NEWS REVIEW FOR THURSDAY, APRIL 6, 2017 Oil & Gas

NNPC denies hike in pump price of petrol

The increase in the bridging allowance to transporters from N6.20 to N7.20 per litre will not result in upward review of petrol pump price, the Nigerian National Petroleum Corporation (NNPC) has said. http://guardian.ng/news/nnpc-denies-hike-in-pump-price-of-petrol/ http://punchng.com/new-bridging-cost-wont-cause-petrol-price-hike-nnpc/ https://www.dailytrust.com.ng/news/business/no-plans-to-increase-petrol-price-nnpc/192297.html https://www.thisdaylive.com/index.php/2017/04/06/nnpc-no-plans-to-hike-petrol-pump-price-2/  

Nigeria’s crude oil production decreases to 1.6mpd

Nigeria’s average daily crude oil and condensate production has dropped from the two million barrels per day (bpd) it recorded as at February to 1.6 million bpd in March. https://guardian.ng/business-services/nigerias-crude-oil-production-decreases-to-1-6mpd/  

Govt oil refineries are national embarrassment – Fawibe

The Chairman/Chief Executive Officer, International Energy Services Limited, Dr. Diran Fawibe, speaks with FEMI ASU about the low exploration activities, security challenge and regulatory uncertainty in the oil industry, among other key issues http://punchng.com/govt-oil-refineries-are-national-embarrassment-fawibe/  

US import of Nigerian oil hits 42-month high

The increase in the United States’ imports of Nigeria crude oil has continued, with a record import of 9.78 million barrels in January, the latest report from the US Energy Information Administration has revealed. http://punchng.com/us-import-of-nigerian-oil-hits-42-month-high/  

NCDMB set to unveil data on oil industry projects

The Nigerian Content Development and Monitoring Board (NCDMB) may unveil the data of upcoming projects in the downstream, midstream and upstream of the oil and gas sector within the next few weeks. http://guardian.ng/news/ncdmb-set-to-unveil-data-on-oil-industry-projects/  

Sending more subsidy fraudsters to jail

Four oil subsidy swindlers have been found guilty as charged, by a Federal High Court in Lagos presided over by Lateefat Okunnu. Two of them bagged 10 years’ imprisonment each. http://punchng.com/sending-more-subsidy-fraudsters-to-jail/    

Capacity building: OGTAN seeks collaboration with oil firms

The Oil and Gas Trainers Association of Nigeria has highlighted the need for oil companies and government institutions to collaborate with the association to ramp up local human capacity development in the oil and gas industry. http://punchng.com/capacity-building-ogtan-seeks-collaboration-with-oil-firms/  

OGFZA lauds A’Ibom over oil, gas free zone

The Oil and Gas Free Zones Authority has commended the Akwa Ibom State Government for its efforts towards building the Liberty Oil and Gas Free Zone in Ikot Abasi. http://punchng.com/ogfza-lauds-aibom-over-oil-gas-free-zone/  

NECAN faults sale of gas to GENCOs in dollars

The Network for Electricity Consumers Advocacy of Nigeria says the sale of gas to Electricity Generating Companies, using international pricing template is not in the best interest of Nigerians and the GENCOs. http://punchng.com/necan-faults-sale-of-gas-to-gencos-in-dollars/   Other News  

Buhari unveils recovery plan

President Muhammadu Buhari yesterday unveiled an economic recovery plan for the country. The blueprint is contained in his Economic Recovery and Growth Plan (ERGP) 2017-2020. https://guardian.ng/news/buhari-unveils-recovery-plan/ http://www.vanguardngr.com/2017/04/buhari-launches-economic-recovery-plan/ https://www.dailytrust.com.ng/news/business/president-buhari-lauches-ergp-to-grow-economy-by-7-by-2020–video/192280.html https://www.thisdaylive.com/index.php/2017/04/06/buhari-ergp-will-grow-economy-as-we-fight-corruption-insecurity/  

Nigerian economy to rebound in 2nd quarter?

Some financial experts have expressed optimism that there would be increased liquidity in the capital market in the second quarter of this year. http://guardian.ng/business-services/nigerian-economy-to-rebound-in-2nd-quarter/  

FG’s economic model can’t work, says Sanusi

The Emir of Kano, Muhammadu Sanusi ll, on Wednesday, faulted the present administration’s economic model, saying it would not work. http://punchng.com/fgs-economic-model-cant-work-says-sanusi/     2017 budget is a budget that goes for more debt -Sanusi II The Emir of Kano, Muhammadu Sanusi II, has raised alarm over the increasing debt in the country.
2017 budget is a budget that goes for more debt -Sanusi II

Naira overvalued by 20%, says IMF

The International Monetary Fund has said Nigeria’s economy needs urgent reform. http://punchng.com/naira-overvalued-by-20-says-imf/ http://www.vanguardngr.com/2017/04/naira-overvalued-20-imf/\  

We’ll approach economic challenges like anti-terror fight – Buhari

President Muhammadu Buhari on Wednesday assured Nigerians that his administration would approach the nation’s economic challenges with the same commitment it had put into fighting corruption and terrorism. http://punchng.com/well-approach-economic-challenges-like-anti-terror-fight-buhari/  

FG clears N54bn pension arrears

The Federal Government on Wednesday said it had cleared the inherited arrears of accrued pension benefits for the years 2014, 2015 and 2016 by releasing N41.5bn and N12.5bn for January, February and March this year to the National Pension Commission for onward payment to retirees. http://punchng.com/fg-clears-n54bn-pension-arrears/ http://www.vanguardngr.com/2017/04/buhari-releases-n54bn-settle-pension-backlog/  

ASUU wants National Assembly action on funding for universities

The Academic Staff Union of Universities (ASUU) has called on the National Assembly to address the issue of low funding of the education sector in the country. http://guardian.ng/news/asuu-wants-national-assembly-action-on-funding-for-universities/  

Nigerian universities lack manpower, tools to compete globally, says UI’s VC Abel Olayinka

The University of Ibadan (UI) has been in the news lately for the wrong reasons. The staff unions in the institution have been at loggerheads with the university management over issues bothering on salary, pension deductions and allowances. Academic and administrative activities have been halted as the unions down tools. https://guardian.ng/interview/nigerian-universities-lack-manpower-tools-to-compete-globally-says-uis-vc-abel-olayinka/  

50 debtors owe banks N5.6tr

The challenge of defaulting credits, which has put the banking system under pressure, may not end soon as financial institutions’ top 50 debtors owe N5.59 trillion (34 per cent) of total industry credit exposure of N16.29 trillion. https://guardian.ng/news/50-debtors-owe-banks-n5-6tr/  

Foreigners filling job vacancies at Nigerians’ expense – DG ITF

Director-General of Industrial Training Fund, Mr Joseph Ari, has described as worrisome development, the filling of many vacancies in some sectors of the economy by foreigners. http://punchng.com/foreigners-filling-job-vacancies-at-nigerians-expense-dg-itf/ Labour accuses FG of undermining civil service rule THE Association of Senior Civil Servants of Nigeria, ASCSN, yesterday, accused the Federal Government of undermining the civil service rule. http://www.vanguardngr.com/2017/04/labour-accuses-fg-undermining-civil-service-rule/   This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system