The Federal Government yesterday said it will not impose its decision on implemenation of the national minimum wage and deregulation of downstream oil sector of the economy.
Four littoral states, namely Abia, Akwa Ibom, Delta and Edo are engaged in a battle with the Federal Government, the Revenue Mobilisation Allocation and Fiscal Commission (RM-AFC), and the Accountant-General of the Federation over alleged underpayments in the implementation of the 13 per cent Derivation Fund between November 2006 and December 2008.
The Special Assistant to the Kwara State Governor on Local Government Affairs Alhaji Mustapha Ope Saraki has said that the state government has released over N870 million from excess crude money to the 16 local governments in the state out of excess crude oil allocation.
The three tiers of government yesterday shared N373.570 billion as against N354.302 billion they shared in the previous month.The amount was made up of statutory revenue of N286.929 billion for the month of November, N38.014 billion from Value Added Tax (VAT) and N48.627 billion representing exchange rate difference from the prevailing rate of N149.01 per dollar.
The Federal Government has been called upon to drop the issue of deregulation of oil industry as the masses would ultimately bear the brunt of deregulation.
Five-hundred eighty-seven million people presently lack access to electricity in sub-Saharan Africa, a number that is projected to increase to almost 700 million by 2030, according to a report released by the International Energy Agency.
A major assessment of the impacts of oil production in the Ogoni region of the Niger Delta has been flagged off jointly by the Governor of Rivers State, Mr. Rotimi Amaechi and the United Nations Environment Programme (UNEP) in Bori, near Port Harcourt.
Over a year after the World Bank formally withdrew (September 2008) from the social welfare portion of the Chad-Cameroon Petroleum Development Project (CCPDP), acknowledging that the goals were not going to be met,[1] the number and diversity of new analyses make now a good time to revisit the CCPDP and the lessons brought on by this 'pioneering and collaborative effort'.[2]
GROWTH in the economy could be reduced by as much as 1,5 percentage points over the next three years if power utility Eskom got the go-ahead for its revised tariff hikes, SA's largest business group warned yesterday.
Barely few weeks to the effective take off date for the global ban on the importation of all Ozone Depleting Substances (ODS) in January 2010, leading manufacturers of refrigeration, foam, fire-fighting, solvent, aerosol and agricultural have began industrial conversion of production lines to ODS free technologies, processes and substances. The deal is coming on the heels of affordable access to ...
IT is no longer news that the Yar'Adua government can now beat its chest and claim to have chalked up some sort of achievement in an otherwise barren and arid tenure.
After initially asking for three annual electricity price increases of 45%, on 1 December Eskom reduced this request to 35% a year for three years. This comes in the wake of pressure from all political parties as well as Cosatu, with significant concerns being raised about the inflationary effects of such large price rises, as well as the impact on an economy still struggling to cope with the ...
Ghana seems to be learning a lot of lessons from neighbouring West-African countries, including Nigeria, which are having a tough time dealing with the challenges presented them by their oil find and exploration.
Many filling stations in Lagos were yesterday closed to business owing to what some major and independent marketers called "rationing of fuel supply" by the Pipeline Products and Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).
A number of projects proposed in the Petroleum Industry Bill (PIB), which is due for passage by the Senate this month, are under real threat as the Senate Committee on Petroleum (Downstream) has rejected the N7.5 billion in the 2010 budget for execution of the projects.
After months of uncertainty over the implementation of the 2009 budget owing to the dwindling oil prices, the Federal Government has said the global oil markets are now stable and there is no need for the Organisation of Petroleum Exporting Countries (OPEC) to supply more crude oil to the international market.
RELIGIOUS leaders have called for the reduction of electricity tariffs to encourage the use of clean energy to reduce the effects of climate change.
The Ministry of Power yesterday in Abuja restated its commitment towards meeting the power generation capacity of 6,000 megawatts before the end of this year.
The Senate yesterday discovered irregularities, duplications and ambiguous provisions in the 2010 budget proposals of the Ministry of Petroleum Resources amounting to N10bn naira.
Since plans by government to deregulate the downstream sector of the oil industry became public knowledge, fuel marketers have intensified efforts in doing what they know how to do best: That is to hoard the product.
Government has reassured investors in the West African Gas Pipeline (WAGP) that the policy priority for domestic supply would not entail sabotage of the regional fuel grid.
The agitation for local content in the oil and gas industry recently got a boost from the House of Representatives, whose piece of legislation seems the boldest attempt to make Nigerians maximally benefit from the oil and gas endowment in the country.
REPRESENTATIVES of the government, labour, business and civil society have committed themselves to revive the structure that was set up to respond to the electricity crisis that overwhelmed SA early last year.
POWER utility Eskom plans to review its coal supply agreement with miner Exxaro Coal as part of its efforts to lower input costs.
Recently, the Venezuelan Ambassador to Nigeria, Enerique Fernando Arrundell, during a visit to the Minister of Information and Communications, Dora Akunyili, offered some advise to Nigerian government about how to make the huge revenue it derives from oil work for the citizens.
