerian National Petroleum Corporation (NNPC) of under-remitting N77.92billion to the Federation Account in 2017. The report which is pilot study on the sale of crude oil, however, noted that there is an ongoing reconciliation of the amount that arose from KPMG Forensic audit. In…

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Nigeria budget faces more troubles as $9.6bn judgment debt, falling crude prices, raise fresh fears

Aug 21, 2019

Hopes of full implementation of the 2019 budget are now looking doubtful as Federal Government’s revenue sources countined to come under pressure due to falling crude oil prices, increased shale oil production by the United States and the recent $9.6billion judgement debt imposed on the counry by a British court. For instance Brent crude, the international…

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Banks bear brunt of N100bn bad loans in power sector

Aug 21, 2019

A total of N100.42bn loans advanced by the nation’s banks to power firms have been recorded as non-performing, the latest data from the National Bureau of Statistics have shown. The power and energy sector, out of 22 sectors/business lines, accounted for the fifth biggest share of banks’ N1.69tn non-performing loans as of April 30. The…

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Nigerian finance minister returns to cabinet

Aug 21, 2019

Nigerian President Muhammadu Buhari named a 43-member cabinet, with Zainab Ahmed returning to the Finance Ministry. The appointments come six months after Buhari won re-election in a February vote disputed by the opposition. The newly formed government faces the challenge of implementing development plans to reverse mounting poverty in the country of 200 million at…

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Oil prices rise after drone attack on Saudi oilfield

Aug 20, 2019

Crude oil prices rose yesterday following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for signs that Sino-U.S. trade tensions could ease. Price gains were, however, capped to some degree by an unusually downbeat OPEC report that stoked concerns about growth in oil demand. Brent crude LCOc1, the…

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Conoil shareholders receive N1.4b dividend

Aug 20, 2019

The board of Conoil Plc at the weekend assured shareholders that the company has been positioned to continue to grow and deliver better returns despite operating challenges. The assurance came at the annual general meeting in Uyo, Akwa Ibom State where shareholders approved the payment of N1.4 billion as cash dividend for the 2018 business…

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NEITI says oil, mining agencies frustrating national planning, public finance management

Aug 19, 2019

The Nigeria Extractive Industries Transparency Initiative, NEITI, yesterday, accused Federal Government’s agencies in the mining and oil and gas industries of frustrating national planning, natural resource governance and public finance management. In a statement in Abuja, Executive Secretary of NEITI, Mr. Waziri Adio, expressed concerns over poor sectoral linkages among the agencies in data generation,…

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CBN to defend Nigeria’s reserves in wake of UK $9bn court ruling

Aug 19, 2019

Nigeria’s central bank will strive to protect the country’s currency reserves after a British court ruling granted a small natural gas firm the right to try to seize $9 billion in assets from Nigeria’s government, the bank’s head said on Monday. Such a sum would be one of the largest financial liabilities imposed on Nigeria…

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IMF says fuel subsidy removal from Nigeria. others will add 4% to global GDP

Aug 15, 2019

The International Monetary Fund (IMF) wednesday reiterated the need for Nigeria and other countries that still retain the policy of subsiding fossil fuel to put an end to the policy. Precisely, the IMF said eliminating the policy which it pointed out, “typically benefit the rich more than the poor, could gain up to four per…

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