President Muhammadu Buhari has received the final report of the forensic audit of the Niger Delta Development Commission (NDDC) from the Minister of Niger Delta Affairs, Sen. Goodswill Akpabio.
The Federal Government yesterday, said the pump price of petrol will remain N162 per litre, until a feasible framework is developed and until it reaches an agreement with the Organised Labour for full deregulation of the downstream petroleum sector. This is contrary to expectations that the signing of the Petroleum Industry Act (PIA) would automatically commence the deregulation of the downstream sector, especially the removal of subsidy. Minister of State for Petroleum Resources, Chief Timipre Sylva, who stated this on Tuesday while speaking with reporters in Abuja, said there is a consensus that the Federal Government should deregulate the sector. He revealed that President Muhammadu Buhari will speak on the Petroleum Industry Bill (PIB) on Wednesday. According to him, it is now constitutional for Nigeria to deregulate the oil and gas sector.
The Central Bank of Nigeria (CBN) has directed all banks to publish names and Bank Verification Numbers (BVN) of customers who try to break the rules of Forex acquisition on their website. The CBN on Monday, August 30th issued a circular ((BSD/DIR/PUB/LAB/14/059) to all banks lamenting that it has “received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the new CBN policy on the sale of forex for overseas personal and business travel”. Some of the unwholesome practices, the CBN said: “include the use of fake visas and cancellation of air tickets purchase of PTA/BTA”. Haruna B. Mustapha Director Banking Supervision Department of the CBN, who signed the circular, noted that if the trend is not curbed, it portends risk to the integrity and stability of the forex market.
President Muhammadu Buhari has signed the Petroleum Industry Bill into law. The PIB contains 5 chapters, including, administration, petroleum industry fiscal framework and miscellaneous provisions in 319 clauses and 8 schedules. The Petroleum Industry Act provides a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters. Femi Adesina, Buhari’s presidential spokesman who revealed the above in a statement, said Mr President assented to the bill on Monday in his determination to fulfil his constitutional duty.
The nation’s Gross Domestic Products (GDP) grew year-on-year (YoY) by 5.0 per cent in the second quarter of 2021 (Q2’21). According to The National Bureau of Statistics (NBS) which disclosed this Thursday, said the Q2’21 growth rate was higher than the 0.51 per cent recorded in Q1’21. The rise marked the third consecutive quarter of growth following the negative growth rates recorded in the second and third quarters of 2020. NBS in its GDP report for Q2’21 noted that the Oil Sector’s contribution to GDP fell by 1.83 per cent points to 7.42 per cent in Q2’21 from 9.25 per cent in Q1’21. The second-quarter growth rate was higher than the -6.10 per cent growth rate recorded in the second quarter of 2020 and the 0.51 per cent recorded in the first quarter of 2021. The bureau referenced the steady recovery observed since the end of 2020, with the gradual return of commercial activity as well as local and international travel, as the cause of the increase in growth performance relative to Q2’20 when nationwide restrictions took effect.
The multinational oil company, Shell Petroleum Company has agreed to pay N45.9 billion (about $110 million) as settlement to the people of Ogoni, Rivers state due to losses suffered by the communities as a result of oil spillage that occurred in 1970. This was disclosed by the oil giant’s lawyer, Mr Afam Ejelamo (SAN) to Justice Ahmed Mohammed of the Federal High Court, Abuja on Wednesday.
The Economic and Financial Crimes Commission (EFCC) has arrested former Abia State governor, Senator Theodore Orji, and his son Chinedu, the current speaker of the Abia State House of Assembly over alleged diversion of public funds. The ex-governor was arrested at the Nnamdi Azikiwe International Airport, Abuja, and taken into custody, while his son turned himself in upon learning his father’s arrest and was immediately detained.
The Nigeria Government has made known the return of Toll gates on all Federal roads in the nation as approved during the Federal Executive Council (FEC) meeting on Wednesday, 11th August 2021. This directive was revealed by the Minister of Works and Housing, Babatunde Fashola who made the briefing at the press after the FEC meeting, the Policy and accompanying Regulations were developed after extensive consultations with various stakeholders within and outside Government, including Transport Unions like NURTW, NARTO, RTEAN.
The Federal Government has stated her intention on collaborating with China's Railway Investment Group Limited (CRIG) so as to harness the versed mineral deposits across the country. The Minister of Mines and Steel Development, Mr Olamilekan Adegbite, who made this known via a statement issued by Mrs Etore Thomas, the Director Press of the ministry, expressed government readiness while receiving the team of CRIG on Saturday in Abuja.