Fuel Scarcity: Where Are The Refineries Buhari Promised?

Fuel Scarcity: Where Are The Refineries Buhari Promised?

By Erasmus Ikhide President Muhammadu Buhari sold a dummy to Nigerians in 2015 at his electioneering when he promised to build more refineries and fix the old ones if elected the President of Nigeria in the next four-year. Three critical years of his mandatory four years in office have been wasted on revitalizing his troubled […]

Oil price rises $20 above benchmark

Oil price rises $20 above benchmark

By Hamisu Muhammad & Ismail Mudashir Oil prices soared yesterday by $20/barrel above the 2016 budget benchmark and $15/barrel above the proposal made by federal government for 2017. President Muhammadu Buhari is expected to submit the 2017 estimates to the joint session of the National Assembly tomorrow. The 2016 Appropriation is based on crude oil […]

Oil prices edge up as Brent pushes further above $50

Oil prices edge up as Brent pushes further above $50

Crude prices edged up in Asia on Monday, building on recent gains with Brent holding above $50 after Nigerian militants claimed fresh attacks on the country’s oil infrastructure. Prices see-sawed last week, plunging in the immediate aftermath of Britain’s shock decision to leave the European Union but rallying after central banks worldwide vowed support to […]

Oil price rises to $48

Oil price rises to $48

World oil prices rebounded Friday from six straight sessions of losses, as investors eyed rising global equities and increasing risk appetite on receding Brexit concerns, dealers said. At about 1100 GMT, Brent North Sea crude for delivery in August was up 99 cents at $48.18 a barrel. US benchmark West Texas Intermediate for July delivery […]

Nigeria risks losing oil buyers to Iran, S’Arabia

Nigeria, which recently lost its Africa’s top oil producer status to Angola on the back of huge decline in its output, stands a chance of losing some of its traditional buyers to rival producers such as Iran and Saudi Arabia, industry experts have said. Following the spate of production disruptions largely caused by the recent […]

Nigeria’s crude oil falls to $31.49

Nigeria’s crude oil falls to $31.49

• Govt orders special fuel supply • External trade slides by N2.49tr over forex • CBN says currency crash due to speculative attacks AS the Federal Government grapples with how to salvage the economy, the continued sliding of the price of crude oil may require that its effort should be intensified. Indeed, Nigeria’s Bonny Light […]

Breaking: We will arrest former oil ministers who divided crude oils – Buhari

Breaking: We will arrest former oil ministers who divided crude oils – Buhari

Washington – President Muhammadu Buhari said on Wednesday that the Federal Government was examining pieces of evidence that would lead to the arrest and prosecution of some former ministers and other government officials for looting and stealing of Nigeria’s crude oil. Buhari said this at the Nigerian Embassy in Washington while answering questions at an […]

VP Debate: 100,000 Barrels, Not 400,000 Crude Lost Per Day – Sambo

VP Debate: 100,000 Barrels, Not 400,000 Crude Lost Per Day – Sambo

The Vice President, Namadi Sambo, has said Nigeria loses 100,000 bar­rels of crude oil per day to pipeline vandalism and not 400,000 as has wrong­ly touted. He said each pipeline attacked by vandals carried crude from various companies and each of the affected companies usually shut down their wells to prevent loss and other damages […]

Nigeria’s Budget In Danger As Crude Oil Prices Crash

Nigeria’s Budget In Danger As Crude Oil Prices Crash

Nigeria’s financial outlay for 2014 and outlook for 2015 move near crisis point today as oil prices continue to slide southwards. In the year’s budget, Nigeria set its benchmark price at $77.5, but as today, the nation’s light Brent oil was selling for $83.37 a barrel,its lowest level in four years. West Texas Intermediate contract […]