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The Senate on Thursday passed the Petroleum Industry Bill and approved that three per cent of profit made by oil firms should be shared to host communities. The upper chamber passed the PIB, 2021 after the clause by clause consideration of the report of its joint committee on Petroleum Upstream, Downstream and Gas on PIB. Lawmakers from the South-South geopolitical zone however protested against the three per cent approved for […]

The Organisation of the Petroleum Exporting Countries and its allies appear set to increase their combined oil production by about two million barrels per day from August to December to meet recovering global oil demand. Ministers from OPEC and their allies, a group known as OPEC+, began online meetings on Thursday. The alliance’s joint committee, which includes Saudi Arabia and Russia, recommended the group should add 400,000 bpd each month […]

Vice President Yemi Osinbajo has declared that Nigeria will play a critical role with other gas exporting countries to stop the defunding of gas and fossil fuel projects in developing countries. This was the highlight of a virtual meeting on the subject presided over by the Vice President, with other top Federal Government officials in attendance. Osinbajo’s Spokesman, Laolu Akande, disclosed this in a statement on Friday. Recall that President […]

The Minister of Finance, Budget and National Planning, Zainab Ahmed, and the Director General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, on Wednesday, differed on the nation’s debt-to-Gross Domestic Product ratio. While Ahmed put the debt-to-GDP ratio at 29 per cent, Okojo-Iweala said it had risen to 35 percent. Both the minister and the WTO boss spoke at the African Development Bank High Level Knowledge Event with the theme: […]