The Federal Government on Wednesday approved the release of N739 billions to Ministries, Departments and Agencies for implimentation of capital projects captured in the 2017 budget. The Minister of Finance, Mrs. Kemi Adeosun in a released memorandum to the Federal Treasury Department, dated December 20, 2017 directed the immediate release of the sum to the MDAs, thereby bringing the total capital vote releases for the fiscal year to N1.189 trillion.

Sabrud Consortium, an indigenous prepaid meter manufacturing company, has advised the Federal Government to allow producers to sell prepaid meters directly to electricity consumers.

Chairman of Sabrud, Chief Bright Nwangwu, made the suggestion in Awka on Tuesday at the company’s Mandatory Compliance and Assessment Programme (MANCAP) certificate for its product.

The Nigerian National Petroleum Corporation (NNPC) on Wednesday said it would build a 4, 600 megawatts power generating plants in Abuja, Kaduna and Kano states. The Group Managing Director of the Corporation, Maikanti Baru stated this when the Governor of Niger state, Abubakar Bello paid him a courtesy visit.

The Nigerian Stock Exchange (NSE) opened for the week in the red as market indices, turnover and value trade dropped massively due to profit taking. The reports stated that the market capitalization, which opened at N13.678 trillion shed N162 billion or 1.18 percent to close at N13.516 trillion. In the same vein, the All-Share Index dipped 455.41 points or 1.18 percent to close at 37,980.67 compared to 38,436.08 achieved on Friday. Dangote Cement recorded the highest price loss, declining by N9.99 to close at N230.01 per share.

The Group Managing Director of the NNPC, Dr. Maikanti Baruhas stated that in line with the presidential mandate on oil exploration in all the frontier basins, the NNPC was well-focused on the exploration in the Bida Basin and would carry out the job professionally.

He explained that once the geological mapping is completed, the NNPC’s Integrated Data Services Limited would be engaged to carry out the other aspects of the seismic activities, which would be completed by July 2018.

“We have contracted the geological mapping of the Bida Basin to Ibrahim Babangida University, Lapai and the job would be completed in three months,” Dr. Baru Stated.

The National Bureau of Statistics (NBS) stated that Nigeria spent N2.068 trillion ($5.67bn) on the importation of petroleum products within a nine-month period, from January to September 2017, rising by 14.32 percent from N1.809 trillion recorded in the same period in 2016. According to data obtained from NBS, Foreign Trade Statistics for Third Quarter 2017; the total petroleum products import worth N1.541 trillion was spent on the importation of premium motor spirit, also known as petrol.

The Nigerian National Petroleum Corporation, NNPC, is planning to build power plants with combined capacity of 4600 megawatts in Abuja, Kaduna and Kano States.

Group Managing Director of the NNPC, Dr. Maikanti Baru, disclosed this during a courtesy call by the Governor of Niger State, Alhaji Abubakar Sani Bello, Tuesday in Abuja.

The planned plants folows the recently approved contract for the construction of Ajaokuta-Abuja-Kaduna-Kano Gas Pipeline project, dubbed AKK Pipeline.

Angolan oil production is set to decline 36 percent by 2023, according to government data included in the state budget for next year and released on the Ministry of Finance’s website.

The forecast production slide threatens the country’s attempts to escape an economic crisis caused by a collapse in the oil price.

Reuter’s news agency reports that Africa’s second-largest crude producer after Nigeria, Angola remains almost wholly reliant on the commodity, with oil output responsible for 95 percent of foreign exchange revenue and more than 40 percent of gross domestic product.

The construction of Dangote Tomato factory in Kaduna state has commenced after a protracted land dispute between the company and six communities on whose lands the factory is being constructed. The commencement of the construction work followed a recent crucial meeting between the officials of the company, officials of Kabau Local government and representatives of the six affected communities. The communities include Karreh, Gajagaja, Tudun Gaya, Kwadaro, kacita and Ganiwa all in Kubau Local Government of the state.

The Federal Government says it will make the annual Calabar carnival a major foreign exchange earner for Nigeria.

The Minister of Information and Culture, Alhaji Lai Mohammed, said this on Sunday in Calabar while flagging off the third dry run of the 2017 carnival which has the theme ‘Migration’.

He said that the carnival, which has united the people over the years and had attracted wider participation, was the longest street party in the world with 12 kilometre-lond route.