Economy

NERC Reports That Only 5, Out Of 23 Power Plants Are Functional, As Power Supply Hits All-Time Low

By Chris Nomjov The Nigerian Electricity Regulatory Commission (NERC),  reports that only five of the country’ 23 power plants are currently functional. This revelation further indicates the deteriorating condition of power generation in the country. This revelation by the energy regulatory agency implies that Nigerians would now have to contend[Read More…]

Building In Debts, Rabiu Kwankwaso Has Refused To Pay N60bn To Contractors For Completed Projects

by Agency Reports Association of Indigenous Contractors in Kano state on Sunday alleged that the state government was indebted to its members to the tune of N60 billion for completed projects. Chairman of the association, Alhaji Auduwa Maitangaran, made the claim at a news conference in Kano. He accused the[Read More…]

While Fuel Scarcity Abounds, FG And Petrol Marketers Bicker Over Subsidy Payments

The federal government and petrol marketers appear at loggerheads over the exact amount of subsidy debt, owed the marketers; while the product scarcity hits major towns in the country. On the part of the government, the Minister of Finance, Ngozi Okonjo-Iweala says the government owes marketers N131 billion. However, the[Read More…]

Payment Of Subsidy Won’t Stop Fuel Scarcity – NUPENG

Despite the billions of naira paid by the federal government to oil marketers, the president of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Comrade Igwe Achese, has disclosed that scarcity of fuel would persist if the refineries are not put in proper shape. This comes as the[Read More…]

Nigeria To Partner Russia In Building Nuclear Power Plants To Boost Power Supply

Nigeria is discussing with Russia’s state-owned Rosatom to build nuclear power plants, to end of decades of blackouts that has blighted the country’s economy. Chief Executive of the Nigerian Atomic Energy Commission, Franklin Erepamo Osaisai revealed, on the Commission’s website. Mr. Osaisai added that nuclear power will boost and guarantee[Read More…]

Oil Subsidy Report: Diezani Denies Allegation That NNPC Received N1.3 Trillion From CBN

Petroleum Resources Minister, Mrs Diezani Alison-Madueke, in Abuja, on Tuesday, denied that the Nigerian National Petroleum Corporation (NNPC) received N1.329 trillion as subsidy payments over three years (2009 to 2011) from the Central Bank of Nigeria as alleged by the ad hoc committee of the House of Representatives on Subsidy[Read More…]

Lawmaker Berates Okonjo-Iweala, Diezani For Footdragging Forensic Audit Report Of NNPC

Vice Chairman of the House of Representatives Committee on Petroleum Resources, Moshood Mustapha, has criticised the Minister of Finance, Ngozi Okonjo-Iweala, and her Petroleum Resources counterpart, Diezani Madueke, for refusing to release the forensic audit report on the operations of the Nigeria National Petroleum Corporation, NNPC. Mr. Mustapha, a member[Read More…]

Kogi State Workers To Get Half Salaries, As Economic Realities Bite On State Allocations

By Chris Nomjov The current economic difficulties facing the country has continued to take its toll on state governments as the Kogi State government has said that only six of its 21 local government councils can pay 50/60 per cent of workers salaries. The Commissioner for Local Government and Chieftaincy[Read More…]

Ebonyi State Government Blames EFCC And Fidelity Bank For Inability To Pay Salaries

The Ebonyi State Government has accused the Economic and Financial Crimes Commission and management of Fidelity Bank Plc have grounded it making it difficult for the state to pay workers’ salary. The state’s Attorney General, Ben Igwenyi, said both EFCC and Fidelity Bank were working with some of the government’s[Read More…]

NNPC Cautions Against Panic Buying; As Fuel Scarcity Hits Abuja

By Chris Nomjov The Nigerian National Petroleum Corporation has described the current shortage of Premium Motor Spirit, popularly known as petrol, as “artificially induced,” warning Nigerians against panic buying. The agency on Friday said it had injected an additional 688 million litres of the product into the system, but did[Read More…]