Wednesday, April 13, 2016
Wednesday, December 16, 2015
Fuel Price Hops To N97/litr
The Minister of State for Petroleum Resources, Ibe Kachikwu, on Monday announced the Nigerian government’s plan to revert to the old pump price of N97 per litre for Premium Motor Spirit, popularly known as petrol, in 2016.
Mr. Kachikwu stated this while defending the Petroleum Ministry’s projections contained in the 2016 to 2018 Medium Term Expenditure Framework,MTEF, and Fiscal Strategy Paper, FSP, before the Joint Senate/House of Representatives Committee on Finance, Appropriation and Banking, Insurance and other Financial Institutions.
He explained that the Nigerian economy could no longer support the current price of N87 per litre.
On January 18, 2015, the former Minister of Petroleum Resources, Diezani Alison-Madueke, announced the reduction by N10, as a result of the slide in the international price of crude oil.
But on Monday, Mr. Kachikwu, who is also the group managing director of the Nigerian National Petroleum Corporation, disclosed the government’s plan to reverse the price of the product to N97 per litre as part of the measures to end the subsidy regime.
If the government realises that even N97 per litre would cost it extra funds in subsidy, it would resort to total removal of subsidy, Mr. Kachikwu said.
The minister said, “The total subsidy figure for 2015, when taken along with the NNPC’s subsidy payment, will be in excess of N1tn. The current pricing work we are doing has shown that there shouldn’t really be subsidy. The government doesn’t need to fund subsidy.
“There is energy around the removal of subsidy. Most Nigerians we talk to today will say that’s where to go. I have since left the dictionary of subsidy by going to price modulation, which is a bit more technical.
“The price of refined petrol today is N87. It was N97 before it was reduced and we really have to go back to that because we don’t really have the finance to fund it. There are lots of safety barometers between the N87 and N97per litre regime. The government does not have to fund subsidy and yet the prices would have been fairly close to what it is today.
“That is the first mechanism we are going to work with. It is when that mechanism fails that we will begin to look at a total subsidy exit. We believe we can achieve that.”
On the oil price benchmark of $38 per barrel which caused division between members of the Senate last week, Mr. Kachikwu said the projection was based on the outcome of the Organisation of Petroleum Exporting Countries’ conference.
He also expressed confidence that the price of crude oil would increase as from early January to “around $50 per barrel in spite of OPEC projections”, adding that it might also hit $70 per barrel in 2017.
Stating further, he said Nigeria’s oil production had been exceeding two million barrel daily since August this year.
According to him, this was a result of stringent monitoring and pipeline security.
To meet the next year’s production target of over 2.4 million barrels, he said, “A lot of efficiency has really been applied in this regard. The NPDC will, for instance, be producing 300,000 barrels on its own, while other partners would process at least 2.2 million barrels.
“We would address issues of security and other impediments to the realisation of our target. We are looking at a collective and holistic handling of security issues between the NNPC and the oil majors with us taking the lead.”
Speaking on strategy to reduce costs of governance, the Finance Minister, Kemi Adeosun, explained that the Federal Government had taken measures to ensure accountability revenue at ministries, departments and agencies.
Also present at the briefing were Minister of National Planning, Udo Udoma; Central Bank of Nigeria Governor, Godwin Emefiele; Director-General, Debt Management Office, Abraham Nwankwo; and Chairman, Federal Inland Revenue Service, Babatunde Fowler, among other.
Sunday, November 8, 2015
President Buhari skyping with the Golden Eaglets
President Buhari encouraging the Golden Eagles on Skype before their under 17 world cup final match with Mali holding in Chile today.
Saturday, November 7, 2015
3 Banks to release N7.2bn to Nigeria Youth Corpers
Bank of Industry (BoI), First City Monument Bank (FCMB) and Heritage Bank have released a total of N7.2 billion loan to the National Youth Service Corps (NYSC), to boost corps members skills acquisition and empowerment goals.
“The tune of 2 billion Naira by Bank of Industry, 5 billion Naira FCMB Credit
Direct, 200 million Heritage Bank, 10 million NYSC Foundation and Bank of
Agriculture loan have been given to boost corps members’ skills acquisition,”
Director General, NYSC Brigadier General Johnson Olawunmi said at the 2015
Batch ‘B’ stream one, Orientation Course at Ipaja, Lagos, on Saturday.
He noted that the efforts put in by the scheme, to get some
financial institutions and establishments to key into NYSCs Skills Acquisition
and Empowerment goals was beginning to yield result with the granting of loans.
However, he urged the corps members to quickly take
advantage of these loans which require their NYSC discharge certificate as
collateral by accessing these funds and using it judiciously to start up their
businesses.
He maintained that governments solution to the problem of
unemployment is Skill Acquisition and Entrepreneurship Development, urging
corps members to embrace this initiative as government job is on
Alariwo of Africa needs $130,000 to treat illness
Nigerian Singer Rotimi Martins known as Alariwo of Africa is in a serious illness and needs help to raise funds for treatment.
Reports say he his suffering from a disease called Varicocele and was diagnosed some few months ago.
He his in need of a total some of $130,000 to treat the dangerous disease in Germany of America.
Apart from being a Singer, He is also known as an Actor and for a popular track he dropped at the 90's called "YAWA GO GAS" featuring Terry G.
Chris Attoh Calls Wife An ‘Alpha Female’
On November 6, Chris Attoh praised his wife for being a wife an efficient mother.
He shared a photo of Damilola Adegbite and typed:
“I’ve
never seen anyone joggle work, motherhood and wifely hood so well,
proud of this Mother of one and yet who is still truly amazing,
celebrating my alpha woman.”
“It was the best day of my life, now that I think
back. She made an impression the minute she came in and if someone told
me that was my wife, I would have said, oh! you joking. But it was
magic at first sight. Damilola knows how to steal attention when she
needs to and I think we hit it off right from there.
Friday, November 6, 2015
NEW TRACK: Chris Brown - Sex You Back To Sleep
Chris Breezy continues to drop more hit tunes to keep his Fans locked on his team. Just recently today the music star dropped a single called SEX YOU BACK TO SLEEP which sounds almost like
Marvin Gay's sexual healing tone.
ENJOY
Download here:
http://dopefile.me/wbpf7rcry434
ALBUM: Sam Smith - In The Lonely Hour
Well here is a throw back album that still happens to boost your music enthusiasm. Some wonder how the next Grammy Awards would be, with Music star Sam Smith and Adele singing almost same type of music tone.. Download this album and then you can compare and contrast both Singers.
Track list:
- Money On My Mind
- Good Thing
- Stay With Me
- Leave Your Lover
- Im Not The Only One
- Ive Told You Now
- Like I Can
- Life Support
- Not In That Way
- Lay Me Down
- Restart
- Latch (Acoustic)
- La La La
- Make It To Me
- Drowning Shadows
- Love Is A Losing Game
- Nirvana
- How Will I Know
- Omen (Acoustic)
- Latch (Live From Madison Square Garden)
- Stay With Me
- Im Not The Only One
- Lay Me Down
Download here.
http://www.audiocastle.is/albums/view/7695-Sam-Smith-In-The-Lonely-Hour-Drowning-Shadows-Edition
eLDee and wife celebrate 7th wedding anniversary
Today the 6th of November, Rapper/ Music Producer Lanre Dabiri popularly known as elDee the Don and wife Dolapo celebrate 7 long years of being married.
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