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2015-11-05 19:00:00

NIGERIA PAYS $2.1 BLN

NIGERIA PAYS $2.1 BLN

Nigeria's government has approved the payment of 413 billion naira ($2.1 billion) to oil marketers as outstanding payment for fuel subsidy claims, the state-run Nigerian National Petroleum Corporation (NNPC) said on Wednesday.

The government had not announced a payment to oil marketers in Africa's biggest crude producer since July. NNPC said it hoped the payment meant marketers would help to ensure the country "remains wet with petroleum products all year round".

Nigeria imports the bulk of the 40 million litres a day of gasoline and fuels that it consumes owing to a neglected refining system and operates a costly subsidy system to reimburse oil product importers.

An acute fuel shortage crippled Africa's most populace nation in April and May as fuel importers shut their depots to press their case for the payment of subsidy-related debts they said were owed by the then government.

That administration was run by Goodluck Jonathan, the predecessor of President Muhammadu Buhari who took office in late May.

Buhari, who has said he will keep the petroleum portfolio for himself in his cabinet, has been expected to review closely the subsidy scheme, which was revealed to have paid out over $6 billion in fraudulent claims in 2012.

reuters.com

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More: 

NIGERIA'S BIG OIL 

NIGERIA'S OIL CRISIS 

NIGERIA'S OIL CRASHING 

NIGERIA SELLS ASSETS

TOTAL SOLD NIGERIA: $ 1 BLN

 

Tags: NIGERIA, OIL, NNPC

Chronicle:

NIGERIA PAYS $2.1 BLN
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

NIGERIA PAYS $2.1 BLN
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

NIGERIA PAYS $2.1 BLN
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

NIGERIA PAYS $2.1 BLN
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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