The federal government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is considering revoking licenses of oil and gas companies holding vast swathes of undeveloped oil assets. The move is expected to have significant implications for the country's energy sector. This was made public by the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, on Monday.
Julius Berger Hands Over Second Niger Bridge To FG
Construction giant and contractor of the Second Niger Bridge, Julius Berger, has officially handed over the Second Niger Bridge to the Federal Government seven months after it was inaugurated by previous administration. The 1.6 kilometres long bridge links Anambra and Delta states and was estimated to ₦336 Billion. Initially, the project was launched on May 23, 2023, during the eve of the former president, Muhammad Buhari’s tenure. But then there were ancillary roads and other construction works that needed to be done after the inauguration.
Nigerian Airports: FAAN Prohibits ‘Ghana Must Go’ Bags
The Federal Airports Authority of Nigeria (FAAN) has prohibited the use of travel sacks, popularly known as ‘Ghana Must Go’ by passengers at all the nation’s airports especially international airports.
Climate Change: UAE To Set Up Humanitarian Response Stations Across Nigeria
The Federal Government has secured the agreement of the United Arab Emirates (UAE), to set up humanitarian response stations across Nigeria in a bid to bring timely succor to victims of disasters. The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, revealed this while discussing with State House correspondents in Dubai, UAE, after her interactions with officials of the Emirati government at the ongoing United Nations Climate Change Conference (COP28).
She explained that the UAE Red Cresent, which is equivalent to the Red Cross, was now ready to build a more resilient humanitarian response system across the country.
AfDB Reviews Africa's Economic Forecast For 2023, 2024
The African Development Bank (AfDB) has reviewed its short-to medium-term macroeconomic forecasts for Africa for 2023 and 2024 downward. AfDB while giving details in a statement said it reviewed the forecast to 3.4 and 3.8 per cent from 4.0 per cent and 4.3 per cent, respectively. The bank had earlier in May projected the African economy to grow by 4.0 Cortana% in 2023 and 4.3% in 2024. However, it now forecasts the African economy to expand by 3.4% in 2023 and 3.8% in 2024. According to the statement, the updated data has been published in the 2023 Africa's Macroeconomic Performance and Outlook (MEO) update, a follow-up to the Bank's 2023 Africa Economic Outlook released in May.
FG Rolls Out 100 Electric Buses to Transform Transportation System Across Nigeria
The Federal Government has announced Nigeria's forthcoming deployment of 100 electric buses, marking a pivotal move towards a more sustainable and environmentally friendly future.
Old Naira Notes: Supreme Court Extends Validity Indefinitely
The earlier date of December 31, 2023, has been extended by the Apex Court to allow the old N200, N500, and N1,000 notes to coexist alongside the new currencies. The court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders.
Ogun Is Also An Oil Producing State - State Gov.
Given the exploration of oil in Tongeji Island, Olokola in Ipokia, and Ogun Waterside local government areas of the state respectively, the State Governor, Prince Dapo Abiodun, during the presentation of the year 2024 Appropriation Bill which he christened “Budget of Sustained Growth and Development” at the Ogun State House of Assembly disclosed that the state would soon be given the frontier status and join the league of oil-producing states in the country.
Tinubu Presents 2024 Appropriation Bill To NASS
President Bola Tinubu arrived at the National Assembly complex earlier on Wednesday morning to present his first full-year National Budget to the National Assembly since he was sworn in May 2023. The president who presented the 2024 Appropriation Bill before a joint session of the Senate and the House of Representatives was accompanied by some ministers and aides, and senior officials.
Germany To Improve Nigeria Electricity Supply
Nigeria and Germany have signed an agreement that accelerates the Siemens Power Project which is aimed at expediting the implementation of the Presidential Power Initiative (PPI) to improve electricity supply in Nigeria. The agreement was signed on the sidelines of the COP28 climate summit, by Mr. Kenny Anuwe, Managing Director and CEO of FGN Power Company, and Ms. Nadja Haakansson, Siemens Energy’s Senior Vice President and Managing Director for Africa.
Tinubu Appoints NNPC Board, Management
President Bola Tinubu on Monday made a fresh appointment to the Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL) in compliance with Section 59 (2) of the Petroleum Industry Act, 2021, to take effect from 1st December 2023. In a statement released by Tinubu's spokesman, Ajuri Ngelale, Tinubu appointed Pius Akiyelure as the Non-Executive Board Chairman of NNPCL and also retained Mele Kyari as the organization's Group Chief Executive Officer (GCEO).