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Suspension Of Petrol Subsidy Removal: Reactions And Implications
On Monday, the minister for finance, budget and national planning, Zainab Ahmed, announced President Buhari’s decision to suspend the removal of petrol subsidy for 18 months. This move is assumed to be the government’s attempt to lessen the bite of economic hardship and skyrocketing inflation rates on its people. The approved 18-months suspension means that…
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Nigeria’s New Refinery To Start Processing Crude Oil in 2022
On Saturday, Nigeria’s foremost businessman Aliko Dangote announced the Dangote refinery would begin operations by the third quarter of 2022. The refinery located in the Lekki Free Zone near Lagos, Nigeria is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility with a presumed processing capacity of 650,000 barrels per day…
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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…
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Nigeria’s Crude Oil Earnings Hit N12.4tn In 11 Months
Between January and November 2021, Nigeria produced a total of 440.774 million barrels of crude oil valued at about N12.4tn. An analysis of the latest oil production data released by the Federal Government showed that the Federal Government raked in about N12.4tn from crude oil alone sales during the review period. This is contained in…
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In Nine Months, Nigeria’s Petrol Imports Hit N2.52tn
From January to September 2021, the cost of Premium Motor Spirit, also known as petrol, imported into Nigeria increased by 55.56 percent. This is a rise to N2.52tn from the N1.62tn spent in the same period of 2020. This development is coming amid the plan to remove subsidies from petrol by February 2022. Data…
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Federation Account Remittances Drops To N1.58tn In 10 months
Data obtained from Nigerian National Petroleum Company Limited showed that remittances by the federation account plunged by N1.581tn between January and October this year. The drop was due to the money spent on subsidizing Premium Motor Spirit, popularly called petrol, pipeline security and maintenance cost, among others during the period. Figures obtained from the NNPC…
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Nigeria Plans N5000 Each In Cash Handouts To Replace Fuel Subsidies
The Nigerian government is planning to replace fuel subsidies in 2022 with cash handouts of up to N5000, an amount that would cost the country up to 2.4 trillion naira in a year. According to Finance Minister, Zainab Ahmed, the government will give 5,000 naira each to as many as 40 million people every month,…
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In Nine Months, Nigeria Subsidized Fuel With N864.07bn
The Nigerian National Petroleum Corporation has said it spent a total of N864.07 billion between January and September subsidising Premium Motor Spirit, popularly known as petrol. This amount represents 31 percent of the total revenue of N2.7 trillion generated by the corporation between January and September. Breakdown by months Analysis from the report submitted by…
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Fuel Demand To Hit 17.3 Million MT By 2025
Nigeria’s demand for petroleum products is expected to grow from 15.1 million metric tonnes in 2020 to 17.3 million MT by 2025. The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari said this at the 15th OTL Africa Downstream Week 2021 in Lagos. “The country needs a refining capacity of about 1.52…
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Pipeline Vandalism Rises By 26.5%
Pipeline vandalism across the country has continued to increase, despite lack of activities at the nation’s four refineries, with over 151 pipeline points in the first quarter of 2021. This is a surge of 26.5 percent when compared to 111 pipeline points recorded in the corresponding period of 2020. It was gathered that within the…