Buhari Orders Incorporation Of NNPC, Appoints Board [FULL LIST]
President Muhammadu Buhari in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited. This is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in...
BREAKING: Nigeria Joins OPEC To Cut Crude Oil Production
The Federal Government on Friday said crude oil price would rebound by at least $15 per barrel in the short term following the latest intervention of the Organisation of Petroleum Exporting Countries and its allies, jointly referred to as OPEC+. Minister of State for Petroleum Resource, Timipre Sylva, said the rebound could translate to additional revenue of $2.8bn for Nigeria. He...
Naira Will Become Stronger Again —Adeboye
The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, says the naira will regain its strength among the league of currencies. He stated this on Saturday morning during the Church’s annual Holy Ghost Congress held at the RCCG International Headquarters along the Lagos-Ibadan Expressway. GLONAT reports that the 78-year-old cleric prayed to God to intervene in Nigeria’s...
Nigeria Reaching Maximum Capacity To Borrow, Says El- Rufai
Governor Nasir El-Rufai of Kaduna State has revealed that the country is about reaching its maximum capacity to borrow, hence the need to improve on other channels of revenue generation in the country. He made these remarks during his keynotes address at the 22nd Annual Tax Conference, themed “Taxation and Competitiveness: Imperatives for National Development” on Thursday in Lagos. Governor El-Rufai,...
We Are NOT Broke – NNPC
The Nigerian National Petroleum Corporation, NNPC says the zero revenue projection for May pertains only to the federation revenue stream it manages and not a reflection of its overall financial performance. Kennie Obateru, the group general manager of NNPC public affairs division, disclosed this in a statement on Friday. “The shortfall will be remedied by the corporation as it relates only...
Buhari Has Done Well in Job Creation – Festus Keyamo
The Minister of State for labour (state), Festus Keyamo on Sunday, May 31, said the Buhari-led administration has done well in job creation in the last five years. Keyamo said this while appearing on Channels Television “Sunday Politics” programme. Festus Keyamo stated that the effort of the government has gone unnoticed because Nigeria’s population grows faster than the rate of job...
FEC Approves ₦13.08 Trillion 2021 Budget
The Federal Executive Council (FEC) presided over by President Muhammadu Buhari on Wednesday approved N13.09 trillion budget estimate for 2021 fiscal year. Briefing State House Correspondents after the meeting, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the budget estimate is made up of N2.083 trillion capital expenditure, which she described as N29 per cent of the...
FG earned N5.04tn from oil in 11 months – CBN
Between January and November last year, the Federal Government made about N5.04tn from the sale of oil, figures obtained from the Central Bank of Nigeria have revealed. The oil revenue, according to the CBN economic report for November, was lower than the N8.77tn revenue target provided for in the 2019 budget for the 11-month period. A breakdown of the N5.04tn oil...
No Plan To Introduce New Taxes In 2021- FG
The federal government says it has no plan to introduce new taxes or increase current taxes in 2021. Zainab Ahmed, minister of finance, budget and national planning, disclosed this on Friday, at a public hearing organised by the house of representatives committee on finance in Abuja. The minister said rather than increase taxes, it is making efforts to reduce tax burden...
How Nigeria Spent N896.7bn On Debt Servicing In Q1’22
Nigeria spent N896.7 billion on domestic and foreign debt servicing in the first quarter of 2022, Q1’22 , representing a 12 per cent year-on-year (YoY) decline from N1.02 trillion spent in the corresponding period of 2021. In its External and Domes...
