The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has awarded Petroleum Prospecting Licences (PPLs) to 161 successful 2020 marginal fields awardees. The commission also officially unveiled the Host Communities Development Regulations and model Petroleum Prospecting Licences (PPLs). Chief Timipre Sylva, the Minister of State Petroleum Resources, at the unveiling and licences presentation on Tuesday in Abuja…
The World Bank yesterday raised its forecast for Nigeria’s public debt to 36 per cent of Gross Domestic Product, GDP, in 2022, citing worsening revenue collection at the federation level, which is increasing budgetary pressures and pushing many states into precarious fiscal positions. The new forecast is 3.7 percentage points higher than the 32.3 per…
The world ecosystem has lost $186bn in the last ten years as a result of cigarette butts and tobacco plastic wastes estimated to have made their way to the oceans, a report published by the Global Center for Good Governance in Tobacco Control (GGTC) has revealed. The report was released as nations mark this year’s…
A Federal High Court in Ikoyi, Lagos State has convicted a Chinese national, Li Lei Lei of mutilation of the Nigerian currency -- the Naira. The presiding judge, Justice I. Nicholas Oweibo, in his ruling, subsequently sentenced him to a two-year jail term. This was sequel to the lawsuit filed by the Lagos State Zonal…
Civil society groups that converged on Benin City, the Edo State capital on Friday May 27 have warned that the current model of divestment by International Oil Companies (IOCs) operating in the Niger Delta will cause local communities to lose economic power. They drew the conclusion at a Civil society roundtable on IOC Divestment from…
The Federal Government has clarified it has no plan of banning or suspending the operations of social media giant, Facebook, unless it continues to promote the incisive activities of the outlawed Indigenous People of Biafra (IPOB). Minister of Information and Culture Lai Mohammed stated this while addressing State House Correspondents after the weekly virtual Federal…
The National Bureau of Statistics (NBS) says the average retail price paid by consumers for petrol decreased in April compared to March. This is according to the NBS Premium Motor Spirit (Petrol) Price Watch for April 2022, released in Abuja on Tuesday. The report said the price, however, increased to N176.21, a 3.74 per cent…
Russian crude production fell almost 9 percent in April. Russia now produces 1.28 million bpd below its OPEC+ designated output quota. The entire OPEC+ group pumped a massive 2.6 million bpd below its target in April. Russia’s crude oil production plunged by almost 9 percent in April to average just 9.16 million barrels per day…
The new Nigerian National Petroleum Company Ltd (NNPC Ltd.) will be unveiled by President Muhammadu Buhari on July 18, 2022. The Chief Executive Officer of the company, Malam Mele Kyari said this on Tuesday while receiving the CEO of the Year 2021 Award of the Leadership Newspapers Group in Abuja. The Leadership Annual Conference and…
