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Nigeria Lost $50b Due To Absence Of PIA – Buhari

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Buhari Pays Condolence Visit To Families Of Kano Explosion Victims

The absence of the Petroleum Industry Act (PIA) has led to the loss of $50 billion investments in the petroleum industry since 2011, according to President Muhammadu Buhari.

Buhari spoke in Abuja on Wednesday at a ceremony on the passage of the PIA, which preceded the Federal Executive Council meeting.
The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement titled ‘Nigeria Lost Estimated $50bn Worth of Investments In 10 Years Due To Stagnation, Uncertainty Over Petroleum Industry, Says President Buhari’.

According to the president, the loss was due to the uncertainty on the non-passage of the Petroleum Industry Bill, lack of progress and stagnation in the petroleum industry which he blamed on the lack of political will on the part of past administrations to actualise the needed transformation.

Buhari said the assent to the Petroleum Industry Bill on August 16, 2021 marked the end of decades of uncertainty and under-investment in Nigeria’s petroleum industry.

He said : “We are all aware that past administrations have identified the need to further align the industry for global competitiveness, but there was a lack of political will to actualise this needed transformation.

“This lack of progress has stagnated the growth of the industry and the prosperity of our economy. In the past 10 years, Nigeria has lost an estimated $50bn worth of investments due to uncertainty created by the non-passage of the PIB.

READ ALSO: How PIA Will Affect NNPC – Mele Kyari

“This administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.

“In view of the value our nation and investors will derive from a stable fiscal framework for the oil and gas industry, our administration has found it necessary to work with the two chambers of the National Assembly to ensure the passage of the PIB.’’

The president noted that the signing of the bill was part of the government’s commitment to building a competitive and resilient petroleum industry that will attract investment, improve revenue base, create jobs and support the economic diversification agenda.

 

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BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1

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BREAKING: Old Naira Notes Deadline Stays - Emefiele
CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

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BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500

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Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate
President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.

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BREAKING: FCMB Founder Olasubomi Balogun Dies

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Olasubomi Balogun

Theo Founderf First City Monument Bank (FCMB), Otunba Michael Olasubomi Balogun, is dead.

According to reports, family sources revealed that Balogun died in London Friday morning at the age of 89.

He was Otunba Tunwase of Ijebuland before his death.

As a ranking Ijebu Chief, his death will, however, only be officially announced in line with tradition.

 

 

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