Bassey

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

Posts by Bassey:

Jean-Claude Brou, ECOWAS Commission Chairman.

Coronavirus: ECOWAS Commission announces support for West African countries

The Economic Community of West Africa States (ECOWAS) Commission has announced financial donations and equipment to its member states in support of their fight against the ravages of the coronavirus pandemic. The commission in its statement on Wednesday by its President, Jean-Claude Kassi Brou, reaffirmed its solidarity with member states…

NSIA Managind Director, Mr. Uche Orji (Photo Credit: Ezekiel Oyero)

Stabilisation Fund: We’ll provide $150 million to Nigerian govt within 72 hours – NSIA

The disbursement of $150 million (about N52.5 billion) from the Stabilisation Fund to augment the monthly statutory Federation Account allocation to the three tiers of government would not take more than 72 hours of the request, the Nigerian Sovereign Investment Authority (NSIA) said on Wednesday. The Managing Director of the…

Electricity prepaid meters used to illustrate the story.

COVID-19: DisCos promise Nigerians free electricity for two months

For the period of the coronavirus pandemic, electricity distribution companies (DisCos) have promised to supply electricity to their consumers free of charge for two months The promise was contained in a statement issued by the Executive Director, Research and Advocacy of the Association of Nigerian Electricity Distributors (ANED), Sunday Oduntan.…

Former president Olusegun Obasanjo.

COVID-19: Obasanjo, Gordon Brown, others demand action against pandemic

About 165 global leaders, including a former UK Prime Minister, Gordon Brown, and former Nigerian president, Olusegun Obasanjo, have called for a concerted global response to the coronavirus pandemic led by the G-20 countries. They made the call in a letter signed by 92 former Presidents and Prime Ministers, along…

International Monetary Fund (IMF)

Coronavirus: IMF pledges ‘swift attention’ to Nigeria’s loan request

The International Monetary Fund (IMF) has promised swift attention to Nigeria's request for a $3.4 billion credit facility in support of its fight against the deadly coronavirus pandemic. The Managing Director of the IMF, Kristalina Georgieva, noted the impact of the pandemic, which has threatened the Nigerian economy as a…

Fitch Ratings agency. [PHOTO CREDIT: Thisday Live]

Coronavirus: Ratings agency, Fitch, steps Nigeria down to ‘B’ negative

The current devastation by the deadly coronavirus pandemic on the global economy has worsened Nigeria's economic situation, with Fitch Ratings agency downgrading the country’s long-term foreign exchange issuer default rating (IDR) to B- from B+. The agency said in its latest report that the downgrade reflected the impact of the…

Shell logo

Shell paid $5.63 billion tax, fees to Nigerian govt in 2019 — Report

Royal Dutch Shell, the parent company of the Nigerian subsidiary, Shell Petroleum Development Company (SPDC) of Nigeria Limited, says it paid a total of about $5.63 billion to the Nigerian government in 2019. The payment is the largest payout out of a total $22.63 billion the company said it made…

OPEC

OPEC Meeting: Nigeria expresses readiness for oil output cut

With members of the Organisation of Petroleum Exporting Countries (OPEC) anxiously awaiting the rescheduled emergency meeting of the group on Thursday, Nigeria has expressed its readiness to contribute to the effort to strengthen and stabilise the oil market. The Nigerian head of delegation to OPEC and Minister of State for…

Fuel subsidy gone forever in Nigeria – NNPC GMD

The era of fuel subsidy is gone forever in Nigeria, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said. Speaking on an Africa Independent Television (AIT) programme on Monday, Mr Kyari said, “There is no fuel subsidy anymore in Nigeria. It is zero subsidy…

Nigeria's finance Minister, Zainab Ahmed [PHOTO: Pulse.ng]

Coronavirus: Buhari approves withdrawal of $150 million stabilisation fund to support FAAC allocations

Monthly allocations to the three tiers of government from the Federation Account Allocation Committee (FAAC) would henceforth be augmented from the Stabilisation Fund until the end of the current economic crisis caused by the Coronavirus pandemic. To address the emerging revenue shortfalls, the finance minister, Zainab Ahmed, said President Buhari…

Minister of Finance Budget and National Planning, Zainab Ahmed

COVID-19: Nigeria revises 2020 budget, adjusts fiscal benchmarks

The Nigerian government has amended the 2020 Appropriation Act to reflect the current economic realities as a result of the impact of the Coronavirus pandemic on the global economy. The Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Monday in Abuja that with the coronavirus pandemic triggering…

Minister of Finance Budget and National Planning in the Buhari administration, Zainab Ahmed [PHOTO CREDIT: @FinMinNigeria]

Contributors to COVID-19 pandemic fund to enjoy special tax relief

Corporate entities and individuals that have contributed to the federal government's COVID-19 Pandemic Relief Fund are to be granted some tax reliefs, the finance minister, Zainab Ahmed, said on Monday. The minister, who announced this in Abuja at the formal launching of the N500 billion fiscal stimulus measures in response…

Minister of Finance,Zainab Ahmed and her team in a meeting with the leadership of the National Assembly,to discuss ways of addressing the impact of the pandemic.

