2 decades on, National Assembly to finally get PIB in weeks

The presidency has promised to submit the long-awaited Petroleum Industry Bill (PIB) to the National Assembly in two or three weeks, sources have said at the weekend. The presidency also assured that the oil reform bill would be out as soon as possible to boost output and attract foreign investment into the sector. Passage of the PIB, which has taken two decades in the making, has become imperative this year as low oil prices and a shift towards renewable energy have made competition tougher to attract investment from international oil…

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FG, states, local govts share N682.1bn in August

FAAC disburses N619.34bn in January 2021 - NBS

As statutory revenue sheds N11.96bn ____________________________ The Federation Accounts Allocation Committee (FAAC) has shared a total of N682.06bn August 2020 federation account revenue to the federal, states and Local Government councils and some revenue agencies. FAAC also revealed in a communique it issued in Abuja on Thursday that the gross statutory revenue of N531.83bn was received for the month of August, which was lower than the N543.79bn received in the previous month by N11.96bn. The committee made this known after its monthly meeting for September, which was held through virtual…

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FG: No budget support facility deduction from states till April 2021

FG spent N6.46trn on debt servicing

The Federal Government of Nigeria has reassured that the deduction of the Budget Support facility to States would remain suspended until April, 2021. Recall that the federal government has been waiving the deductions since April this year as a supportive measure to help states finances stabilize. Zainab Ahmed, minister of finance, budget and national planning, stated at the National Executive Council (NEC) meeting of August 2019 the FG was making moves to recover the N614 billion given to 35 states as budget support facility. Ahmed had announced that the council…

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FG to Contractors: Resume works at power project sites

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

The Federal Government has ordered all contractors handling power projects across the country to return back to their various sites following the gradual relaxation of the COVID-19 lockdown. Sale Mamman, the Minister of Power, gave the order while inspecting the newly completed 2X60MVA 132/33KV substation in Gagarawa, Jigawa State, constructed by the Transmission Company of Nigeria. He noted that the impact of the coronavirus pandemic on the power sector was severe, but said the contractors must return to work to continue ongoing power projects in the country since the lockdown…

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FG lifts ban on interstate travel, reopens school for final year students

interstate lockdown, school reopening, FG

The federal government has approved what it called “safe reopening” of schools nationwide in the next phase of the gradual easing of lockdown ordered to curtail further spread of COVID-19. The government also lifted the ban on interstate travels. Interstate travels can, however, only be done outside curfew hours with effect from July 1 2020. The Chairman of the Presidential Task Force on COVID-19, Boss Mustapha, disclosed this at the daily briefing of the task force in Abuja on Monday. He said the reopening of schools was meant to allow students…

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FG denies giving marketers power to fix petrol price

petrol landing cost

Contrary to information making round, the Federal Government has denied that it gave freedom to oil marketers in the country to fix the price of premium motor spirit (PMS), also known as petrol. A statement in Abuja on Sunday by the Petroleum Products Pricing Regulatory Agency (PPPRA) said the government had not conferred on marketers the power to fix petrol price, stressing that the new market-based pricing regime was still in force. Abdulkadir Saidu , the Executive Secretary, PPPRA, said the attention of the agency was drawn to several media…

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