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NNPC Spends N1.53tn On JV Oil Assets
The Nigerian National Petroleum Corporation spent a total of N1.53tn on oil and gas assets. The asset is being developed through joint ventures with private firms as well as priority projects in 2020. NNPC represents the Federal Government in the JVs having an obligation to make cash call payment for the development of the assets.…
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Oil, Gas Export Revenue fell Drop in 2020
The total revenue generated by the Nigerian National Petroleum Corporation from crude oil and gas exports plunged by 45.98 percent in 2020. Nigeria’s revenue from the exports of crude oil and gas fell to $2.62bn in 2020 from $4.85bn in 2019. Total revenue from oil and gas exports stood at $282.32m in February; $362.18m in…
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Nigeria Spent $160m forex On Food Import In January
The Central Bank of Nigeria has revealed that the country spent $160m from its foreign exchange on food importation in January. According to figures obtained from CBN’s economic report on ‘Sectoral utilisation of foreign exchange’ for January showed that this was lower than $310m spent in December. The report reads: ‘“Total foreign exchange utilisation by…
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In 19 Months, Nigeria Refineries Record N177.21bn loss
The government-owned refineries in Nigeria recorded a total loss of N177.21bn in 19 straight months of not processing any barrel of crude oil. This is according to the latest data from the Nigerian National Petroleum Corporation. An analysis of data collated from NNPC’s monthly reports revealed that all the refineries did not refine crude oil…
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Nigeria’s Investment Rise to $8.41 In Q1 2020
The Nigerian Investment Promotion Commission said that the total investment in Nigeria rose to $8.41 billion in the first quarter of 2021. The report added that Balyesa and Delta states emerged as top investment destinations during the period adding that the investment in Q1 2021 is 75 percent more than the value in the same…
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PenCom: Over 2,000 Workers Withdrew N3.18bn From Voluntary Pension
After making additional voluntary contributions, a total of N3.18bn was withdrawn by 2,210 workers from their Retirement Savings Accounts with their respective Pension Fund Administrators in six months. While 1,286 active contributors withdrew N2.17bn in the third quarter of 2020, another 924 contributors withdrew N1.01bn in the fourth quarter of 2020. The National Pension Commission…
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NBS: Employment Declines By 2% In February
The National Bureau of Statistics (NBS) said the share of Nigerians working in February 2021 dropped by 2 percent from 72 percent recorded in September 2020. According to the data by the COVID-19 impact monitoring in February 2021, the share of Nigerians who were working in February 2021 was close to 70 per cent. The…
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Foreign Reserves Rise To $34.85 Billion
The foreign reserves, on April 1, stood at $34.85 billion, representing $404 million increase compared to $34.41 billion on March 11. This rose has been attributed to the Central Bank of Nigeria ‘Naira for Dollar’ policy which led to positive accretion to the foreign reserves exactly one month after takeoff. The policy has seen dollar…
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Electricity: 78% Nigerian Consumers Get Below 12-Hour Daily Supply
The World Bank has said a total of 74 percent of power users in Nigeria are dissatisfied with the supply of electricity across the country. The World Bank also stated that 93 percent of metered power users paid their bills regularly while 78 percent of electricity consumers in Nigeria received less than 12 hours of…
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PenCom: Over 9,000,000 Workers Have Pension Accounts
The total number of workers with pension accounts under the Contributory Pension Scheme rose slightly to 9,265,141 as of the end of February 2021. Figures obtained from the National Pension Commission on its February monthly report on Friday said the cumulative Retirement Savings Account registrations grew from the 9,147,039 recorded in Q3, 2020 to 9,215,788…