…and household welfare, the report added. The post Economic Council approves $4.5b crude oil backed loan refinance for NNPC appeared first on Vanguard News.

…wealth into long-term prosperity through prudent investment rather than dependence on crude oil revenue. Speaking at the Delta State Economic and Investment Summit in Asaba, Lumumba said: “Your Excellency, the Vice President, Nigeria is the largest economy in Sub-Saharan Africa. I look forward to the day when an invest…

…terms than the original facility, including a substantial reduction in the volume of crude oil pledged to secure the loan. He explained, “The refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day t…

…Trump’s announcement, global oil prices fell on Monday morning in Asia trading. Brent crude oil was down by 4.5% at $83.98 (£62.26), while US-traded oil was 4.6% lower at $80.74 (£59.85). Energy prices have fluctuated since the conflict started on 28 February as traders reacted to disruptions to shipping through the St…

By Ediri Ejoh The Federal Government’s (FG) crude oil export earnings fell 14.41 percent to $31.54 billion in 2025 from $36.85 billion recorded in the corresponding period of 2024. The drop was attributed to lower international crude oil prices arising from a global supply glut in the review period. The Central Bank of…

…benefits they cannot see,” he said. He also pointed to reports that higher international crude oil prices had generated an estimated N7.98tn oil revenue windfall for the Federal Government, arguing that increased earnings should ordinarily have reduced the country’s dependence on borrowing. “A government earning windfa…

Dangote Refinery is expected to consume about 2.5 per cent of globally traded crude oil at full capacity, its President and Chief Executive Officer, Aliko Dangote, has disclosed. Dangote made the disclosure while receiving the Minister of State for Industry, Senator John Owan Enoh, who led a high-level delegation from…

…price marks a ₦150 rise from the previous rate, driven by climbing international crude oil costsThe price change is expected to push up ex-depot diesel prices nationwide, hitting manufacturers and small businesses hardFind it fast with our new search feature at Legit.ng! Pascal Oparada is a journalist with Legit.ng,…

…activity but as an export-driven sector capable of generating more foreign exchange than crude oil. “Oil is a diminishing asset,” he said, “but productive land, properly managed, can create wealth for generations.” On the 2027 elections and political realignments which has exposed his inability to remain in one party a…

…out an 11th consecutive night of attacks on Iran.While Nigeria may benefit from higher crude oil export revenues, the development threatens to elevate petrol pump prices locally and reverse recent gains in inflation control. The Dangote Petroleum Refinery increased its ex-gantry petrol price from N1,075 per litre to N1…

By Folarin Kehinde For decades, Nigeria has remained one of Africa’s largest producers of crude oil and natural gas. Yet, across oilfields in the Niger Delta, billions of cubic feet of valuable natural gas are either burned through routine flaring or lost through leaks and venting, depriving the country of electricity,…

…communities to Otabagi, the host community of the historic Oloibiri oil wells where crude oil was first discovered in commercial quantity in Nigeria in 1956. Speaking with journalists after a closed-door meeting with community stakeholders, the monarch-elect said his reign would be anchored on consultation, inclusivene…

…18 of the pits containing an estimated 104,000 litres of products suspected to be stolen crude oil. He said: "Five newly excavated pits, prepared for imminent use, were also found and neutralised before they could become operational." He added that with the development, navy had prevented the expansion of illegal refin…

…has significantly increased exports of refined petroleum products as inadequate domestic crude oil supply and persistent foreign exchange constraints continue to hamper its operations. This comes as rising global crude oil prices are expected to increase feedstock costs for the 650,000-barrels-per-day refinery, althoug…

Depot prices for petrol rise by approximately ₦45 per litre amid global crude oil surgeAnalysts warn that rising import costs will increase fuel prices, straining consumers already facing inflationIPMAN calls for urgent reassessment of fuel import licences to prevent further price hikes and naira pressureFind it fast w…

…the general price level. Energy prices feed strongly into inflationary pressures, and crude oil prices have risen above $84. The inflation outlook is looking very disturbing,” Yusuf said. He added, “It is unlikely there will be a rate cut. It is also not likely that there will be a further increase because the last inf…

…for June 2026 offers the clearest evidence yet that the direction is holding. Combined crude oil and condensate output reached 1.735 million barrels per day, 104 per cent of Nigeria’s Organisation of Petroleum Exporting Countries (OPEC) production quota of 1.5 million bpd, and the highest crude figure recorded since Ap…

…United States and Iran, along with disruptions to the Strait of Hormuz, affected global crude oil prices, Africa’s fuel supply chain and Nigeria’s petroleum industry Five months after the US-Iran war began, how would you evaluate its impact on global crude oil prices and the broader petroleum industry? The last five mo…

…in Lagos, Warri and Port Harcourt, even as operators continue to monitor global crude oil prices, freight charges and developments affecting regional shipping routes.

…on imports to supplement local production. The June data also showed that the country’s crude oil receipts by domestic refineries improved during the month. Crude oil receipt by domestic refineries rose from 0.578 million barrels per day in May to 0.632 million barrels per day in June, an increase of 0.054 million barr…

…it dismantled 48 illegal refinery sites, recovered about 4.698 million litres of stolen crude oil and illegally refined petroleum products, and arrested more than 91 suspects involved in crude oil theft, pipeline vandalism, militancy and related offences during the second quarter of 2026. The Director of Naval Informat…

…the development of their assets to support the Federal Government’s target of increasing crude oil production to two million barrels per day by 2027. The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, gave the charge on Friday in Abuja during the signing ceremony for the second batch of winners of the 2022/2023…

By Kingsley Omonobi The Nigerian Navy has thwarted an attempted act of crude oil theft targeting critical oil infrastructure in Bonny, Rivers State, reinforcing its commitment to safeguarding Nigeria’s strategic oil and gas assets under Operation Delta Sentinel. Director of Information, Navy Captain Abiodun Folorunsho,…

…many of the structural challenges that SAP was intended to address—dependence on crude oil, weak industrialisation, unemployment, poverty, inequality, external vulnerability and fragile State institutions,” four decades after the reform began. Olukoshi outlined eight lessons from the experience, chief among them that “…

…said exchange-rate stability, moderating inflation, stronger external reserves, improved crude oil production and resilient financial markets have significantly reduced macroeconomic vulnerabilities and strengthened investor confidence. He noted that government revenues also improved on the back of higher oil receipts…