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Indications emerged on Thursday that the planned July 1, 2021 review of the various electricity tariffs in Nigeria had been stalled following concerns around low power generation by the sector. It was gathered that gas constraints to gas-fired power generation plants and the reduced water level needed by hydropower stations had impacted negatively on electricity generation in the past three months. Industry officials from the Federal Ministry of Power, Nigerian […]

The country’s external reserves maintained a downward trend as it lost $905.5m in June, figures obtained from the Central Bank of Nigeria showed on Thursday. According to the CBN’s data on the movement of reserves, the reserves fell to $33.32bn as of the end of June 30 from $34.23bn on May 31. The reserves stood at $34.88bn at the end of April 30. Financial experts have expressed the need for […]

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 […]