NEWS REVIEW FOR THURSDAY, FEBRUARY 1, 2018

Oil & Gas

No fuel subsidy but under-recovery, says Adeosun

The Federal Government on Wednesday insisted that there was no subsidy payment on petrol as it was being done before now.

http://punchng.com/no-fuel-subsidy-but-under-recovery-says-adeosun/

 

FG lost N84bn to ailing refineries in 11 months

The nation’s refineries made a total loss of N84bn from January to November last year, as they continued to operate far below their installed capacity.

http://punchng.com/fg-lost-n84bn-to-ailing-refineries-in-11-months/

 

NNPC to partner private sector to build pipelines

The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, has asked the new board of one of the downstream subsidiary firms, the Nigerian Pipeline Storage Company, to enter into partnerships with the private sector to build more pipelines parallel to the corporation’s existing ones.

http://punchng.com/nnpc-to-partner-private-sector-to-build-pipelines/

 

IPMAN to begin construction of $3bn refinery

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to commence work on its proposed $3 billion (N1.08 trillion) refinery in two states in the federation.
https://www.vanguardngr.com/2018/01/ipman-begin-construction-3bn-refinery/

 

NNPC to refurbish, double pipeline network in 10 years

The Nigerian National Petroleum Corporation, NNPC, yesterday announced plans to refurbish all its existing pipeline and also double the country’s pipeline network within the next 10 years.
https://www.vanguardngr.com/2018/02/nnpc-refurbish-double-pipeline-network-10-years/

 

NNPC Asks Subsidiary to Build More Downstream Pipelines With Private Partners

The Nigerian National Petroleum Corporation (NNPC) has tasked one of its downstream subsidiary companies, the Nigerian Pipeline Storage Company (NPSC) to build new pipelines to transport petroleum products across the country through new partnerships with private investors.

https://www.thisdaylive.com/index.php/2018/02/01/nnpc-asks-subsidiary-to-build-more-downstream-pipelines-with-private-partners/

FG Blames Constrained Oil Output for Stagnant ECA

The federal government Wednesday provided clarity on why the proceeds in the excess crude account (ECA) have remained stagnant despite rising oil prices, saying constrained production volumes had undermined rising crude prices.

https://www.thisdaylive.com/index.php/2018/02/01/fg-blames-constrained-oil-output-for-stagnant-eca/

 

Shell’s annual profit triples to $13bn

Royal Dutch Shell said Thursday that profit after taxation almost tripled to just under $13bn (10.5 billion euros) in 2017, energised by rising oil and gas prices.

http://punchng.com/shells-annual-profit-triples-to-13bn/

 

Gas marketers allege sabotage on Magodo explosion, seek investigation

The Nigerian Association of Liquefied Petroleum Gas Marketers Association (NALPGAM) has described as an act of sabotage, the recent gas explosion at the Second Coming Company Nigeria Limited’s plant in Lagos.

https://guardian.ng/business-services/gas-marketers-allege-sabotage-on-magodo-explosion-seek-investigation/

 

Five months after, oil community still occupies flow station, wants Shell out

Kula Kingdom in Akuku-Toru Local Government of Area of Rivers State, hosting OML 25 operated by Shell Petroleum Development Company (SPDC), is still occupying the flow station five months after.

https://guardian.ng/business-services/five-months-after-oil-community-still-occupies-flow-station-wants-shell-out/

 

OPEC January oil output rises, led by Nigeria

Crude oil production from the Organisation of Petroleum Exporting Countries rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact.

http://punchng.com/opec-january-oil-output-rises-led-by-nigeria/

 

FG Pledges Availability of Adequate Cooking Gas

To reduce to the barest minimum, attendant health hazards associated with the use of firewood and kerosene stove for household and commercial, the federal government will boost the implementation of her gas policy by making liquefied petroleum gas, otherwise known as cooking gas abundantly available to everyone irrespective of socio-economic status.

http://www.thisdaylive.com/index.php/2018/01/31/fg-pledges-availability-of-adequate-cooking-gas/

 

Other News

FG’ll prepare supplementary budget for wage increase – Akabueze

The Federal Government will prepare a supplementary budget to take care of workers’ demand for an increase in salaries when the new minimum wage proposal, which is currently being worked on, is eventually approved.

http://punchng.com/fgll-prepare-supplementary-budget-for-wage-increase-akabueze/

 

2018 budget cannot be padded, DG Budget Office

The Director-General, Budget Office of the Federation, Mr Ben Akabueze, says the Federal Government’s 2018 Budget cannot be padded.

http://punchng.com/2018-budget-cannot-be-padded-dg-budget-office/

 

Over 25,000 pensioners not on FG payroll – NUP

More than 25,000 pensioners are still excluded from Federal Government’s payroll of retirees, according to the Nigerian Union of Pensioners (NUP).
https://www.vanguardngr.com/2018/01/25000-pensioners-not-fg-payroll-nup-2/

 

Pensioners threaten Rivers with legal action over increment in pension

Retired civil servants in Rivers State have threatened legal action against the state government over alleged refusal to increase their pension as directed by National Salaries, Incomes and Wages Commission, NSIWC.
https://www.vanguardngr.com/2018/01/pensioners-threaten-rivers-legal-action-increment-pension/

 

January PMI index records slow growth, says CBN

The Central Bank of Nigeria (CBN) yesterday reported that the January 2018 Purchasers Manager Index (PMI) – a survey which measures the productive activities in the manufacturing and non-manufacturing sectors of the country grew to 57.3 pet cent, howbeit sluggishly in comparative terms with previous growth trajectory.

https://guardian.ng/business-services/january-pmi-index-records-slow-growth-says-cbn/

 

‘Manufacturing Will Lift Nigeria Out of Poverty’

Foremost Economist and a former Adviser to former President Olusegun Obasanjo, Prof Osita Ogbu has said that the nation’s poverty level will continue to remain high until there’s a proper transition from oil to manufacturing.

http://www.thisdaylive.com/index.php/2018/02/01/manufacturing-will-lift-nigeria-out-of-poverty/

 

Nigeria Ranked Low on Budget Transparency Index

Nigeria slipped into 90th place behind Zimbabwe and Afghanistan in the global Open Budget index released on Thursday.

https://www.thisdaylive.com/index.php/2018/02/01/nigeria-ranked-low-on-budget-transparency-index/

 

 

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