Business & Finance

Nigeria’s Finance Minister accedes to IMF advice on subsidy removal

Apr 12, 2019

Finance Minister, Mrs. Zainab Ahmed, on Thursday, described the International Monetary Fund’s (IMF’s) advice to the Federal Government on the need to remove fuel subsidy as a good advice. Speaking at the sidelines of the ongoing IMF/World Bank Spring Meetings in Washington D.C, she said: ” The advice from the IMF on fuel subsidy removal…

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OPEC daily basket price stands at $70.33

Apr 10, 2019

The price of OPEC basket of fourteen crudes stood at $70.33 a barrel on Monday, compared with $69.02 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran…

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Oil rises above $70 amid OPEC cuts, U.S. sanctions and Libya fighting

Apr 9, 2019

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC’s ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data. International benchmark Brent futures were at $70.62 per barrel at 0716 GMT on Monday, up 28 cents, or 0.4 per…

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Excess Crude Account continues to deplete amid oil price volatility

Apr 9, 2019

Programme Coordinator of the Nigeria Natural Resource Charter (NNRC), Tengi George-Ikoli, has expressed fears that the dip in oil prices could send the country back to recession going by the depletion of the Excess Crude Account (ECA). Recalling the calls for transparency and accountability on the running of the account, she, however, noted that the…

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Over 150,000 Nigerians to get clean energy access through REPP $10m loan facility

Apr 5, 2019

A US$10 million syndicated loan facility has been set up by the Renewable Energy Performance Platform (REPP) to scale up efforts to bring electricity to some of Nigeria’s most isolated communities. UK-based project developer PAS Solar Limited has installed more than 3,500 solar home systems (SHS) – for households and micro enterprises – with early…

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Dangote refinery to improve Nigeria’s trade balance by $2bn annually – IMF

Apr 5, 2019

The International Monetary Fund has said the crude oil refinery being built by Dangote Industries Limited will improve the trade balance by $2bn per year after coming on stream. The Washington-based fund noted that Nigeria, despite being a long-time crude oil exporter, continued to import refined oil to meet domestic demand. It said in a…

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DPR given 3 month ultimatum to collect overdue oil licence royalties

Apr 4, 2019

 As part of efforts to improve the revenue profile of the Federal Governmentin 2019, the Federal Government has directed  the Department of Petroleum Resources (DPR) to, within three months, complete the collection of past-due oil licence and royalty charges, including those due from Nigerian Petroleum Development Company (NPDC) (a subsidiary of NNPC), which it had agreed to…

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FSDH predicts drop in oil price, urges FG to generate revenue via VAT

Apr 4, 2019

The Head of Research, FSDH Research, Mr. Ayodele Akinwummi, has said that oil price may drop due to the slow pace in global trade, and therefore has urged the Federal Government to unlock and tap resources through Value Added Tax (VAT). Mr. Akinwummi who stated this during a press briefing titled: “Monetary Policy Easing; Fiscal…

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Oando planning to raise fresh capital, slash debt – Tinubu

Apr 3, 2019

Nigerian oil company Oando aims to raise fresh capital over the next two years and repay debt used to acquire Conoco Phillips’ Nigerian assets, its chief executive Adewale Tinubu told Reuters. It also plans to resume dividend payments, he said. Oando has transformed in the past few years from being a fuel retailer to an…

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Oil price hits 2019 high of $69 as concerns ease over demand

Apr 2, 2019

Oil price hits a 2019 high above $69 a barrel on Tuesday on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an Organisation of the Petroleum Exporting Countries (OPEC)-led supply cut, and as the market became less worried that demand may reduce. The United States is considering more sanctions against…

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