FG attracts oil firms with new incentives
Nigeria, Africa’s largest economy, plans to enhance oil and gas investments by introducing new incentives.
Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission, revealed measures like changing signature bonuses and addressing licencing delays.
President Bola Tinubu aims to boost oil output to 4 million barrels daily by 2030. However, challenges persist, including pipeline sabotage and declining investor inflows, demanding infrastructure upgrades and community relations improvements.
ASSBIFI warns against hoarding, urges calm amid cash crunch
The Association of Senior Staff of Banks, Insurance, and Financial Institutions attributes the cash crunch to panic withdrawals and hoarding of naira notes.
ASSBIFI President Olusoji Oluwole urged people not to panic, highlighting the CBN’s indefinite acceptance of old denominations.
The association encourages bank workers to remain focused while reassuring the public. Despite CBN assurances, some areas still face cash scarcity, causing concern among customers.
FG’s foreign borrowing slows as total debt hits N88tn
The Federal Government’s foreign borrowing decreases as total public debt hits N87.91 trillion by Q3 2023. Data from the Debt Management Office indicates a 0.61 percent rise, with external debt at N31.98 trillion and domestic debt at N55.93 trillion.
Debt servicing stood at $1.39 billion for external and N1.79 trillion for domestic debts.
DMO assures commitment to honouring debt obligations amidst concerns, focusing more on domestic markets due to high global inflation rates and geopolitical uncertainties.
Domestic borrowing for 2023 reached N7.04 trillion.
FG to unveil gas leak detection device facility in Abuja
The Federal Government is set to launch Amal Technology’s Gas Leak Detection Devices and Printed Circuit Board facility in Abuja.
Initiated by Amal Technologies Ltd. with support from the Nigerian Content Development and Monitoring Board, the innovation aids research and development initiatives.
The Gas Leak Detection Device, called Amal Aerio, employs Internet of Things technology to prevent fire incidents by alerting users via calls and messages during gas leaks.
Americans freed by Venezuela in US prisoner swap land at Texas base
American prisoners freed in a swap with Venezuela landed in Texas after being released by President Maduro.
In return, ally Alex Saab was pardoned by Biden, returning to Venezuela. Saab faced U.S. accusations of money laundering and bribing Venezuelan officials. Six Americans deemed wrongfully detained were among those released.
The deal, following Qatar-mediated talks, included the release of opposition prisoners and eased sanctions for fair elections in Venezuela.