The Minister of State for Petroleum Resources, Dr. Ibe Kachilwu on Thursday said the Federal Government currently incurs over N1.4 trillion yearly as under-recovery or losses on the importation and sale of petrol, minister of Petroleum Resources, Dr. Ibe Kachikwu.
The Minister made the disclosure at a workshop on the Harmonization of Liquefied Petroleum Gas (LPG) Regulatory Requirements in Abuja. He noted that the government through the Nigeria National Petroleum Corporation (NNPC), continues to shoulder such huge burden because of the over reliance of the country on premium motor spirit otherwise called petrol.
$40.3 Debt Burden: Nigeria Cuts Gas Supply To Ghana By 50%
There are indications that Nigeria Gas (N-Gas) may have reduced the supply of gas to the Ghana thermal power production by 50 percent over a total of $40.3 million debt. Nigeria had since been supplying Ghana with about 60 million cubic feet of gas per day as against its contractual 120 million standard cubic feet of gas daily.
Nigeria's Power Sector Lost N108 Billion In First Quarter
Nigeria's power sector lost about N108 billion during the first three months of this year due to several constraints inhibiting the regular supply of electricity in the country.
According to data from the Nigerian Electricity Supply Industry (NESI), the power sector is losing between N1.2 billion to N1.5 billion monthly to water, gas and transmission line constraints.
For example, on January 25, 2018, average power sent was 3,971mw and 2,302.8mw was not generated due to unavailability of gas.About 417mw was not generated due to unavailability of transmission infrastructure, while 290mw was not generated due to high frequency resulting from unavailability of distribution infrastructure.
Nigerian Stock Exchange: All-Share Index Rallies By 0.31%
The Nigerian Stock Exchange (NSE) on Thursday recorded the first growth for the month with the All-Share Index improving by 0.31 per cent, a day after the Monetary Policy Committee (MPC) meeting. The index which opened at 40,749.86, rose by 125.83 points or 0.31 per cent to close at 40,875.69.
Economist Urges Federal Government To Protect Local Manufacturers
Dr Chijioke Ekechukwu, an economist, has called for import restriction on goods and items that can be locally manufactured in order to protect local manufacturers. Ekechukwu, a former Director-General, Abuja Chamber of Commerce and Industry, gave the advice in an interview with reporters in Abuja.
NLC Frowns At Delay In Passage Of The 2018 Budget
The Nigeria Labour Congress has raised alarm over the delay in the passage of the 2018 budget by the Federal Government. The General Secretary of the Congress, Dr. Peter Ozo-Eson in an interview with newsmen on Thursday in Abuja lamented that it was unfortunate that the country was still debating a budget whose implimentation should have started on January 1.
Federal Government Committed To Improving Ease Of Doing Business In Nigeria
Dr Jumoke Oduwole, the Senior Special Assistant to the President on Industry, Trade and Investment, says the Federal Government is committed to ensuring Ease of Doing Business in Nigeria. According to reports, Oduwole said this during a stakeholders sensitization workshop held in Kano.
Kaduna Launches Solar Power Assembly Plant
The Kaduna State Government has launched the Blue Camel Renewable Solar Power Assembly Plant and Renewable Energy Training Academy in the state. The State Governor, Nasiru El-Rufai said the plant was important to Government considering the significance of the renewable and solar energy in the future of the developing world.
FG Reaffirms Commitment To Ease Of Doing Business
The Federal Government has reaffirmed its commitment to ensuring Ease of Doing Business in the country. Senior Special Assistant to the President on Industry, Trade and Investment, Dr Jumoke Oduwole stated this during a stakeholders sensitisation workshop held in Kano.
News Agency of Nigeria, NAN, reports that the presidential aide, who is also the Coordinator of the Enabling Business Environment Secretariat, said the government was taking measures to reduce the duration of doing business.
MAN Decries 14% Lending Rate
Mr Wale Adegbite, Chairman, Manufacturers Association of Nigeria (MAN) Ogun Chapter, on Thursday expressed disappointment over the Monetary Policy Committee (MPR) ‘s decision to retain all the monetary policy rates.
Adegbite expressed his view in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun.
He said MPC could have reduced the policy rates so as to jump-start the economy after the long seizure for close to two years.
MPC Retains Monetary Policy Ratio At 14%, As New Members Throw Weight Behind Record-High Interest Rate
Aishah Ahmad, Edward Adamu, and the two other newly confirmed members of the monetary policy committee of the Central Bank of Nigeria have voted to retain the record-high benchmark interest rate at 14 percent.
According to Godwin Emefiele, who addressed a press conference in Abuja on Wednesday, the MPC unanimously voted to retain key rates.
This is the first time Ahmad and Adamu, the recently confirmed deputy governors of CBN; and two others members confirmed by the Senate — Adeola Adekinju and Aliyu Sanusi — are voting as part of the MPC.