Business

Nigeria’s crude oil output fell to 900, 000 barrels per day (b/d) last month. According to the OPEC report, Nigeria’s crude oil production dropped from 1 million b/d recorded in July, to 900, 000b/d in August. This is as the price of the country’s crude grade, dropped by 10 per cent within the space of one month.

The eight oil-producing states in Nigeria received a sum of N377.93 billion as 13% oil derivation fund in the first half of 2022. According to the National Bureau of Statistics, the amount received in the review period is 46.9% higher than the N257.2 billion shared in the second half of 2021. The 13% oil derivation fund shared by the communities has increased significantly despite the non-remittance of funds by the […]

The Federal Government has revealed that it has recovered the sum of N2.6 trillion revenue from oil firms through the Nigeria Extractive Industries Transparency Initiative, NEITI, intervention. This was disclosed by the Executive Secretary of NEITI, Orji Orji, during the Civil Society Organizations and Media engagement on Extractive Industries Transparency Initiative validation in Abuja. Orji noted that the revenues include all taxes and VAT being collected by the Federal Inland […]

The Senate has disagreed with the Minister of Finance, Budget and National Planning, Zainab Ahmed, and Heads of Revenue generating agencies in the Country on the proposed 2023–2025   Medium Term Expenditure Framework and Fiscal Strategy Paper. During an interactive session held on Tuesday, Ahmed informed the Senate Finance Committee that the proposed N19.76trillion budget for 2023 would have a deficit of N12.43trillion as a result of projected N6trillion tax and […]

Investors lost N189billion at the end of trading on the floor of the Nigerian Exchange Limited last week. The All-Share Index and market capitalization depreciated by 0.7 per cent to close at 49,695.12 and N26.805trillion last week. According to the Nigeria Exchange, 22 equities appreciated in price during the week, lower than 43 equities in the previous week.

The Nigeria Upstream and Downstream Petroleum Regulatory Commission, NUDPRC, has said Nigeria lost a huge amount of revenue as a result of massive oil theft between January and August this year. According to Commision, Nigeria lost about 13.21 million barrels of crude oil with an estimated worth of N603.64billion between the period under review.

Increased crude oil sales pushed Nigeria’s foreign trade by 47.07 per cent year-on-year to N25.84trillion in the first half of 2022, According to foreign trade data obtained from the Nigerian Bureau of Statistics, NBS, in the first half of 2022, foreign trade totaled N25.84trillion, with crude exports at N11.53trillion. It added that total imports for the period were put at N11.34trillion, exports were put at N14.51trillion, and the trade surplus […]

At least 50 Youths in Gombe State have been trained by the National Directorate of Employment, NDE, under its Rural Employment Promotion Department for Post-Sustainable Agricultural Development. Speaking during the one-week training, the Director-General of NDE, Abubakar Fikpo, said the purpose of organizing the workshop was to equip already trained participants of the Directorate with opportunities. Fikpo disclosed that the workshop would enlighten jobless graduates on how to access credit […]

The World Bank says it has disbursed $31.7billion as climate financing in its 2022 fiscal year. According to the Bank, lending for climate-related investments reached 36 per cent or $31.7billion, exceeding its new climate finance target of 35 per cent as outlined in the 2021-2025 World Bank Group Climate Change Action Plan. It added that Nigeria got $700million from $31.7billion it disbursed for an Agro-Climatic Resilience.