The Nigerian government has disclosed that 23 oil blocks, managed by both international and local oil companies under Crude Oil Production Sharing Contracts (PSCs) with the Nigerian National Petroleum Company Limited (NNPC), failed to produce crude or remained inactive in the year 2021. This revelation comes from the latest Oil and Gas Industry Report for 2021, released by the Nigeria Extractive Industries Transparency Initiative (NEITI), a federal government agency. PSCs are contractual arrangements where oil companies commit to funding operations for petroleum exploration, development, and production within specific concession areas. Successful operations require these companies to pay Petroleum Profit Tax,…
Author: Editor Francis
The United States and Kenya are set to convene for a second round of in-person discussions under the Strategic Trade and Investment Partnership (STIP) from October 4 to 7, 2023. Leading the U.S. delegation will be Assistant United States Trade Representative Constance Hamilton, accompanied by representatives from various government agencies. The U.S.-Kenya STIP was officially launched on July 14, 2022, with a shared commitment to achieving high-standard commitments across various areas. The primary objectives of this partnership are to increase investment, foster sustainable and inclusive economic growth, benefit workers, consumers, and businesses (including micro, small, and medium-sized enterprises), and promote…
The Federal Government has taken decisive action by forming a committee dedicated to investigating and addressing the multifaceted challenges that have perpetuated a crisis within the Nigeria Social Insurance Trust Fund (NSITF) This proactive step aims to provide lasting solutions to the issues plaguing the NSITF. The Minister of Labour and Employment, Simon Lalong, who disclosed this at the NSITF headquarters, in Abuja on Tuesday, confirmed that within the short period of time he had spent in office as minister, he had received a lot of petitions. Lalong also said he never knew an agency like NSITF existed in…
In a recent announcement, the United Kingdom (UK) unveiled new travel regulations for individuals wishing to enter the country. Beginning on November 15, 2023, all visitors, including children, except British and Irish nationals, are mandated to apply for an Electronic Travel Authorisation (ETA) before travelling to or transiting through the UK. The ETA requirement applies to those who were previously eligible to enter the UK without a visa and are not currently legal residents in the UK. This includes individuals planning trips for purposes such as tourism, business, visiting family and friends, or stays of less than six months. To…
The Nigeria Labour Congress (NLC) has suggested that the new minimum wage in the country may be negotiated to a higher amount, possibly reaching N100,000 or even N200,000. This consideration comes in light of the rising cost of living in Nigeria. Initially, both the NLC and the Trade Union Congress (TUC) had planned a strike in response to the removal of fuel subsidies, but the strike was suspended following a late-night meeting with government authorities in Abuja. NLC President Joe Ajaero clarified that the decision to postpone the strike was made to allow the government more time to fulfill its…
According to recent market surveys, gas retailers have increased the price of a 12.5kg gas cylinder from the previously reported N10,000 at the end of the last month to approximately N12,500 in Lagos. The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, has issued a cautionary statement. He warned that if the Federal Government doesn’t take measures to regulate the activities of terminal owners, the price of a 12.5kg cooking gas cylinder could soar to as high as N18,000 by December. Olatunbosun Oladapo said: “Yes, the price is now N1,000 per kilogram but the government is…
Niyi Osundare has consistently been a highly regarded literary figure in my reading journey. While I don’t particularly have one single favorite writer, I have derived immense pleasure from exploring literary works from various African authors, as they authentically encapsulate my genuine experiences of Africa. In contrast to some other writers, Osundare possesses a unique ability to convey profound messages using a straightforward and accessible language. This quality allows even individuals like Mama Alata, who may have limited proficiency in the borrowed, but dominant English language and earn a living by selling fried stew and rice, to readily grasp the…
During The Platform’s Independence Anniversary event in Lagos, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, advised Nigerians to hope that the country’s refineries remain non-operational. Oyedele expressed concerns that if Nigerian refineries were to produce petroleum, inefficiencies in their management could result in the highest petrol prices in the world per litre. “Nigerians would say if only our refineries were working, then we’ll be fine. Nothing can be farther from the truth than that. In fact, Nigerians should come together and say please make sure that our refineries don’t work. We should sell them.…
Following the withdrawal of fuel subsidy and the subsequent increase in the price of Premium Motor Spirit (PMS) by the Federal Government of Nigeria, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) issued a strike notice set to commence on October 3, 2023. However, a meeting was convened by the Federal Government to prevent the strike, resulting in several agreements being reached between the government and the labor unions. Here are the key points of the agreement: The Federal Government will implement a wage award of N35,000 for all Federal Government workers starting in September, pending the…
Elon Musk’s SpaceX-owned Starlink is joining forces with e-commerce giant Jumia Technologies to enhance satellite broadband services across Africa. Jumia, boasting investors like Pernod Ricard and Goldman Sachs Group, will be responsible for the distribution of Starlink’s satellite terminals and related equipment in select African nations, with Nigeria being the initial launch market in the coming weeks, as confirmed by Jumia’s Chief Commercial Officer, Hisham El Gabry. This partnership represents an opportunity for Jumia to secure the first sales and distribution deal of Starlink’s kits on the African continent. El Gabry emphasized the potential impact, stating, “We have seen Starlink…
In an effort to address the challenges to peace, security, and stability in Sudan, the United States has initiated actions against two entities and one individual. Additionally, visa restrictions have been imposed on several individuals, including former regime officials and Islamists, who are deemed complicit in obstructing Sudan’s democratic transition. Ali Karti, the Secretary General of the Sudanese Islamic Movement, finds himself subject to sanctions due to his active opposition to Sudan’s democratic transition. Karti, who previously served as Minister of Foreign Affairs during the regime of Omar al-Bashir, played a pivotal role in undermining the civilian-led transitional government following…
Today, the President signed the Presidential Determination on Refugee Admissions for Fiscal Year 2024, establishing a refugee admissions goal of 125,000 for the upcoming fiscal year. The world is currently grappling with an unparalleled global displacement crisis, with a staggering number of individuals forced to flee due to conflicts, persecution, and instability. In response to this crisis, the United States has undertaken significant efforts to rebuild, streamline, and expand the U.S. Refugee Admissions Programme. In 2023, in partnership with the U.S. Department of Health and Human Services, the Department of State introduced the innovative Welcome Corps program. This initiative empowers…