Nigeria’s distributable revenues to the three tiers of government fell in April to 281.5 billion naira ($1.420k billion), down 18.25 billion naira from March due to low oil prices, the finance minister said on Wednesday. The “drop in the average price of crude oil caused the fall in revenue” Finance Minister Kemi Adeosun told journalists. “A marginal drop in income was recorded from oil and gas royalties and import duties,” she added. Nigeria, a member of OPEC, relies on crude sales for about 70 percent of its government revenues. But with Africa’s largest economy now contracting, uncertainty around a foreign…
Author: Pride Team
A militant group in the Niger Delta has blown up chevron facility. The new militant group, Niger Delta Avengers, blew up the main gas pipeline, which provides electricity to the Escravos tank farm in Delta state. In a tweet sent via its Twitter handle, @NDAvengers, the militant group confirmed that the latest attack on oil facilities was prompted by Chevron’s refusal to fix a major crude pipeline blown up by the group earlier. Also affirming the attack, Eric Omare, spokesman for the Ijaw Youth Council, wrote on Twitter that, “The attack truly happened.” Resident Zebo Austin, who lives nearby, also…
Oil continued to trade at seven-month highs, as better-than-expected oil inventory data supported the sentiment. WTI (West Texas Intermediate) crude oil futures contracts for July delivery were seen trading at $49.32 per barrel, a rise of 1.4%. Brent crude oil was trading at $49.51 per barrel, a rise of 1.8%. According to data released by the U.S. Energy Information Administration (or EIA) at 10:30 AM EST, crude oil inventory levels fell by 4.2 million barrels to 537.1 million barrels in the week ended May 20, 2016. This was a larger fall than the Market had anticipated, and it supported crude…
The Speaker of the Lagos State House of Assembly, Mudashiru Obasa has called for improved efforts at protecting children’s rights as well as putting in place measures that will enhance their welfare. In a statement signed by his Chief Press Secretary, Musbau Rasak, to commemorate the Children’s Day celebration, the Lagos Speaker also called on children to do away with crimes and violence. He reminded the young ones that shaping their character and preparing themselves for the challenges of nation building should be paramount to them rather than engage in activities that would hinder their development. Obasa stated that the…
The Lagos state House of Assembly is considering a Bill that would make local governments in the State semi-independent through a Board that would incorporate comparative economic advantage of the 20 Local Governments and 37 Local Council Development Areas. According to the House Committee Chairman on Budget and Economic Planning, Rotimi Olowo, the bill becomes expedient in the face of the Nigeria’s current slim purse and the need for those in government to explore other means to generate revenue. Olowo explained that the time had come for council chairmen to stop going cap-in-hand looking for money. Olowo explained that there…
Lagos State Governor, Mr. Akinwunmi Ambode on Thursday said the conscious initiative of his administration at ensuring enduring peace and repositioning the State University is already yielding positive results. He said with the recent ranking of the institution as the best State University in Nigeria and the 11th overall best public University in the country, he would continue to do everything to make the institution the preferred university of excellence in research and human capacity building in Nigeria, Africa and beyond. Governor Ambode, who spoke at the 20th Convocation ceremony and installation of the new Chancellor of the Lagos State…
Fifteen Scientists have sent in their research papers on finding a long-lasting solution to Malaria in a contest to win the NLNG sponsored The Nigeria Prize for Science worth $100, 000. The entries came in response to a call for entry, which was published in February 2016. The Chairman of the Advisory Board for the prize, Professor Alfred Susu, a past winner of The Nigeria Prize for Science yesterday, handed over the entries in Lagos to the panel of judges. Submissions will be examined on their merits of finding solutions to the Malaria scourge, which is the thematic focus of…
The Governor of Oyo State, Senator Abiola Ajimobi, has urged members of the Nigerian Institution of Surveyors to fish out those he called quacks and charlatans impersonating their members to accord the profession its due recognition. The governor gave the advice through a statement by his Special Adviser, Communication and Strategy, Mr. Yomi Layinka, on Thursday, on the occasion of the association’s annual general meeting. The governor used the opportunity to congratulate the state’s branch of the NIS for producing the 20th president of the institution, Mr. Akin Oyegbola, who was inaugurated at the AGM, held in Osogbo, Osun State.…
As part of new moves to handle confusion arising from abuses in concession agreement terms and conditions by some companies in the last few months, the Nigerian Ports Authority (NPA) has sought the support of the Infrastructure Concession Regulatory Commission (ICRC) in reviewing concession agreements of the seaports in Nigeria. Managing Director of NPA, Mr. Habib Abdullahi, made the appeal in Abuja recently during a meeting with the Director-General of the ICRC, Mr. Aminu Dikko, saying the review of the agreements would help in boosting activities at the ports thereby giving room for better ports operations and more investor participation.…
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has averred that vertical and horizontal partnership is required to grow the Nigerian maritime sector. The DG stated this when he played host to the Norwegian Ambassador to Nigeria, Mr. Rolf Ree in his Office. Dr. Peterside who described Norway as a great maritime nation which has earned global acclaim as a complete maritime cluster that is driven by technological development. The DG/CEO also expressed Nigeria’s readiness to partner with the Norwegian Government and its Maritime Authority for mutual benefit and thus propel the growth…