NNPC LOSES N546B TO FAILURE OF REFORMS IN THREE YEARS
Failure by the President Muhammadu Buhari-led administration to reform the oil and gas sector has pushed the Nigerian National Petroleum Corporation (NNPC)’s revenue loss to over N546 billion.
The trend does not only represent the loss of potential revenue for the government but also constitutes a major challenge for the 2018 budget expectations and implementation.
In 2015, the corporation lost N267.14billion. The following year, it was set back by N197 billion. And in 2017, data from its financial statements showed N82 billion in operational losses.
Read more…….https://newsbreakers.ng/nnpc-loses-n546b-to-failure-of-reforms-in-three-years/


NNPC REDUCES LOSS BY 77.1% AS REFINERIES PERFORM POORLY
The Nigerian National Petroleum Corporation (NNPC) reduced its group operational loss by 77.1 per cent, cutting it down by N5.3bn within a period of one month.
Its refineries, however, performed poorly during the review period, as their combined capacity utilisation plunged from 26.99 per cent in December 2017 to 10.89 per cent in January 2018, according to the latest NNPC monthly oil and gas report released in Abuja.
Read more……..https://newsbreakers.ng/nnpc-reduces-loss-by-77-1-as-refineries-perform-poorly/




LEADWAY ASSURANCE PAYS N27BN CLAIMS
Leadway Assurance Company Limited said its claims expenses rose by 19 per cent to N27bn in the 2017 financial period from N23bn in 2016.
The Chairman of the company, Gen. Martin Agwai, disclosed this during the company’s annual general meeting in Lagos.
“Claims expense increased by 19 per cent from N23bn in 2016 to N27bn in 2017 with annuity pay out of N14.7bn, accounting for the largest proportion of this amount, followed by over N9bn claims paid in general insurance,” he said.
Read more……https://newsbreakers.ng/leadway-assurance-pays-n27bn-claims/




NAIRA DEVALUATION UNLIKELY BEFORE ELECTIONS — ANALYSTS
Analysts at FBNQuest Capital Limited have said that the monetary authorities are unlikely to devalue the naira or unify the exchange rates before the 2019 elections.
The analysts, in their Economic Outlook for the second quarter of this year released on Thursday, noted that since the start of the latest oil price weakness, there had been three devaluations – in November 2014, February 2015 and June 2016.
Read more……https://newsbreakers.ng/naira-devaluation-unlikely-before-elections-analysts/



BUHARI WILL RECEIVE PASSED 2018 BUDGET THIS WEEK – REPS
The House of Representatives has said that a clean copy of the 2018 budget will be on the table of President Muhammadu Buhari within one week from the date of passage.
The National Assembly passed the N9.12tn budget on Wednesday last week after the Appropriation Bill had spent more than six months at the legislature.
The final figure was raised by over N508bn from the initial estimates of N8.612tn that the President laid before lawmakers on November 7, 2017.
Read more……….https://newsbreakers.ng/buhari-will-receive-passed-2018-budget-this-week-reps/