Connect with us

Economy

We’ll Prioritise Passage of PIGB –Reps

Published

on

  • We’ll Prioritise Passage of PIGB –Reps

The 9th National Assembly has vowed to give priority to the passage of the Petroleum Industry Governance Bill in order to consolidate and reposition the oil and gas industry for the benefit of Nigerians.

Speaker, House of Representatives, Femi Gbajabiamila, made this commitment during a visit by the outgoing Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, to introduce the oil firm’s incoming GMD, Mele Kyari, to the Speaker.

The Group General Manager, Group Public Affairs Division, NNPC, Ndu Ughamadu, who disclosed this in a statement issued in Abuja on Thursday, said Gbajabiamila pledged to get the National Assembly to work further on the bill to give it a speedy passage.

The Speaker, according to the statement, commended Baru for stabilising the oil and gas industry during his tenure as Group Managing Director of NNPC.

Gbajabiamila was quoted as saying, “I thank you for working harmoniously with us, there were no fuel shortages, the usual scandals associated with the oil industry were absent throughout your tenure.”

He further pledged the readiness of the 9th National Assembly to sustain the existing cordial relationship with NNPC adding that “as long as oil and gas remain the mainstay of the economy, we must get the industry right.”

On the incoming GMD of the oil firm, the Speaker described him as a highly respected industry professional whose reputation precedes his name, adding that “I have no doubt based on what I have heard, that you will definitely make it.”

Baru earlier congratulated the Speaker on his election, as he promised that the NNPC, even after his exit, would remain focused on delivering dividends of democracy to Nigerians and also sustain constructive engagement with the National Assembly and other critical stakeholders.

The GMD assured Gbajabiamila of the new NNPC management’s capacity to take the oil and gas industry to the next level.

“I thank you for supporting me, I have no doubt that you will equally support the incoming GMD. We thank Mr President for appointing him and he will surely not disappoint,” Baru said.

He said the visit was in appreciation of the cordial relationship he had with the National Assembly throughout his tenure.

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

Published

on

Petrol Importation - investorsking.com

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.

Continue Reading

Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

Published

on

Gas-Pipeline

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.

Continue Reading

Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

Published

on

food storage

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.

Continue Reading

Trending