- Nigeria spent only a little more than half its budget for 2016 through September, even though the year is three-quarters over, the budget ministry said on Friday. The ministry however said it had faced “unanticipated revenue shortfalls” without giving details on the shortfalls. At the end of September, the ministry said, ₦3.6 trillion ($11.82 billion) of this year’s ₦6.06 trillion budget had been spent. Of that, ₦754 billion went for capital expenditures,
Yesterday, Exxon Mobil announced significant offshore discovery of oil in Nigeria. The estimates of the quantity discovered in the Owowo-3 and Owowo-2 fields ranged from 500 million to 1 billion barrels. The joint venture partners who hold interests in the field include Exxon Mobil (27%), Chevron Nigeria Deepwater G Limited (27%), Total E&P Nigeria Limited (18%), Nexen Petroleum Deepwater Nigeria Limited (18%) and NNPC (10%).
The Niger Delta Avengers on Tuesday
- Nigeria has $500 million of commitments from its planned $1 billion Eurobond it intends to issue before the end of the year and any decision to increase the size of the offer will depend on pricing, Finance Minister Kemi Adeosun said on Thursday. “At the moment am focused on the $1 billion,” she said in a video recording at an investor conference in Lagos. Adeosun said the country was “further along” with the African Development Bank for a $1 billion
- NUPENG has issued a 21-day ultimatum to the Federal Government to prevail on international oil companies operating in the country to stop an ongoing mass retrenchment exercise of industry workers to avoid further job losses. Its National President, Igwe Achese, said many oil companies, including Chevron, ExxonMobil, Pan Ocean and Ground Petroleum were leaving the country following the prevailing economic recession, which has led to the sacking of about 3,000
- President Muhammadu Buhari on Tuesday proposed new adjustments to some line items in the 2016 budget to address financial urgencies. The president’s proposal was contained in a letter to the National Assembly in which he seeks a total of ₦180.8 billion in virement for line items for both capital and recurrent expenditure. Buhari said the need for government to augment funds in the federal coffers was caused by renewed militant activities in the Niger-Delta.
- Nigeria’s offshore rig count from June to September has reduced to seven from eleven recorded in H1, indicating that four rigs were shut down in Q3. This was contained in the Baker Hughes oil data report. Baker Hughes reported that the international offshore rig count for September 2016 was down by 47 rigs. The data stated that funding cuts by the NNPC, and growing security concerns may have triggered a significant drop in the number of offshore oil rigs involved
- The NDIC says more than ₦2.54 billion belonging to some local governments as well as federal and state MDAs remain trapped in 47 banks in liquidation, without the affected parties filing proof of claims for insured deposits and liquidation dividends. The agency lists federal government agencies as accounting for ₦1,533,948,597.90; state governments agencies ₦949,197,189.54; and local governments? money stock stood at ₦57,448,833.44. The NDIC has
The CPI maintained its upward streak at the weekend, rising to 17.9 percent in September from 17.6 percent in the previous month. The NBS attributed the 0.24 percent rise in the headline number to increases in the food index as well as energy prices. Increases were recorded in all subdivisions, with, Communication and Restaurants and Hotels reported to have recorded the lowest rates of increase of the 12 divisions, growing by 5.6 percent and 9.6 percent respectively.
- The Federal Government is in talks with the investment arm of Saudi Arabia-based Islamic Development Bank about issuing the country’s first Sukuk as the government seeks to diversify its sources of funding. “We are engaged in discussions with Nigeria,” the Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector, Khaled al-Aboodi, said in an interview in Abidjan. “Once they feel this is a good option to go, we’ll
- The Federal Government on Wednesday ratified the approval of a ₦30 billion intervention fund for the development of the country?s mining sector. The intervention fund will be used mostly for exploration of solid minerals in the country to give a boost to the activities of the sector as the government intends to raise revenue through the diverse sources. This was disclosed by the Minister of Mines and Steel Development, Kayode Fayemi after the Federal