Skip to main content

Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
Post a Comment

Fed Govt, Others Get N656.6b From Federation Account


By Akinola Ajibade

The Federal Government, States and Local Government Councils were given a total sum of N656.602 billion as revenue from Federation Account Revenue for 2022 by the Federation Account Allocation Committee (FAAC).

This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for May 2022.

The N656.602 billion total distributable revenue comprised distributable statutory revenue of N461.189 billion, distributable Value Added Tax (VAT) revenue of N166.522 billion, the sum of N8.891 billion being Excess Bank Charges Recovered and augmentation of N20.000 billion.

In April 2022, the total deductions for cost of collection was N29.609 billion and total deductions for transfers and refunds was N147.651 billion.

The balance in the Excess Crude Account (ECA) was $35.377 million.

The communiqué confirmed that from the total distributable revenue of N656.602 billion; the Federal Government received N257.611 billion, the State Governments received N201.256 billion and the Local Government Councils received N149.251 billion. The sum of N48.485 billion was shared to the relevant States as 13% derivation revenue.

A gross statutory revenue of N635.037 billion was received for the month of April 2022. This was lower than the N933.304 billion received in the previous month by N298.267 billion.

From the N461.189 billion distributable statutory revenue, the Federal Government received N217.412 billion, the State Governments received N110.275 billion and the Local Government Councils received N85.017 billion. The sum of N48.485 billion was shared to the relevant States as 13% derivation revenue.

In the month of April 2022, the gross revenue available from the Value Added Tax (VAT) was N178.825 billion. This was lower than the N219.504 billion available in the month of March 2022 by N40.679 billion.

From the N166.522 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.978 billion, the State Governments received N83.261billion and the Local Government Councils received N58.283 billion.

The Federal Government received N4.684 billion; the State Governments received N2.376 billion and the Local Government Councils received N1.831billion from the N8.891 billion Excess Bank Charges Recovered.

The N20.00 billion augmentation was shared as follows: the Federal Government received N10.536 billion, the State Governments received N5.344 billion and the Local Government Councils received N4.120 billion.

According to the Communiqué, in the month of April 2022, Petroleum Profit Tax (PPT) and Excise Duties increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded significant decreases.


Comments

Post a Comment

Popular posts from this blog

'Nigeria Needs Carbon Emission Reduction To Diversify Energy Portfolio'

SNEPCo Wins Awards  By Favour & Akinola Ajibade Nigeria will be able to reduce carbon emission caused by fossil fuels production, once its  renewable energy portfolio, is diversified, Shell Nigeria Exploration and Production Company (SNEPCo) Managing Director Mrs, Elohor Aiboni has said.  According to her, Nigeria would meet the energy needs of its growing population of over 200 million people, once it encourages Public-Private Partnerships in renewable energy, adding that the development would enable her to overcome high investment costs and limited access to financing. She spoke in Lagos, during the 41st annual International Conference and Exhibition of the National Association of Petroleum Explorationists (NAPE). The event was organised for her and  other senior officials of the company.  SNEPCo's Managing Director, Alboni  At the event are officials of SCiN) and their various awards. There,SCiN won the Best Exhibitor and Plat...
Post a Comment
Read more

NUPRC Is Not Leaving Abuja As Erroneously Speculated

By Ibrahim Musa With clear mandates – ensuring compliance with petroleum laws, regulations and guidelines, monitoring of operations at drilling sites, producing wells, production platforms and flowstations, crude oil export terminals, and all pipelines carrying crude oil, and natural gas, supervising operations being carried out under licenses and leases, monitoring operations to ensure that they are in line with national goals and aspirations – the Nigerian Upstream Regulatory Commission, NUPRC, occupies a very influential position in Nigeria’s oil and gas industry. The NUPRC also has the mandate to monitor operations to ensure that they are in line with national goals and aspirations, including those relating to Natural Gas Flare elimination & monetization, Domestic Gas Delivery Obligations and Domestic crude oil supply obligations and ensures that Health Safety& Environmental regulations conform to national and international best oil field practice. The agency fu...
Post a Comment
Read more

Nigeria Loses N10tn to Poor Electricity--- MAN

Its DG, Kadir-Ajayi By Favour & Akinola Ajibade Nigeria's manufacturing sector is losing about N10 trillion or two percent share of its Gross Domestic Product( GDP) to poor supply of electricity, the Manufacturers Association of Nigeria MAN 's Director-General of, Mr Segun-  Ajayi Nadir, has said. He said the electricity reforms introduced by the administration of President Bola Ahmed Tinubu, would help in salvage the sector, if well implemented.  The DG said this, while accessing the impact of of the country's electricity situations on the economy, stating that the sector would help in guaranteeing the growth and development of the economy, once the its reforms are adequately implemented.  According to him, the unfavourable situation in the power sector has placed the country among the worst countries to do business with a rank of 171 out of 190. On the recently signed electricity Act, the MAN's DG said that the 2023 Act will be a major game...
Post a Comment
Read more