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Wednesday, 27 November 2024 04:56

NNPC announces restart of old Port Harcourt Refinery with production of 5 fuel types

The Nigerian National Petroleum Company (NNPC) Limited has reported that the rehabilitated old Port Harcourt refinery is now operating at 70% of its installed capacity, with plans to increase production to 90% in the near future. The refinery, which has a capacity of 60,000 barrels per stream day, has resumed operations after years of challenges and underwent significant repair work. NNPC began truck loading of petroleum products on Tuesday, 26 November, and is currently producing a range of daily outputs including: - 1.4 million litres of blended petrol - 900,000 litres of kerosene - 1.5 million litres of diesel -…

Tuesday, 26 November 2024 04:46

Nigeria's GDP grew 3.46% in Q3 2024, driven by services sector - NBS

The National Bureau of Statistics (NBS) reported on Monday that Nigeria's Gross Domestic Product (GDP) grew by 3.46% year-on-year in the third quarter of 2024, marking an improvement from the 2.54% recorded in the same quarter of 2023 and the 3.19% in the second quarter of 2024. The growth was primarily driven by the services sector, which recorded a 5.19% increase and contributed 53.58% to the aggregate GDP. Other sectors also showed positive momentum, with the agriculture sector growing by 1.14% and the industry sector expanding by 2.18%. The country's oil sector performed moderately, recording an average daily oil production…

Monday, 25 November 2024 04:11

NNPC’s claim of 1.8m bpd oil production in October not true, Regulator’s data shows

The latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Nigeria’s daily crude oil production has contradicted the claim by the Nigerian National Petroleum Company Limited (NNPC) that the country was producing 1.8 million barrels per day of crude oil and condensate.A THISDAY review of the delayed October production figures by the NUPRC, which is the oil and gas sector upstream regulator, indicated that Nigeria produced 1.538 million bpd of crude oil and condensate.The three-month low production data released by the NUPRC contradicted the report announced by the national oil company and the Ministry of Petroleum Resources (Oil),…

Saturday, 23 November 2024 04:38

Nigerians will have to pay for new National ID card for these 2 reasons, NIMC explains

The National Identity Management Commission (NIMC) says Nigerians will have to pay for the new multipurpose national identity card due to limited government revenue. Peter Iwegbu, head of card management services at NIMC, spoke on Thursday at a two-day press conference in Lagos. Iwegbu said paying for the identity card would ensure it is produced for only those who needed it. He said the decision was made to avoid repeating the mistake of past efforts to issue physical cards to Nigerians for free, which many did not collect. The NIMC official said over two million cards were produced in a…

Saturday, 23 November 2024 04:38

Supreme Court nullifies federal law regulating lottery and gaming, gives power to states assemblies

The supreme court has nullified the enforcement of provisions of the National Lottery Act 2005 in the 36 states of the federation. In a unanimous judgment delivered on Friday, the seven-member panel held that the national assembly lacks the powers to legislate on issues pertaining to lottery and gaming. In March 2005, former President Olusegun Obasanjo signed the national lottery bill into law. The legislation provides the framework for the operation of the national lottery and the establishment of the National Lottery Regulatory Commission. The commission is charged with regulating the business of lottery in Nigeria as well as establishing…

Friday, 22 November 2024 04:40

Nigeria less stable now than when Tinubu took over, Africa Country Instability Risk Index Report shows

Nigeria has become less stable in the past year and can now be categorised as ‘vulnerable’ based on an instability risk index, according to a new report. SBM Intelligence, a pan-African think tank, ranked Nigeria as a ‘vulnerable’ country and one of the “biggest losers” in sub-Saharan Africa on its instability risk index. This was disclosed in its recent Africa Country Instability Risk Index (ACIRI) which assesses the political, economic and social factors frustrating stability in African countries. The report spotlighted 48 West, Central, East and Southern African countries. These countries, according to the report, “were grouped by region as…

Thursday, 21 November 2024 04:40

FAAC: FG, states, LGs share N1.41trn from October revenues

The Federation Account Allocation Committee (FAAC) announced on Wednesday that it distributed N1.41 trillion among federal, state, and local government levels in October 2024, representing a substantial increase of N113 billion from September's allocation. The total gross revenue for the month was N2.668 trillion, with the distributable revenue comprising various sources including statutory revenue, value-added tax (VAT), electronic money transfer levy, and exchange differences. Breakdown of the Allocation: - Federal Government: N433.021 billion - State Governments: N490.696 billion - Local Government Councils: N355.621 billion - Oil-Producing States: N132.404 billion (13% of mineral revenue) Key Revenue Highlights: - VAT increased by…

Wednesday, 20 November 2024 04:51

Tinubu plans to borrow additional N31trn in next 3 years, increasing Nigeria’s debt to N170trn by 2027. Here’s what that means

