Friday, March 5African Business News
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Tag: Chief Timipre Sylva

Nigeria’s fragile fiscal regime may stall $24bn oil, gas projects

Nigeria’s fragile fiscal regime may stall $24bn oil, gas projects

Oil & Gas
With the continued delay in the passage of the Petroleum Industry Bill (PIB) leading to a frigile fiscal regime mired by uncertainty, the African Energy Chamber (AEC), has said Nigeria and other African countries should expect a capital expenditure (CAPEX) spending cut of $30billion by next year. Specifically, the Chamber said it expects a CAPEX spending cut of $30billion over the 2020-2021 periods, and has identified a further $80billion of investment whose sanctioning will depend on improving market conditions, along with bold policy and fiscal reforms from African regulators. The Minister of State for Petroleum Resources, Timipre Sylva, had earlier last month, said the National Assembly shifted the PIB deliberation to the first quarter of next year. The post...
MOMAN pushes for legislation on price liberalisation

MOMAN pushes for legislation on price liberalisation

Business
Oil marketers under the umbrella of Major Marketers Association of Nigeria (MOMAN) has called for full liberalization of the downstream sector rather than modulating the price of Premium Motor Spirit (PMS) commonly known as petrol. Its Chairman, Tunji Oyebanji made the disclosure yesterday, declaring that full price deregulation will bring about long-term stability in the downstream sector. Oyebanji said that it had become necessary for the Association to state its position, adding that recently, the Minister of State for Petroleum Resources, Chief Timipre Sylva, announced in a statement that the government would implement a policy of “price modulation” which means it will give effect to existing legislation enabling it to set prices in line with market realities through the Petrole...