KARIFEST AWARDS 2016 (Season IV) LOADING...

The very essence of my SURVIVAL after all my travails in life so far is explained in the KARIFEST AWARD PLAQUE, A RHINO WITH A CROWN SITTING ON IT'S HEAD.. Rhino represents strength, resilience, a fighter, a survivor, the African Spirit which is always struggling even when the chips are down. The Crown is the prize you get for not giving up on life's race. When you endure and rise above your challenges, you get a crown for your hard work. That crown represents success. You are successful through endurance. KARIFEST DUCHESS ONYEKAAH. Founder/Chief Operating Officer, KARIFEST GROUP And HOST Of The KARIFEST AWARDS. Click Here To Check Details Out... www.karifestawards.com

Tuesday, 17 May 2016

NIGERIA SENATE SUPPORTS NEW FUEL PRICE

Tuesday, May 17, 2016 Posted by Anonymous No Comments

The Senate has expressed support for the Federal Government’s decision to peg the pump price of petrol at N145 per litre.

Rising from an Executive Session, presided by Deputy President of the Senate, Ike Ekweremadu, the Senate on Tuesday called on the government to dialogue with Labour unions to forestall the threatened strike.

The senate sympathized with Nigerians on the economic crises the country is experiencing.
Ekweremadu further urged the federal government to begin implementation of palliative measures as contained in the 2016 Appropriation Act.

The Federal Government last week announced the removal of subsidy from petrol and pegged the price at not more than N145 per litre.

Organised Labour threatened to embark on strike by Wednesday if government fails to revert to N86.5 per litre.

Nigeria’s Minister of State for Petroleum, Ibe Kachikwu who appeared before the House of Representatives on Monday said, the Federal Government had no other option than to increase the price of fuel.

He said the fuel subsidy removal was because of the diminished foreign exchange supply situation in Nigeria. This forced marketers to stop importation and imposed over 90 per cent supply on the Nigeria’s state oil firm since October 2015.

Nigeria’s oil production has fallen by almost 40 percent to 1.4 million barrels a day due to militant attacks on facilities in the Delta region.

Nigerian oil output has been driven lower after attacks by a group calling itself the Niger Delta Avengers which says it wants a greater share of oil profits and independence for the swampy region where residents have long complained of poverty.

Attacks in the last few weeks have hit platforms belonging to Chevron and Shell.

“Because of the incessant attacks and disruption of production in the Niger Delta, as I talk to you now, we are now producing about 1.4 million barrels per day,” Kachikwu told the House of Representatives.

“We were at 2.2 million bpd but we have lost 800,000 barrels,” said Kachikwu, who was invited to address the lower house of parliament about the country’s oil sector.

The 2016 budget assumes oil production of 2.2 million barrels per day at $38 a barrel.