The amount spent on the importation of petroleum products into Nigeria in 2020 is $43.46bn higher than the revenue which the country earned from the export of petroleum products in the same year. In its 2021 report on the latest values of cs and imports of member nations of the Organisation of Petroleum Exporting Countries
NNPC data showed that cumulatively, Nigeria produced 195.14 million barrels from January to April, 2021. According to NNPC, January’s production was 49. 258 million barrels (1.58 million barrels per day), while February’s production was 45.357 million barrels (1.62mb/day). In March, production was 51.225 million barrels (1.65mb/day) while April production was 49.3 million barrels (1.63mb/day). In
The Nigerian Government has introduced a two per cent annual increase on price based royalty for crude oil and condensates in the Petroleum Industry Act (PIA). The PIA, whose tortuous journey into becoming a law started in 2007, targets the revamp of the oil and gas sector by ensuring optimal levels of transparency and accountability through
The Nigerian National Petroleum Corporation (NNPC) has disclosed that it spent N175.32 billion on petrol subsidy in the month of July 2021 which will be deducted from its remittance to Federation Account Allocation Committee (FAAC) in September. NNPC in its FAAC report said an earlier outstanding of N40 billion will be deducted also, bringing the
Barely one month after assenting to the Petroleum Industry Act (PIA) 2021, President Muhammadu Buhari is asking the Senate to amend the act that was passed by the National Assembly on July 1. The President’s fresh request was contained in a letter dated September 16, and read during plenary, yesterday, September 22, by the Senate
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