Oil To Hit $200 Per Barrel Soon: SEB Group

“Why G7’s price capping proposal is a “recipe for disaster”   Oil prices are likely to soar past $200 per barrel if G7 manages to cap the price of Russian crude oil, according to chief commodities analyst at Swedish bank SEB Group. Bjarne Schieldrop, SEB analyst, said on Wednesday in no uncertain terms that the G7’s price capping proposal was a “recipe for disaster” given the current stress that the oil market is under. The G7 leaders agreed on Tuesday to study ways to cap the price of Russian oil…

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BREAKING: Bridging Payment To Fuel Marketers Hits N74bn in 7 Months

Here, according NMDPA, is the breakdown of how much MOMAN members, IPMAN members, NNPC Rwtails and DAPPMAN members collected.   Payment of bridging claims to fuel marketers in Nigeria has hit N74 billion in just seven months Platforms Africa reports that the Nigeeia Midstream and Downstream Petroleum Regulatory Authority (NMDPA), which declared this in a statement maintained that so far, the Authority paid N71,233,712,991 bridging claims and another N2,736,179,950.84 freight differentials to the Marketers as at 6th June, 2022. READ ALSO: BREAKING: Buhari Hikes Fuel Freight Rate, Worsens Subsidy Burden…

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All Nigeria’s Refineries Producing Zero Litre of Fuel – NNPC

Nigeria now depends 100% on crude swap + why no refinery functional in Nigeria at the moment, NNPC GMD opens up   Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Ltd, Mele Kyari, has said that no single litre of product is being produced from Nigerian refineries as no single refinery working at the moment in the country. Platforms Africa reports that Nigeria has four refineries with 445, 000 barrels daily cumulative capacity. Kyari disclosed the status of the refineries when he appeared before the House of…

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Real Reason Cooking Gas Price Hits N12,000 Per 12.5kg – Marketers

Marketers absolve selves of blame, open up on what potfolio investors have to do with skyrocketing gas prices   The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has blamed ‘portfolio investors’ for the high cost of cooking gas. READ ALSO: Savannah Energy Begins First Gas Sales To Central Horizon Gas Company OML 21: Nivafer Delivers HP Skid For Shell Asa North Gas Project Cooking Gas Price Skyrockets To N12,000 Per 12.5Kg NNPC, Sahara Group invest $300m in gas The president of the association, Oladapo Olatunbosun, disclosed this on Tuesday…

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Nigeria Dwarfs Education, Health Budget, Blows N2.84trn On Petrol Subsidy

INVESTIGATION: N2.84 trn spent on subsidy in 17 months doubles the N1.45 trn allocated for infrastructure in 2022 budget. It is over N700 bn higher than N2.1tr total budget for health and education. Here is Platforms Africa exclusive report on fuel subsidy and an economy in reverse gear   The Nigerian government has dwarfed the budget for three critical sectors of the economy – Education, Health and infrastructure – in 2022 fiscal year with the N2.84 trillion already spent on petrol subsidy in the last 17 months, investigation by Platforms…

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Fuel shortage, inflation’ll weaken Nigeria’s economic growth – World Bank

The World Bank has said that fuel shortage and rising inflation will likely restrain economic growth in Nigeria. It said this in the June 2022 edition of its Global Economic Prospects report. The financial institution had projected that Nigeria’s economy would grow by 3.4 per cent in 2022 but decline to 3.2 per cent in 2023 and 2024. For the first quarter of 2022, the National Bureau of Statistics reported a 3.11 per cent growth, which is still less than the World Bank’s growth projection for Nigeria. READ ALSO: NDLEA…

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5G Networks May Interfere with Aircraft landing, IATA warns Nigeria

The International Air Transport Association has urged the Federal Government of Nigeria and the governments of other countries to work closely with the aviation industry to ensure that aviation and incumbent aviation safety systems can safely co-exist with new 5G services. The organisation spoke against the backdrop of flight disruptions caused by the recent deployment of 5G services by telecommunication companies in the United States and plans by Nigeria and other countries to deploy 5G services in the coming months. While IATA recognises the economic importance of making spectrum available…

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EXCLUSIVE: Buhari Removes Ag Accountant-General 28 Days After Appointment

. Why, how government downgraded, redeployed Anamekwe Nwabuoku to Federal Civil Service Commission As Director of Finance – Source  . We are shopping for new Accountant-General – Head of the Civil Service of the federation declares office vacant . The “government borrowing to pay salary” comment that landed Nwabuoku in trouble     The Nigerian government has invited eligible candidates to apply for the position of a substantive Accountant-General of the federation as the Acting Accountant General, Mr. Anamekwe Nwabuoku, has been removed. Platforms Africa gathered exclusively that Anamekwe Nwabuoku,…

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First 5G In Nigeria’s History’ll Go Live By August; MTN, NCC Declare

MTN Nigeria yesterday confirmed that it will roll out 5G network by August 24, 2022. The Operator disclosed this at the 90th edition of the telecom consumer parliament, organised by the Nigerian Communications Commission, NCC in Ikeja, Lagos In May 2022 when the NCC handed over the final letters of award of 5G spectrum licences to winners of the December 3.5GHz spectrum auctions, it mandated them to roll out services in August 2022. Also, yesterday, while declaring open the consumer parliament, themed: 5G Technology: Opportunities and Challenges” the Executive Vice…

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Nigerian Lawyer Wears Traditional Worshipper’s Attire To Supreme Court

A Nigerian lawyer, Malcolm Omoirhobo, on Thursday, caused a stir at the Supreme Court for wearing an African traditional worshippers’ attire to the court’s proceedings. Omoirhobo stated that he wore the clothing to court to exercise his fundamental human rights following a recent judgment by the Supreme Court which permits female Muslim to wear hijab in schools and public places. The Supreme Court had, on Friday, June 17, 2022, granted the use of hijab by female Muslim students in government-owned schools in Lagos. READ ALSO: Nigeria Drops To 36th Position…

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