The planned removal of petrol subsidy, scheduled for June, this year, has been suspended by the Federal Government. This was one of the highlights of the National Economic Council (NEC) meeting in Abuja on Thursday. The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed told State House correspondents shortly after the valedictory NEC meeting presided over by the …

Nigeria has lost an opportunity to produce and sell about 65.7 million barrels of oil in the last one year due to issues bothering on pipeline vandalism and the resultant oil theft. This translates to about N2.3 trillion loss in oil revenue if the prevailing exchange rate and average oil price are used. At the just concluded Nigerian International Energy …

Stakeholders in the petroleum industry at the weekend frowned over the Federal Government’s proposed $800 million fuel subsidy palliative to be shared with Nigerians. As part of a palliative targeted at easing the pains of the citizens, $800 million has been proposed for distribution to 10 million households. But in an interview with Energy Vanguard, the Director of Emmanuel Egbogal …

A Non-Governmental Organisation, Justice Now Coalition has called on the Federal Government to obey the court judgement on the case of wrongful removal of Senator Ifeanyi Araraume as non-executive Chairman of the board of the Nigeria National Petroleum Company Limited (NNPCL). In a statement by its National Coordinator, Tony Erha, the group said compliance with the court order would impress …

As Nigeria navigates the third year of implementing the Decade of Gas Programme of the Federal Government, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Kesiye Wabote has advocated for action parties to provide annual status reports of the successes, issues, support required, and target completion dates. He made the recommendation at the just …

The House of Representatives ad hoc committee investigating the sale of 48 million barrels of crude oil, amounting to over $2.4 billion, and crude oil export to China from 2014 to date, said yesterday it has uncovered payment of $200 million allegedly made as consultancy fees in whistleblower recoveries by the Attorney General of the Federation (AGF), Mallam Abubakar Malami. …

Barring any last-minute change of plans, President Muhammadu Buhari will give his final assent for the payment of the planned increase in civil servants’ pay by the end of this month, which as 12 days away. If the proposal sails through, it means the increase will be coming about two months ahead of the proposed removal of petrol subsidy. Officials of …

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised alarm over the circulation of the low-density grade of automotive gas oil (better known as diesel), in the South East of the country. Chairman of IPMAN’s Enugu depot community in charge of Anambra, Ebonyi, and Enugu States, Chinedu Anyaso, said Awka, Anambra State capital, on Sunday that the association’s leadership …

The International Monetary Fund (IMF) has expressed disapproval of subsidy policies for certain commodities in Nigeria, Kenya, and other countries in Sub-Saharan Africa, giving reasons why it should be scrapped. At the just concluded World Bank and IMF Spring meetings in Washington DC, United, IMF’s Director of African Department, Mr Abebe Selassie, however, indicated that the institution would not interfere …

The appointments of Malam Mele Kyari and Mr Umar Ajiya to the Nigerian National Petroleum Company Limited (NNPC Ltd) have nothing to do with their careers in the old NNPC, according to the Chief Corporate Communications Officer of NNPC Limited, Mr Garbadeen Muhammad. In a statement on Wednesday night, Muhammad said before their new appointments, Kyari and Ajiya were Group …