Nigeria to raise N3.2 trillion to combat COVID-19 pandemic

The federal government said it is working to raise N3.2 trillion to finance the battle against the deadly coronavirus pandemic. The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this in Abuja on Monday at the formal launching of the N500 billion fiscal stimulus measures in response to…

Nigerian Investment Promotion Commission – NIPC

25 firms get tax waivers from Nigerian govt in 2019

No fewer than 25 firms were granted tax waivers by the federal government under the pioneer certification incentive in 2019. The names of the benefitting firms were published in the 2019 'Annual Report of Issued and Cancelled Pioneer Certificates.' The report, by the Nigerian Investment Promotion Commission (NIPC), covered January…

NNPC Towers: P&ID and the Petroleum ministry signed the contract here

NNPC calls for calm after coronavirus case in estate

A positive coronavirus case involving an occupant of one of the apartments in the Nigerian National Petroleum Corporation (NNPC) staff estate located in the Garki area of Abuja, caused a scare among residents on Saturday. Although the Nigeria Centre for Disease Control (NCDC) team was invited to evacuate the victim…

Melee Kolo Kyari, NNPC GMD

Coronavirus: NNPC, oil firms make more donations against pandemic

The Nigerian National Petroleum Corporation (NNPC) on Saturday gave additional N10 billion support on behalf of the 'petroleum industry' in support of the fight against the spread of the coronavirus pandemic in Nigeria. The additional support brings to about N21 billion the total contribution from the petroleum industry in support…

Kingsley Moghalu

Moghalu defends ‘low crude oil price’ wish

A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, on Saturday stirred controversy on Twitter when he took on Nigerians who criticised his recent wish that crude oil prices, which plunged to the lowest level since 1989, should remain low. On Wednesday, crude oil prices of…

An oil vessel used to illustrate the story An oil vessel used to illustrate the story

Oil Prices: OPEC to hold emergency meeting with Russia, others on output cut

The Organization of Petroleum Exporting Countries (OPEC) has invited Nigeria and other members of the group for an emergency meeting scheduled for Monday next week in an attempt to strike a deal to cut production output to strengthen crude oil prices. The meeting, which is expected to be via video…

Federal Inland Federal Inland Revenue Service (FIRS)Service.

FIRS tax revenue increases 7% in first quarter 2020 – Official

The Federal Inland Revenue Service (FIRS) said its tax revenue collection increased by about 7.3 per cent in the first quarter of 2020 compared to the corresponding period in 2019. The spokesperson of the service, Abdullahi Ahmad, said a comparative analysis of the two periods shows a collection of N1.1…

Central Bank of Nigeria (CBN)

CBN-led coalition to tackle coronavirus raises N15 billion — Official

The Central Bank of Nigeria (CBN) has said monetary contributions to the account set up under the Private Sector Coalition Against COVID-19 (CACOVID) stands at about N15 billion as at Wednesday, April 1. The CBN spokesperson, Isaac Okorafor, said the list of 37 donors include individuals, banks and other corporate…

Melee Kolo Kyari, NNPC GMD

Nigeria spent N722.3 billion on fuel subsidy in 2018 – NEITI Report

The Nigerian government spent about N722.3 billion on subsidy of imported petroleum products in 2018, the latest Nigerian Extractive Industries Transparency Initiative (NEITI) audit report has revealed. The amount was deducted from the N2.3 trillion the government realised from sales of domestic crude oil allocation in 2018, the report stated.…

High tension electric powerlines

Why Nigeria suspended plan to hike electricity tariffs

The Nigerian Electricity Regulatory Commission (NERC) has given reasons why it decided to suspend the implementation of a new electricity tariff regime in the country earlier scheduled for April 1. In its latest Order No: NERC/198/2020 issued on Tuesday on the transition to cost reflective tariffs in the Nigerian electricity…

darkness

UPDATED: Nigeria suspends plan to increase electricity tariff

The Nigerian Electricity Regulatory Commission (NERC) has backed down on its earlier plan to raise electricity tariffs effective April 1 this year. In a directive issued on Tuesday titled: “Order on the Transition to Cost Reflective Tariffs in NESI,” the commission announced its decision not to go ahead with the…

FILE PHOTO: NNPC fuel station used to illustrate the story

Coronavirus: NNPC assures of uninterrupted fuel supply

The Nigerian National Petroleum Corporation (NNPC) says loading of petroleum products at depots will continue, to ensure uninterrupted fuel supply nationwide during the stay at home directive in many states. The corporation said this was to ensure the presidential directive on the lockdown of some states was adhered to without…

Nigeria realised N2.3 trillion from crude oil sales in 2018 — NEITI

The Nigerian government realised about N2.3 trillion as proceeds from the sales of domestic crude oil allocation in 2018, the latest Nigerian Extractive Industries Transparency Initiative (NEITI) audit report revealed. The report published on Monday in Abuja showed that about N722.3billion was deducted by the Nigerian National Petroleum Corporation (NNPC)…