FG Denies Paying Fuel Subsidy, to Export PMS in 2024 The Federal Government has denied reintroducing the subsidy on Premium Motor Spirit, popularly called petrol. It also said the pockets of queues observed by motorists in petrol stations across the country stemmed from hiccups in product...

Only 40m Out of 200m Nigerians Pay Tax – RMAFC   Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Bello Shehu, has revealed that only 40 million out of over 200 million Nigerians currently pay taxes to the nation’s coffers. Speaking with Economic Confidential, Shehu said that...

NNPC, IOCs, Others Sign MoU To Reduce Contracting Cycle The Nigerian Content Development and Monitoring Board (NCDMB) has signed a Memorandum of Understanding (MoU) cum Service Level Agreement (SLA) with the Nigerian National Petroleum Company Ltd (NNPCL) and five international oil-producing companies to optimise the...

NNPCL Sends Management Staff on Immediate Retirement The Nigerian National Petroleum Company Limited has compulsorily retired all management staff with less than 15 months to statutory retirement. In an early Tuesday morning announcement, the company declared that the retirement of the affected workers was with immediate...

OPEC Warns FG as Refining Capacity Crashes to 6,000b/d The Petroleum Exporting Countries recent report has revealed that Nigeria's crude oil refining capacity has further reduced to just 6,000 barrels per day. In its latest Annual Statistical Bulletin 2023, OPEC said the country’s capacity to refine...

Explainer: What you need to know about NNPC Ltd's $3 billion Emergency Crude Repayment Loan from Afrexim Bank   1. What is the $3 billion loan about? The NNPC Ltd. secured an emergency $3 billion crude oil repayment loan from AFREXIM Bank. This is not a crude-for-refined...