NNPC Targets Higher Oil Income   The Nigerian National Petroleum Corporation (NNPC) has indicated its willingness to step up its contribution to Nigeria’s revenue, especially the implementation of its 2020-2022 medium term fiscal frameworks. A statement from the corporation stated it had commenced extensive conversations on this...

US Emerges UK’s Biggest Oil Supplier, Overtakes Nigeria   Crude oil exports from the United States to the United Kingdom overtook supplies from other countries including Nigeria for the first time since such shipments began in 2015. In January, the US supplied the equivalent of almost one...

Problem Looms For Nigeria As Oil Price Plunges   The international oil benchmark, Brent crude, has fallen to its lowest level this year and below the proposed benchmark for Nigeria’s 2019 budget, with economic experts describing the development as a cause for concern for the country. Brent,...

Oil Subsidy Rises As NNPC Imports Grow By 34% The Nigerian National Petroleum Corporation has spent more on petrol subsidy this year than it did last year on the back of increased imports and the rally in crude oil prices. The nation imported a total of...

Assessing Nigeria’s Benefits From Oil Price Rally   While the recent appreciation in crude oil price has provided Nigeria an opportunity to earn more revenue from oil sales, the country equally spends a considerable amount of that on importing petroleum as well as on subsidy payment,...

NEITI To Unveil Owners Of Mining, Oil Assets In 2019   The Nigeria Extractive Industries Transparency Initiative (NEITI) has set December 31, 2019, for the unveiling of a comprehensive register of beneficial owners of oil, gas and mining companies in Nigeria. The Executive Secretary, NEITI, Dr. Waziri...