NEWS REVIEW FOR FRIDAY, JANUARY 26, 2018   Oil & Gas

End fuel scarcity in seven days, Senate tells NNPC

The Senate has asked the Nigerian National Petroleum Corporation to end the lingering scarcity of Premium Motor Spirit (petrol) within seven days. http://punchng.com/end-fuel-scarcity-in-seven-days-senate-tells-nnpc/   NNPC didn’t remit JV Cash Call to Fed Acct in 5 yrs —Govs Nigeria Governors Forum, NGF, yesterday, reported Nigerian National Petroleum Corporation, NNPC, to President Muhammadu Buhari for the inability of the corporation to remit to the Federation Account, Joint Venture Cash Call for five years. https://www.vanguardngr.com/2018/01/nnpc-didnt-remit-jv-cash-call-fed-acct-5-yrs-govs/ https://www.dailytrust.com.ng/governors-forum-accuses-nnpc-of-short-changing-nigerians.html  

Oil hits $71 for first time since 2014

Global oil benchmark, Brent crude, surged above $71 per barrel on Thursday for the first time since 2014 on support from a weaker United States dollar, tighter global supplies and a record run of declines in US crude inventories. http://punchng.com/oil-hits-71-for-first-time-since-2014/  

LCCI seeks petroleum products’ deregulation

The Lagos Chamber of Commerce and Industry has said that better backward integration policy, more patronage of made-in Nigeria goods and the general prosperity of businesses and the Small and Medium Enterprise sectors would lead to more job creation in the country. http://punchng.com/lcci-seeks-petroleum-products-deregulation/ https://www.dailytrust.com.ng/fg-urged-to-fully-deregulate-oil-sector-remove-subsidy.html  

PEF plans solutions to downstream challenges

A digital solution planned by the Petroleum Equalisation Fund (Management) Board (PEF), is targeting a total crackdown on major challenges in the petroleum downstream sector in Nigeria, especially in the area of supply. http://guardian.ng/business-services/pef-plans-solutions-to-downstream-challenges/   Nigeria to pump additional 200,000 BD of crude with Total’s new ship A gigantic oil tanker arrived in Nigeria as part of a multi-billion dollar project that should allow one of Africa’s biggest crude producers to pump out an additional 200,000 barrels a day. https://www.vanguardngr.com/2018/01/nigeria-pump-additional-200000-bd-crude-totals-new-ship/  

NPDC targets 500,000 barrels daily crude production

The Nigerian Petroleum Development Company (NPDC), one of the upstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC), plans to increase its daily crude oil production to 500,000 barrels per day before 2022. https://www.dailytrust.com.ng/npdc-targets-500-000-barrels-daily-crude-production.html   Petrol sells at N220 in Imo FOLLOWING several reports that petrol marketers in Imo state, were selling the product at N250 per litre, investigations by Vanguard, yesterday, confirmed that the product is now sold between N200 and N220, which is still against the Federal Government’s approved pump price of N145. https://www.vanguardngr.com/2018/01/petrol-sells-n220-imo/   Close View all resultsOther News

Hate speech: FG monitors notable Nigerians online

The Minister of Defence, Mansur Dan-Ali, has directed the nation’s security agencies to tackle those propagating hate speech especially through the social media. http://punchng.com/hate-speech-fg-monitors-notable-nigerians-online/   APC restructuring committee recommends resource control, state police, others THE Governor Nasir El Rufai Committee on True Federalism has submitted its report to the National Working Committee of the ruling All Progressives Congress APC, calling for more devolution of powers to states. https://www.vanguardngr.com/2018/01/apc-ctte-restructuring-recommends-resource-control-state-police-others/   Nigeria’s low 2018 growth forecast THE World Bank recently released its 2018 economic growth forecasts for nations all over the world. Global Gross Domestic Product, GDP, is supposed to grow by 3.1 per cent during this year. Sub-Saharan Africa will grow marginally faster by 3.2 per cent. https://www.vanguardngr.com/2018/01/nigerias-low-2018-growth-forecast/  

Africa to witness economic pickup in 2018 – UN

Africa’s economy is expected to grow 3.5 per cent in 2018, an increase of 0.3 percentage points from 2017, a UN official said Thursday. https://www.dailytrust.com.ng/africa-to-witness-economic-pickup-in-2018-un.html  

CSJ: 2018 Budget Contains Frivolous, Unclear, Wasteful Expenditure Items

The 2018 Budget proposal currently before the National Assembly is replete with frivolous, unclear, and wasteful expenditure items, the Centre for Social Justice (CSJ), has said. https://www.thisdaylive.com/index.php/2018/01/26/csj-2018-budget-contains-frivolous-unclear-wasteful-expenditure-items/   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