Economy Archives - Page 85 of 95

Aug

31

2022

Nigeria loses 95% of oil production at Bonny terminal due to theft

Economy, MetroCrime, Metro, Nigeria, Security

Africa’s biggest oil producer is losing almost all oil production in the Bonny oil hub, the city after which its premium Bonny Light oil grade and a key export point for the country, Mele Kyari, are named. limited NNPC he said Tuesday. Nigeria, in a bid to curb oil theft, launched an app this month to monitor the incidence. “What is most difficult to deal with today is the issue of crude oil theft, it is real and it is happening,” Kyari told a state house briefing in Abuja. “Are we defenseless? No, we are not defenseless and our efforts are paying…

Aug

30

2022

By Amos Oge Kalu

Nigeria to exceed debt limit in 2023 as FG seeks N11 Billion in new loans

Economy, Politics2023, Economy, Next Level, Nigeria, Politics, Zainab Ahmed

The Nigeria Minister of Finance and National Planning, Zainab Ahmed has said that the federal government will borrow more than N11 trillion and sell domestic assets to finance the budget deficit in 2023. She also said that the government’s budget deficit is expected to exceed N12.42 trillion if it maintains the oil subsidy throughout the 2023 fiscal cycle. Ms. Ahmed revealed this on Monday while appearing before the House Finance Committee to defend the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). Explaining two budget deficit scenarios to the committee, the minister said the first option involves withholding…

Jul

09

2022

By Amos Oge Kalu

Fuel shortage paralyzes travel in Lagos

Economy, Metro, PoliticsEconomy, Metro, Next Level, Nigeria, NNPC

Many Lagos residents were stranded on Friday at various collection points as fuel shortages continue to hit harder. The Nigerian News Agency (NAN) reports that fuel shortages dragged on for a week, leaving commuters scrambling to board few available vehicles for travel, negatively impacting economic and social life. The situation is direr as the activities for the 2022 Eid-el-Kabir celebration are in full swing. For example, the long stretch from Iyana Oworo to the Lagos/Ibadan expressway and inland roads were partially blocked as few service stations were refueling the long queue of motorists. There is also the problem of an…

Jun

22

2022

By Amos Oge Kalu

IPOB attacks Buhari over pipeline vandalism comment – ‘You’re a disgrace, uninformed liar’

Economy, Metro, NewsCrime, IPOB, Metro, Mohammadu Buhari, Nigeria, Security

By Seun Opejobi The Indigenous People of Biafra, IPOB, has berated President Muhammadu Buhari for linking its members to pipeline vandalism., IPOB described Buhari’s remark linking IPOB to pipeline vandalism as laughable, disgraceful, and false. The spokesman of IPOB, Emma Powerful, said Buhari’s comment has exposed how shallow-minded and uninformed he is about Nigeria’s affairs. A statement by Powerful said: “The attention of the global movement and family of the Indigenous People of Biafra (IPOB) ably led by our great and indefatigable leader, Mazi Nnamdi Kanu, has been drawn to the laughable, disgraceful and fallacious statement from the supposed President of Nigeria,…

Jun

22

2022

By Amos Oge Kalu

Buhari claims IPOB blowing up oil pipelines, funded by foreign countries

Economy, Metro, News, PoliticsBiafra, Crime, Freedom, IPOB, Metro, Mohammadu Buhari, Next Level, Nigeria, Politics, Security

President Muhammadu Buhari has linked oil theft and pipeline vandalism to the Indigenous People of Biafra, IPOB. Buhari said the vandalism and oil theft carried out by IPOB is responsible for the shortfall of the daily production quota in Nigeria. He disclosed this during a question and answer session with Bloomberg, a United States, US-based publication. The president urged foreign countries to designate IPOB as a terrorist organization. He accused the international communities of funding the separatist group. Buhari claimed IPOB was being funded through international financial networks. “Criminality and terrorism in oil-producing regions hamper production, and it would help…