The Dangote Refinery has officially commenced gasoline export, marking a major milestone in Nigeria’s oil and gas sector. This development, confirmed by company executives on Monday, signals Nigeria’s transition from a fuel-importing nation to a fuel-exporting powerhouse. This is the first time in history that a privately owned Nigerian refinery has exported gasoline to international … Read more
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a ₦12.2 trillion revenue boost in 2024, marking one of the sector’s most significant financial upswings in recent years. This surge is largely attributed to intensified oil field regulation, licensing reforms, and improved compliance across the upstream sector. The announcement underscores Nigeria’s renewed focus on maximizing … Read more
The Federal Government’s recent action to end speculative oil field licensing in Nigeria has stirred strong reactions across the country. Online users and civic commentators have responded with cautious optimism, hailing the decision as a bold step toward curbing corruption and inefficiency in the oil sector. The phrase “No more disappearing barrels” began trending shortly … Read more
Federal Government (FG) ends speculative oil field licensing in Nigeria, signaling a shift toward operational transparency and economic growth. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced this policy to curb the trend of companies holding oil blocks without development. For years, these licenses encouraged hoarding rather than investment. However, the new directive demands commitment … Read more
Nigeria has lost over $25.7 billion to crude oil theft between 1999 and 2022, according to a new report that shocked the energy industry. This staggering loss spans 23 years, affecting national revenue, foreign reserves, and investor confidence. In a country heavily reliant on oil exports, such persistent theft raises urgent questions about security, governance, … Read more
According to industry insiders, the price slash was announced late Tuesday, July 1st, following fresh supplies pushed out by the Lekki-based multi-billion-dollar facility. This is the second major price cut in less than two months — and Nigerians are already feeling the ripple. This move comes as the refinery ramps up local distribution and tries … Read more
The Federal Capital Territory Administration (FCTA) has taken a bold step towards modernizing its revenue collection system by approving a substantial N242.8 million for the procurement of a Microsoft 365 licence. This move, aimed at enhancing the efficiency of the Federal Capital Territory Internal Revenue Service (FCT-IRS), marks a significant shift towards digital transformation in … Read more
In a landmark move aimed at restructuring Nigeria’s tax system, the House of Representatives has approved key tax reform bills, retaining the current 7.5% Value Added Tax (VAT) rate while introducing a revised distribution formula that seeks to balance equity, population size, and consumption patterns. This decision comes as part of broader economic reforms designed … Read more
The Nigerian currency continued its downward trend, falling to ₦1,585 per dollar in the parallel market on Wednesday from ₦1,565 per dollar recorded on Tuesday. This decline marks another setback for the naira, which has struggled to maintain stability in the face of growing foreign exchange pressures. Similarly, in the Nigerian Foreign Exchange Market, NFEM, … Read more
A storm is brewing over Nigeria’s oil sector as the Conference of Progressive Nigerians (CPN) has issued a stern warning to the Nigerian National Petroleum Company Limited (NNPCL), cautioning against any attempt to halt the naira-for-crude exchange arrangement. The group insists that suspending the policy will not only destabilize the country’s fragile forex reserves but … Read more