ABUJA — The cost of petrol subsidy depleted revenue that should have been available to fund the 2021 budget according to President Muhammad Buhari. The president who spoke on Thursday while presenting the 2022 appropriation bill at the national assembly, said an increase in the pump price of petrol was due to opposition from the labour unions and other stakeholders. He noted that the subsidy significantly destroyed revenues that should have been available to fund...

ABUJA — Senate President Ahmad Lawan has said with the confirmation of the board members of the newly created Nigerian Upstream Regulatory Commission, the Department of Petroleum Resources (DPR) has been scrapped. After the confirmation of the board members on Wednesday, Lawan said with the Petroleum Industry Act (PIA) and the confirmation of the nominees sent to the Senate by President Muhammadu Buhari, said the new commission would take over the functions of the defunct...

ABUJA — To ensure transparency in the production of crude oil, the federal government on Thursday, inaugurated an inter-ministerial committee. The committee is to assess, report and supervise the refining of the crude oil in the Niger Delta while minimizing the environmental hazard the resource poses. The inter-ministerial committee will also tackle the illegal refining of crude oil in the Niger Delta. At the inauguration, Umar Mohammed, the acting solicitor-general of the federation who represented...

ABUJA — Nigerian Minister of State for Petroleum Resources, Timipre Sylva, on Tuesday said the Nigerian National Petroleum Corporation (NNPC) will become a commercial company within six months. The Minister’s declaration followed the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari on Monday. Sylva spoke at a press conference in Abuja, saying that a transitional committee was already in place to incorporate NNPC into a Limited company. All shares in NNPC...