The Board of Governors of the International Monetary Fund (IMF), has approved a general allocation of Special Drawing Rights (SDRs) equivalent to 650 billion dollars (about SDR 456 billion) to boost global liquidity. In a statement issued on Tuesday in Washington DC, the board gave the approval on Monday. It…

World Bank, AFDB provide $550m support for off-grid solutions

The Rural Electrification Agency (REA) has announced the provision of $550 million in funding by the World Bank (WB) and the African Development Bank (AfDB) to support the implementation of its off-grid solution projects. Mr Ahmed Abubakar, Communication Expert, REA, who made this known in a statement in Abuja, on…

AKK project will enhance gas utilization for industrialisation- Buhari

President Muhammadu Buhari says successful completion of the Ajaokuta-Kaduna-Kano, AKK Project in 2023 would enhance domestic gas utilisation as the mainstay for national industrialisation. Buhari stated this at the opening ceremony of the 2021 Gas Sector Stakeholders (AKK) Forum organised by the Gas Aggregation Company Nigeria (GACN) on Thursday in…

NCC sets fresh operational fees, spectrum prices for telecom operators

The Nigerian Communications Commission has set up an annual operating regulatory levy to ensure that all licencees are properly and equitably assessed to meet statutory and regulatory expectations. This was disclosed by Prof. Umar Danbatta, Executive Vice-Chairman of the Nigerian Communications Commission, during the Public Inquiry on two regulatory instruments…

NSIA optimistic on 2022 completion date for 2nd Niger Bridge, others

The Nigeria Sovereign Investment Authority (NSIA), has expressed optimism that the Second Niger Bridge and the Lagos—Ibadan Expressway will be completed by 2022. Uche Orji, NSIA’s Managing Director, featured at the weekly State House media briefing organised by the Presidential Communications Team on Thursday at the Presidential Villa, Abuja. Orji…

Buhari commits to African Peer Review mechanism

President Muhammadu Buhari has pledged Nigeria’s continuous support for African Peer Review Mechanism (APRM) process because of its benefits to good governance and democracy. The President gave the assurance at the launch of Nigeria Second Review Country Self-Assessment Report and Flag–off of the Validation of the Report at the six…

Marketers kick against restriction of petrol import to refinery owners as contained in PIB

Oil marketers have kicked against the restriction of licence to import petroleum products to only owners of refineries as contained in the Petroleum Industry Bill (PIB). The Bill was passed by the Senate on July 1. The oil marketers said in a statement issued in Lagos that the insertion of…

Nigeria installs trackers to curb smuggling of petrol

Minister of State for Petroleum Resources, Mr Timipre Sylva, has said that Federal Government installed a tracking system to monitor every truck loading petroleum product from any of its depots as part of efforts to curb smuggling and arrest culprits. He said in Abuja on Sunday a lot had been…

Nigeria installs new terminals to boost gas supply

Mr Dayo Adeshina, Programme Manager, National Liquefied Petroleum Gas(LPG) Expansion Plan in the office of the Vice president says government is targeting installation of five gas terminals to boost LPG penetration in the country. Adeshina said in Abuja, on Sunday that, “from 2017 to 2020, the market has moved from…

Nigeria will support lawful artisanal refiners – Minister

The Minister of State for Petroleum Resources, Chief Timipre Sylva, says that government will support artisanal refiners that are lawful in its operations. The Minister said that government had been supporting building of modular refineries to help boost local production and equally reduce the impact of oil exploration on the…

Nigeria targets Trans Saharan, Europe gas market

The Federal Government says it is targeting the Trans Saharan and European markets with the ongoing construction of the Ajaokuta, Kaduna Kano Gas Pipeline popularly known as AKK Gas Pipeline. Minister of State for Petroleum Resources, Chief Timipre Sylva, said at the weekend in an interview that the gas pipeline…

Troops hit bandits in North West, North Central

The Defence Headquarters says the military has sustained onslaught against bandits, kidnappers and other criminals by denying them freedom of action in the North West and Central zones of the country. Brig.-Gen. Bernard Onyeuko, Acting Director, Defence Media Operation, disclosed this while briefing newsmen on the military operations across the…