Author: Okechukwu Nnodim
The African Export-Import Bank has announced an additional disbursement of $925m under a $3.3bn crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company Limited. This brings the total current funded facility size to $3.175bn. The disbursement was coordinated by Afreximbank from a consortium of crude oil off-taker lenders including the Oando Group and Sahara Energy Resource Limited. President and Chairman of Afreximbank, Prof. Benedict Oramah, expressed satisfaction with the progress of the facility, emphasizing the bank’s commitment to supporting Africa’s economic growth. NNPC Limited CEO, Mele Kyari, praised Afreximbank’s investment philosophy and commitment to funding strategic projects. The…
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is championing for full autonomy for Local Government Councils in Nigeria to combat poverty and reduce rural-urban migration. The RMAFC Chairman, Mohammed Shehu, emphasized the need for local government councils to operate independently from state and federal governments to ensure effective grassroots governance. The Federal Government has taken legal action against state governors for alleged misconduct in the administration of Local Government Areas. The aim is to grant full autonomy to all local government areas, prohibiting state interference in local elections and administration. Granting autonomy to Local Government Councils will enhance governance,…
The Federal Government’s ban on the export of cooking gas has significantly reduced the cost of the commodity from N1,500 per kilogram to around N900/kg, as confirmed by LPG dealers. This decision, made on February 22, 2024, was aimed at boosting the domestic supply of Liquefied Petroleum Gas in order to lower prices. During a meeting with the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, the Nigerian Association of LPG Marketers commended the government for enforcing the ban, which has led to a price reduction and stabilization in the market. The National President, NALPGAM, expressed gratitude for the…