The labour union that had called for the shutdown of all Exxon Mobil Corp facilities in the Niger Delta has suspended its strike at its Rivers state branch in the oil production hub, two union representatives said on Saturday. It was unclear whether members of PENGASSAN had shut the company?s facilities in the region on Friday, and oil industry sources said there was no impact on production. ?The strike has been suspended,? said Chika Onuegbu,
Acting President Yemi Osinbajo has said that he would assent to the 2017 budget. The Information Minister Lai Mohammed had earlier told State House reporters after the Federal Executive Council meeting chaired by Osinbajo on Wednesday that the decision on who to sign the budget would be taken when the document is transmitted to the Presidency. But Osinbajo, via a Twitter statement by his spokesman Laolu Akande, said the question on who would sign the budget was
The FG recorded an $11 billion deficit (₦3.3 trillion using the official exchange rate of $305 per dollar) revenue from crude oil exports in 2016. Specifically, the revenue fact sheet released on Monday by the U.S. Energy Information Administration, revealed that Nigeria’s crude oil revenue fell from $37 billion in 2015 to $26 billion in 2016. This comes as Nigeria had already earned $10 billion or N3.05 trillion from oil export between January and April
The dispute between PENGASSAN and ExxonMobil deepened as the union extended its industrial action to other international oil companies operating in the country. This followed the rejection of the directive by the Minister of State for Petroleum Resources, Ibe Kachikwu, by the Exxon Branch of PENGASSAN that the industrial action should be suspended. Union officials locked workers out of offices at Shell, Eni and Chevron in Lagos, as well as the companies’ operational
Only 350 new vehicles were imported by Nigerian auto firms in Q1 2017, a drop of about 90 percent over 3,500 recorded in the same period last year. According to the Managing Director of Toyota Nigeria, Kunle Ade-Ojo, the dramatic fall in car imports was due to a combination of a high duty on imported cars, a shortage of foreign exchange and the wider economic recession. He further said that total retail sale of new vehicles for Q1 2017 stood at 2,000 units compared
The naira strengthened slightly at the parallel market last week, despite a fall in the country’s foreign reserves. On Friday, the naira appreciated by one point against the dollar, moving from ₦391 to ₦390 against the US currency. The British pound lost some ground to the naira to trade at ₦495, while the euro exchanged for ₦420. This happened despite a three-day fall in the country’s foreign reserves, the first in many weeks. As at Thursday evening,
The National Assembly signed off on a record ₦7.44 trillion ($24.4 billion) budget for 2017 on Thursday, aiming to drag Africa?s biggest economy out of its first downturn in a quarter of a century, lawmakers said. The budget is based on an assumed oil price this year of $44.5 a barrel, while global benchmark Brent crude is currently trading above $50. The plan also entails foreign borrowing of ₦175.9 billion and domestic borrowing of ₦1.488 trillion.
The CBN plans to auction an undisclosed amount of dollars on Wednesday through book building to settle a backlog of demand for airlines, fuel and raw material imports, traders said. Traders said the central bank had asked lenders to bid for hard currency for specific sectors in efforts to improve dollar liquidity. It said a cut-off rate at the auction would be applied at the marginal rate and that obligations due on fuel imports must have matured before Jan.
Senate President, Bukola Saraki, says the Senate will ensure the passage of the 2017 budget on Thursday. Saraki said this after the report of the budget was laid at plenary by Danjuma Goje, chairman of the joint committee on appropriation. Commending the committee for a “job well done”, Saraki said in the history of the country, this would be the first time that budget report would be laid with details. “On behalf of our colleagues let me congratulate the
The National Bureau of Statistics said Nigeria’s power stations generated 3,687 MW of electricity in Q1 2017. In “Daily Energy Generated and Sent Out for 1st Quarter 2017? report posted on its website in Abuja on Monday, it stated that Afam VI Power Plant contributed about 12.64 percent share of the average energy generated in the quarter, representing the highest generation among 23 power plants within the period under review. “Daily energy generation