crude oil

Reuben Abati: Confronting the curse of oil… and the failure of Nigerian leaders

The monthly Federation Accounts Allocation Committee, FAAC, meeting was held the other day in Abuja, with the representatives of state governments again cap in hand, asking for their share of federal revenue – read: oil revenue, or better still, national cake, or our money. A paragraph in the report by the online newspaper, Premium Times,... Read More

: Edgar Gonzalez, crude oil, curse, economy, Leadership, nigeria

FG to break NNPC into 30 companies [DETAILS]

The Minister of state for Petroleum Resources and the Group Managing Director of Nigerian National Petroleum Corporation, Ibe Kachikwu, says the NNPC would be restructured and divided into 30 companies that will generate revenue for the country. Each of the 30 companies is expected to have its own managing director. Kachikwu made this known on... Read More

Featured, The News Blog

crude oil, Ibe Kachikwu, nnpc

January 2, 2016

DSS, EFCC to probe illegal lifting of Nigeria’s crude oil under Jonathan

The Department of State Services and the Economic and Financial Crimes Commission may be investigating the illegal lifting of crude oil between 2007 and 2015. The agencies are said to be centering their investigation on the 113 vessels that the Federal Government banned from lifting Nigeria’s crude oil in July 2015. An inter-agency committee, which... Read More

crude oil, DSS, EFCC, Goodluck Jonathan, illegal, lifting

August 26, 2015

President Buhari disappointed with his predecessors

President Muhammadu Buhari has expressed his disappointment with his predecessors’ handling of the Nigeria’s oil industry. Buhari blamed past administrations for the current situation, where the country has to spend billions of Naira annually on subsidies for petroleum products. The President stated this on Tuesday, August 26, while speaking at a meeting with the Chairman and members... Read More

crude oil, Oil subsidies, Petroleum Ministry, president buhari

We can no longer depend on crude oil – Buhari

President Muhammadu Buhari says that Nigeria can no longer depend on crude oil and gas exports as the country’s major revenue earner. According to the President, it’s high time Nigerians began to do more more than pay mere lip service to agriculture. A statement was released to this effect through his Special Adviser on Media and Publicity, Femi... Read More

agriculture, crude oil, president buhari

Opinion: The worth of transformation in Naira and crude

by Emeka Jerome Above sentiments, the worth of Transformation is N223 per a dollar and $54 per a barrel of crude without a robust external reserve for the raining days. The world has been awash by insults and propaganda that attended the campaigns for the forthcoming general election. The two main political parties in the... Read More

crude oil, President Goodluck Jonathan, TAN, transformation

February 18, 2015

APC describes Jonathan’s administration as ‘6 years of clueless leadership’

by Kolapo Olapoju The All Progressives Congress Presidential Campaign Organisation (APCPCO) has reacted to the newspaper advertorial about Nigeria’s military expenditure during the 20-month reign of General Muhammadu Buhari. According to the opposition party, Buhari spent a lot more in equipping the military within his short spell as Head of State than President Jonathan did... Read More

anti-corruption protests, APC, corruption, crude oil, President Goodluck Jonathan

February 5, 2015

Nigeria loses N21billion to pipeline vandalism in 6 weeks

by Andem Effiong Nigeria has declared a loss of over N21.37bn in the last six weeks as a result of vandalism of the Trans-Forcados and the Escravos-Lagos pipelines that convey crude oil and gas to different energy plants. The Nigerian National Petroleum Corporation (NNPC) said on Wednesday that there had been a recent increase in attacks... Read More

crude oil, David Ige, losses, nigeria, nnpc, vandalism

January 26, 2015

Babatunde Fashola: Petrol pump price reduction and the economy – my take away

by Babatunde Fashola It is no longer news that the Federal Government has announced a reduction in the pump price of premium motor spirit (PMS), popularly called petrol. While I have made my position known on my Twitter handle that ‘a little over 10% reduction in cost of the final (crude oil) product (PMS) in... Read More

#Sleeves up Nigeria, babatunde Fashola, crude oil, Federal Government, nigeria, Pump price reduction

January 8, 2015

Jimi Agbaje speaks on why GEJ should be re-elected, says Buhari has been compromised

by Damilola Jagun Jimi Agbaje has warned that if President Goodluck Jonathan fails in his re-election bid, his region, the South south could cripple the nation’s economy by shutting down the oil sector. The Peoples Democratic Party governorship candidate of Lagos state made the comments at a recent meeting in London organised by his... Read More

crude oil, economy, jimi agbaje, lagos state, President Goodluck Jonathan, presidential election, South-south

January 5, 2015

“Our reserve is depleted” – 10 quotes from OBJ on President Jonathan, the economy and 2015 election

by Kolapo Olapoju Of recent, former president, Olusegun Obasanjo, has become increasingly vocal about the performance of President Goodluck Jonathan. On Monday, January 5, while hosting the South-West women leaders at his residence in Abeokuta, Obasanjo accused the President of squandering $25billion crude oil savings left behind by his administration. He also spoke on the falling oil prices,... Read More

2015 elections, crude oil, economy, naira, olusegun obasanjo, President Goodluck Jonathan

December 11, 2014

Wahala dey! Nigeria’s FX reserves down 19.5% to $35.8bn

by Tunji Andrews Indications of the official website of the Central Bank of Nigeria, has indicated that the country’s external reserves fell to $35.8bn on December 9, down 19.5%, down from the $44.5bn it was at same period in 2013. Off the back of the CBN’s intense defence of the Naira, which has seen the... Read More

