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Ogoni Cleanup: Contractors Begin Work Next Wednesday, Says FG

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  • Ogoni Cleanup: Contractors Begin Work Next Wednesday, Says FG

The Federal Government on Tuesday announced that the cleanup of Ogoniland would start with the handing over of the polluted sites to contractors next Wednesday.

It said the move would ensure effective commencement of the remediation process and insisted that the Ogoni cleanup was expected to be executed with the right specification within the time frame and budget.

In his address in Abuja, at a briefing to kick off the cleanup exercise, the Minister of Environment, Suleiman Hassan, said the government was expecting high performance from the contractors, as the work must be of good quality and durability.

He said the contractors were qualified to carry out the remediation process after meeting the mandatory requirement of being registered with the Cooperate Affairs Commission and the National Oil Spill Detection and Response Agency, among others.

The minister faulted reports that the contractors were not suitable and stated that due process was followed in picking the contractors.

He said the government adopted a very robust and transparent process to arrive at the final list of contractors, having gone through all the required permits and that the firms all met the mandatory and regulatory requirements.

Presenting the contract terms to the contractors, the Project Management Consultant, Eric Onyeiwu, said the work must be of good quality, adding that the government would not entertain any undocumented claim.

He said there would not be any form of extension unless where necessary, urging the contractors to bear in mind that the work was time bound.

Onyeiwu said the terms of payment had been concluded in a way that the contractors would not experience difficulty, adding that advance payment of 15 per cent would be given to commence the work.

He said, “The payment will be in three instalments: The first 40 per cent will be paid after 40 per cent of the work is done and the second 40 per cent will be paid when the work gets to 80 per cent and the balance of 20 per cent will be paid after 100 per cent completion.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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