No provision for fuel subsidy in revised budget- Buhari
President Muhammadu Buhari has stated that no provision was made for fuel subsidy in the Revised 2020 Budget, noting that about N1.7trn has been...
FG directs 9,000 filling stations to install gas facilities
The Federal Government, through the Department of Petroleum Resources, has directed 9,000 filling stations in the country to commence the installation of facilities for...
Western firms planning a $5bn investment in power sector
The Federal Government has revealed that a consortium of Western investors has presented a plan to invest over $5bn in Nigeria’s power sector.
According to...
FG not financially able to pay fuel subsidy- Minister
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has revealed that the Federal Government is not currently financially able to pay subsidy,...
CBN releases Guidelines for N250bn Intervention in Gas
By Ignatius Ushie
The Central Bank of Nigeria (CBN) has released the guideline for the recently introduced N250 billion intervention facilities to help stimulate investment...
OPEC+ reduces output by 7.7m barrels per day
The Organisation of Petroleum Exporting Countries and allies (OPEC+) is currently cutting output by 7.7 million barrels per day until December to support prices...
NNPC increases petrol depot price to N151.56
The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the ex-depot price of Premium Motor Spirit, also...
BUA to construct 200,000 BPD refinery with France’s Axens
BUA Group Plc has selected France’s Axens for a multibillion-dollar 200,000 barrel per day refinery and petrochemicals plant in Nigeria, the French company revealed...
NERC approves increase in electricity tariff
The Nigerian Electricity Regulatory Commission (NERC) has approved an increase in electricity tariff with effect from September 1, 2020 (today).
The increase is three months...
N5.38bn spent on petrol subsidy in June- NNPC
The latest figures from the Nigerian National Petroleum Corporation (NNPC), have shown that the oil firm made an under-recovery of N5.348bn in June this...
