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Fuel subsidy: The saga, the façade and the facts
Sopuruchi Onwuka As Nigeria enters political campaign mode in preparation for the 2023 general elections, government’s domestic petrol subsidy has also traditionally surged to new heights despite the highly glorified Petroleum Industry Act (PIA) which ought to have activated deregulation…
Failed concessions: Nigeria to pay $496m claims Mittal Group
(Agency report) Nigeria has agreed to pay $496 million to settle a multi-billion dollar claim from Global Steel Holdings Ltd following the termination of a contract to upgrade the country’s steel plants, the presidency said on Saturday. Global Steel, which…
NNPC, NUPRC take different routes to oil loss mitigation
Sopuruchi Onwuka The controversy surrounding industrial scale stealing of crude oil from the operations of players in the upstream petroleum industry in Nigeria is receiving separate responses from the industry regulator and national oil company that manage government’s commercial interest…
Deregulation: Ogbeche calculates potential N12 trn gain for govt
Sopuruchi Onwuka The Group Managing Director of Rainoil Limited, Dr Gabriel Ogbechie, says full commercial deregulation of the nation’s domestic fuel market could save over N12 trillion. Dr Ogbeche who made a presentation on the benefits of deregulation at the…
MOMAN sees difficulty in inevitable deregulation
Sopuruchi Onwuka The Major Oil Marketers Association of Nigeria (MOMAN) says ending subsidy on Premium Motor Spirit (PMS) is extremely difficult but the Federal Government has no other option in light of current economic realities. MOMAN also called for massive…
Subsidy removal must come with fiscal responsibility, financial prudence _Organized laour
Sopuruchi Onwuka Senior workers union in the country insist that government has not demonstrated any need for austerity measures in the economy, warning that sacrificing the life of impoverished Nigerian masses through planned removal of subsidy on petrol prices would…
NEITI calls for greater resource accountability
Sopuruchi Onwuka Resource watchdog, the Nigeria Extractive Industries Transparency Initiative (NEITI), has stressed the need for greater transparency and accountability in the management of the nation’s mineral resources. The Executive Secretary, Dr Orji Ogbonnaya Orji, declared at the 2022 Strategic…
Chevron demands business enhancing regulation
Sopuruchi Onwuka American multinational oil company, Chevron, has called on government to deploy the Petroleum Industry Act (PIA) 2021 in promoting fiscal and regulatory arrangements that would make the domestic operating environment more congenial for commercial investments. Chairman and Managing…
NAPIMS rates Shell’s Bonga best in class
National Petroleum Investment Management Services (NAPIMS) has described the deep-water operations of Shell Nigeria Exploration and Production Company Limited (SNEPCo) as best in class. Group General Manager of NAPIMS, the investment arm of the Nigerian National Petroleum Company (NNPC) Limited,…
NCDMB emerges best mda in ease of doing business ranking
The Nigerian Content Development and Monitoring Board (NCDMB)has been adjudged as the best among all Ministries, Departments and Agencies in the country in the latest Executive Order (EO1) performance ranking for Ease of Doing Business from January to June 2022….
