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NNPC Signs $1.04 Billion Facility Loan With AFREXIM

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NNPC Signs $1.04 Billion Facility Loan With AFREXIM
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NNPC Signs $1.04 Billion Facility Loan With AFREXIM

The Nigerian National Petroleum Corporation (NNPC) has signed a $1.04 billion facility loan deal with the African Export-Import Bank (Afrexim) for petroleum exploration in the country.
The transaction comprises a Pre-Export/Shipment Finance Facility underpinned by a Forward Sale Agreement (FSA) and Offtake Contracts from the Nigerian National Petroleum Corporation acting as the Borrower and Seller was concluded 16 November in Durban during the second intra-Africa trade fair, which opened on 15 November and runs until 21 November.

The agreement is backed by oil cargoes, and under it NNPC will deliver 35,000 barrels per day (BPD) of crude oil, it said.

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Speaking with the President Afrexim, Mr. Benedict Oramah said the loan represented a balanced approach to development and climate, noting that Africa contributes just 4% to the world’s greenhouse gas emissions.

“Stopping development for parts of Africa today to achieve a clean environment for the whole world tomorrow is utterly foolhardy,” Oramah said.

Nigeria recently overhauled the laws underpinning its petroleum sector for the first time in two decades, which it hopes will spur development of its oil and gas industries.

NNPC Signs $1.04 Billion Facility Loan With AFREXIM

It has struggled to boost oil production in recent months, due in part to underinvestment, while developing its comparatively neglected gas sector is a top priority of President Muhammadu Buhari.

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Nigeria, along with other petroleum producers, has struggled to find attractive exploration funding as lenders shift away from fossil fuels due to climate concerns.

It also relies on petroleum for 90% of its foreign exchange and roughly half its national budget.

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VP Osinbajo says ‘’Nigeria needs unifiers, not just achievers”

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VP Osinbajo says ‘’Nigeria needs unifiers, not just achievers”
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VP Osinbajo says ‘’Nigeria needs unifiers, not just achievers”

Vice-President Yemi Osinbajo says Nigeria needs not just achievers, but more importantly men and women who are bridge-builders and unifiers, who see the country’s ethnic diversity as a source of strength, and not as a point of difference.

Osinbajo said this on Saturday during the turbaning ceremony of some prominent persons in Bida emirate, Niger State.

The Senior Special Assistant to the Vice-President on Media and Publicity, Laolu Akande, disclosed this in a statement titled ‘Nigeria needs unifiers, Osinbajo says at Bida Emirate turbaning ceremony’.

Earlier, the Etsu Nupe and Chairman, Niger State Council of Traditional Rulers, Dr Yahaya Abubakar, conferred on the Vice-President the ‘Garkuwan Yamma Nupe’ which means ‘the Defender of Nupe Kingdom.’

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Speaking after his turbaning, the Vice President noted that the conferment of the titles was a fresh call to service to the Bida community and the nation, adding that “our country needs men and women who understand that all men and women regardless of race and faith deserve to be treated equally, fairly and justly.”

He also restated the Federal Government’s commitment to enhancing security nationwide.

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Fuel subsidy: CSOs urge FG to end N250bn monthly payment

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Fuel subsidy: CSOs urge FG to end N250bn monthly payment
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Fuel subsidy: CSOs urge FG to end N250bn monthly payment

Civil Society Organisations in Nigeria operating under the aegis of the “Civil Society Coalition for Economic Development” (CED) have decried a monthly payment of N250 billion for fuel subsidy, saying if nothing was done by the Federal Government to end the regime, it would further cause economic catastrophe.

In a seven-point communique after a conference of the coalition which was held simultaneously in Lagos and Abuja, a copy of which was made available to DAILY POST on Friday, the Coalition urged the Federal Government to be committed to the planned ending of the fuel subsidy regime, adding that it was the right step towards recovering the nation’s economy.

The Coalition, which comprised of 82 Civil Society Coalitions, insisted that Nigeria’s economy is about one of the most volatile in the world, recalling that there was a time a barrel of crude oil was sold for $150, but for the past six years, it has reduced to $60, a situation the group lamented, was unsustainable.

