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Senate C’ttee Lays PIB Report ahead of Consideration.

Apr 07 2017
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Senate C’ttee Lays PIB Report ahead of Consideration. Thisday Online

The Senate Joint Committees on Petroleum Upstream, Petroleum Downstream and Gas, Thursday laid its report for the Petroleum Industry Governance Bill (PIGB) before the Senate ahead of its consideration.


The PIGB seeks to establish a framework for the creation of commercially-oriented and profit-driven petroleum entities that ensure value addition and internationalisation of the petroleum industry, promote transparency in the administration of the petroleum resources of Nigeria; and create a conducive business environment for petroleum industry operations.


The report was laid by the Chairman of the Joint Committee, Senator Tayo Alasoadura (Ondo Central) and would be considered by the lawmakers on April 25, 2017 after resumption from Easter recess.  Read more


NEITI seeks probe of NNPC over $16bn NLNG payments. Vanguard Online

The Nigeria Extractive Industries Transparency Initiative, NEITI, yesterday, called on the Federal Government to commission an independent investigation into the alleged misappropriation of $15.8 billion by the Nigerian National Petroleum Corporation, NNPC, over a 15-year period, from 2000 to 2014, .


NEITI, in a statement in Abuja, said the amount was dividends and loan repayments by the Nigerian Liquefied Natural Gas Company, NLNG, to NNPC over the period.


It said, “Since the Federation’s shareholding in NLNG is held through NNPC, dividends are paid to NNPC, which should remit same to the Federation Account. However, NEITI’s audits have revealed that until 2015, NNPC failed to remit the interests and dividends from NLNG to the Federation Account.”  Read more


Oil production to boost Nigeria’s economic recovery by 0.8%. Guardian Online

A significant increase in Nigeria’s crude oil production is expected to push economic recovery upward by 0.8 per cent this year, according to the International Monetary Fund (IMF) 2017 Article IV Consultation with Nigeria.


IMF in the report released yesterday, noted that with oil receipts dominating fiscal revenue and exports, the Nigerian economy was hit hard by low oil prices and falling production, adding that under unchanged policies, the outlook remains challenging.


According to the agency, growth would pick up only slightly to 0.8 per cent in 2017, mostly reflecting some recovery in oil production and a continuing strong performance in agriculture, but policy uncertainty, crowding out, and foreign exchange (FX) market distortions would be expected to drag activity.  Read more

Last changed: Apr 07 2017 at 12:33 PM