More than two years after the Nigerian National Petroleum Corporation reiterated its commitment to two Liquefied Natural Gas projects in the country; there is still uncertainty over whether the multibillion-dollar projects will come on stream. Industry experts, who spoke with our correspondent in separate interviews, said the country was losing out on the growing global […]
Author: Isaac Umunna
Oil Sector Tops U.S.$218 Billion Illicit Financial Flows From Nigeria
The oil and gas sector of the Nigeria economy is responsible for 92.9 per cent of illicit financial flows (IFF) with over $217.7 billion said to have flowed out of the country between 1970 and 2008. This is contained in report entitled, “Averting Illicit Financial Flows in Nigeria’s Extractive Industry,” released yesterday by the Nigeria […]
Federal govt, states, LGs share N610.4bn in February
The federal, state and local governments councils in February shared about N610.4billion federal revenue generated in January 2019. The Accountant General of the Federation, Ahmed Idris, disclosed this in Abuja while briefing journalists at the end of the Federation Account Allocation Committee (FAAC) meeting at the finance ministry headquarters. Mr Idris said approval was being […]
Controversy surrounds planned diversion of N14.3bn NEPZA fund
There is disquiet at the Ministry of Industry, Trade and Investment over plans to divert the sum of N14.37bn from the budget of the Nigeria Export Processing Zones Authority to the Nigeria Special Economic Zone Investment Company Limited. The N14.37bn is being planned to be diverted from the N48.2bn budget of NEZPA as approved by […]
Banks’ non-performing loans climb to N8.17tn
The banking sector recorded a total amount of N8.17tn as non-performing loans in the 2018 fiscal period. The figure is contained in the banking sector report obtained by our correspondent from the National Bureau of Statistics. The banking sector’s N8.17tn NPLs for 2018 was N1.38tn lower when compared to the N9.54tn recorded in the 2017 […]
Nigeria Earns N3.72trn from Royalties, Petroleum Tax in One Year
Nigeria earned N3.72 trillion from royalties and petroleum profit tax, PPT, in the oil and gas sector in 2018, according to data obtained from the Central Bank of Nigeria, CBN. The CBN, in its Economic Report for the Fourth Quarter of 2018, stated that the amount the country earned from royalties and PPT in 2018 […]
Nigeria: Shell Says Govt’s Tax Claims May Delay $10 Billion Bonga Offshore Field
Royal Dutch Shell said on Tuesday that Nigeria’s claims that it was owed billions in taxes could delay the development of a major oil field off the coast of the West African nation. Nigeria ordered several major foreign oil and gas companies to pay nearly $20 billion in taxes it says are owed to local […]
CBN boosts foreign exchange market with $210 million
The Central Bank of Nigeria (CBN) has injected 210 million dollars into the inter-bank Foreign Exchange Market to ensure adequate supply of foreign exchange to customers. The CBN Director, Corporate Communications Department, Isaac Okorafor, in a statement on Tuesday, noted that 100 million dollars was offered to authorised dealers in the wholesale segment of the […]
Nigeria bonds rise after Buhari Presidential election win
Nigeria’s dollar-denominated government bonds rose to 5-7 month highs on Wednesday after Muhammadu Buhari won a second term at the helm of Africa’s largest economy and top oil producer. The country’s longer-dated bonds were up as much as 0.8 cents in the dollar to extend a more than 10 cents rally since the start of […]
Nigeria: Micro Finance Banks shrinks from 1,008 to 898 in February
As the Central Bank of Nigeria (CBN) warms up to launch its National Microfinance Bank, the number of existing micro finance banks (MFBs) in the country has plummeted by 11 per cent to 898 this month. According to the apex bank, as at February 13 ( 2019), the number of the mfbs, licensed to provide […]