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Thursday, 19 June 2025 04:38

NUPRC introduces stricter export guidelines amid massive crude oil theft

In a significant move to stem the tide of Nigeria’s massive crude oil theft and opacity in the petroleum sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled new guidelines aimed at tightening control over the country’s crude oil and petroleum product exports. Announced on Wednesday, the new regime—formally known as the Nigerian Upstream Petroleum Advance Cargo Declaration Regulation 2024—seeks to establish a comprehensive framework for real-time declaration, verification, and tracking of every shipment of crude oil and related products leaving Nigerian shores. The NUPRC said the measure is designed to ensure that only certified, accurately measured, and government-sanctioned…

Thursday, 19 June 2025 04:36

FAAC: FG, states, LG share N1.65trn for May, 2025

The Federation Account Allocation Committee (FAAC) distributed N1.65 trillion among Nigeria’s federal, state, and local governments for May 2025, marking a N30 billion decrease from April’s N1.68 trillion allocation. The allocation figures were announced following FAAC’s June 2025 meeting, chaired by Finance Minister and Coordinating Minister of the Economy Wale Edun. Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, confirmed the details in a statement released Wednesday. Revenue Sources and Distribution The N1.65 trillion distribution came from a total gross revenue of N2.94 trillion collected during May. The distributable revenue consisted of: - Statutory Revenue:…

Wednesday, 18 June 2025 04:51

Nationwide fuel scarcity looms as marketers protest Lagos govt 5-fold increase in truck parking fee

A brewing dispute between Lagos State government and petroleum marketers threatens to disrupt fuel distribution nationwide as truck operators suspend operations along the critical Lekki-Epe corridor in protest of a controversial parking fee increase. The Dispute The Independent Petroleum Marketers Association of Nigeria (IPMAN), alongside the Nigerian Association of Road Transport Owners (NARTO) and Petroleum Tanker Drivers (PTD), have halted loading activities at Dangote Refinery and Lekki Deep Seaport following the Lagos government’s enforcement of a ₦12,500 electronic call-up parking fee per truck—a five-fold increase from the previous ₦2,500. The protest, which began Monday, has effectively suspended tanker movement from…

Tuesday, 17 June 2025 04:39

Nigeria's consumer inflation eased for a second month in May

Nigeria's headline inflation rate fell slightly for the second month in May, to 22.97% year-on-year from 23.71% in April, data from its statistics agency showed on Monday. Africa's most populous country has been battling high inflation which soared to repeated 28-year peaks last year, spurred by President Bola Tinubu's removal of petrol and electricity subsidies and devaluation of the naira after he came to power in 2023. After a rebasing exercise where the statistics bureau updated its base year to 2024, from 2009, and reweighted the inflation basket, the annual inflation rate fell sharply from 34.80% in December to 24.48%…

Saturday, 14 June 2025 04:52

Iran launches waves of missiles at Israel in response to airstrikes

Iran and Israel targeted each other with missiles and airstrikes early on Saturday after Israel launched its biggest-ever air offensive against its longtime foe in a bid to prevent it from developing a nuclear weapon. Air raid sirens sounded in Tel Aviv and Jerusalem, Israel's two largest cities, sending residents rushing into shelters as successive waves of Iranian missiles streaked across the skies. The military said its air defence systems were operating. "In the last hour, dozens of missiles have been launched at the state of Israel from Iran, some of which were intercepted," the Israeli military said. It said…

Saturday, 14 June 2025 04:51

Israel’s Mossad set up drone base in Iran to take out enemy’s air defenses. Here’s what we know so far about how Israel overwhelmed Iran

Israel spent years preparing for the operation against Iran’s nuclear and missile programs, a security official tells The Times of Israel, including building a drone base inside Iran and smuggling precision weapons systems and commandos into the country. The effort hinged on tight joint planning between the IDF and the Mossad intelligence agency. According to the official, Mossad agents set up a drone base on Iranian soil near Tehran. The drones were activated overnight, striking surface-to-surface missile launchers aimed at Israel. In addition, vehicles carrying weapons systems were smuggled into Iran. These systems took out Iran’s air defenses and gave…

Saturday, 14 June 2025 04:50

Nigeria’s crude oil output declined 2% in May, regulatory data shows

Nigeria experienced a decline in crude oil production during May, with output dropping to 1.45 million barrels per day according to figures released by the Nigerian Upstream Petroleum Regulatory Authority (NUPRC). The May production figures represent a 2.20% decrease from April’s output of 1.49 million barrels per day. When including condensate production, total output fell from 1.68 million barrels per day in April to 1.65 million barrels per day in May. The regulatory authority explained that condensate consists of light liquid hydrocarbons resembling high-quality crude oil. This substance separates from natural gas streams during field production when gas temperature and…

