The federal government recorded a drop in its electricity subsidy payment in the first quarter of 2026 amid persistent blackouts. A report released by the Nigerian Electricity Regulatory Commission (NERC) shows that the federal government incurred a total electricity subsidy obligation of ₦358.32 billion in the first quarter (Q1) of 2026, down from ₦418.79 billion …
Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPC), Engr. Bayo Ojulari, has said efforts are being made to expand the capacities of the Warri and Port Harcourt refineries into the petrochemicals value chain for profitability. Ojulari stated this during a visit to the Warri Refining and Petrochemical Company (WRPC), where he …
For decades, Nigeria's aviation industry has been caught in a vicious cycle. Airlines struggle to acquire aircraft because of prohibitive financing costs, while limited fleet capacity leads to flight delays, cancellations, route reductions, and, in many cases, the collapse of promising carriers. Successive governments have acknowledged the financing challenge, yet finding a lasting solution has …
The Nigerian Consulate in Johannesburg and the Nigerian Union South Africa (NUSA) have condemned killing of the citizens in South Africa in the ongoing xenophobic attacks on Africa nationals. In separate statements, the Consulate and the union called for probe of the killings and dispensation of justice by the South African authorities. In …
The Federal Government, through the Pension Transitional Arrangement Directorate (PTAD), has cleared over N39.6 billion in long-standing pension arrears, settling inherited liabilities for 24,814 eligible retirees under the Defined Benefit Scheme (DBS). According to a statement released on Friday, signed by Olugbenga Ajayi, Head, Corporate Communications, PTAD, the payment fulfils President Bola Ahmed Tinubu's commitment …
Dangote Petroleum Refinery has successfully issued its debut Eurobond, raising $750 million to strengthen its finances and optimize its debt ahead of a planned initial public offering (IPO). According to a report by Eurobond Africa, the five-year dollar-denominated bond is due in July 2031. Priced at par to yield 7.50 per cent, the transaction was executed through …
The Nigeria National Petroleum Company Limited (NNPC) revenue fell by 12.8 per cent in May 2026, dropping from ₦4.971 trillion in April to ₦4.335 trillion despite a rise in crude oil and condensate production to a one-year high. According to the NNPC Limited Monthly Report Summary for May 2026 released on Wednesday, the profit after …
Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, cutting it by N50 per litre to N1,075, marking the fourth price cut by the refinery within a single month. The company confirmed the price cut in a statement released on Thursday, July 2. The …
Global crude oil prices have continued to decline, with Brent, the international benchmark, briefly selling at $70 before rising slightly to $71.57 per barrel on Wednesday, July 2, 2026. The U.S. West Texas Intermediate (WTI) fell to $68.44 per barrel, according to Oilprice.com. This is considered the lowest level in months. The primary driver …
A federal government delegation has visited the Bille community in the Degema Local Government Area of Rivers State following a gas seepage incident, delivering immediate humanitarian aid and promising a comprehensive technical solution to the environmental crisis. The delegation, led by the Minister of State for Petroleum Resources (Gas), Senator Ekperikpe Ekpo, and the Commission …
