Drop in Oil Prices:IMF Tasks Nigeria to Adjust Fiscal Policies
The International Monetary Fund (IMF) has challenged Nigeria and other African countries to adjust their fiscal policies in line with the continued drop in crude oil prices IMF’s Chief of the World Economic Studies Division, Oya Celasun,  who gave the charge, at the ongoing IMF/World Bank Spring Meetings in... Read more
Oil Export Proceeds Down to $171.12m
The total export proceeds of $ 171.12million were recorded in January 2017 as receipt against $175.04 million in December 2016, the Nigerian National Petroleum Corporation (NNPC) has said. Its monthly financial report that made this known added that contribution from Crude oil amounted to $93.97 Million while Gas and... Read more
The Nigerian National Petroleum Corporation, NNPC, has said  that the recent increase in the bridging allowance to tanker drivers  from  N6.20 to  N7.20 was done as a prelude to the hike in the price  of petrol in the country. The Corporation’s Group General Manager, Public Affairs, Mr. Ndu Ughammadu,... Read more
Nigerians need not less than three million Liquefied Petroleum Gas (LPG) also known as cooking gas cylinders, annually, according to the Nigerian Content Development and Monitoring Board (NCDMB). The Executive Secretary of the Board, Mr Wabate disclosed this in Lagos on Sunday adding that the only LPG cylinder manufacturing... Read more
The Nigerian National Petroleum Corporation (NNPC) has cautioned Nigerians against the use of adulterated fuel following reports that products from vandalized pipelines, or adulterated are being sold to unsuspecting members of the public. The NNPC gave the advice in a statement by Mr Ndu Ughamadu, its Group General Manager,... Read more
FEC Approves N701 bn for Gas Sector to Boost Power
A sum of N701 billion Power Assurance Guarantee has been approved by the Federal Executive Council(FEC)  for the Nigeria Bulk Electricity Trading (NBET)—to ensure a better supply of gas to the power plants and as such boost  power supply. Minister of Power, Works and Housing Babatunde Fashola announced  the... Read more
DPR impounds Vessel loaded with 1.5 m Litres of Bad Fuel
 A vessel, MT JAZI, loaded with 1. 5 million litres of contaminated petroleum product has been impounded by  The Department of Petroleum Resources  while discharging at Nakem Jetty, Kirikiri, Lagos. A Director in DPR, Mr Mordecai Ladan, who disclosed this in Lagos yesterday  said that the vessel was intercepted... Read more
The Nigerian National Petroleum Corporation (NNPC) has revealed measures it has adopted to sustain the supply of petrol, diesel, and kerosene across the country.. Mr Ndu Ughamadu, Group General Manager, Group Public Affairs Division, NNPC said in a statement in Abuja on Monday that the decision was taken at... Read more
Nigeria Loses $80bn Annually to Vandalism – Kachikwu
The Minister of State for Petroleum, Ibe Kachikwu has revealed that  Nigeria is losing at least $80 billion annually  to oil facilities vandalism in the Niger Delta. Kachikwu stated this  in Yenagoa, Bayelsa, during the resumed dialogue with Niger Delta stakeholders as part of Acting President, Prof. Yemi Osinbajo’s... Read more
The Nigerian National Petroleum Corporation (NNPC) has promised to fast-track the repairs of all pipelines vandalised last year to ensure stable gas supply to thermal power plants for improved power supply. The Corporation made the commitment during a closed door meeting of operators and stakeholders in the power sector... Read more