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Tue, Jan

Nigeria’s Daily Oil Production Falls To 1.17M Barrels

Nigeria’s crude oil production in December 2020 fell to 1.17 million barrels per day, sinking to an all-time low last month by 155,000 barrels amid the production cuts placed by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies. OPEC made this known on Thursday in a January report, saying an increase in oil production would enhance Nigeria’s economy this year, particularly as Nigeria’s economy entered recession in the last quarter of 2020. “Crude oil output increased mainly in Libya, Iraq and the UAE, while production decreased primarily in Nigeria, Congo and Angola. Libya’s crude oil output in December rose to 1.22 million bpd, according to secondary sources,” OPEC said.

Market Capitalisation Rose By N24 Billion

Positive sentiments persisted on the Nigerian Stock Exchange on Wednesday with the All-Share Index extending growth by 0.11 percent. Specifically, the All-Share Index improved further by 45.10 points or 0.11 percent to close at 40, 341.05 against 40, 295.95 achieved on Tuesday.

774,000 FG Jobs Set To Commence Tomorrow – Minister

Months after many debates on the Federal Government Special Public Works Programme which would engage 774,000 unemployed Nigerian Youth, the state Minister of Labour, Festus Keyamo has disclosed that the job is set to kick-start tomorrow, Tuesday, 5th Jan 2021.

Kano-Niger Republic Rail Line: Contractor To Commence Work Soon As FG Sign Papers

The Federal Government has today signed the contract documents to commence the Kano- Maradi, Niger Republic, and Kano-Dutse railway project  Minister of Transportation, Rotimi Amechi, stated this today while updating newsmen on the development saying, Mota-Engil Group, is the contractor selected by the government to execute the project and as a gesture, they have pledged to build a University for the Nigerian Government as its corporate social responsibility.

Buhari Threaten Sanction Against Defaulting Revenue Generating Agency

President Muhammadu Buhari has today issued a strong warning to revenue-generating agencies against defaulting to meet targets. Buhari issued this warning shortly after he signed the N13.588 trillion 2021 Appropriation Bill and Finance into law, encouraging the authorities to work hard to meet their target.

NNPC’s Gas Handling Facility Begins Operations

The Nigerian National Petroleum Corporation (NNPC) through its subsidiary, the Nigerian Petroleum Development Company (NPDC) has on Monday announced the commencement of operations at its integrated gas handling facility with a reduction in gas flaring.

Nigerians Groans As FG Approved Another Hike In Electricity Tariff

The Nigerian Electricity Regulatory Commission (NERC), has approved a 50% tariff hike in the price of electricity tariff with effect from January 1, 2021. According to the new rule, the hike is to be shouldered by consumers of the electricity from the 11 electricity Distribution Companies, DISCOs.

CBN: 42 Microfinance Banks Immediately Shut Down

The Nigeria Deposit Insurance Corporation (NDIC) has announced the liquidation of 42 microfinance banks (MFB) across the nation following the revocation of their licenses by the Central Bank of Nigeria (CBN). This was disclosed in a statement by the corporation on their website.

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