Commodities

Ondo govt commences sale of 165,000 bags of state owned rice

The Ondo State government, Monday, announced the sale of its own rice product branded as Golden Sun Rice and L’ondo. Announcing the development in an interview with journalists in Akure, Ondo State, the Senior Special Assistant to the State Governor on Agriculture and Agribusiness, Pastor Akin Olotu said the product has hit the market with […]

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Yemi Kale, NBS

India, Nigeria’s biggest commodity trading partner in third-quarter 2018 – NBS

India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping ₦719.2 billion of crude and ₦37.7 billion of natural gas exports from the country. India also bought cashew nuts worth ₦4.7 billion. The News Agency of Nigeria stated that the latest figures from the National Bureau of Statistics, covering July, August and […]

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Maikanti Baru

Report filling stations selling Petrol above ₦145 per litre to DPR, NNPC says

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has urged Nigerians to report any filling station selling petrol above the official pump price of ₦145 per litre. Baru gave the charge in a statement signed by the NNPC Spokesman, Mr Ndi Ughamadu, in Abuja, on Monday. He said reports […]

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Oil price continues to threaten Nigeria’s 2019 budget as it rally $52.72

The execution of Nigeria’s 2019 budget will likely encounter a serious threat as the price of Bonny Light, the nation’s premium oil grade, yesterday, hovered at $52.72 per barrel in the international market. The price, which had dropped to as low as $48 last week, before hovering at the current level, showed $7.28 below the […]

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Crude price drops $12 below 2019 budget benchmark to $48/barrel

The price of crude oil, yesterday, dropped from $50 to $48 in the international market, showing $12 below Nigeria’s $60 per barrel 2019 budget reference price. Specifically, the price of Brent, West Texas Intermediate, WTI and the Organisation of Petroleum Exporting Countries, OPEC, basket of 15 crudes stood at $48.00, $43.38 and $47.92 per barrel […]

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Oil price skids on fears for world economic growth

Oil price at $50 pb threatens Nigeria’s 2019 budget

The price of crude oil, yesterday, dropped to $50.00, showing $10 below Nigeria’s $60 per barrel 2019 budget benchmark in the volatile global market. The price of Brent, West Texas Intermediate, WTI, and Organisation of Petroleum Exporting Countries, OPEC, basket of 15 crudes stood at $50.00, $45.00 and $53.92 per barrel respectively. Traders attributed the […]

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FILE PHOTO: Nigeria National Petroleum Corporation (NNPC) headquarters are seen in Abuja

Prices of fuel in some parts of the country

The average price paid by consumers for premium motor spirit, PMS, popularly known as petrol, increased to ₦147.50 in November 2018 from ₦147.20 in October 2018, the Nigeria Bureau of Statistic, NBS report has shown. This showed an increase of 1.3 percent year-on-year and 0.2 percent month-on-month. According to the report of the NBS, Premium […]

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Federal Government

FG Sukuk bond oversubscribed, receives ₦132bn for ₦100bn offer

The Federal Government received over N132 billion subscriptions from 2,073 investors for its N100 billion 7-year 15.74 per cent Sukuk offer, the Debt Management Office (DMO) has said. The DMO, in a statement in Abuja on Saturday, announced the result and added that the bond would be due in 2025. It said that the high […]

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Nigeria’s Excess Crude Account crashes to $631 million

About $1.68 billion was drawn down from the Excess Crude Account (ECA) in the last one month, leaving a balance of $631 million as at 19th December, 2018. This came to the fore at Wednesday’s Federation Accounts Allocation Committee (FAAC) meeting in Abuja. The federal government said it depleted the account to off-set the last […]

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National Bureau of Statistics, NBS

Nigeria imported 4.37 billion litres of petrol in 3 months: NBS

Between July and September this year, the country imported 4.37 billion litres of petrol, figures for the oil sector obtained from the National Bureau of Statistics have revealed. In the Petroleum Products Report which was released in Abuja, NBS said that the country imported 873.72 million litres of automotive gas oil and 312.71 million litres […]

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Downward trend of Oil may affect FG’s framework for 2019

The declining global oil price in the last one week may shatter Federal Government’s economic projections for 2019 as well as impact adversely on its Medium Term Expenditure Framework, MTEF, if the trend is not reversed soon. Data from the Organisation of Petroleum Exporting Countries, OPEC, shows that prices are still trending down hitting a […]

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Federal Government

FG to auction ₦115 billion bonds on Nov. 21 – DMO

The Debt Management Office (DMO) says the Federal Government is to auction by subscription ₦115 billion worth of bonds on Nov. 21. The DMO said in a circular on its website on Tuesday in Abuja, that the five-year bonds of ₦35 billion to mature in April 2023 was offered at 12.75 per cent. The seven-year […]

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