Business

FG targets N189bn from marginal oil fields sale

Published

4 years ago

March 24, 2021

THE Federal Government has said it hopes to realise $500 million (N189.5 billion) from the sale of the nation’s 57 marginal oil fields.

Minister of State for Petroleum Resources, Chief Timipre Sylva, stated, adding that already 50 per cent of the target had been realised.

He spoke in Lagos at the end of the just-concluded 2021 First Quarter Ministerial Meeting.

Sylva, who also spoke on the rehabilitation of refineries and petrol pricing, said, “The process has been concluded. Letters have gone out and people have started paying their signature bonuses. We have received almost 50 per cent of signature bonuses already.

“161 companies were allocated marginal fields and I will not give you the details of how many have paid. I’ve told you that up to 50 per cent of those winners have paid.”

The minister also spoke on the transparency of the exercise, saying, “I think this is the best we could have got clearly. If you followed the processes, we published; people applied; companies were pre-qualified; companies went to the data room and of course, assessment of their bids was done by competent people.

“There were consultants involved in the whole process and bidders emerged, and that’s all I can say. It was a very transparent process and I think a lot of people are also hailing the process.”

Commenting further on the rehabilitation of the nation’s refineries, he said, “I have already spoken about the refineries in a detailed interview. Last week Wednesday, the Federal Executive Council approved comprehensive rehabilitation of Port Harcourt Refinery and that is going to start forthwith. ‘’

“It was approved for the sum of $1.5 billion and we are going to also start the rehabilitation of Warri and Kaduna Refineries shortly.”

Also commenting on petrol pricing, the minister said the government was not aware of any increase in the price of petrol, adding, “Definitely, there is no fuel (price) increment. The price remains N162 per litre. We are in discussion with labour and with other stakeholders, and until all those discussions are concluded, we are not going to fully deregulate. “But we understand that some people, and that is criminals, are beginning to sell product for more than the approved price and the relevant agencies should ensure that those marketers are sanctioned.

“You will recall that on my inauguration, the Ministry of Petroleum Resources was given mandate areas to achieve and we are very well on course.”

Related Topics:marginal oil fields Petroleum ministry

Up Next

Court orders extension of NIN-SIM linkage by two months

Don't Miss

FG eyes N1tn investment from highway concession

Business

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

9 hours ago

November 26, 2024

Trends Admin

Port Harcourt Refinery

PH refinery: 200 trucks will load petroleum products daily, says Presidency

No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Business

Breaking: CBN increases interest rate to 27.50%

Published

10 hours ago

November 26, 2024

Trends Admin

Breaking: CBN increases interest rate to 27.50%

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

Business

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Published

14 hours ago

November 26, 2024

Trends Admin

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”