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IFMUYONEWS

NNPC Selects 15 Oil Companies To Supply 14 Billion Litres Of Petrol

Fifteen local and international oil companies have been selected by the Nigerian National Petroleum Corporation (NNPC) to supply 14 billion litres of Premium Motor Spirit, popularly known as petrol.

This is happening under the 2019/2020 Direct Sale of Crude Oil and Direct Purchase of Petroleum Products contracts.

About 132 firms had submitted bids for the project, where over 14 cargoes of crude are to be supplied to Europe and other nations for refining.

The corporation’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu, in a statement yesterday, said the one-year contracts run from October 1, 2019 to September 30, 2020.

IFMUYONEWS

Nigeria’s External Debt Up By 148% In Four Years – DMO

Nigeria’s Debt Management Office says the nation’s external debt stock rose by 148 per cent in almost four years of the MUHAMMADU BUHARI administration.

According to the DMO, the external debt soared to $25.61 billion dollars on March 31, 2019 from $10.32 billion dollars on June 30, 2015.

Eurobonds worth $10.87 billion dollars accounted for the largest chunk of the external debt, as it rose from $1.5 billion dollars on June 30, 2015.

The debt management body said debt owed to the World Bank rose to $8.90 billion dollars from $6.19 billion dollars in the period under review.

China, through its Export-Import Bank of China, is the third biggest lender to Nigeria with a loan of $2.55 billion dollars as of March 31, 2019, up from $1.39 billion dollars as of June 30, 2015.

January 15, 2019 Nigeria-China partnership yields over $5bn in projects – Buhari
IFMIT

Nigeria-China partnership yields over $5bn in projects – Buhari

President MUHAMMADU BUHARI has said the country’s partnership with China through the Forum on China-Africa Cooperation has resulted in the execution of vital projects across the country, valued at over $5 billion in the last three years.

The President said this yesterday in Beijing at the FOCAC Round Table meeting, attended by African leaders and Chinese President XI JINPING.

Highlighting specific projects under FOCAC, the President said through the Chinese support, Nigeria has impressively addressed significant challenges in the areas of infrastructure, human capacity development, power, transport, agriculture and humanitarian assistance.

The President also cited the construction and operation of the first rail system in Africa that uses modern Chinese standards and technology.

He further stated that “Nigeria is leveraging Chinese funding to execute $3.4 billion worth of projects at various stages of completion which include the upgrading of airport terminals, the Lagos – Kano rail line, the Zungeru hydroelectric power project and fibre cables for internet infrastructure

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