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The National Bureau of Statistics (NBS) Premium Motor Spirit (PMS) report of September 2021 shows the prices of fuel (petrol) in Nigeria over the past 9 months (January 2021-September 2021) across 36 states in Nigeria and the Federal Capital Territory(FCT).
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A Dataphyte review of the 2019 Auditor General’s Federation Annual Report shows that the country may have been shortchanged to the tune of N666.15 billion due to the discrepancies observed in the financial books of the Nigerian National Petroleum Corporation (NNPC) and Nigeria Custom Service (NCS).
In August 2021, Nigeria signed the Petroleum Industry Bill (PIB) into law. Before signing the bill, there had been concerns over the solvency of the Nigerian National Petroleum Corporation (NNPC), especially as it failed to record profit and the corporation’s revenue accounted for a part of the federal government’s revenue. In this report, we bring to you key points and major highlights of the act especially in relation to the profitability of the NNPC, host communities and gas flaring.
The price of petrol in Abia State was the highest in four months out of the past eight months. The average prices of petrol (PMS) in the state for four consecutive months (November 2020-February 2021) was N179, N176, N174 and N180, a review of the recent data release of the National Bureau of Statistics showed.
The National Oil Spill Detection and Regulatory Agency (NOSDRA) documents reveal that oil companies cleaned up only two per cent (2.19%) of the 172 thousand spilt barrels of oil spillages reported within the past five years, according to its Oil Spill Monitor.
The oil and gas sector, last week, made a wide impression on government revenue. It impacted even the governed and their kitchen and transport grooves.
Compressed natural gas (CNG) is a natural gas under pressure that remains clear, odourless and non-corrosive. Although vehicles can use natural gas as either a liquid or a gas, most vehicles use the gaseous form, compressed to about 218 kg/cm2.
In 2019, the Nigerian National Petroleum Corporation (NNPC) paid the sum of ₦508 billion on petrol subsidy. This spending lowered the revenue it should remit to the government coffers. By implication, for every kobo spent to subsidise fuel, there is a corresponding loss of funds for the necessary infrastructure to every citizen.
The Nigerian National Petroleum Corporation (NNPC) wrote off debts incurred by its subsidiary, the Nigerian Petroleum Development Company (NPDC), raising questions about fiscal prudence and commitment to the Extractive Initiative Transparency Initiative (EITI) standards.
In the last six months, the price of petrol (PMS) has been uniform across states in the country compared to kerosene (HHK) and diesel (AGO), data released by the National Bureau of Statistics data (NBS) revealed. The NBS data for December 2020 reveals that, apart from four states, namely, Kaduna, Abia, Kwara, and Katsina, the difference between the national average pump price of petrol and the prices across all the states is less than N5.
Nigeria’s Finance Minister, Zainab Ahmed, in 2019 acknowledged the country had a revenue problem. Mrs Ahmed made the comment while defending the 2020 budget before the National Assembly, where she sought approval for a loan to finance a ₦4.97 trillion deficit in the budget.
Last week, discussions on Twitter Nigeria harped on two cogent national issues in the oil and gas sector. One, the need to overhaul the downstream industry, and the other, the oversight audit of the state-owned oil company, Nigerian National Petroleum Corporation, NNPC’s accounts.
Following the furore that greeted the Petroleum Products Pricing Regulatory Agency, PPPRA’s announcement of a new petrol price regime, the NNPC has countered the regulatory body’s advice, stating “there would be no increment in the ex-depot price of petrol in March”.
While the Nigerian government is scrambling to finance its budget, a whooping ₦1.45 trillion could lead to another case of bad debt for the Nigerian National Petroleum Corporation (NNPC).
More than 2 million people in the oil-rich Niger Delta face health risks, including cancer and lung damage, resulting from gas flaring;
