FG Has No Business Managing Oil Refineries – Osinbajo
Vice President Yemi Osinbajo has restated the resolution of the Buhari administration that the Federal Government has no business running oil refineries in Nigeria. Speaking at a virtual meeting organised for the All Progressives Congress (APC), social media bloggers and influencers at the ruling party’s secretariat in Abuja on Monday, the Vice President indicated that the Nigerian government sees the...
Petrol Subsidy Removed Because Of Fraud – Mele Kyari
The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, said the Federal Government removed subsidy on petrol because of fraud. Kyari said some cabals which he failed to identify perpetrated the fraud in the oil industry. The NNPC boss also said over N10tn was spent on fuel subsidy between 2006 and 2020 without significant impact on the...
Dangote Refinery May Not Significantly Reduce Petrol Price – Zainab Ahmed
Zainab Ahmed, the minister of finance, budget and national planning, says the Dangote Refinery being constructed may not significantly reduce the retail price of petrol. Speaking in an interview with the Nigerian Television Authority (NTA), Ahmed explained that the refinery will sell its products at the international market price. The Dangote refinery is expected to refine 650,000 barrels of oil per...
We Had To Borrow To Fund Roads, Rail, Power – Buhari
The President, Muhammadu Buhari, on Tuesday, justified the nation’s debt profile, saying his regime needed to borrow to fund critical infrastructure like roads, rail, and power. According to a statement titled “President Buhari justifies borrowing to fund infrastructure,” by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President spoke at a virtual meeting he had with members...
BREAKING: Nigeria’s Debt Rises By N2.3trn, Hits N31trn – DMO
The Debt Management Office on Wednesday released Nigeria’s total public debt stock as of June 30, 2020, and put the country’s entire debt at N31trn, indicating an increase of N2.38trn within a space of three months. Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory. Just as the country’s...
MDAs Failed To Remit N1.2 Trillion – Fiscal Commission Says
The non-remittance of revenue by most ministries, departments and agencies of government to the Consolidated Revenue Funds of the Federal Government is currently N1.2tn, the Fiscal Responsibility Commission said on Monday. Fiscal Responsibility Commission is responsible for mobilising funds from government-owned organisations through the payment of operating surplus to finance the government’s budget. The Acting Chairman of FRC, Victor Muruako, said...
We Lack Money To Continue To Pay Fuel Subsidy – FG
The Federal Government (FG) has said it currently lacks money to continue to pay fuel subsidy due to the economic implications of the coronavirus (COVID-19) pandemic. Minister of State for Petroleum Resources, Timipre Sylva, disclosed this on Thursday in Abuja in a briefing to mark his one year in office. Sylva said the Federal Government has also resolved to step aside...
Nigerian Stock Exchange Suspends 6 Firms
The Nigerian Stock Exchange (NSE) has suspended trading in six companies over their inability to comply with extant corporate governance rules and best practices that mandate them to submit their financial statements within a specified period. The suspended companies include: FTN Cocoa Processors Plc; Medview Airline Plc; Niger Insurance Plc; R.T. Briscoe (Nigeria) Plc; Union Dicon Salt Plc and Capital...
FG Stops Purchase Of Vehicles
Federal Government has stopped what it called non-critical and administrative capital spending, including the purchase of vehicles. The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a document tagged, “What you need to know about the Nigeria Economic Sustainability Plan” made available to journalists in Abuja on Thursday. The plan was developed by the Economic...
FG Stops Purchase Of Vehicles
Federal Government has stopped what it called non-critical and administrative capital spending, including the purchase of vehicles. The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a document tagged, “What you need to know about the Nigeria Economic Sustainability Plan” made available to journalists in Abuja on Thursday. The plan was developed by the Economic...
