NNPC supplies 1.44 billion litres of petrol in one month – Newstrends
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NNPC supplies 1.44 billion litres of petrol in one month

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The Nigerian National Petroleum Corporation supplied 1.44 billion litres of petrol in January 2021, translating to an average of 46.30 million daily.

The corporation’s data released on Tuesday also showed a marked difference from the currently projected figure of about 70 million litres daily consumption of petrol.

The NNPC in a statement by the Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, in Abuja said the data was contained in the January 2021 edition of the NNPC Monthly Financial and Operations Report.

He explained that in the gas sector, a total of 223.55 billion cubic feet of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 mmscfd.

“The 223.55BCF gas production figure also represents a 4.79 per cent increase over output in December 2020”, he stated.

According to him, the daily average natural gas supply to gas power plants increased by 2.38 per cent to 836mmscfd, equivalent to power generation of 3,415MW.

He stated that for the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

“Period-to-date production from Joint Ventures, JVs, Production Sharing Contracts, PSCs, and Nigerian Petroleum Development Company, NPDC, contributed about 65.20 per cent, 19.97 per cent and 14.83 per cent respectively to the total national gas production.

“Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.”

This, Dr Obateru stated, “translates to a total supply of 1,428.65mmscfd of gas to the domestic market and 3,385.57mmscfd to the export market in the month under review.

“This indicates that 67.15 per cent of the daily gas output was commercialized while the balance of 32.85 per cent was re-injected, used as upstream fuel, or flared.”

The NNPC said the gas flare rate was 7.73 per cent for the month under review (i.e. 554.01mmscfd) compared with the average gas flare rate of 7.19 per cent (i.e. 539.69mmscfd) for the period of January 2020 to January 2021. The corporation also said cases of pipeline vandalism across the country in January 2021 decreased by 37.21 per cent.

It said that a total of 27 pipeline points were vandalised in January 2021 down from the 43 points recorded in December 2020.

It stated that the Mosimi area accounted for 74 per cent of the vandalised points while Kaduna area and Port Harcourt accounted for the remaining 22 per cent and four per cent respectively.

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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