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 [...]
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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 [...]
John Oyegun, national chairman of the All Progressives Congress (APC), says under the administration of President Muhammadu Buhari, the country no longer depends on oil to survive.Oyegun said this on Saturday at a rally which the APIC in Kogi organised to receive defectors.The APC national chairman explained that the Buhari administration has repositioned the country's economy as revenue now comes [...]
Investor sentiment towards the Nigerian economy was dealt a slight blow, after the MPC cancelled the January meeting due to their “inability to form a quorum”.Although the missed central bank meeting is likely to have little impact on the economy, it has the potential to reinforce market concerns over the nation’s poor policy management. An unwelcome return of political risk and uncertainty amid [...]
Ike Ekweremadu, deputy senate president, says the northern region of the country has no reason to be scared of restructuring as crude oil is fast losing its commercial value.According to Ekweremadu, the north is "desperately searching" for oil because of its fear of restructuring.He explained that the fear is unnecessary, as many countries that patronised Nigeria's oil have also discovered [...]
Like a planned incident, last week, three stories were coincidentally published by different newspapers on this subject; one by this author, deepening the debate on the viability of the renewed push for oil exploration in the frontier basins in the north.At the centre of the debate is still the prospect of a major oil find in the frontier basins.Oppositionists [...]
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