Author: Chief Editor

• Nigeria eyeing $18b oil, gas investment, says NNPC Nigeria is pushing to offset about $1 billion gas legacy debt as stakeholders in the industry raised hope of a $12 billion investment and 10 Final Investment Decisions (FIDs) in the next one decade. The Federal Government, while unveiling a new secretariat to propel gas policy, said there is need to improve investor confidence, guarantee return on investment and provide infrastructure support of about $1.6 billion. While payment of historic gas debt incurred in the power sector remains a key priority on the 10-year gas agenda, Chief Executive of the Nigerian…

• Again, Senate reconsiders ‘uneven’ disbursement of N483bn intervention loan• Ondo govt moves to cushion impact of subsidy removal, plead with residents With five weeks left from the eight weeks the Federal Government and organised labour agreed for the conclusion of subsidy removal talks and palliatives, President Bola Tinubu yesterday, asked the House of Representatives to amend the 2022 supplementary appropriation Act to allow the Federal Government source N500 billion for palliative to cushion the effect of petrol subsidy removal. This is amid a recent warning by the Debt Management Office (DMO) to the Federal Government against additional borrowing, saying…

Nigeria defender, Leon Balogun has penned a farewell message to Queen Park Rangers fans following his departure from the club. The centre-back joined the London club on a free transfer last summer. The 35-year-old, however, spent most of the campaign on the sidelines due to persistent injuries. Balogun made 13 league appearances for the Hoops. He took to social media to thank his former teammates, the club and supporters for their love during his time at Loftus Road. “Thank you to everyone at @officialqpr – the staff, the players and you the supporters,” he tweeted. “Despite everything that has happened…

New Al-Nassr manager, Luis Castro, has opened up about working with forward Cristiano Ronaldo. Castro described Ronaldo as an inspiration to his colleagues. The former Porto head coach took charge of the Saudi Pro League club on July 6. “We are happy to have the best players in history with us. It is always a reason to be happy to have the opportunity to work with him [Ronaldo], and he is an inspiration to many of our colleagues on a daily basis,” Castro said (via Record). “It is a responsibility for all of us to fight to achieve our goals…

As Nigeria continues to grapple with economic challenges, it has emerged that the federal government spent $1.169 billion to service its debt obligation from January to June 2023. According to the export and international payment data released by the Central Bank of Nigeria (CBN), the federal government spent $112.35 million in January 2023, $288.5 million in February, $400.5 million in March, and a significantly low service of $92.8 million for the month of April. A further breakdown showed that the government spent $221 million in May and again another record low debt service of $54 million for the month of June. The central bank…

The Centre for Social Justice (CSJ) has called on the federal government to take immediate action to block revenue leakages and implement measures to improve the economy without any further delay. The call was made yesterday on the heels of the interception of a vessel carrying stolen crude oil with a capacity of 800,000 litres which was estimated at N45 billion. The CSJ in a statement said only by curbing such criminal activities and ensuring accountability can Nigeria overcome its fiscal challenges and create a better future for its citizens. The group commended the Nigerian National Petroleum Company Limited (NNPCL)…

Traditional rulers of Oil Mineral Producing Communities of Nigeria (TROMPCON), in the Niger Delta region have commended President Bola Tinubu for his leadership style, noting that he has expressed good governance in the past few weeks in office. The leadership of the group made this commendation yesterday, during a media chat in Port Harcourt, while speaking on issues trending around the Niger Delta Development Commission (NDDC) in the public domain. Speaking on behalf of the monarchs from the oil mineral communities across the region, His Majesty, Dr. Obafemi Ogbaro, 1st Deputy National Chairman of TROMPCON, said that Tinubu in his…

• House urges FG to halt increase in varsity feesHouse of Representatives has frowned at excess charges and illegal deductions by commercial banks, in breach of extant provisions of the law. Adopting a motion initiated by Godwin Offiono at the plenary chaired by Speaker Tajudeen Abass, the House mandated its Committee on Banking and Currency to probe into the issue and report within one month. It also mandated its committee on Legislative Compliance to ensure implementation of the outcome of the probe. Offiono claimed he was privy to information that some banks and financial institutions unethically fleece customers through excess…

Inadequate number of personnel deployed by Civil Society Organisations (CSOs), which limits the number of polling units covered has been blamed for the controversy their 2023 general elections reports generated among Nigerians and international community. The Guardian checks revealed that none of the local or foreign observers accredited for the elections deployed up to 10 per cent (17,661) of the 176,606 polling units across the country used for the exercise, putting a big question mark on the reliability, objectivity, and accuracy of their assessments. According to the figures obtained from the Independent National Electoral Commission (INEC), 190 local and 34…

• 24 states pass life pension for ex-governors, deputies• SERAP, Falana describe earning as illegal Barring a change of mind by the beneficiaries, no fewer than 14 sitting senators, including the Senate President, Godswill Akpabio, will draw pensions and other benefits worth N5.6 billion from their states, for the duration of the 10th Senate. Except the former Governor of Ogun State, Senator Gbenga Daniel, who has requested that he be exempted from pension largesse, none of the other 14 senators has publicly recluse from binging on state’s lean resources. Besides the Senate President, Godswill Akpabio (Akwa Ibom), other beneficiaries of…