The Federal Government intends to dedicate a substantial portion of its budget to debt servicing from 2025 to 2027, exceeding the funds allocated for capital expenditures. This allocation is outlined in the recently approved 2025–2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper, which estimates debt servicing costs at N50.39 trillion over the three years, surpassing the N48.93 trillion set aside for capital projects. Key Metrics and Trends Debt Servicing vs Capital Expenditure - Total debt servicing (2025-2027): N50.39 trillion - Total capital expenditure (2025-2027): N48.93 trillion - Debt servicing growth: 26.7% (2025-2027) - Capital expenditure growth: 0.18% (2025-2027) Annual Breakdown…

Wednesday, 20 November 2024 04:49

Nigeria’s World Bank debt climbs to $17.1bn, ranks 3rd largest globally

As of September 30, 2024, Nigeria’s loan exposure to the World Bank’s International Development Association (IDA) reached $17.1 billion, making it the third-largest borrower from the institution. This marks a $600 million increase from the $16.5 billion reported at the end of June 2024, according to the IDA’s financial statement for September 2024. The IDA, a key World Bank arm that offers concessional loans and grants to the world’s poorest nations, provides these loans with low interest rates and long repayment terms. These loans are intended to support economic growth, reduce inequality, and improve living conditions in developing countries. Nigeria…

Wednesday, 20 November 2024 04:47

Nigerian Navy personnel protect oil thieves, Tompolo alleges

Former Niger Delta militant leader and chief executive officer of Tantita Security Services Limited, Government Ekpemupolo, aka Tompolo, has alleged that the Nigerian Navy is aiding and abetting oil theft in the Niger Delta. He disclosed that naval personnel had severally shot at his men, Department of State Service (DSS) officials, and men of the Nigeria Security and Defence Corps (NSCDC) while performing pipeline surveillance duties. The shocking revelation is coming amid elation over Nigeria’s increased crude oil output to 1.8 million barrels per day. He condemned the Navy for allegedly preventing the interception of a vessel allegedly used in…

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Tuesday, 19 November 2024 04:40

Nigeria's foreign debt payments more than double to N3.8trn

Nigeria's foreign debt servicing costs have more than doubled to N3.8 trillion in the first eight months of 2024, far exceeding the N1.83 trillion budgeted for the year, according to the government's latest fiscal framework report. The surge in foreign debt payments comes amid mixed revenue performance. While non-oil revenues exceeded targets, reaching N3.81 trillion (160.1% of target), oil revenues significantly underperformed, bringing in just N4.09 billion, or 75% of projections. Key findings from the 2025-2027 Medium Term Expenditure Framework: - Total debt servicing has consumed N5.51 trillion, representing 34.4% of the budget - Government revenue reached N12.74 trillion, achieving…

Tuesday, 19 November 2024 04:37

NCAA to impose fines for delayed luggage. This is how much you’ll be paid if your luggage doesn’t arrive with you

The Nigeria Civil Aviation Authority (NCAA) has announced it will take stringent action against airlines responsible for delayed passenger luggage. Starting with immediate effect, the NCAA will impose fines of $170 for international airlines and N10,000 for domestic carriers for luggage delays. The announcement follows a statement made by the NCAA in October in Abuja, where it clarified that passengers whose luggage is delayed on domestic flights can claim up to N10,000, while those on international flights can receive up to $1,000 or 1,288 Special Drawing Rights (SDRs) as compensation. During a roadshow at the Lagos airport on Monday, aimed…

Sunday, 17 November 2024 04:17

Obasanjo slams Tinubu’s leadership, declares Nigeria a failing State under state capture

Former President Olusegun Obasanjo has condemned the current state of Nigeria under President Bola Tinubu, describing the country as a “failing state” beset by widespread corruption, poor leadership, and insecurity. Speaking at the Chinua Achebe Leadership Forum at Yale University in New Haven, Connecticut, Obasanjo argued that Nigeria’s troubles are a direct result of the “immorality and corruption” permeating the nation, which he said is sinking deeper into chaos and underdevelopment. In his keynote address, titled “Leadership Failure and State Capture in Nigeria”, Obasanjo pointed to the leadership style of President Tinubu, who, during his campaign, popularized the slogan “Emilokan”,…

Saturday, 16 November 2024 05:04

Nigeria's inflation crisis deepens: This is what it was in October 2024

Key Findings Headline Inflation - Current Rate: 33.88% (October 2024) - Previous Month: 32.7% (September 2024) - Year-over-Year Increase: 6.55 percentage points (from 27.33% in October 2023) - Monthly Change: 2.64% (up from 2.52% in September) Food Inflation - Current Rate: 39.16% (October 2024) - Previous Month: 33.77% (September 2024) - Year-over-Year Increase: 7.64 percentage points (from 31.52% in October 2023) - Monthly Change: 2.94% (up from 2.64% in September) Major Contributing Factors Primary Food Categories Driving Inflation 1. Cereals and Bread - Guinea corn - Rice - Maize grains 2. Tubers - Yam varieties (Water Yam, Coco Yam) 3.…

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