The Federal Government and the National Assembly are under attack over the decision to slash federally funded upstream projects from N352.80 billion to N152.80 billion, representing a N200 billion decline. The National Assembly last Thursday passed amendments to the 2022 Appropriation Act and 2022 Fiscal framework as requested by the executive. President Muhammadu Buhari had … [Read more…]
By Ikenna Igwe The whole cryptocurrency and its blockchain matrix do seem to most people as a hollywood scam series that will come crashing down one day in an epic manner. On the contrary, though there is nothing that makes headline news like another blockchain news that leaves you thinking “Wait what’s going on here?”, … [Read more…]
Miffed by the widespread insecurity across the country, particularly the recent killing in Plateau State, the House of Representatives, yesterday, demanded immediate sack of the National Security Adviser (NSA) and the Minister of Defence, including the indictment of the security agencies. It also reaffirmed its call for the declaration of state of emergency on security … [Read more…]
All is not well in Nigeria’s oil industry as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that oil output dropped to an average of 1.24 million barrels per day (bpd) from 1.25 million recorded in February 2022. NUPRC stated this in its latest crude oil and condensate production data for March 2022. Vanguard learnt … [Read more…]
President Muhammadu Buhari has been told to immediately resign over his alleged failure to address the issues of killings, kidnappings and general insecurity in the country. The Northern Elders Forum (NEF) in a statement by its Director, Publicity and Advocacy, Dr. Hakeem Baba-Ahmed, said the Nigerian constitution allows the President to step down if he … [Read more…]
Nigeria and 72 other countries are at high risk of debt distress or already in debt distress, according to a new report by the International Monetary Fund. The report, titled “Restructuring debt of poorer nations requires more efficient coordination,” noted that low-income countries face fewer debt challenges today than they did 25 years ago, thanks … [Read more…]
Nigerian National Petroleum Corporation (NNPC) has said the country lost $1.5 billion worth of crude oil, which represents about 250,000 barrels of crude per day, to oil theft between January and March 2022. NNPC Group Managing Director (GMD), Mele Kyari, stated this, yesterday, in Abuja, at an interactive session with House of Representatives Committee on … [Read more…]
Access Bank, Stanbic IBTC Bank and United Bank for Africa have been slammed with an N800 million fine by the Central Bank of Nigeria over flagrant disregard to existing regulations outlawing consumers from transacting in crypto currencies. According to Bloomberg, the sanctions were part of the CBN’s deterrence to ensure banks’ compliance; just as the … [Read more…]
House of Representatives, Tuesday, resolved to investigate the sharp increase in the price of diesel also known as AGO. It therefore mandated its Committees on Petroleum Resources (Downstream), Petroleum Resources (Upstream), and Gas Resources to handle the assignment with a view to ensuring that a reasonable price is fixed to alleviate the sufferings of Nigerians. … [Read more…]
An indigenous player in the energy sector, Mr. Victor Ekpenyong, has urged the federal government and oil firms to maximise oil production and leverage on the expertise of Nigerian tech firms to check oil theft. Ekpenyong, who made the call in an interview with newsmen on Sunday, noted that there was a need to raise … [Read more…]
The Central Bank of Nigeria (CBN), at the weekend, warned Deposit Money Banks (DMBs) to immediately desist from bringing mutilated banknotes as part of their deposits. Composed banknotes or mutilated Naira notes comprise several parts of different banknotes of the same denomination. The parts of such currency notes are usually put together with the intention … [Read more…]
The Maritime Workers Union of Nigeria, MWUN, has raised the alarm over increasing security threats at the port formations and private jetties across the country, saying they have become very porous for vessels laden with dangerous cargoes such as illicit drugs, arms and ammunition, among others. MWUN blamed the absence of Tally clerks and onboard … [Read more…]