konga Ad Campaign konga Ad Campaign konga Ad Campaign
ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Thursday, June 30, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Agency nets N16.2 billion from oil firms

Agency nets N16.2 billion from oil firms

byAgency Report
July 23, 2018
1 min read

The Nigerian Content Development and Monitoring Board (NCDMB), says it realised $45 million (about N16.2 billion) revenue between January and April this year under the Nigerian Content Intervention Fund (NCIF).

Obinna Ofili, the General Manager, NCIF Board, Stated this at a capacity building workshop for Energy and Finance correspondents in Lagos on Monday.

According to Mr Ofili, NCIF is being funded from one per cent deductions from contracts awarded by operating International Oil Companies (IoCs) in the country.

He said the board would also be saving about N5 million for the federal government annually, beginning from 2018 after exiting appropriation from the national budget.

Mr Ofili said that about 157 operators were presently contributing to the fund, adding that more than $72 million came into the fund in 2017.

According to him, the board is presently operating on self-sustenance as it no longer receives subvention from government.

He said by so doing, the board was saving N5 million for the government every year which represents its operating costs from the national budget.

Mr Ofili also said the board had been able to retain $5 billion annually in-country from yearly $20 billion spent on the oil industry.

“The board targets to achieve about 70 per cent which translates to $14 billion retention in the next ten years,’’ he explained.

Mr Ofili said besides the 45 million dollars realised by NCDMB, it had $200 million, adding that the fund would help increase indigenous participation in the oil and gas industry.

According to him, it will also promote growth and development of the Nigerian Content activities connected with sectors of the industry.

“The fund will also deepen the creation of linkages to other sectors of the national economy and boost industry contributions to growth of National Gross Domestic Product (GDP), among others.

The NCIF is a pool of funds made available by NCDMB, and managed by the Bank of Industry (BoI).

The aim of the fund is to tackle funding needs of indigenous manufacturers, service providers and other key players in the oil and gas industry.

(NAN)

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket


CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: Call Willie - +2348098788999






PT Mag Campaign AD

Previous Post

Edo governor slashes market levy

Next Post

Thunderstorms, rains, cloudy weather to prevail on Tuesday – NiMet

Agency Report

Agency Report

More News

High tension electric powerlines

Electricity operators not delivering set targets to face penalties, Nigerian govt says

June 30, 2022
Naira and Dollars

Naira down to six-month low against dollar

June 29, 2022
Vice President Yemi Osinbajo SAN presides over the Federal Executive Council Meeting this morning at the Statehouse, Abuja. 29th June, 2022.

FEC okays reforms to bolster non-oil revenue to N3.8trn annually

June 29, 2022
Buhari appoints two Deputy Commissioners for NAICOM

NAICOM revokes licences of Standard Alliance, Niger Insurance

June 28, 2022
File: Motorists for long Fuel queues at NNPC Petrol station at CBD Abuja.

Fuel Scarcity: Abuja deliveries up nearly 100% after govt freight offer — Regulator

June 28, 2022
Russian President, Vladmir Putin

Russia defaults on foreign debt for first time since 1918

June 27, 2022
Next Post
Cloud

Thunderstorms, rains, cloudy weather to prevail on Tuesday - NiMet

Atiku Bagudu

Kebbi govt disburses N105 million to 200 women groups

Leave Comment

Search

AUN-PT Ad




Access Bank Ad







Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 13,447 other subscribers.

Advertisement




netherland biz school Advert



ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • PT Hausa
  • Dubawa NG
  • Careers
  • Contact Us
  • Digital Store

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.