Elite Economics and Commonsense

Tumbling oil prices force Senate to cut Budget 2015

The Senate yesterday reduced some subheads of the 2015 budget —no thanks to tumbling oil prices. It demanded immediate submission of the details of the N360.94 billion Service Wide Vote, which some of the lawmakers described as nebulous. This is contained in the 2015-2017 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), which the upper chamber debated and adopted. Read more

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Missing $20bn: Reps gives Okonjo-Iweala one-week ultimatum to submit forensic audit

The House of Representatives has yesterday issued a one week ultimatum to the Minister of Finance and Coordinating Minister of the economy Ngozi Okonjo-Iweala to submit the report of the forensic audit on the alleged missing $20bn The mandate followed a resolution, passed last week by the House at plenary which directed its Committee on Public Accounts, to investigate the matter. read more

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Senate to adopt $78 oil benchmark for 2015 fiscal year

Abuja – The Senate is set to adopt the proposed 78 dollars as the country’s oil price benchmark for 2015 fiscal year. The discosure was made on Tuesday at the joint meeting on 2015-2017 Medium Term Expenditure Framework organised by Senate Joint Committees in Abuja. Read more

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Falling oil prices: Nigerian economy at the mercy of external forces

Though a major oil producing country, Nigeria is not a major force in determining the prices of oil, which is responsible for a huge chunk of its revenue.

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Nigeria, sub-Saharan Africa, account for 30% global oil discoveries

Almost 30 percent of global oil and gas discoveries made over the last five years were in sub-Saharan Africa, reflecting growing global appetite for African resources, the World Energy Outlook Special Report said. AfricaThe report, recently released, also said that Nigeria is the richest resource centre of the oil sector, but regulatory uncertainty, militant activity and oil theft in the Niger Delta are deterring investment and production. Read more

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‘Nigeria should not count on higher oil prices’

Amid falling prices of crude oil globally, the Federal Government has been urged not to count on higher prices of the commodity to bolster its finances as they can still go further down. The Chairman, African Capital Alliance, Robert Kramer, stated that it was important to get long term policies right, citing the Petroleum Industry Bill, economic diversification and attracting foreign direct investment. Read more

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Nigeria’ll lose Africa’s top oil producer status – IEA

Nigeria will be overtaken as Africa’s largest crude oil producer by Angola from around 2016 to the early 2020s, as crude theft and regulatory uncertainties persist in the Nigerian oil industry, the International Energy Agency says in a new report published on Monday. Read  more

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Anxiety over decline in crude oil prices

AS the prices of crude oil continue to decline, there is anxiety over the impact of this development on the nation’s economy. Global oil prices fell again Monday, amid worry about slow growth and reports that the Organisation of Petroleum Exporting Countries (OPEC) wants to maintain current output levels. Brent crude fell to a near four-year low of $87.74 a barrel earlier, before recovering some ground to $88.46. Read more

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N7bn tax evasion: Petitioner tackles Shell, EFCC

Chidi Adebanya, a former Interface Manager of Shell Production Development Company (SPDC), has said he fears for his safety after accusing his former employer of N7 billion tax evasion in Gbaran Ubie Intergrated Oil Gas project in Bayelsa State and alleging that operatives of the Economic and Fi­nancial Crimes Commission (EFCC) demanded N120 million bribe from him over the issue. In a press statement, Adebanya insisted that the anti-graft commission

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Nigeria’s Oil Sector: Dubai Chamber Excited About $6bn FDIs

Dubai Chamber of Commerce and Industry has said Nigeria’s economy is expected to continue to grow over the next two years owing to its investments in the oil and gas industry as well as projected investment boom in infrastructure, trade, agriculture and tourism. According to the president and chief executive of Dubai Chamber of Commerce and Industry, Hamad Buamim, Nigeria’s foreign direct investment has exceeded $6 billion (about N960billion)

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