Crude Oil Prices
Wednesday Will See SA Petrol Prices Reach Another Record High
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South Africa Braces for Petrol Price Hike as Crude Oil Hits 3-Year High
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Nigerian government approves N9.2 billion premium for civil servants’ life insurance
The Federal Executive Council (FEC) has approved the sum of N9.2billion as premium to insurance companies that will manage the group life insurance for federal civil servants in the country. Minister of Information and Culture Lai Mohammed revealed this when he briefed State House correspondents on the outcome of the Council meeting which was presided over by President Muhammadu Buhari in Abuja on Wednesday. He said: “On behalf of the Head of Civil Service of the Federation, I will like to report that council today approved the award of contract for the appointment of insurance companies for group life assurance for federal government employees, public servants, para-military and the intelligence community for the year 2021-2022 in the sum of N9, 248. 995, 907. “This premium is for a perio...
ASCAB: Kaduna governor sacked over 60,000 workers in six years
Human rights lawyer, Mr. Femi Falana (SAN), and the Alliance on Surviving COVID-19 and Beyond say Kaduna State Governor, Nasir el-Rufai, has sacked over 60,000 workers since he took office in May 2015. They, therefore, endorsed the five-day strike across Kaduna State which will begin on Monday. ASCAB in a statement on Sunday called on all NLC affiliates and supporters to join the “essential strike” adding that a “firm action is needed to reverse the massive attacks on jobs and poverty induced insecurity in Kaduna State.” Falana said the economy of Kaduna was traditionally built around textile factories and the public sector but in the decade before the administration of el-Rufai, the last four major textile factories were closed with many of the workers not receiving any terminal benefits ...
NNPC assures will continue to meet financial obligations to FAAC
The Nigerian National Petroleum Corporation (NNPC) has clarified that the revenue projection contained in the letter to the Accountant General of the Federation being cited in the media pertains only to the Federation revenue stream being managed by the Corporation and not a reflection of the overall financial performance of the Corporation. A press release by the Corporation’s spokesman, Dr. Kennie Obateru, stated that the clarification became necessary in the light of media reports insinuating that the Corporation was in financial straits. NNPC maintains that it is conscious of its role and was doing everything possible to shore up revenues and support the Federation at all times. “The shortfall will be remedied by the Corporation as it relates only to the Federation revenue stream being...
Suez Canal Authority says stranded ship partially refloated
The stranded container ship that blocked the Suez Canal for nearly a week was almost fully re-floated on Monday and has restarted its engines, a shipping source with knowledge of the matter said, raising hopes the busy waterway will soon be reopened. The 400-metre (430-yard) long Ever Given has been straightened in the canal and will undergo initial inspections before being moved, two sources said. Video posted on social media appeared to show the ship’s stern had swung around, opening space in the canal. Other footage, which could not be immediately verified by Reuters, included cheering and ships’ horns sounding in celebration. Ship-tracking service VesselFinder has changed the ship’s status to under way on its website. The Ever Given became jammed diagonally across a southern section of...
PDP governors inaugurate finance, legal affairs, legislative liaison committees
File Photo Governors of the Peoples Democratic Party have inaugurated three committees of the forum, namely Finance, Legal Affairs and Legislative Liaison. This was one of the outcomes of the meeting of the forum held Thursday at the Conference Hall, Sokoto State Governor’s Lodge, Asokoro, Abuja. A communiqué issued at the end of the meeting and signed by the Chairman of the Forum, Governor Aminu Tambuwal of Sokoto State says the Finance Committee is chaired by Abia Governor Okezie Ikpeazu and has as members Gov. Nyesom Wike of Rivers, Gov. Ifeanyi Okowa of Delta, Gov. Seyi Makinde of Oyo, Gov. Ahmadu Fintiri of Adamawa, Gov. Godwin Obaseki of Edo and Gov. Udom Emmanuel of Akwa Ibom. The Legislative Liaison Committee has Gov. Bala Mohammed of Bauchi as chairman, while Gov. Okowa, Gov Ifean...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
World Bank: Nigeria faces worst recession in 40 years
The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to “plunge the Nigerian economy into a severe recession, the worst since the 1980s”, the World Bank said on Thursday. The World Bank, in a new report, titled ‘Nigeria in times of COVID-19: Laying foundations for a strong recovery,’ estimated that Nigeria’s economy would likely contract by 3.2 per cent this year. “This projection assumes that the spread of COVID-19 in Nigeria is contained by the third quarter of 2020,” it said. The bank said if the spread of the virus became more severe, the economy could contract further. It said, “Before COVID-19, the Nigerian economy was expected to grow by 2.1 per cent in 2020, which means that the pandemic has led to a reduction in growth by more than five percentage poin...
