The NNPC Group Managing Director, Maikanti Baru, has said the corporation has split the Petroleum Industry Bill into four for easy passage into law. Baru said this on Tuesday while speaking at the Department of State Services’ Executive Intelligence Management Course in Abuja. He said the split was done on the direction of Minister of State for Petroleum Resources, Ibe Kachikwu, and the President. The action is expected to allow the National Assembly deliver on the
- Nigeria will send its Petroleum Industry Governance Bill to the Senate for final consideration and approval on April 25, a spokesman for Senate President Bukola Saraki said on Thursday. The bill is the latest step in a decade-long attempt to reform the country’s oil sector. The Senate Joint Committee on Petroleum (Upstream, Downstream and Gas) will lay the final report of the Petroleum Industry Governance Bill before federal lawmakers. According to a schedule
Fifty. That is the minimum number of people residents say were killed in an attack on the evening of Monday, 20 March, 2017 by gunmen on the yam market in Zaki Biam, Benue State. Samuel Ortom, the governor of Benue State, has said that the number of dead is less than twenty.
At about 3 pm on that day, the gunmen, amongst whom was a woman, stormed the market in a pick-up truck, four Toyota Corolla vehicles and about twelve motorcycles, and began shooting at the hundreds
- The IMF is expected to warn Nigeria its economy needs urgent reform, according to a report seen by Reuters that could delay talks over $1.4 billion in international loans. The Washington-based fund will urge the country to introduce immediate changes to its exchange rate policy, and say its recent reform plan is not enough to drag Africa’s biggest economy out of recession, according to the 68-page report. “Much more needs to be done,” the IMF said in the
- The NNPC Group Managing Director, Maikanti Baru, has said the corporation has split the Petroleum Industry Bill into four for easy passage into law. Baru said this on Tuesday while speaking at the Department of State Services’ Executive Intelligence Management Course in Abuja. He said the split was done on the direction of Minister of State for Petroleum Resources Ibe Kachikwu and President Muhammadu Buhari, saying the action was taken to allow the National
- The CBN set a new naira exchange rate on Monday for consumers with certain foreign expenses and stepped up dollar sales on the official market to narrow the spread with the black market. Analysts doubted whether the moves would draw investors back to the suffering economy. Nigeria has at least five exchange rates — the official one, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange bureaux and a rate
- Nigeria’s non-oil export to the United States under the African Growth and Opportunity Act policy has continued to lag, recording $1.141 million in 2016. According to the AGOA trade statistics, non-oil exports to the US under the policy fell by 23.5 percent from $1.491 million in 2015. This is as the oil export under the policy continues to take the centre stage, accounting for 99.9 percent out of the $3.475 billion in AGOA exports to the United States in 2016.
Benue State was thrown into mourning on Sunday following the killing of a final year Geography student of the State University, Makurdi, allegedly by herdsmen. Hundreds of protesting students took to the streets demanding the arrest and prosecution of those behind the killing. The following day, more than twenty people were killed in an attack on Zaki Biam’s yam market. And the day after in Jato-Aka, at least one person was killed as the community intercepted a truck
- Nigeria’s debt office said on Thursday it raised ₦2.07 billion ($6.6 million) from a new two-year savings bond intended for retail investors. Nigeria forecasts a budget deficit of ₦2.36 trillion in 2017, half of which it aims to fund through domestic borrowing. The DMO has said it offered the bond to help broaden the country’s funding base. It will be available for purchase on a monthly basis and have a maximum subscription of ₦50 million. It
- The FG has given contractors 30 days to resume delayed development projects in the Niger Delta or face prosecution. The government has been trying to build new roads and launch other projects to drag the region out of poverty and create jobs, aiming to give local people alternatives to joining the militants attacking oil facilities. The government has “directed that the list of all contractors who have not returned to site within the stipulated period be