TCF
DPR: Market forces should determine gas prices
File Photo The Department of Petroleum Resources (DPR) has advocated that market forces should be allowed to determine gas prices to guarantee the security of supply and demand of the commodity. Mr Sarki Auwalu, the Chief Executive Officer, DPR, disclosed this while presenting keynote address at the pre-summit conference on “Decade of gas’, in Abuja, on Monday. Auwalu said that the right and market-based pricing of gas was critical, as it would assure producers of returns on their investments. He also outlined five critical levers for gas development, especially as Nigeria moves to leverage its abundant gas resources for national growth, diversification of the economy and to use gas as the fuel for economic transformation. According to him, the levers include availability, accessibility, a...
Central bank, bankers’ committee to support airlines, media with special facilities
The Central Bank of Nigeria (CBN) and the Bankers’ Committee have unanimously agreed to extend special facilities to Nigerian-registered airlines and the media industry in the country to enable them adequately address the negative impact of the COVID-19 pandemic. The CBN Director Corporate Communications, Mr Isaac Okorafor, made this known in a statement in Abuja on Tuesday. Okorafor said the CBN Governor, Mr Godwin Emefiele, announced this while addressing the Bank Chief Executives at the bi-monthly virtual meeting of the Bankers’ Committee on Tuesday. Emefiele urged the banks to do all within their powers to support airlines in the country, noting that such support was critical to helping the industry recover from the economic crisis triggered by the COVID-19 pandemic. Similarly, the ape...
Private school teachers seek interest-free loan from government
The National Association of Private School Teachers (NAPST) has urged the Nigerian government to provide its members interest-free loans repayable gradually from when schools resume. The association said this is.to cushion the effect of COVID-19 on private school teachers in the country. NAPST, which is the umbrella body and voice of private school teachers in the country, said many of its members have turned to beggars for not being paid since the closure of schools over four months ago. The National President of the association, Akhigbe Augustine, made the plea in Abuja on Tuesday, Following the outbreak of COVID 19, schools were shut throughout Nigeria on March 19, leaving school authorities to adopt alternative modes of learning for students. The shutdown has been most felt by private ...
Stakeholders advocate efficient fiscal policy for oil, gas sector
Stakeholders in the oil and gas sector have called for proactive fiscal policy in the petroleum industry to fast track investment and infrastructure development in the country. The stakeholders disclosed this at the Virtual workshop on Leveraging Fiscal Regulations to Attract Investments in the Petroleum sector, on Thursday. Mr Osten Olorunsola, Chairman, Energy Institute Nigeria, said that the oil and gas sector in Nigeria needed a lot of investment to meet with the current global challenges. He stated that globally, the industry had witnessed decline in product demand and low price regime, adding that only low cost molecules would be able to make it in the market. Olorunsola said that the sector in Nigeria needed to transform to meet with current trend as the sector was not buoyant as pe...
Coronavirus: CBN doubles loan disbursement to N300 billion – bank governor
The Central Bank of Nigeria (CBN) says it plans to double the Targeted Credit Facility (TCF) from the initial N149.21 billion to N300 billion following the resounding success recorded in the disbursement of the Covid-19 loans to the applicants. In his keynote address at the 2nd virtual seminar for Finance Correspondents and Editors at the weekend, the Governor said the Bank took the decision in order to accommodate many more beneficiaries as well as boost consumer expenditure which would positively stimulate the economy. He disclosed that the CBN initially created a N150 billion Targeted Credit Facility (TCF) for affected households and small and medium enterprises through the NIRSAL Microfinance Bank, adding that already, N149.21 billion has been disbursed to 316,869 beneficiaries. “Given...