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The $1.5bn rehabilitation of the Port Harcourt Refining Company has commenced in full and part of the facility will start delivering refined products by September next year, the Nigerian National Petroleum Corporation has said.   NNPC officially signed the contract with Tecnimont SPA for the $1.5bn rehabilitation programme of PHRC on April 6th and parties in the agreement announced the commencement of the project.   Speaking on Tuesday on the […]

Nigeria is to ramp up crude oil production following the agreement reached by members and allies of the Organisation of Petroleum Exporting Countries to increase output. OPEC and its allies had agreed on Sunday to adjust crude oil production upwards by 400,000 barrels per day. It disclosed this in its Declaration of Cooperation resolutions reached at the 19th OPEC and Non-OPEC Ministerial Meeting held virtually. On decisions agreed upon by […]

President Muhammadu Buhari has said the vision of lifting 100 million Nigerians out of the poverty circle within 10years is still visible. Voting the optimism on Monday in Zhuduje-Daura, Katsina State, President Buhari said this can be achieved with more synergy between government and the people as well as diligence in diversifying the nation's economy. The president who commissioned the first national agriculture and land development authority integrated farmstead in […]

The National Bureau of Statistics (NBS) says the average price per litre paid by consumers for National Household Kerosene increased to N370.29 in June from N363.50 in May.   The bureau said this in its National Household Kerosene Price Watch June 2021, obtained from its website on Saturday in Abuja. The NBS said the price of kerosene increased by 1.87 percent month-on-month and by 10.84% year-on-year in the period under […]

The Economic Community of West Africa States has canvassed an increase in the Value Added Tax on luxury items including perfume, wine and other alcoholic beverages, fueling speculations about inflation on the items. According to ECOWAS, Nigeria remains the least VAT paying country in West Africa. The ECOWAS Director of Domestic Tax, Tiemtore Salifou, made the submission on the sideline of a two-day regional seminar on problems of tax transition […]

The Senate has rejected the nomination of Lauretta Onochie as an Independent National Electoral Commission (INEC) National Commissioner.   The rejection on Tuesday followed the massive outcry that has trailed her nomination, especially from members of the opposition and civil society organisations who claim she is a card-carrying member of the ruling All Progressives Congress (APC).   Former INEC Chairman, Attahiru Jega, is also among those who have kicked against […]

Oil marketers have commenced the process of converting over 7,000 retail outlets across the country to autogas stations as part of measures to deepen the use of gas in automobiles. It was gathered that the marketers were deploying the N250bn gas intervention fund provided by the Central Bank of Nigeria to actualise the conversion process as well as purchase products. The President, Petroleum Products Retail Outlets Owners Association of Nigeria, […]

Vulnerable borrowers benefitting from the Central Bank of Nigeria’s COVID-19 forbearance hold about 37.72 per cent of the entire banking industry loan portfolio as of April. A member of the Monetary Policy Committee, Robert Asogwa, said this in his personal statement, which was released by the CBN on Saturday. He said, records show that vulnerable borrowers benefiting from the CBN COVID-19 forbearance hold about 37.72 per cent of the entire […]