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Nigeria’s crude oil production continues to decline, falling by 40,000 barrels per day (bpd) in September, according to a report by Reuters based on a survey of OPEC’s output for the month. This decrease adds to Nigeria’s ongoing struggle to meet its OPEC production quota, which has hovered between 1.2 and 1.3 million bpd since the start of the year. The nation produced 1.35 million bpd as of August 2024, according to OPEC’s latest report. A key issue exacerbating Nigeria’s production woes is the massive oil theft occurring in the Niger Delta, a region responsible for much of the country’s…
The Nigerian National Petroleum Company Limited has pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn. By pledging 272,500 barrels daily, it means that about 8.17 million barrels of crude will be used for different loan deals by the national oil firm on a monthly basis. This is according to an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPC’s financial statements. Under these deals, notable projects include Project Panther, Project Bison, Project Eagle Export Funding (Original, Subsequent, and Subsequent 2 Debts), Project Yield, and Project Gazelle. According…
The Federal High Court in Abuja has issued an order barring the Directorate of Road Traffic Services otherwise known as Vehicle Inspection Officers (VIO) from further stopping vehicles on the road, impounding vehicles, or imposing fines on motorists. The judge, Evelyn Maha, issued the order in a judgement on a fundamental rights enforcement suit FHC/ABJ/CS/1695/2023 filed by a human rights activist and lawyer, Abubakar Marshal of Falana and Falana chambers. Other respondents sued in the case are the Director of Road Transport, the agency’s Area Commander, Jabi, and the Team Leader, Jabi, and the Minister of the FCT. In the…
Nigeria’s import bills on used vehicles, popularly known as ‘tokunbo’, fell by 83 per cent year-on-year to N138.62 billion in the first half of the year, from N819.15 billion in H1’23. Quarter-on-quarter, a breakdown of the National Bureau of Statistics (NBS) for the review period showed that in Q1 ’24 no used vehicle was imported compared to N69.23 billion worth of used vehicles that were imported in Q1’23. In Q2’24, the value of imported used vehicles was N138.62 billion, representing an 81.5 per cent decline YoY from N749.92 billion in Q2’23.NBS noted that the used vehicles were imported mainly from…
Thursday, 03 October 2024 04:32

FG removes VAT on diesel, LPG, others

The Federal Government says it has removed Value Added Tax (VAT) on diesel, cooking gas, among others. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while unveiling two major fiscal incentives, on Wednesday. A statement by the Director, Information and Public Relations at the Ministry of Finance, Mohammed Manga, said the incentives are aimed at revitalising Nigeria’s oil and gas sector. The incentives include value-added tax (VAT) modification order 2024 and notice of tax incentives for deep offshore oil and gas production, in accordance with the Oil and Gas Companies (tax incentives, exemption, remission, etc.)…
Overview On October 1, 2024, coinciding with Nigeria's 64th Independence Day, protesters across multiple cities in Nigeria took to the streets as part of the #EndBadGovernance movement. This was a continuation of protests held in August 2024, with demonstrators expressing grievances over economic hardships, rising costs of living, and government policies. Key Points 1. The protests, also known as "National Day of Survival" or "#FearlessInOctober", occurred in several major cities including Lagos, Abuja, Ibadan, Akure, Osogbo, and Port Harcourt. 2. Main grievances included: - High fuel prices following subsidy removal - Rising food costs - Increased electricity tariffs - General…
On Tuesday, President Bola Tinubu joined Nigerians in celebrating the country’s 64th Independence Day anniversary — his second since assuming office on May 29, 2023. The president made several claims while reading his Independence Day speech, stating how his policies and reforms have yielded results since he took over the reign of power. TheCable checked some of his claims, and here is what we found. CLAIM ONE: Tinubu said Nigeria attracted foreign direct investments (FDI) worth more than $30 billion in 2023 due to his economic policies. “The economy is undergoing the necessary reforms and retooling to serve us better…
The Nigerian National Petroleum Company Limited has again failed to begin fuel production at the Port Harcourt refinery in Rivers State. This is despite the refinery failing to commence operations after six postponements as of August 2024. Promises made to Nigerians by the Federal Ministry of Petroleum Resources and NNPC about the refinery have continued to hit brick walls. After the failure of the early August promise, the Chief Financial Officer of the NNPC, Umar Ajiya, said the Port Harcourt refinery would commence operations in September 2024. Speaking to journalists in August, Ajiya had said petroleum products would be ready…
Organisers of today’s protest against hardship and bad governance, yesterday, alleged that the Federal Government and the Police were intimidating them but vowed to proceed with the action as the Police said protest or procession would not be allowed to take place in the Federal Capital Territory, FCT, Abuja. Nobody is harassing organisers – FG However, the Federal Government denied organisers’ allegations that they were being harassed and intimidated. Still, it said there was no need for the protest while asking the organisers to see opportunity in the various government policies and use them to better their lives. In a…
The World Bank has announced the approval of $1.57 billion (N2.4 trillion at N1601 to a dollar) to boost human capital in Nigeria through better health for women, children and adolescents. According to a statement by the bank, part of the support will also help to mitigate the impact of climate change in Nigeria through improvement in dam safety and irrigation. It added that “The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health (HOPE-GOV), $570 million for the Primary Healthcare Provision Strengthening Program (HOPE-PHC) and $500 million for the Sustainable Power…
March 12, 2025

Nigeria's car imports fell 14.3% in 2024 amid economic woes

Nigeria experienced a significant decline in passenger vehicle imports in 2024, with total import value…
March 14, 2025

I know individuals in Tinubu’s govt who bought ministerial positions, El-Rufai claims

Former Kaduna State governor, Nasir El-Rufai, has revealed that he knows individuals who paid to…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 14, 2025

What to know after Day 1114 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Putin lists guarantees Moscow wants for 30-day ceasefire Russian President Vladimir Putin has…
March 12, 2025

From chatbots to intelligent toys: How AI is booming in China

Laura Bicker Head in hands, eight-year-old Timmy muttered to himself as he tried to beat…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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