• Monday, December 11, 2023
businessday logo


Five things to know to start your Thursday


FG acknowledges failure to supply crude to Dangote refinery

The Federal Government held discussions with domestic refinery operators to address concerns over crude oil availability for indigenous refiners.

It emphasised the importance of meeting domestic crude obligations to boost refining capacity.
The 650,000 barrels per day Dangote refinery is ready to commence operations, and ensuring it has an adequate supply of crude is a national priority.

The goal is to transform the nation into a net exporter of refined products instead of just crude.

The Nigerian Upstream Petroleum Regulatory Commission has requested information from crude oil producers to assess available resources.

Reps demand explanation from AGF over N100bn COVID-19 funds spending

The House of Representatives has given a 72-hour ultimatum to the Accountant General of the Federation, Oluwatoyin Madein, to provide a detailed report on the use of N100 billion COVID-19 intervention funds allocated and released by former President Muhammadu Buhari’s government to various ministries, departments, and agencies from 2020 to 2022.

The House is concerned about the mismanagement of these funds and seeks accountability for the COVID-19 intervention.

The House of Representatives said that the report must be submitted by Friday, November 3, 2023.

INEC defends N18bn supplementary budget to lawmakers

Mahmood Yakubu, INEC Chairman, appeared before the House of Representatives and Senate Appropriations Committees to defend an N18 billion supplementary budget.

Of this amount, N10.6 billion is allocated to a 40 percent Peculiar Allowance increase for INEC staff, while over N3 billion is for the N35,000 award to public servants.

Additionally, N1.6 billion is designated for 11 pending bye-elections, and N1.4 billion is for cost differentials in the budgets for governorship elections in Bayelsa, Imo, and Kogi.

Oil rises over 1% after Fed keeps rates unchanged

Oil gained more than 1 percent on Thursday to snap its three-day decline, as risk appetite returned to financial markets after the U.S. Federal Reserve kept benchmark interest rates on hold.

Brent crude futures rose 89 cents, or 1.1 percent, to $85.52 a barrel by 0324 GMT, while U.S. West Texas Intermediate crude futures advanced 91 cents, also 1.1 percent, to $81.35 a barrel.

Both benchmarks settled at their multi-weeks lows in the previous session.

Oil’s rally comes along with gains across financial assets after the Fed maintained its benchmark interest rate unchanged at 5.25 percent-5.50 percent at its latest meeting on Wednesday. (Reuters)

Hamas says Israel’s strikes on refugee camp kill more than 195 people

More foreigners prepared to leave the besieged Gaza Strip on Thursday as its Hamas-run government said at least 195 Palestinians died in Israel’s attacks on the Jabalia refugee camp, strikes that U.N. human rights officials said could be war crimes.

At least 320 foreign citizens on an initial list of 500, as well as dozens of severely injured Gazans, crossed into Egypt on Wednesday under a deal among Israel, Egypt and Hamas.

Passport holders from Australia, Austria, Bulgaria, the Czech Republic, Finland, Indonesia, Italy, Japan, Jordan, the United Kingdom and the United States were in the evacuation. (Reuters)