Business & Finance

Nigeria earned N3.81 trillion oil revenue in the first 6 months of 2013

Aug 13, 2013

Oil revenue accounted for 86.67 per cent of gross federally-collected revenue from January to June 2013, as the Federal Government earned a total of N3.809 trillion from oil within the period. The amount represents 76.3 per cent of the 2013 Federal Government’s budget estimate of N4.99 trillion approved by the National Assembly and signed into…

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OPEC daily basket price closed at $105.27/b on Monday, August 12th

Aug 13, 2013

The price of OPEC basket of twelve crudes stood at 105.27 dollars a barrel on Monday, compared with $104.94 the previous Friday, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

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Nigeria Sovereign Investment Authority considers monoline insurance to attract investors

Aug 13, 2013

The Nigeria Sovereign Investment Authority, NSIA, statutory fund manager for Nigeria’ s sovereign wealth fund, SWF, is working out arrangements for a monoline insurance system that will enhance the credit worthiness of investments and the flows of foreign portfolio and direct investments into the country. Monoline insurance refers to provision of guarantees against defaults in…

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GE to invest $60 million annually on locally sourced goods, services

Aug 12, 2013

The Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Engineer Ernest Nwapa, has said that the annual spending on locally sourced goods and services by General Electrics, (GE) Nigeria, is expected to rise to $60million (N9.6)billion from $4 million. Nwapa who was represented by Mr. Uduak Obot, NCDMB Zonal Coordinator, Akwa-Ibom at…

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NNPC withholds FG’s N1.65trn – NASS •We’re still investigating claims – NNPC

Aug 12, 2013

The National Assembly Budget and Research Office has stated that the National Petroleum Investment Management Services, a subsidiary of the Nigeria National Petroleum Corporation, has refused to remit N1.65trn to the Federal Government. The Fiscal Responsibility Act, 2007 requires revenue generating agencies of the Federal Government to remit 80 per cent of their operating surplus…

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N4.423bn debt: NEITI reveals PPPRA acknowledgment letter

Aug 12, 2013

The Nigeria Extractive Industries Transparency Initiative on Sunday released a letter sent to it by the Petroleum Products Pricing Regulatory Agency, acknowledging the draft audit report of NEITI. This, it said, showed that the PPPRA was informed of its N4.423bn debt to the federation, arising from over-recovery collected from independent oil marketers between 2008 and…

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PPPRA urges NEITI to desist from confusing the public over audit report

Aug 9, 2013

The Petroleum Products Pricing Regulatory Agency, PPPRA has appealed to the Nigeria Extractive Industries Transparency Initiative, NEITI, to desist from confusing the public further on its audit report which said that the PPPRA should remit N4.423 billion to the Federation Account. Reacting to NEITI’s statement affirming that it stood by its controversial audit report, the…

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Shell Nigeria contradicts parent company, says it lost $250m not $700m

Aug 8, 2013

Shell Nigeria, Wednesday, denied claims that its parent company, Royal Dutch Shell, lost $700 million (N112 billion) in second quarter 2013, due to crude theft and other sundry issues in Nigeria, saying that the actual amount lost to operational difficulties in Nigeria is $250 million (N40 billion). The statement by Shell spokesperson, Mr. Precious Okolobo…

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OPEC daily basket price closed at $105.56/b

Aug 7, 2013

The price of OPEC basket of twelve crudes stood at 105.56 dollars a barrel on Tuesday, compared with $106.43 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

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