President Muhammadu Buhari has described the explosion that rocked an illegal crude oil refinery in Abaezi forest in Ohaji-Egbema Local Government Area of Imo State as a national disaster,. He, therefore, directed the armed forces, security and intelligence agencies to intensify clampdown on illegal refineries following reported deaths of tens of people in the disaster. … [Read more…]
Rethink Your Policy on Fuel Subsidy, World Bank Tells Nigeria •Insists the rich benefit more from fuel subsidy than the poor •Says barriers distorting country’s trade flows The President of the World Bank Group, Mr. David Malpass has once more reiterated the need for Nigeria’s federal government to reconsider its policy on fuel subsidy, saying … [Read more…]
Petrol subsidy payments grew by 349.42 per cent from N350 billion in 2019 to N1.573 trillion in 2021, propelled by the rising price of crude oil in the international market and the falling value of the Naira. The cost of subsidizing the product in 2020 was N450 billion. In 2022 alone, the total cost of … [Read more…]
The United Nations Children Fund (UNICEF) has warned that Nigeria might not be able to compete in the global circle in the next few decades because of the kind of people that will take over the affairs of the country’s political leadership. It said the country is producing children who are not provided with the … [Read more…]
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…]