Business
Nigeria’s oil revenue not enough to cover petrol import costs – Finance minister
Nigeria’s revenue being generated from its low oil production cannot cover the cost of imported petrol, Minister of Finance, Budget and National Planning, Zainab Ahmed, has said.
She stated this on Thursday in an interview with Reuters on the sideline of the World Economic Forum (WEF) in Davos.
She said the Federal Government hopes that oil production will average 1.6 million barrels per day (bpd) this year.
In the first quarter of 2022, Nigeria’s oil production averaged 1.5 million bpd.
The minister said, “We are not seeing the revenues that we had planned for. When the production is low it means we’re … barely able to cover the volumes that are required for the (petrol) that we need to import.”
This year, the FG had budgeted 1.8 million bpd of production, but frequent crude theft and attacks on pipelines continue to affect the nation’s wealth.
In April, it asked the national assembly to drop the projected production volume to 1.60 million barrels per day.
Despite higher oil prices due to the Russia-Ukraine war, under-recovery costs, also known as petrol subsidy, continue to erode gains.
Nigeria has spent about N1 trillion on petrol import shortfall in the last four months and will spend up to N4 trillion this year. This has also dwindled the federation revenue — just as the Nigerian National Petroleum Company (NNPC) Limited has been unable to remit any amount to the government purse this year.
On the recent hike of the monetary policy rate by the Central Bank of Nigeria (CBN), the minister said the move was necessary due to policy adjustments by the US Federal Reserve and central banks in Europe.
Business
Naira exchanges for N1,650/$ in parallel market
Naira exchanges for N1,650/$ in parallel market
The Naira yesterday appreciated to N1,650 per dollar in the parallel market from N1,665 per dollar on Monday.
But the Naira depreciated to N1,538 per dollar in the official foreign exchange market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM) rose to N1538 per dollar from N1,534.56 per dollar on Monday, indicating N3.44 depreciation for the naira.
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Consequently, the margin between the parallel market and NFEM rate narrowed to N112 per dollar from N130.44 per dollar on Monday.
Naira exchanges for N1,650/$ in parallel market
Business
Naira drops to N1,665/$ in parallel market
Naira drops to N1,665/$ in parallel market
The Naira yesterday depreciated to N1,665 per dollar in the parallel market from N1,660 per dollar last weekend.
But the Naira appreciated to N1,534.56 per dollar in the official foreign exchange market.
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Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM) fell to N1534.56 per dollar from N1,535 per dollar last week Friday, indicating 44 kobo appreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate widened to N130.44 per dollar from N125 per dollar last weekend.
Naira drops to N1,665/$ in parallel market
Business
MaxAir suspends flight operations for five days
MaxAir suspends flight operations for five days
MaxAir Limited has announced a temporary suspension of flight operations from January 4 to January 8, 2025, to conduct scheduled aircraft maintenance.
In a statement issued Sunday, the airline’s management stated, “This necessary maintenance ensures we continue delivering safe, reliable, and efficient services to you.”
The airline noted that some routes might face disruptions or cancellations during the maintenance period. However, MaxAir assured passengers that normal flight schedules would resume by January 9, 2025.
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Passengers impacted by the changes can reschedule their flights at no additional cost.
The announcement comes just weeks after an incident in December 2024, when an engine on a MaxAir aircraft carrying Borno State Deputy Governor, Alhaji Umar Kadafur, and over 100 passengers caught fire shortly after departing Maiduguri International Airport.
The aircraft, en route to Abuja, suffered engine failure caused by a bird strike approximately 10 minutes into the flight. The pilot and crew successfully performed an emergency landing back at Maiduguri Airport, averting a potential disaster.
In a subsequent statement, the airline confirmed the pilot’s decision to return to the airport was prompted by “abnormal engine parameters.”
MaxAir suspends flight operations for five days
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