NUPENG Threatens Nationwide Strike Over Bad Roads

The Petroleum Tanker Drivers branch of the Nigeria Union of Petroleum and Gas Workers (NUPENG) has on Wednesday threatened to embark on a nationwide strike to protest the failure of the Federal Government to rehabilitate the 21 selected highways. The National Chairman of the Petroleum Tankers Drivers (PTD), Salmon Oladiti disclosed this at a press briefing in Abuja, saying the 21 selected highways were captured for rehabilitation in the N621 billion NNPC Road Infrastructure Tax Credit Scheme.

CBN Reduces ATM, Interbank Transfer Charges

The Central Bank of Nigeria (CBN) has reduced ATM withdrawal charges and interbank transfer fees following a downward review of charges for electronic banking transactions in its revised guidelines to charges by Banks, other Financial Institutions, and Non-Bank Financial Institutions. The ATM Withdrawals with service charge of N65 will now be N35 after a third withdrawal in the same month. The maximum fee for interbank transfers has been slashed from N300 to N50.

UPDATE: Oil Vessel With Over 20kBpD Capacity Explodes In Niger Delta

Recall Vigil 360 reported a Floating Production Storage and Offloading (FPSO) vessel explosion which occurred in the early hours of 2nd February 2022, at Ukpokiti terminal, Esravos Warri South council of Delta State three persons are fear dead. while seven others missing.

Fuel Subsidy: Senate Demands Justification For Fresh N3 Trillion Requested By FG

The Senate has declared that the federal government will have to justify the fresh request for N3 trillion for the extension of the subsidy on petrol before it is approved by the National Assembly. The Chairman of the Senate Committee on Media and Public Affairs, Ajibola Basiru, made the above known against the backdrop of the controversy surrounding the actual volume of petrol, which Nigeria consumed daily. Following the suspension of planned subsidy removal last week, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had noted that the assessment of the Nigerian National Petroleum Corporation (NNPC) showed that Nigeria consumes 65.7 million litres of petrol per day.

President Buhari Seeks Senate Confirmation For NERC Commissioners, Others

President Muhammadu Buhari has written to the Senate seeking confirmation of the appointment of four commissioners for the Nigeria Electricity Regulatory Commission (NERC).

FG Unveils NIPOST Debit Card, Banking Platform, Courier Vehicles

The Federal Government has inaugurated the Nigerian Postal Service e-debit card, an agency banking platform, and 27 logistics vehicles for courier services. The Minister of Communications and Digital Economy, Isa Ali Pantami unveiled the NIPOST products, adding that the new products will help in improving transparency and also fight corruption. “It is the first of its kind in Nigeria because it works offline and online, and it is the first time that NIPOST has come up with a solution similar to this and it is indeed a multipurpose card for financial transaction, conditional cash transfer, payment of bills and many more,” he said.

CBN Unveils New FX Bidding Regime, Distributes N23.2 billion

The Central Bank of Nigeria (CBN) through its Governor Mr. Godwin Emefiele has revealed plans to unveil a new FX bidding regime to support Nigerian companies in need of Forex mainly for those involved in local production and job creation. This plan was made known in the nation's capital on 31st January 2022 by CBN Governor during the launch of 100 for 100 Policy for Production and Productivity (PPP). More so, the International Monetary Fund and other operators in the Organized Private Sector (OPS) have been appealing to the apex bank to float the Naira in the foreign currency market.

FG: NNPC Requires N3 Trillion For Fuel Subsidy In 2022

The Nigerian National Petroleum Company (NNPC) has asked for a total of N3 trillion from the Federal Government (FG) to fund fuel subsidy in 2022. This was disclosed on Wednesday by the Minister of Finance and National Planning, Zainab Ahmed after the weekly Federal Executive Council (FEC) meeting in Abuja.

Local Oil Production Rises By 50,000 BPD

Organization of the Petroleum Exporting Countries (OPEC) and its allies have increased oil production output by 210,000 BPD for the month of January. As a member of the organization, Nigeria’s crude oil production is also affected by this output and has increased by 50,000BPD in a month, moving from 1.41 million BPD average in December 2021 to 1.46 million BPD in January 2022, from a monthly output target of 1,683,000 BPD. According to a survey carried out by Reuters, OPEC+, are unwinding record output curbs made in 2020 but are still withholding millions of barrels. In January, the cuts required of OPEC stood at 2.129 million BPD, according to Reuters calculations and OPEC figures.

Dangote Refinery To Commence Operations In Third Quarter Of 2022

The President of Dangote Group, Aliko Dangote revealed that the refinery would begin processing crude by the third quarter of 2022.