So, we all pay subsidies and that is what the President removed. So, instead of going to these private pockets, Nigerian private pockets, the oil magnates, those who operate the industry, the President harvested the money and ploughed it into the treasury of the government. And that’s why most states are getting twice or even three times of what they used to get. So, you can see that money has gone into state treasuries, local government treasuries and also the national treasury and this money hitherto was going into private pockets. That’s the explanation I wanted every Nigerian to understand. But the subsidy regime now we are paying it’s still there. It may not be adequate, probably if it had been adequate, maybe the prices would have been forced down, but that which was removed was the one that was stolen money.
Browsing: Oil & Gas/Mineral Resources
In an industry dominated by men, especially in Nigeria, some women are leaving their footprints and reconstructing the oil and gas sector…
Nigeria is blessed with 44 different types of minerals in commercial quantities, found in no fewer than 500 locations across the country. Among these, seven are classified as strategic and critical for the global energy transition.
The managing director of a local oil and gas company operating throughout the downstream value chain in Nigeria, Pinnacle Oil and Gas Limited, Robert Dickerman has revealed that the Nigerian government still pays approximately ₦1 trillion every month as petrol subsidies.
For alledgely helping Addax Petroleum to escape a $2.4 billion liability to Nigeria, the Federal Investigation Bureau (FBI), has slammed bribery and tax-related charges in the United States, against a senior Nigerian National Petroleum Company Limited (NNPC) official, Paulinus Iheanacho Okoronkwo.
The Nigerian Upstream Petroleum Regulatory Commission has put plans in motion to relocate some of its units to Lagos, a document sighted by ChannelsTV reveals.
Unearth the untapped potential and unimaginable riches at Mutun Daya, a bustling mining site in Niger state’s Shiroro local government area. Delve into the industrious spirit permeating the air as miners extract treasures hidden within the earth’s depths. Witness the risks, rewards, and dreams of a community determined to carve out their fortunes from the golden depths.
In the continued gale of exit by Nigeria-based multinationals, ASHENEWS reports that the French oil major, TotalEnergies has announced plans to sell its minority stake in a major oil joint venture, and finally exit the country.
“It is an arbitrary order capable of undermining the operational independence of the NNPCL. By this order, Mr. President has wrested control of the finances of the NNPCL and donated the same to the Federal Ministry of Finance and the Central Bank of Nigeria. This is an unprecedented act, without any legal or ethical basis. It is also a violation of the principle of due process in public administration”
Like most residents of the Farakwai Community in Igabi local government Area of Kaduna state, Ahmed Abubakar received the granite mining companies in the community with euphoria. Abubakar, popularly known as Babangida, said the people’s expectations were that the companies would augment the government’s effort in providing infrastructure and strengthen their economic growth, enhance job creation and environmental conservation.