NEWS REVIEW FOR TUESDAY, NOVEMBER 27, 2018
OIL & GAS
Nigeria Unsure When To Exit Petrol Import As Refinery Projects Drags
The federal government is no longer optimistic that key refinery projects it is promoting would materialise within stipulated timehttps://orientalnewsng.com/nigeria-unsure-when-to-exit-petrol-import-as-refinery-projects-drags/?utm_source=newsletter&utm_medium=email&utm_campaign=nigeria_unsure_when_to_exit_petrol_import_as_refinery_projects_drags&utm_term=2018-11-27
FG fully committed to passage of PIGB, says Osinbajo
Vice President Yemi Osinbajo on Monday said that the presidency was closely working with the National Assembly for the quick passage of the Petroleum Industry Governance Bill (PIGB).
Presidency, Senate, Reps assure Nigerians of PIGB passage
The Presidency, the Senate and House of Representatives have assured Nigerians of their resolve to see the Petroleum Industry Governance Bill (PIGB) through in the current dispensation.https://guardian.ng/business-services/presidency-senate-reps-assure-nigerians-of-pigb-passage/
NLNG Train7 devt took too long coming —MD
MANAGING Director of the Nigerian Liquefied Natural Gas, NLNG, Bonny, Rivers state, Tony Atah has said delayed development of Train7 of the company stifled the nation’s rating among global gas producers.
Stakeholders urge FG to privatize refineries, deregulate downstream
Stakeholders in the downstream sector of Nigeria’s petroleum industry have called on the Federal Government to privatise the refineries and deregulate the sector as part of 13 measures adopted to stimulate sustainable growth.
Malabu: Nigeria loses $6bn from Shell, Eni oil deal – Report
The Nigerian government is expected to lose an estimated $ 6 billion because of corruption in the sale of the Oil Prospecting Licence (OPL) 245 to Shell and Eni Oil in 2011.
Nigeria’s demand for cooking gas surges as price drops by 5%
THERE are indications that demand for Liquefied Petroleum Gas (LPG), has increased in Nigeria as price of the commodity dropped by 5 per cent.
Oil price falls below budget benchmark
THE declining global oil price in the last one week may shatter Federal Government’s economic projections for 2019 as well as impact adversely on its Medium Term Expenditure Framework, MTEF, if the trend is not reversed soon.
We’ll miss 2019 target for refineries’ revamp – Kachikwu
The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said the plan to get the nation’s ailing refineries to work at almost full capacity will not materialise by 2019.https://punchng.com/well-miss-2019-target-for-refineries-revamp-kachikwu/
Nigeria has lost its most valued oil buyers – DPR
Nigeria has lost its most valued crude oil buyers, even as its erstwhile gas customers are now competing with it, the Department of Petroleum Resources said on Monday.https://punchng.com/nigeria-has-lost-its-most-valued-oil-buyers-dpr/
Why illegal refineries thrive in Niger Delta, by oil marketers
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has blamed the thriving of illegal refineries in the Niger Delta on non-supply of petroleum products by the Nigerian National Petroleum Corporation (NNPC).https://guardian.ng/news/why-illegal-refineries-thrive-in-niger-delta-by-oil-marketers/
Nigeria to achieve 1.1mb/d refining capacity by 2020 – Kachikwu
The Nigeria’s refinery capacity will reach 1.1 million barrels per day in 2020, the Minister of State for Petroleum Resources, Ibe Kachikwu said yesterday.https://www.dailytrust.com.ng/nigeria-to-achieve-1-1mb-d-refining-capacity-by-2020-kachikwu.html
Emerging Hydrogen Energy World and Implication for Oil Exporters
Hydrogen has long been used across several industries, including the process for converting heavy petroleum extracts into lighter, exploitable forms of fuel.https://www.thisdaylive.com/index.php/2018/11/27/emerging-hydrogen-energy-world-and-implication-for-oil-exporters/
Salaries, wages growing at lowest level since 2008 — ILO
Salaries are still far too low in the developing world with take-home pay growth overall at its lowest since 2008, the International Labour Organisation (ILO) has said.
As Nigeria struggles with N30,000, South Africa increases minimum wage to N126,480
South Africa has increased its minimum wage to N126,480 per month. The news is coming at a time Nigerian workers are uncertain their struggle for a N30, 000 minimum wage would yield result.
PenCom tasks compliance officers on implementation of micro pension scheme
Compliance officers drawn from the 31 licensed pension fund operators have been charged to monitor and report non-compliance with the micro pension scheme.
STRIKE: FG, ASUU inconclusive
AFTER a marathon meeting that lasted for close to three hours Monday,the federal government and the Academic Staff Union of Universities, ASUU, failed to resolve their differences that have resulted in the ongoing strike by the latter.
Nigeria’s fiscal deficit may further widen, World Bank warns
Increased pre-election expenditure and sustained revenue shortfalls may further widen Nigeria’s fiscal deficit this year, the World Bank has warned.
FG tasks states on fiscal discipline, costs reduction
The federal government has called on state governments to reduce unnecessary overhead costs and enthrone fiscal discipline for proper resources management.https://www.dailytrust.com.ng/fg-tasks-states-on-fiscal-discipline-costs-reduction.html
Is December 1 deadline for the payment of N30,000 minimum wage feasible?
As far as I am concerned, the deadline given by labour unions for the payment of this N30,000 minimum wage is feasible.https://punchng.com/is-december-1-deadline-for-the-payment-of-n30000-minimum-wage-feasible/
We are Running Out of Patience, Labour Tells Buhari
The Nigeria Labour Congress (NLC) yesterday urged President Muhamadu Buhari to expedite action in transmitting an executive bill for the N30,000 minimum wage to the National Assembly.https://www.thisdaylive.com/index.php/2018/11/27/we-are-running-out-of-patience-labour-tells-buhari/
Examining Nigeria’s Rising Debt Profile
Some economists and multilateral organisations such as the International Monetary Fund (IMF) have consistently cautioned the federal government, over its rising debt profile.https://www.thisdaylive.com/index.php/2018/11/27/examining-nigerias-rising-debt-profile/