President Muhammadu Buhari says although Nigeria is rich in petroleum resources, the earnings from oil is not enough to take care of the country's needs.According to Femi Adesina, presidential spokesman, Buhari said this on Thursday when he received Carlos Trejo Sosa, outgoing Cuban ambassador to Nigeria, at the presidential villa in Abuja.Buhari was quoted as saying he was pleased with [...]
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Uche Orji, managing director of the Nigeria Sovereign Investment Authority (NSIA), says the country's sovereign wealth fund is safe with JP Morgan in the UK. Orji said this while speaking at the 2019 leadership forum of Pilot Newspaper in Abuja on Monday."Risk management is something we take seriously. We keep our funds with JP Morgan in the United Kingdom. So, in [...]
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I don’t know about you, but I would say one of the most iconic images of the Buhari administration so far is the one released to the media on Monday, November 4. President Muhammadu Buhari — with a Hausa cap sitting comfortably on his head, a green pen in his right hand and a grin on his face — is [...]
BY FOLAWIYO KAREEM OLAJOKU It has long being said that oil is the mainstay of the Nigerian economy and often times, the budget of Nigeria is prepared in line with benchmark from the sale of the nation’s crude but according to a recent study by Afrinvest, a leading investment banking firm stated that, Nigeria is not an oil producing country but a [...]
President Muhammadu Buhari says since 1978 when he was named the minister of petroleum till date, he has not lost interest in the oil sector.Speaking in Warri, Delta state, on Thursday, the president said oil is God's favour to Nigeria, and the Deltans are fortunate to have such great resource in their custody.The President asked the people to reflect on [...]
Nigeria's oil revenue has recorded a jump of over 100 percent in 2018 alone.According to Udo Udoma, the minister of budget and national planning, Nigeria's aggregate revenue as at the end of September 2018, is 40 percent more than the revenues recorded in 2017."As at the end of the third quarter, Federal Government’s actual aggregate revenue wasN2.84 trillion, which is [...]
The Niger Delta Ambassadors for Change (NDAC) has disowned Peter Orubebe, former minister of Niger Delta, on plans by the All Progressive Congress (APC) government to rig the 2019 polls.The group rejected his position even as it distanced the Niger Delta region from the claim.In a statement, Lucky Spiff, national president of the group, said Orubebe was quoted by several publications as [...]
It is a big bad black Friday for crude oil as prices continue to crash across the world.On Friday, Brent crude fell below the $60 per barrel benchmark to hit $58.92 for the first time in 2018, following fears of oversupply across the global oil market.Oil prices climbed as high as $85 a barrel only in October 2018, shedding more than [...]
Atiku Abubakar, candidate of the Peoples Democratic Party (PDP), says if he emerges president in 2019, he does not mind giving oil-producing states all the revenue from crude oil. Abubakar said this while responding to questions on restructuring in an interview with The Africa Report.He, however, said he would tax the states to maintain the federal government.Asked he was in favour [...]
The Nigeria Extractive Industries Transparency Initiative (NEITI) is set to hold a conference on resolving outstanding remedial issues in the oil, gas and mining sector.In a statement on Friday, Ogbonnaya Orji, director, communications and advocacy of NEITI, said experts across the extractive industries have been invited for the conference."Experts across the extractive industries value chain have been assembled to review the status [...]
In the past 40 years or more, Nigeria had been a mono-product country exporting crude oil. This is understandable. Crude oil produces easy cash without much effort. Much effort would have been required if we had decided to refine the oil and sell the finished product. The government has not made any sustainable effort to divert attention to other sectors [...]
Aliko Dangote has revealed that at 61, he is not getting any younger, and he is willing to take on a new wife.Speaking with David Piling in a Financial Times interview, Lunch with FT, the multi-billionaire, who is Africa's richest man, revealed a soft side of himself and talked tall about his ambitions to buy Arsenal Football club after successfully [...]
After six months in the 2018 fiscal year, President Muhammadu Buhari finally signed the 2018 budget of consolidation into law, thanks to a seven-month delay by the national assembly.The president revealed that the national assembly had inserted 6,403 new projects into arguably the last budget before the 2019 elections, while cutting down on some crucial projects.TheCable reviewed the key content [...]
The International Energy Agency (IEA) says the growth in the production capacity of the Organization of Oil Exporting Countries (OPEC) depends on stability in Nigeria, Iraq and Libya.IEA made this prediction in its latest market report series titled 'Oil 2018: Analysis and Forecasts to 2023'. "Our analysis shows that discoveries of new oil resources fell to another record low in 2017, [...]
In a bid to bring accountability and transparency to economic management of resources, the Ghanaian government has vowed to account for every single bar of gold leaving the country.It also promised to end smuggling by tightening controls, and ensure that 50% of total gold output is locally refined in the next five years.Mahamudu Bawumia, Ghana’s vice-president, told a regional meeting [...]
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