Author: Ogochukwu Ndubuisi

Legacy Debts: FG Plans Settlement of Outstanding Gas Obligations The Federal Government (FG) says it plans to settle all outstanding debts owed to gas producers, including long-standing legacy debts. Mr Abel Nse, Senior Technical Adviser to the Minister of Petroleum Resources (Gas), disclosed this during a panel session organised by Sahara Group on Friday in Lagos. The event, with the theme, “Harnessing Gas for Africa’s Sustainable Future”, aimed to foster dialogue around the continent’s energy needs. Nse stated that President Bola Tinubu had directed relevant ministries and agencies to prioritise the resolution of the debt issue. “The Federal Government is…

161m Nigerians now Food Insecure- FG The Federal Government says about 161 million Nigerians are currently food insecure, even as it intensifies efforts to avert an impending food and nutrition crisis. Alhaji Nuhu Kilishi, Director of the Nutrition and Food Safety Department, Federal Ministry of Agriculture and Food Security, said this on Friday in Abuja. He was speaking during a stakeholders’ consultative meeting on the development of a Food and Nutrition Security Crisis Preparedness Plan (FNSCPP). The plan is a spin-off of the Accelerating Nutrition Results in Nigeria (ANRiN) project, a state-led, World Bank-funded initiative aimed at reducing malnutrition by…

NNPC CEO Account for N210 Trillion or Face Arrest – Senate A major standoff is looming between the Senate Public Accounts Committee and the Nigerian National Petroleum Company Limited (NNPC) CEO, Bayo Ojulari. The lawmakers have issued a firm warning to the NNPC boss to account for N210 trillion in financial discrepancies or face arrest, prosecution, and public exposure. The Senate committee, led by Chairman Senator Aliyu Wadada, expressed outrage over NNPC’s persistent refusal to comply with multiple invitations and the non-appearance of its top leadership. The lawmakers described NNPC’s attempts to evade accountability as “insulting” and warned that the…

Nigeria, UAE Partner to Equip Youth With Digital Skills  The Federal Government of Nigeria has sealed a landmark partnership with the United Arab Emirates (UAE) to equip Nigerian youth with cutting-edge digital skills, entrepreneurial training, and global exposure. This initiative is designed to foster innovation, enhance job creation, and integrate Nigeria’s youth into the global digital economy. The move marks a bold step in President Bola Tinubu’s vision for a tech-driven future as part of wider efforts to empower more than seven million young Nigerians through initiatives like the Nigerian Youth Academy (NiYA). Mr Ayodele Olawande, Minister of Youth Development,…

BINL Partners Ondo Government to Build $15bn Refinery A major investment is underway in Ondo State, Nigeria, as Backbone Infrastructure Nigeria Limited (BINL) partners with the state government to build a $15 billion oil refinery. The refinery, located at the Sunshine Industrial Park in Ogboti, Eruuna, will have a production capacity of 500,000 barrels per day, significantly boosting the local economy. The project is a joint venture between BINL and the Ondo State Government, represented by the Ondo State Development and Investment Promotion Agency (ONDIPA). Construction of the refinery will be done in phases, with the first phase expected to…

Senate Replaces Natasha Akpoti-Uduaghan with Bassey as Diaspora Committee Chair The Nigerian Senate has made a significant change to its committee leadership, replacing Senator Natasha Akpoti-Uduaghan as the Chairman of the Senate Committee on Diaspora and Non-Governmental Organisations. Senator Aniekan Bassey has been named as her replacement, and he will now oversee the committee’s work on diaspora affairs and civil society engagement. This development comes after Senator Akpoti-Uduaghan’s chairmanship of the committee had been in limbo following her recent suspension. Notably, she was previously removed as Chair of the Senate Committee on Local Content in a minor reshuffle earlier in…

Debt Office Opens FGN Savings Bonds for Subscription The Debt Management Office (DMO) has announced an offer of two FGN savings bonds for subscription at N1,000 per unit. According to a statement by the DMO on Wednesday in Abuja, the first offer is a two-year FGN savings bond due on July 16, 2027, at 15.762 per cent interest rate per annum. The second offer is a three-year FGN savings bond due on July 16, 2028, at interest rate of 16.762 per cent per annum. The statement says the opening date for the offer is July 7, with closing date set…

Naira Gains N9 as Fresh Inflows Boost Foreign Reserves The naira gained further in the currency market to close at N1,520.00 per dollar, supported by increased U.S dollar liquidity, with trades ranging between N1,520 and N1,530 per greenback Market confidence reflated this week as data showed Nigeria’s external reserves reversed its persistent downtrend. The gross external reserves increased to $37.282 billion on Tuesday following two successive inflows from an unidentified source. Based on the latest spot FX data update from the Central Bank of Nigeria (CBN), the official exchange rate for the day settled at N1520.7490 per dollar, from N1529.22…

Nigeria’s Oil Rig Count Hits 46 – NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says the nation’s oil production rig has risen from eight in 2021 to 46 in July, 2025. Mr Gbenga Komolafe, Commission Chief Executive (CCE), disclosed this on Wednesday in Abuja at the inauguration of a media workshop organised for journalists covering the oil and gas sector. The rig count is a key metric for measuring vibrancy and performance in the oil and gas industry. The rig count which is a key equipment on which the oil is drilled reveals the level of vibrancy and the…

Dangote Refinery to Ditch Crude Imports by December, Shifts Focus to Local Supply The Dangote Petroleum Refinery is set to end its crude importation by December 2025, marking a significant milestone in its operations. According to Devakumar Edwin, Vice President at Dangote Industries in a Bloomberg report, the refinery plans to transition to 100% local crude supply, leveraging improved relations with Nigerian oil traders and the government to ensure a steady supply of domestic crude. Currently, the refinery sources 53% of its crude from domestic producers and 47% from the United States. However, with contracts with foreign crude suppliers set…