How Nigeria loses 41% in oil export proceeds

oil export proceeds

How Nigeria lost 41% in oil export proceeds   Proceeds from oil export fell by a whopping 41.44 per cent to $2.033 billion in the first nine months of 2020, compared to $3.47 billion received in the corresponding period of 2019, data from the Nigerian National Petroleum Corporation, NNPC, has revealed. NNPC had, in its September 2020 edition of the Monthly Financial and Operations Report (MFOR) disclosed that revenue from oil and gas export for the month of September, 2020, rose by 16 per cent to $120.49 million. But a…

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NNPC rakes in $120.49m crude oil revenue in September

oil export proceeds

NNPC rakes in $120.49m crude oil revenue in September   The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. A statement by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, said the figure is contained in the September 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR). The $120.49 million crude oil and gas export receipt is a 16.28 per cent improvement on the…

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FG bears 55% cost of power consumed by Nigerians, says minister

FG bears 55% cost of power consumed by Nigerians, says minister

FG bears 55% cost of power consumed by Nigerians, says minister Suspends controversial tariff hike   The Federal Government of Nigeria is responsible for 55 per cent payment of power consumed by on-grid consumers in selected bands qualified as low users in the country, Sale Mamman, minister of power, has disclosed. He said this on Thursday as the government ordered the Nigerian Electricity Regulatory Commission (NERC) to suspend the implementation of the January 1, 2021 nationwide electricity tariff hike. Mamman further noted that the government never hiked tariff by 50…

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Nigerians kick as FG approve 50% electricity tariff increase

50% electricity tariff increase

Nigerians kick as FG approve 50% electricity tariff increase   Condemnation, anger and frustration are the words that capture expressions of many Nigerians, particularly in the social media space, following the new hike in electricity tariff announced by the Nigerian government. The news broke on Tuesday that the Nigerian government had yet again approved an increase in electricity tariff payable by electricity consumers in Nigeria. The Nigerian Electricity Regulatory Commission (NERC) approved over 50 per cent hike in electricity tariff payable by customers of the 11 Distribution Companies (DisCos). Daily Trust reported…

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NNPC revenue soars 37.3% to N222.3bn in November

oil export proceeds

NNPC revenue soars 37.3% TO N222.3bn in November     The Nigerian National Petroleum Corporation (NNPC) recorded a gross revenue of N222.3 billion, excluding statutory and obligatory deductions in November 2020, latest figures from the national oil company have indicated. Documents presented by the corporation, detailing its activities to the Federation Account Allocation Committee (FAAC) meeting of 15-16 December, 2020, showed that after months of falling crude oil exports and prices occasioned by the COVID-19 pandemic, November revenues recorded about 500 per cent increase as prospects of an effective vaccine…

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Nigeria targets N2.8trn revenue with new gas project

Jaiz Bank targets N6.15bn

Nigeria targets N2.8trn revenue with new gas project Facility to provide 3.5m megawatts electricity in 25yrs   About N2.8 trillion-revenue is expected from a new 200 million cubic feet gas project being promoted by the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC). This revenue is expected to be made in about 25 years as the Integrated Gas Handling Facility (IGHF) and LPG Units project would contribute at least $300 million yearly, bringing revenue to about $7.5 billion (N2.8 trillion) at full output. The…

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Seplat Petroleum, Waltersmith Refinery sign crude purchase agreement

crude purchase agreement

Seplat Petroleum, Waltersmith Refinery sign crude purchase agreement   Seplat Petroleum Development Company Plc, has signed a Crude Purchase Agreement (CPA) with Waltersmith Petroman Oil Limited. According to a statement available to Business Metrics through the Nigerian Stock Exchange (NSE), Seplat stated: “The CPA is for the supply of between 2,000 and 4,000 bopd from existing working-interest production from the Ohaji South Field within OML53, for Waltersmith’s new 5,000 bopd modular refinery at Ibigwe Field, in Imo State.” Previously, Seplat’s share of Ohaji South crude was primarily evacuated to the…

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AfDB approves $7m for mini-grid projects in Nigeria, others

AfDB approves $7m

AfDB approves $7m for mini-grid projects in Nigeria, others   The Board of Directors of the African Development Bank (AfDB) has approved a $7 million grant from the Sustainable Energy Fund for Africa (SEFA). The Bank explained in a press release recently that the fund is for technical assistance in setting up a mini-grid acceleration initiative to meet the needs of the continent’s fast-evolving renewable mini-grid industry. The lender said that the Africa Mini-Grid Market Acceleration Programme (AMAP), which aims to boost energy access in remote regions and enhance climate…

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NBS DATA: Nigeria imports petrol worth N1.62trn in 9 months

Nigeria imports petroleum

NBS DATA: Nigeria imports petrol worth N1.62trn in 9 months   Nigeria spent a total of N1.62tn on the importation of Premium Motor Spirit (petrol) from January to September, the latest data obtained from the National Bureau of Statistics have shown. The country spent N1.72tn on petrol imports in the whole of 2019, according to the NBS. The data also showed that petrol topped the list of products imported into the country, accounting for 11.7 per cent of the total amount spent on imported products from January to September. Petrol…

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AKK Gas Pipeline: Nigeria secures fresh $2.21bn loan from China

AKK Gas Pipeline

AKK Gas Pipeline: Nigeria secures fresh $2.21bn loan from China   China has granted approval for a sum of $2.21 billion loan, representing 85 per cent of capital required to fund the $2.6 billion Ajaokuta-Kaduna-Kano gas pipeline project, the Nigerian government has announced. Zainab Ahmed, minister of finance, budget and national planning, and Mele Kyari, group managing director, Nigerian National Petroleum Corporation (NNPC), have confirmed the financing arrangement with China during a recent inspection of the gas project in Ajaokuta, Kogi State. The duo government functionaries explained that the project…

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