Business

The assent of the Petroleum Industry Bill by President Muhammadu Buhari, will put a nail to the coffin of petrol subsidy in Nigeria, the Minister of State for Petroleum Resources, Chief Timipre Sylva has disclosed.

Sylva made this announcement while speaking at the Nigeria/Organisation of Petroleum Exporting Countries: 50 Years of Partnership press conference in Abuja.

He insisted that it was best for Nigeria that the Federal Government discontinued subsidy on petrol, stressing that the recently passed PIB had no provision for subsidy.

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The minister said, ‘This (subsidy removal) …

The Nigerian National Petroleum Corporation (NNPC), has asserted that the cost of Premium Motor Spirit, PMS popularly regarded to as ‘petrol’ in the country should be ₦256 per litre.

Mele Kyari, Group Managing Director, GMD, of NNPC  made this claim while appearing on Channels Television yesterday.

Defending his claim, Kyari pointed out that there is nowhere in the world where Diesel sells more than petrol.

The NNPC boss stated that the petrol pump price is meant to reflect the current crude oil price which stands at $74.40 per barrel at the international market.

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West African heavy-weights Nigeria is in talks with four countries in the West African region over the possibilities of selling unused Electricity to them through a planned $570 million Northcore Power Transmission Line.

The acting Managing Director of the Transmission Company of Nigeria (TCN) and Chairman, Executive Board of the West African Power Pool (WAPP), Engr. Sule Ahmed Abdulaziz made this revelation on Wednesday during the WAPP meeting on the Northcore project in Abuja.

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Daily Trust reports that about 2,000 megawatts (MW) of electricity is said to be …

Nigerian telecommunication companies lost more than three million subscribers in the month of April 2021, this is according to new industry statistics released by the Nigerian Communications Commission (NCC).

Africa Daily News, New York gathered that the Subscriber base of the telecom firms fell from 192,413,613 in March to 188,705,734 in April. Globacom was the biggest loser for the month of April, with about 2 million subscribers lost. MTN lost about a million. While both Airtel and 9mobile lost less than 500,000 subscribers together.

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Further findings showed that MTN’s subscribers …

The Nigerian National Petroleum Corporation (NNPC) has said that the corporation and its partners across the industry have succeeded in minimizing oil spills and emplaced measures to ensure that even when spills occur, they are immediately contained, adding that restoration of the environment was now a first-line activity in the oil and gas industry.

This was even as it said NNPC would continue to engage stakeholders, regulatory institutions, and global partners to ensure that the environment is preserved for generations, adding that it remains committed to the promotion of sustainable environment across its operations, stressing that its energy transition programme …

Nigerian owned Revenue-generating agencies of the government remitted over ₦1.5 trillion into the federation account during the first quarter of this year Africa Daily News, New York has gathered.

The Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Elias Mbam, made the disclosure in Abuja on Monday.

He said the information was derived from a recent revenue performance report from the Post- Mortem Sub Committee of the Federal Account Allocation Committee (FAAC) in Abuja.

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Africa Daily News, New York understands that the Federation Account is currently being managed on a …