US cuts monthly oil imports from Nigeria by 89%

The United States’ crude oil imports from Nigeria plunged to 539,000 barrels per day in February from 4.87 million bpd in January. The US imports of Nigerian crude have dropped in recent months, hitting almost a four-year low in February. The country bought 5.18 million bpd in December, down from 10.03 million bpd in January 2018, the latest data obtained from the Energy Information Administration on Friday showed. Its imports of Nigerian crude oil dropped by 48.87 million barrels or 43 per cent in 2018, the EIA said. The US…

Reps to probe ‘missing N20trn’ stamp duty revenue

The House of Representatives has resolved to probe the alleged non-remittance of stamp duty revenue by deposit banks in the country. A stamp duty is the tax placed on legal documents, usually in the transfer of assets or property. The lower legislative chamber accused banks and other federal agencies involved in the collection of the fund of “shortchanging the nation.” The development comes months after leaks.ng, a collation of media houses, reported that the agencies are hiding details of the stamp duty revenue estimated at N20 trillion. The status of…

Telecoms operators warn NCAA against demolishing 7,000 masts

The Association of Licensed Telecommunications Operators of Nigeria has warned the Nigerian Civil Aviation Authority over its threat to demolish over 7,000 telecommunications mast in the country. The Chairman of ALTON, Gbenga Adebayo, gave the warning on Wednesday in Lagos, on the sideline of the “Vanguard Economy Forum on Telecoms.” Adebayo said that any site brought down illegally and without due consultation would not be rebuilt and the consequences would be felt by all. He described the move as another way to impose unwarranted taxes on the sector, which was…

End Nigeria’s reliance on imported petroleum products, NUPENG tells Buhari

… We’ve not found a formula to end fuel subsidy – says FG Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has pleaded with President Muhammadu Buhari, to use his second term in office to end Nigeria’s reliance on imported petroleum products to meet local consumption. President of the Union, Prince Williams Akporeha, who spoke in Lagos yesterday, said Nigerians would forever remember President Buhari if he could ensure that the issue of imported petroleum products became a thing of the past before the end of his tenure. “It…

Fuel queues return to Abuja as NNPC allays fears of scarcity

As fuel queues surfaced in parts of Abuja on Friday, the Nigerian National Petroleum Corporation (NNPC) promptly released a statement urging Nigerians against panic buying of petrol. In a statement issued by Ndu Ughamadu, NNPC spokesman, the corporation said such rumours were “tales fabricated by mischief makers with intent to create undue panic in the prevailing sanity in the fuel supply and distribution matrix across the country.” “The Nigerian National Petroleum Corporation (NNPC) has once again appealed to Nigerians to disregard trending social media report of an impending fuel scarcity…

How FG will implement subsidy removal – Zainab Ahmed

The Minister of Finance, Mrs Zainab Ahmed says the Federal Government will look into gradual removal of fuel subsidy as part of strategies to boost revenue. Ahmed said this on Thursday on the sideline of the IMF/World Bank meetings currently taking place in Washington DC, United States of America. Ahmed made the disclosure while reacting to the IMF’s advice to Nigeria and other countries who still subsidise fossil fuel to stop doing so. According to the IMF, fuel subsidy removal would help boost revenue and improve government’s spending to build…

World Bank to support 10,000 farmers in Kaduna – Official

No fewer than 10,000 small holder farmers in Kaduna State are to benefit from the World Bank Agro-Processing, Productivity Enhancement and Livelihood Improvement Support Project (APPEALS). The State Coordinator of the project, Dr Yahya Aminu, disclosed this at a one-day sensitization workshop on Policy Alignment and Collaboration in the implementation of APPEALS, a World Bank project for six selected in states in Nigeria. The News Agency of Nigeria (NAN) reports that the World Bank is implementing the APPEALS programme through a $200 million grant as support to the benefitting states.…

IMF ranks Nigeria world’s ‘second worst’ in use of sovereign wealth fund

muhammadu-buhari

The International Monetary Fund has ranked Nigeria as the second worst country in the world in the use of sovereign wealth funds. According to the Fiscal Monitor report released on Wednesday and publisshed by TheCable, Qatar was the only country worse than Nigeria on the index. The Bretton Wood institution said the index was compiled using the corporate governance and transparency scores of the sovereign wealth funds and the size of assets as a percentage of 2016 GDP of the countries considered. The fund said it used data compiled by…

Stop taking loans from China, IMF cautions Nigeria, others

The International Monetary Fund (IMF) has cautioned Nigeria and other developing countries from taking loans from China due to unfavourable loan conditions. Mr Tobias Adrian said this on Wednesday during the launch of the Global Financial Stability Report for April, 2019 at the IMF/World Bank meetings in Washington D.C, U.S. “Capital flows, which includes capital flows from China are of course important for development. “On the other hand, what is very important in lending arrangements are the terms of the loans and we urge countries to make sure that when…

Nigeria’s economy slipping, says World Bank

The World Bank has said that the Nigerian economy has been slipping since 1995 and this continued till 2018. In a classification of growth performance included in the 14th edition of Africa’s Pulse, Nigeria was ranked in the bottom tercile alongside Angola, South Africa and 16 other countries saying these economies did not show any progress in their growth performance. “These countries did not show any progress in their economic performance from 1995–2008 to 2015–18,” the report read. Explaining the methodology used in the classification, the report said: “The taxonomy…

NERC to begin mass metering on May 1

The Nigerian Electricity Regulatory Commission (NERC) will begin mass metering for electricity consumers by May 1, to bridge the metering gaps in the country. Dr Usman Arabi, NERC General Manager Public Affairs in a statement said the metering will be executed under the Meter Asset Providers programme of the Federal Government. “The commission issued permits to MAPs on April 5, in accordance with section 4(3) of the MAP Regulations 2018, to MAPs that were successful in the procurements. “The procurement was conducted by Abuja Electricity Distribution Company PLC and Jos…

World Bank gets new president

Donald Trump’s pick for World Bank president, David Malpass, has officially been approved for the role. Mr Malpass, a Trump loyalist, was a senior economic adviser to the US president during his 2016 election campaign. His appointment has stirred debate, as some worry that Mr Malpass, a critic of the bank, will seek to reduce its role. In February White House officials said Mr Malpass, a long-time Republican, would be a “pro-growth reformer.” Mr Malpass said he was “honoured” by the appointment. “Our twin goals of eliminating extreme poverty and…

New seaports underway to ease Apapa gridlock – NPA

The Nigerian Port Authority (NPA) has said the country is building a deep-sea port, and also considering two additional facilities to ease congestion at Apapa seaports. Voice of Liberty understands that Apapa seaports handle 80 per cent of all shipping traffic in the West African nation. However, Managing Director, Hadiza Bala-Usman, has told Bloomberg that a new facility is already under construction in the Lekki Free Trade Zone in Lagos via a public-private partnership. Also, Hadiza noted that another facility may be erected in the Badagry area of the city,…

Trade Fair: KADCCIMA blames low turnout on mis-information on security

The Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), yesterday blamed the low turnout at the ongoing 40th Kaduna International Trade Fair on mis-information on security in the state. Speaking to Vanguard on the low turnout at the fair, The President of KADCCIMA, Dr. Farida Dankaka said people are mis-informed about security issues in Kaduna state, adding that, the state is highly secured and have no iota of fracas going on in the state. “Am sorry to say this, but the media is part of the problem. Kaduna state…