Business

VAT revenue for October declines by N15.395bn

The gross revenue available from Value Added Tax, VAT, in October, 2020 decrease by N15.395 billion.

This was disclosed in a communique issued by the Federation Account Allocation Committee, FAAC, at the end of its meeting last Wednesday.

According to the communique, which was cited in a [...]

Sun, 22 November 2020


PIB: Niger Delta communities demand ownership, control of trust funds

Stakeholders in host communities of the Niger Delta Region have demanded ownership and control of the host communities trust funds proposed in the Petroleum Industry Bill, PIB, for the development of oil-bearing areas.

The stakeholders also demanded an increment in the contribution of 2.5percen [...]

Sun, 22 November 2020


PENGASSAN strike: NNPC allays fears of fuel scarcity

The Nigerian National Petroleum Corporation, NNPC, has dismissed speculations of possible scarcity of fuel as a result of the ongoing strike by Petroleum and Natural Gas Senior Staff Association, PENGASSAN.

 

Wed, 11 November 2020


FG promises credit access to 10m MSMEs

The Federal Government says plans are underway to ensure credit access to 10 million Micro, Small and Medium Enterprises, MSMEs, at a single digit interest rate in 2021.

Minister of Industry, Trade and Investment, Adeniyi Adebayo, made this known on Thursday when he appeared before the House of [...]

Sat, 07 November 2020


NNPC generates $139.50mn from crude, gas export in August

The Nigerian National Petroleum Corporation, NNPC, says it generated a total crude oil and gas export sale of $139.50 million in August, 2020, representing an increase of 64.84 per cent compared to the previous month.

The corporation, in its Monthly Financial and Operations Report, MFOR, cited [...]

Sat, 07 November 2020


Unstable fiscal regime stifling Nigerian petroleum industry - Kyari

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, has said that the absence of a stable fiscal environment is inhibiting the growth of the Nigerian petroleum industry, especially the upstream sector.

 

Kyari, who stated this while p [...]

Wed, 23 September 2020


Local content: why indigenous operators need capacity upgrade- NNPC

The Nigerian National Petroleum Corporation, NNPC, says indigenous companies operating in the nation’s oil and gas sector must upscale their capacity for global competitiveness. 

 

The corporation also said indigenous operators need capacity upgrade in order to achieve th [...]

Wed, 23 September 2020


Waltersmith’s modular refinery to deliver 271m litres of refined products

An indigenous oil firm, Waltersmith Petroman Oil Limited, says the first phase of its modular refinery facility located in Ibigwe, Imo state, has capacity to deliver about 271 million litres of refined products such as diesel, kerosene, heavy fuel oil, HFO, and naphtha, per annum.

The company, [...]

Mon, 21 September 2020


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