CBN, crude oil, Foreign Reserves, Godwin Emefiele, inflation, nigeria

October 28, 2014

What “structural adjustment” is @NOIweala proposing for our economy?

by Tunji Andrews Minister of Finance and Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, has indicated that Nigeria’s economy may need to make some structural adjustments in order to safely navigate through the waters of uncertainty on the horizon. Falling global crude prices, with growing capital flight from concerns around the 2015 general elections,... Read More

crude oil, economy, ngozi okonjo iweala, nigeria

October 15, 2014

More foreign capital came into Nigeria in Q2, $12.67 billion of it

by Tunji Andrews Provisional data indicated that foreign exchange inflow through the CBN in the second quarter of 2014 amounted to US$12.67 billion, representing an increase of 23.9% and 34.1% above the levels in the preceding quarter and the corresponding quarter of 2013, respectively. The development relative to the preceding quarter was attributed to the... Read More

CBN, crude oil, economy, foreign exchange, Inflow, nigeria, Second quarter

September 12, 2014

JTF in Delta discovers that shrines now host crude oil

by Jewel Stephen Stolen crude oil supply has been discovered in juju shrines and septic tanks by Joint Military Task Force’ officials. The security agents, who operate under the code-name ‘Operation Pulo Shield’, confirmed that the crude oil was found buried inside juju shrines, sitting rooms and septic tanks, in some communities of Delta and... Read More

Bayelsa, crude oil, Delta, Ibada Amukpe, Joint Military Task Force, JTF, Juju, Lieutenant-Colonel Mustapha Anka, Niger Delta, Rivers, Sapele

August 22, 2014

Pipeline vandals are hard at work | Nigeria records an average of 10 pipeline breaks per day

by James Sambo The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Joseph Dawha, says vandals and oil thieves had a field day last year, recording 3,571 pipeline breaks in 2013 across the country. He made the announcement yesterday at the National Association of Energy Correspondents’ 2014 Conference which held in Lagos.... Read More

crude oil, Joseph Dahwa, nigeria, nnpc, Oil theft, pipeline, vandalism

Opinion: Dear NNPC, please bring back our refineries

by Solomon Ben Olonade The big question is simple: Should Nigerian refineries translate now from public to private ownership? Most true Nigerians will argue that the right principle for determining this question is that of national interest. Whatever is not in the best interest of the nation is a wrong option, no matter what... Read More

Akin Osuntokun: The crude oil identity

by Akin Osuntokun Rather than endeavour to free our minds from the shackles and incapacitation of the bondage of crude oil, it is tragic to note that some Nigerians who stake political leadership claims would work themselves into frenzy seeking to perpetuate our dependency on oil syndrome. It is difficult to quantify and determine the... Read More

Akin Osuntokun, crude oil, identity, Niger Delta, opinion, ynaija

December 31, 2013

Dele Sobowale: But really, is this how to run a government?

by Dele Sobowale And since Obasanjo, in 1999 till today, Nigerians had been swindled by their own governments without remorse. Government here refers to the Executive and legislative branches of government. The management of Federal, as well as states funds, since 1999 had been one great swindle perpetrated by all the governments without exception.... Read More

a governemnt, crude oil, Dele Sobowale, government, is this how, opinion, run, swindlw, to, ynaija

December 2, 2013

Ijeoma Nwogwugwu: How not to sell our refineries

by Ijeoma Nwogwugwu My take on all this is that it’s high time we do away with the needless emotions and get rid of the four moribund plants on the federal government’s balance sheet. As mentioned earlier, the four plants for almost two decades have not functioned at optimal capacity due to inefficiency, corruption... Read More

crude oil, Diezani Alison Madueke, Ijeoma Nwogwugwu: How not to sell refineries, Minister, opinion, Refineries, Sani Abacha, ynaija

November 12, 2013

Mondiu Jaiyesimi: Africa’s biggest crude oil reserves (Y! Policy Hub)

by Mondiu Jaiyesimi Projected rise in oil find by the Nigerian government has been held back by reduced investment in exploration by the oil majors due to insecurity and uncertainty surrounding the effect of the petroleum industry bill which is waiting to be passed into law by the legislature. Considering the ever present peak... Read More

Algeria, alternative, angola, British Gas, crude oil, libya, Modiu Jaiyesimi, nigeria, oil reserves, security, Sonangol, Sudan, Y! Policy Hub

November 9, 2013

Opinion: The many troubles of Nigeria

by Adisa Adeleye The bad news was that with the dwindling income from oil, the federal government revenue could be down by about $12 billion at the end of the current year. It has been observed that not much good news have greeted President Goodluck Ebele Jonathan since his return from the Holy Pilgrimage to... Read More

Adisa Adeleye, crude oil, nigeria, Okonjo-Iweala, trouble

October 28, 2013

“The vessel was loaded” – 3 Ghanaians, 9 Nigerians arrested by navy over alleged crude oil theft

by Tutu Akinlabi 12 persons have been arrested by operatives of the Nigerian Navy over allegations of crude oil theft. The Central Naval Command said yesterday that it had seized an oil vessel, MT Frankesen, and arrested the suspects along the Akassa waterways in Brass Local Government Area of Bayelsa State. The occupants of the... Read More

crude oil, Ghanaians, Nigerian Navy, nigerians, Theft

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