Friday, 13 June 2025 04:47

Israel strikes Iran nuclear facilities, missile factories; commanders killed

Israel said it targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Iranian media and witnesses reported explosions including at the country's main uranium enrichment facility at Natanz, while Israel declared a state of emergency in anticipation of retaliatory missile and drone strikes. Iranian state television reported that Hossein Salami, the chief of the elite Revolutionary Guards corps, had been killed and the unit's headquarters in Tehran had been hit. Several children had been killed in a…

Friday, 13 June 2025 04:45

Air India flight bound for London crashes, kills 241 passengers, 53 on ground, with just one survivor. Here’s what we know so far

An Air India passenger plane carrying more than 200 people crashed on Thursday after taking off from an airport in the Indian city of Ahmedabad, and the airline has confirmed there was one survivor, despite a police official earlier saying it appeared there were none. Air India flight AI 171, a Boeing 787-8 Dreamliner bound for London's Gatwick Airport, crashed into a residential area called Meghani Nagar five minutes after taking off at 1:38 p.m. local time. There were 242 passengers and crew members onboard the flight. First responders found at least one survivor who was in seat 11A next…

Friday, 13 June 2025 04:44

Envoys of US, UK, Canada, 2 others weigh in on Nigeria’s Cybercrimes Act, cite Farotimi’s case as instance of abuse

On Democracy Day, the heads of missions of the United States, United Kingdom, Finland, Norway, and Canada would like to recognise and congratulate the Nigerian people’s commitment to 26 years of democratic governance. Healthy democracies are formed of many important ingredients and when marking 25 years of democracy in Nigeria in 2024, President Bola Tinubu underlined that in Nigeria “there must be diverse perspectives and viewpoints.” Free expression has long been a core value of Nigeria’s democracy. Nigeria’s constitution enshrines the right to freedom of expression, aiming to protect its citizens’ rights and foster a society where people can debate…

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Thursday, 12 June 2025 04:44

Oshiomhole calls out Air Peace’s passenger extortion schemes, denies flight disruption allegation

Edo North Senator Adams Oshiomhole has strongly refuted Air Peace’s allegations that he disrupted airport operations, instead accusing the airline of systematic extortion and arbitrary policy enforcement that exploits Nigerian passengers. The controversy erupted when Air Peace publicly accused the former Edo State governor of causing disruptions at Lagos’ Murtala Muhammed Airport after allegedly missing his scheduled flight. However, speaking to journalists in Abuja on Wednesday, Oshiomhole painted a dramatically different picture of events. The Tuesday Evening Incident According to Oshiomhole’s account, trouble began Tuesday evening when he arrived at the airport at 6:10 PM for a 6:50 PM departure…

Wednesday, 11 June 2025 05:21

Tinubu seeks $5bn oil-backed loan from Saudi Arabia, but low crude production, prices stall deal

Nigeria and Saudi Arabian oil company Aramco are struggling to reach an agreement on a record $5 billion oil-backed loan after a recent decline in crude prices sparked concern among banks that were expected to back the deal, four sources told Reuters. The facility would be Nigeria's largest oil-backed loan to date and Saudi Arabia's first participation of this scale in the country, although the decline in oil price could shrink the size of the deal, the sources said. Nigeria's President Bola Tinubu, two of the sources said, first broached the loan in November when he met with Saudi Crown…

Wednesday, 11 June 2025 05:20

Nigeria floors P&ID again, wins UK appeal in $6.6bn claims

A UK appeal court dismissed an application by a director of Process and Industrial Development (P&ID) seeking permission to appeal a high court decision that overturned an award of $6.6 billion in damages against Nigeria in 2017 in favour of the British Virgin Islands-based company Seamus Andrew, counsel to P&ID during the arbitration, became a director of the company in October 2017 after obtaining a stake in the firm through his company, Lismore Capital Limited, according to a copy of the Tuesday judgement. Andrew is an additional appellant in the suit, with the Federal Republic of Nigeria as the claimant/respondent…

Monday, 09 June 2025 04:31

FG declares thursday public holiday for Democracy Day celebration

The federal government has officially designated Thursday as a public holiday in observance of Democracy Day 2025. Interior Minister Olubunmi Tunji-Ojo made the announcement Sunday through a statement released by the ministry’s Permanent Secretary, Magdalene Ajani. In marking the occasion, Tunji-Ojo extended congratulations to Nigerians for sustaining 26 consecutive years of civilian governance, commending the population for demonstrating “resilience, courage and strength” throughout this period. “June 12 symbolizes our transformative path toward establishing a nation founded on truth and justice, where peace endures and our collective future remains secure,” the minister stated. He reflected on the significance of the democratic…

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