Oil prices declined on Wednesday, pulled down by a larger-than-expected build in U.S. crude stocks and weak euro zone economic figures, after gaining for three sessions on expectations of an easing in U.S.-China trade tensions.
Nigeria’s House of Representatives on Wednesday passed a revised 10.8 trillion naira ($30 billion) budget based on oil prices at $28 per barrel. The budget is 300 billion naira above the budget submitted by President Muhammadu Buhari late last month, and increases the expected oil price by $3 per barrel. The government had planned to […]
The amount of electricity generated by the nation’s 27 power stations fell below 3,000 megawatts on Sunday as low load demand by distribution companies continued to limit generation. The PUNCH reported earlier this month that 17 of the stations had been forced to shut down some of their units on the back of low demand […]
In the next few days, the International Oil Companies (IOCs) and their local counterparts are facing prosecution for not remitting their Nigerian Content Fund to the Nigerian Content Development and Monitoring Board (NCDMB), the Board’s Executive Secretary, Mr Simbi Wabote, has said. The NCDF is one percent of every contract awarded to any contractor, sub-contractor, […]