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Nigeria Made N374.8bn From Gas Sale In 2021
Reports obtained from the Nigerian National Petroleum Company Limited showed that Nigeria made about N361.43 billion from gas export and N13.36bn from domestic gas sale in 2021. The data from the oil firm showed that the Federal Government through NNPC garnered the funds from the sale of Natural Gas Liquids/Liquefied Petroleum Gas, as well as…
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Nigeria Generates Over $3bn From Non-oil Export
The Nigerian Export Promotion Council has said that the country exported non-oil products worth $3.455bn in the 2021 fiscal year. The Executive Director, NEPC, Mr Ezra Yakusak, who said this while speaking at a seminar organised by the council in Owerri, Imo State, added that it was an increase from $2.21bn generated in 2020. Yakusak,…
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Solid Minerals Revenue Rises By 54%
The Nigerian Extractive Industries Transparency Initiative has said That revenue from the solid minerals sector to the Federation Account rose by 54 percent in 2020 to N128 billion compared to N75 billion recorded in 2019. This was disclosed in an audit report of the mining sector. NEITI in a statement by its Head, Communications &…
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2,119 Mining Companies Owe N2.76bn Service Fees
According to the Nigeria Extractive Industries Transparency Initiative, 2,119 companies operating in the country’s solid minerals industry were indebted to the federation to the tune of over N2.76billion. NEITI disclosed this in its latest report of the mining sector for the year 2020, noting that Nigeria earned N624.45bn from the industry in 13 years. The…
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In Nine Months, NNPC, Refineries’ Post N123.64bn Deficit
Between January to September 2021, the Nigerian National Petroleum Company Limited has revealed that it posted, alongside three Nigerian refineries, a combined deficit of N123.64bn. The report, which was contained in the September 2021 report, indicated that while the cumulative deficits of the three refineries during the period was N46.52bn, NNPC posted a deficit of…
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Visualizing The Surge In Oil Prices As Russia-Ukraine War Persists
The price of crude oil recently surged to about 10%, trading at almost $130 per barrel as the war between Ukraine and Russia rages on. U.S. crude oil was up nearly 9%, from $9.08 to more than $125 per barrel in early trading Sunday evening, while West Texas Intermediate crude, the U.S. oil benchmark, surged 8%,…
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Nigeria Spent $1.04bn On Fuel Imports In 2021
According to data obtained from the Central Bank of Nigeria,foreign exchange used for the importation of petroleum products into Nigeria fell to $1.04bn last year from $1.32bn in 2020. Fuel imports remain a major user of foreign exchange, even as many businesses still lament the inability to access forex at the official rate and the…
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Nigerian Refineries Rehabilitation Gulped N100bn In 2021
The Nigerian National Petroleum Company Limited has said it spent N100bn on refineries’ rehabilitation in 2021. In a report disclosed by the agency, the funding performance of the oil firm from January to December 2021, NNPC noted that the funds were pumped into revamping the facilities on a monthly basis last year. Although no refinery…
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Nigerian Oil Vessel Explosion Sparks Fear Of Massive Spill
An oil production and storage vessel has exploded off the coast of Nigeria’s Delta state, raising fears of likely environmental hazards, as well as concerns about the fate of crew members on board the ship. The Trinity Spirit, with its storage capacity of up to two million barrels of oil, was engulfed in flames with…
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How Nigeria’s Oil Revenue Dropped In 2021
According to the Organization of the Petroleum Exporting Countries, Nigeria produced an average of 1.19 million barrels per day in December 2021, down from 1.26 million bpd in November 2021, based on direct communication This drop triggered a loss of about N74.51bn in oil earnings. According to OPEC data, an average daily loss of 78,000…