Tag Archives: Nigerian National Petroleum Corporation (NNPC)

The Minister of State for Transportation, Sen. Gbemisola Saraki, on Wednesday said the economic cost of road accidents in Nigeria amounted to about N450 billion annually. Saraki also said the recent approval granted the Nigerian National Petroleum Corporation (NNPC) to reconstruct 21 federal roads across the country was a direct …

After a 20-year delay, the much-awaited Petroleum Industry Bill (PIB) was on Thursday, July 1, 2021, passed by the House of Representatives. Speaker of the House of Reps, Mr Femi Gbajabiamila, described the passage of the bill as a “landmark achievement,” commending the 74 members of the PIB committee and …

The Nigerian National Petroleum Corporation (NNPC) yesterday predicted that oil price could climb as high as $200 per barrel, as banks and major International Oil Companies (IOCs) withdraw from funding critical projects in the industry, leading to supply shortage and a huge upsurge in the amount the commodity is sold. …

The Federal Government on Thursday revealed that about N120 billion ($263,248 million) was spent by the current administration for Premium Motor Spirit (PMS/ Petrol) subsidy monthly. The Minister of State for Petroleum Resources, Timipre Sylva, made the disclosure at the fifth edition of the Special Ministerial Briefings coordinated by the …

The fortune of Nigeria’s oil and gas industry may further dwindle this year and even beyond as banks funding to the country’s highest revenue earner declined by $3 billion in 2019. This was even as the Nigerian National Petroleum Corporation (NNPC) disclosed that it has been able to reduce its Joint …

The United Bank for Africa Plc (UBA), the leading pan-African financial services group, has acted as the lead arranger of a consortium of Nigerian commercial and international banks in a $1.5 Billion Pre-Export Finance Facility for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development …

The Petroleum Products Pricing Regulatory Agency (PPPRA) has effected a further reduction in the pump price of Premium Motor Spirit (PMS), also known as petrol, to N121.50 per litre, N2.0 down from N123.50 per litre last month. This is the third reduction this year. In a letter to petroleum products …

The federal government paid N752 billion as petrol subsidy in 2019, a report by the Nigerian National Petroleum Corporation (NNPC) has disclosed. According to a recent report on NNPC’s operations and financial activities for the period of January 2020, the country doled out a whopping sum of N594,525,670,942 to the …

The country’s refineries under the management of the Nigerian National Petroleum Corporation made a cumulative loss of N123.25bn from January to October 2019, latest figures released on Wednesday showed. An analysis of data in the October 2019 oil and gas report of the NNPC showed that all three entities recorded …

Nigerians spent N2.7 trillion last year on the consumption of Premium Motor Spirit (PMS) Petrol, according to figures released by the Petroleum Products Pricing Regulatory Agency (PPPRA).  The agency said that 18,623,992,092 litres of the product (also known as petrol) were supplied to the domestic market as at November 2019, …