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Governors appeal to block sovereign fund

Nigeria's powerful governors applied to the supreme court on Monday to block the federal government's planned removal of $1 billion from the country's crude oil savings to set up a sovereign wealth fund (SWF). Nigeria's finance minister, Ngozi Okonjo-Iweala, ... Full story

Russia's Russneft plans investment in Nigerian oil

Russian oil and gas firm Russneft, which is partly owned by oil-to-telecoms group Sistema , told Nigeria's vice president on Thursday it was ready to invest in Africa's largest oil and gas industry. ... Full story

Removal of oil subsidy; let us reason together

The current stance among the northern legislators at the National Assembly, is that the time for the removal of fuel subsidy is not right or that it will further impoverish the people of the region. But this cannot be true ... Full story

The minister said that although kerosene subsidy was totally inefficient and problematic, the government could not, in good conscience, deregulate the product at this time. Photo: NAN

FG won't remove subsidy on kerosene, says Allison-Madueke

The Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, has said that kerosene will not be affected in the Federal Government's proposed removal of subsidy in the oil sector. ... Full story

Tanker fire outbreak consumes 9 vehicles, 10 shops

A major calamity occurred at the Sokori area of Abeokuta Ogun State capital, following a fire outbreak which emanated from a 33,000-litres petrol tanker, whose contents spilled on the major road, as a result of the driver losing control of the vehicle. ... Full story

Minister of Petroleum, Mrs. Diezani Alison-Madueke

Strategic planning will solve Nigeria's energy crisis, says NCPRD boss

The Director of National Centre for Petroleum Research and Development (NCPRD) ,Dr. Muhammed Abubakar, has said Nigeria’s lingering energy crisis could be resolved through Strategic Energy Planning (SEP). ... Full story

Nigeria Slides to 5th Position in US Oil Import

Nigeria has lost its position as the world’s third supplier of crude to the United States, among both OPEC and non-OPEC member countries, after Mexico, and Saudi Arabia, sliding to the fifth position, after Canada, Mexico, ... Full story