President Bola Tinubu has approved a ₦3.3 trillion payment plan to finally settle legacy debts in Nigeria's power sector. The payment plan approval was given under the Presidential Power Sector Financial Reforms Programme. A statement signed by the presidential spokesperson, Bayo Onanuga, on Sunday, April 5, described the approval as a “full and final settlement” …
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to work towards increasing Nigeria’s crude oil production to a 2 million barrels per day (mbpd) target. The minister made the call during a meeting with the NUPRC Chief Executive, Mrs. Oritsemeyiwa Eyesan, at the Federal …
Nigeria has exported the first cargo of its newly introduced Cawthorne crude grade, with approximately 950,000 barrels en route to India's Sikka port. A report by Platts, part of S&P Global Energy, said a spokesperson for the Nigerian National Petroleum Company (NNPC) Limited confirmed the development, saying the shipping was done during the weekend following regulatory approvals …
CPI, MRA, CJID, others, urge Tinubu to improve on media freedom ahead of the 2027 election A coalition of Nigerian and international press freedom organisations have criticised comments attributed to Nigeria’s Vice President, Kashim Shettima, claiming that no journalist has been harassed in the past three years since President Bola Tinubu assumed office. The …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially declared that the country's total oil and condensate reserves stand at 37.01 billion barrels as of January 1, 2026, with a reserve life index of 59 years. This means that at the current production level, the oil reserves are expected to last for 59 years. In a statement …
NNPC has increased crude oil allocations to the Dangote Refinery to seven cargoes for May 2026, up from the five cargoes supplied in previous months. A Reuters report said two trade sources and a refinery official made the disclosure on Tuesday. The increase was in response to record-high fuel prices in Nigeria and significant supply disruptions …
Millions of Nigerian households and businesses are bracing for a potential spike in electricity tariffs as the Federal Government officially increased the price of natural gas supplied to power generation companies (GenCos). The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed on Tuesday, in a public announcement, that the Domestic Base Price (DBP) for …
The African Export-Import Bank (Afreximbank) has announced a landmark financial commitment to the Dangote Petroleum Refinery and Petrochemicals, underwriting $2.5 billion of a new $4 billion senior syndicated term loan facility. The deal, signed Tuesday in Cairo, Egypt, marks one of the largest private-sector financing arrangements in African industrial history. According to a statement, Afreximbank …
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called on the World Bank to support efforts to mobilise an estimated $22 billion required to bridge Nigeria's gas infrastructure gap and extend gas development across Africa. The Authority Chief Executive of the NMDPRA, Engr. Saidu Mohammed made the call at the Decade of Gas Ministerial …
The United States significantly reduced its imports of Nigerian crude oil in January 2026, with volumes falling by 47.2 per cent compared to December 2025, reflecting a new trajectory of trade relationship between the advanced nation and the West African country. According to recent data released by the U.S. Census Bureau and the U.S. Bureau …
