Government Yet To Decide On Size Of World Bank Loan – FEC
Nigeria is yet to decide on the size of the loan it wants to apply for at the World Bank to fund 2017 budget deficit. The Minister of Budget and National Planning, Udoma Udo Udoma told State House Correspondents yesterday after the weekly Federal Executive Council (FEC) meeting presided over by the Acting President, Yemi Osinbajo, that the figure will depend on the (2017) budget approved by the National Assembly.
Stop 20 % Import Adjustment Tax On Drugs
Implementation of the mandatory 20 per cent Import Adjustment Tax (IAT) on medicaments by the Nigeria Customs Service, as provided in the 2016 Fiscal Policy Measures (FPM), made up of Supplementary Protection Measures (SPM), is an ill wind that is blowing Nigerians no good. The policy shift, as directed by the Ministry of Finance, in a recent circular titled “Import Adjustment Tax”, which imposed the extra payment on medicaments, runs contrary to expectations for the provision of better medicare for the poor and needy.
Oil Production Now Two Million Barrels Daily – Kachikwu
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, disclosed on Wednesday that crude oil production in the country had risen to two million barrels per day. This means the country now produces additional 200,000 bpd of crude oil, up from the 1.8 million bpd recorded in recent times.
Inadequate Gas Supply Cuts Electricity Output By 3,000MW
The Federal Government said the Nigerian electricity sector recorded a shortfall of 3,000 Megawatts (MW) due to inadequate gas supply to power plants. However, the country’s power generation stagnates at 3,729 MW, the Minister of Power Works and Housing, Babatunde Fashola, expressed optimism that functional pipeline would increase electricity output to 6,000MW.
Power Generation Increases To 4,043MW As Gas Supply Improves
The Transmission Company of Nigeria (TCN) has said the nation’s power generation rose from 3,528 megawatts (MW) to 4,043 MW between February 1 and February 15. TCN said the 515MW increase in generation as of February 15 was due to slight increase in gas supply to some power generating companies (Gencos).
Price Of Petrol Reaches N164.09 Per Litre In Borno, Oyo
Despite the economic recession, consumers of Premium Motor Spirit (PMS) in Borno, Oyo and Ebonyi paid N164.09, N161, and N156.47 per litre respectively in January 2017. This is above the regulated price of N145 per litre, as specified by the Petroleum Products Pricing and Regulatory Agency (PPPRA).
Tambuwal, Dangote Flag Off Rice Outgrowers Scheme In Sokoto
Sokoto State Governor, Aminu Waziri Tambuwal, along with the President of Dangote Group, Alhaji Aliko Dangote, yesterday flagged off a rice outgrowers’ scheme which would cover 25,000 hectares of farmland across some selected local government areas of the state.
Italian Senator Demands Inquest On OPL 245
The gruelling Malabu Oil deal, otherwise known as OPL 245, now under investigation by a committee of the House of Representatives, has recorded a new development as a veteran Italian senator has called for an official inquiry into the allegation that several businessmen and former politicians, including prominent Nigerians, conspired to topple the leadership of the Italian oil giant, ENI and destabilise the company.
Nigeria, eight others to halve MNCH deaths by 2022
NIGERIA and eight other countries have committed to halving maternal and newborn deaths in health facilities within the next 5 years. The other countries are Bangladesh, Cote d’Ivoire, Ethiopia, Ghana, India, Malawi, Tanzania and Uganda – committed to halving preventable deaths of pregnant women and newborns in their health facilities.
Ambode pledges uninterrupted power supply
Lagos State Governor Akinwunmi Ambode yesterday pledged uninterrupted electricity supply to the residents in seven years time when additional 3,000 megawatts would be generated through embedded power plants in the state. While speaking during the presentation of the report by Embedded Power Technical Committee, Ambode said while the Federal Government continues its efforts to resolve the power crisis, it is now clear that the problems in the energy sector can no longer be left to the central government alone to solve.
