Tag Archives: Saved

See How Much Nigeria Will Save From Fuel Subsidy Removal

Posted on by
1

Vice President Yemi Osinbajo has said the Federal Government, which relies on crude oil for about two-thirds of its revenue, is seeing a silver lining to the plunge in crude prices because it will no longer have to subsidise fuel.

“Lower oil prices also mean there is some advantage,” Osinbajo said in a panel discussion at the World Economic Forum in Davos, Switzerland, on Thursday.

The decline “means that we are not paying any subsidies, which frees up something in the order of about $5bn (about N985bn),” Bloomberg quoted the vice president as saying.

Brent oil in London has dropped more than 60 per cent to below $28 a barrel since November 2014, as shale production from the United States increased and the Organisation of Petroleum Exporting Countries refrained from cutting output in the face of a global oversupply in an effort to defend market share.

Nigeria, Africa’s largest oil producer, will still face challenges in financing its budget deficit and aims to increase Value Added Tax and customs duty collection to help plug the gap, Osinbajo said.

“We think with adequate governance around budget management and around expenditure management, we can do quite a bit. If we are able to do those things, we might be able to come away with under $30 a barrel oil,” he explained.

Credit: Punch

My Re-Election Has Saved Nigeria From Drifting Into One-Party State– Gov. Dickson

Posted on by
1

Governor-elect of Bayelsa, Seriake Dickson, on Thursday said his win at the polls is an indication that there is  hope for democracy in Nigeria.

Governor Dickson made the remark at the presentation of the certificate of return to him and his Deputy Governor-elect, Rear Admiral Gboribiogha John Jonah (rtd), at the State Headquarters of the Independent National Electoral Commission in Yenagoa.

According to the Governor-elect, Nigeria cannot be a one party state if the concept of one-man-one-vote is allowed to flourish, as it will go a long way in strengthening democratic principles.

Dedicating his victory at the just concluded Governorship election to God, Governor Dickson described his renewed mandate as a divine act to serve Bayelsans for another 4-year term.

The Governor, who noted that he has always put his trust in God, dedicated his victory to the people of the state, stressing that Bayelsans did not let him down.

Expressing appreciation to the people of Bayelsa for defying all odds to vote for the Peoples Democratic Party in the face of intimidation, he particularly commended the women and youths for their resilience in exercising their franchise.

Credit: Sun

$287m Saved In Port Harcourt Refinery Turnaround Maintenance- Kachikwu

Posted on by
1

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu, has said Nigeria has saved over $287 million from the turnaround maintenance (TAM) of the Port Harcourt Refinery, Eleme.

Kachikwu made the disclosure shortly after an inspection tour of the refinery ON Wednesday.

He said foreign companies had requested to carry out the TAM at a cost of $297 million but the NNPC used its manpower and local oil servicing firms to achieve the maintenance at the cost of less than $10 million.

He said: “The asking price by the original refinery builder was $297 million. The disaster with that was that they were not professionals and they were not ready to give us guarantees. What we have done so far is under $10 million.

“Obviously, had we consistently done this overtime, we would not have the sort of nightmare that we have had today. Whatever it takes, we are going to raise money; we are going to raise some vessels to give them what they need to run this place and run it efficiently.”

Read More: thisdaylive