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Agriculture & Nigerian Economy

Nigeria Loses N343 Billion as Oil Firms Burn 265 Billion Cubic Feet of Gas in 9 Months

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OIL AND GAS

Oil and Gas firms operating in the country flared 265.18 billion standard cubic feet of gas between January and September 2020 representing a decline of 23.6 percent compared to 347.15 cubic feet of gas flared in the corresponding period of 2019.

According to the data obtained from the National Oil Spill Detection and Response Agency, NOSDRA, the 265.18 billion cubic feet of gas flared in the first half of 2020, translated to a loss of 928.3 million dollars, an equivalent of 343.47 billion naira.

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Thus, the oil producing firms responsible for this flaring are expected to pay penalties amounting 530.5 million dollars (an equivalent of 196.29 billion naira) for breaching the flaring laws in the period under review.

The volume of Gas flared in the nine-month period is also an equivalent of 14.1 million tonnes of carbon dioxide emission and has a power generation potential of 26,500 Gigawatts per hour.

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Agriculture & Nigerian Economy

FG To Receive $2.5 Billion China Loan To Complete Ajaokuta-Kaduna-Kano Gas Pipeline

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Zainab-Ahmed

The Federal Government, Tuesday, said it is set to receive a $2.5 billion loan from china to complete the Ajaokuta-Kaduna- Kano, gas pipeline project by 2023.

Minister of finance, Zainab Ahmed, made this known while inspecting the project by one of the contractors handling section one, Oilserv Nigeria limited, which is from Ajaokuta to Abuja.

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Ahmed who noted one of the cardinal objectives of the project as creating jobs for youth, also expressed optimism that the project will be delivered by 2023.

She noted with satisfaction that the pace of the project has been good despite the economic slowdown.

“We are glad that gas is being piped to Ajaokuta, Kaduna to Kano. This project in this part of the country will create jobs, even now that work is going on locals are being employed.

The contractor is doing a quality and excellent job, and we commend NNPC for implementing this project’’, Ahmed said.

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Agriculture & Nigerian Economy

FG Says Hike in Price of Air Ticket Inevitable as a Result of COVID-19

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Aviation sector, Airfare

The Federal government on Thursday said the over 100 per cent hike in domestic Airfares was inevitable, describing it as one of the consequences of the COVID-19 pandemic.

It also disclosed that 300 employees of Arik air who would have been recently sacked by the carrier had not been relieved of their jobs based on the intervention of government.

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The Director-General of the Nigerian civil aviation authority, Musa Nuhu, disclosed this in Abuja at the briefing of the presidential task force on COVID-19.

Nuhu stated that because of the shutdown, airlines could not find slots to take their aircraft out, adding that the dollar rate had gone up and operators needed to raise enough money.

On the issue of 300 sacked staff employees of Arik air, the NCAA boss said the workers were not retrenched.

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Agriculture & Nigerian Economy

World Bank Forecast: Poor Nigerians Will Reach 100 Million by 2022

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WORLD BANK

On Thursday, the World Bank forecasted that there will be increase of the number of poor Nigerian from 90 million to about 100 million by 2022 following the effect of the COVID-19 pandemic on the Nigeria’s economy.

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It stated that about 11 million more Nigerians were expected to fall into poverty following the effect of COVID-19 crisis.

This was disclosed during the event, ‘Nigeria Development Update Virtual’ which had the theme ‘Rising to the Challenge: Nigeria’s COVID-19 response’.

The World Bank also put the financing portfolio approved by its board for Nigeria at about $11.5bn.

Marco Hernandez, an economist with the bank made his presentation at the event stating that before the COVI-19 pandemic, about two million Nigerians were expected to fall into poverty I 2020 as population growth outpaced economic growth.

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COVID-19 PREVENTION

infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.

COVID-19 IS REAL

#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

GALLANT OFFICER

Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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