In the conference, titled: “Fuel Subsidy Removal in Nigeria”, it was pointed out, would recycle the economy on the part of productivity and growth, if the amount being paid as a cost of fuel subsidies were channelled into the provision of infrastructure and other social sectors of the economy.

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The communique which was signed by the convener, Com. Yusuf Dan Maitama and the Secretary, Com. Badaru Ayewoh further recommended that the fuel subsidy regime should be stopped effective from January 2022.

They further identified the subsidy regime as a major challenge that was forcing the Federal government into external borrowings, while expressing optimism that the end of fuel subsidy would recoup funds into the national treasury well enough for developments.

Part of the communique read: “That the resource persons who are world-class researchers in the oil and gas industry extrapolated issues bordering on Nigeria’s oil and gas industry, and identified Nigeria’s major economic challenges as that of the active fuel subsidy regime.

“In the group discussions, participants were unanimous that Nigeria was the only country in the world that sustained fuel subsidy regime for the past 20 years.

“The fuel subsidy regime was a capitalist and elitist policy that services only the top-heavy, hence, successive governments found it difficult to implement their economic policies.

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“It was pointed out that the Federal government of Nigeria spends N250 billion on fuel subsidy every month. The development, discussants averred was largely responsible for national debts as revenue coming into the Consolidated Revenue Fund (CRF) account are used to settle the fuel subsidy.”

Fuel subsidy: CSOs urge FG to end N250bn monthly payment

The group pleaded with the organised labour not to embark on strike on account of ending subsidies, while they asked the Federal government to forward a budget for N5000 grants to be disbursed to citizens to cushion the effect of fuel subsidy removal in 2022.

“That the Federal Government of Nigeria should end fuel subsidy regime effect from 1st January 2022 in order the save the sum of N250 billion monthly as the economy of Nigeria has become very fragile given the financial burden orchestrated by the subsidy regime.

“That Nigeria is a monolithic economy as such, revenue earnings must be jealously guarded and which should be channeled into road construction, power, education, health and development of its youth.

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“That the organised labour should be considerate and not embark on strike action in the circumstance that the Federal government has ended fuel subsidy regime, given the reversal of huge resources back into the Federal government coffers.

“That the Federal Government and all stakeholders in the oil and gas industry should strictly enforce the provisions of Petroleum Industry Act (PIA), which came into effect after it was signed into law by President Muhammadu Buhari.

“That the Federal Government, private and public sectors should embark on sensitisation of Nigerians on the need for immediate removal of fuel subsidy in order to save the nation from further financial hemorrhage.

“The Federal Government of Nigeria should forward the budgetary provision of N5000 grant to citizens to cushion the effect of fuel subsidy removal to the two arms of the National Assembly for legislative debate before the passage of 2022 budget.

“The Civil Society Coalition commends the Group Managing Director of Nigeria National Petroleum Corporation (NNPC) Limited for his commitment to the stability of oil and gas industry in Nigeria,” it added.

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Anambra Airport Fully Set For Flight Operations

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Anambra Airport Fully Set For Flight Operations
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Anambra Airport Fully Set For Flight Operations

NCAA Approves Opening Of Anambra International Cargo And Passenger Airport Effective December 2nd, 2021.

The Nigerian Civil Aviation Authority (NCAA) has issued authority to Anambra state government to open
Anambra International Cargo And Passenger Airport for commercial operations with effect from 2nd December, 2021.

In a letter dated 1st December, 2021, addressed to Governor Willie Obiano of Anambra state, the aviation authority said that it has received security clearance from relevant security agencies for the opening. It said that the negative security clearance was the reason the authority had declined approval for the opening of the airport on the 30th of October 2021, when the state government had scheduled the commissioning.

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In the interim, Category B aircrafts are permitted to land and take off from the airport from sunrise to sunset.

Speaking on the development, Anambra state Commissioner for Works, Engineer Marcel Ifejiofor praised the efforts of Governor Obiano who never relented, even while on vacation to ensure that the Anambra airport becomes operational ahead of the Christmas 2021 mass return of Ndi Anambra living in the diaspora, and other visitors.

With this NCAA clearance, airlines already approved by the relevant authorities to operate at the Anambra airport such as Airpeace, Ibom Air, United Nigeria and others are expected to start scheduling flights into and out of the airport immediately.

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Anambra Airport Fully Set For Flight Operations

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