Seplat CEO projects $17bn oil revenue shortfall for Nigeria in 2020
Samson Echenim
June 12, 2020
Nigeria’s oil receipts in 2020 are expected to drop by as much as $17 billion, Austin Avuru, the chief executive officer of Seplat Petroleum Development Company, has projected. His projection comes amid the current struggle for survival by companies operating in the upstream sector of the Nigerian oil and gas industry. Speaking on Nigeria’s oil and gas […]
Excitement rules Cross River over N18.39bn FG refunds, amid state’s financial strain
Ben EguzozieJune 4, 2020
Ben Eguzozie, in Port Harcourt Cross River people and their governor, Ben Ayade, appear quite excited over N18.39 billion approved by an inter-ministerial committee to be refunded the ‘weakest sister’ of oil region states. Comments from the state’s governor, Ayade and other state officials are that of excitement and a relief from mounting financial strain […]
N4.563trn budget deficit pushes Nigeria closer to recession
Omobayo AzeezJune 2, 2020
By Omobayo Azeez The Nigerian economy is fast showing signs of shrinking and plunging into recession as deficit for financing of federal government’s revised N10.509 trillion 2020 budget rises to N4.563 trillion from N1.847 trillion earlier projected. This means that of the appropriated total expenditure of government in the year, only N5.943 trillion equivalent to […]
Rivers reviews 2020 budget 48% to N300.370bn
Ben EguzozieMay 29, 2020
…also reviews MTEF Rivers state government, like the national government, Nigeria, has undertaken a 48 percent downward review of its 2020 state budget. The budget has moved from the initial N530.813 billion (530,813,357,619.00) to N300.370 billion (300,370,071,183.00). The state government said the move is in line with the present economic realities occasioned by the novel […]
Edo State says video on Dangote truck inaccurate, misleading
Businessam StaffMay 21, 2020
The Edo State government on Thursday described as misleading and inaccurate a social media trending video that linked a purportedly impounded Dangote truck with allegedly conveying arms and other contraband materials. The truck had been alleged to be recently impounded by the Nigeria Drug Law Enforcement Agency (NDLEA) in Benin City. But the state government, […]
ATCON lauds Fayemi, Uzodinma on executive orders slashing telecoms RoW to N145
Omobayo AzeezMay 21, 2020
By Omobayo Azeez Association of Telecommunications Companies of Nigeria (ATCON) has lauded two state governors for issuing executive orders to slash right of way (RoW) charges for telecoms to N145 per linear metre. Specifically, the governors are Kayode Fayemi of Ekiti State and Odidika Uzodinma of Imo state who, in collaboration with their respective State […]
Akwa Ibom-run airliner, Ibom Air, ramps up operations with fourth aircraft acquisition
Ben EguzozieMay 21, 2020
Akwa Ibom State is carefully ramping up an aviation business it began nearly four years ago, with increase in its aircraft fleet in a bid to capture a bigger share of Nigeria’s much-unharnessed industry. The government run airlines company, Ibom Air, has taken delivery of a fourth aircraft, a 90-seater CRJ900 bombardier, thereby expanding the […]
Imo joins Ekiti to slash RoW telecoms charges to N145 as Uzodimma signs executive order
Omobayo AzeezMay 21, 2020
By Omobayo Azeez Imo State, a subnational in the Eastern part of the Nigeran federation, Wednesday joined Ekiti State in the southwest, to slash the controversial Right of Way (RoW) charges for telecommunication companies in the country. Hope Uzodimma, the state governor, signed an executive order that will now see the charges for RoW in […]
FG, states, LGs share N606bn dividend from national income in April
Businessam StaffMay 20, 2020
The national government known more widely as federal, along with the two sub-nationals, state and local governments shared over N606 billion as dividends from the income of the people of Nigeria in the month of April. Meeting virtually, as Covid-19 safety measures prevents meetings in large groupings, the committee responsible for the sharing, without […]
10-years after, Nigerians raise expenditure on food, non-food items by over 95%
Businessam StaffMay 20, 2020
2009/2010: N21.62trn 2019/2019: N40.20trn Within a ten-year period, Nigerians appetite for foods and non-food household consumption spending rose by over 95 percent from N21.62 trillion to N40.20 trillion, figures computed by the Nigerian Chief Statistician office has shown. Released recently, the Yemi Kale-led National Bureau of Statistics revealed that Nigerians have been raising their consumption […]