Nigeria International Energy Summit

The Nigerian government has paid over $120 million to offset some of the debts owed to the gas companies (GasCos), an official has said. The Director, Decade of Gas Secretariat, Ed Ubong, disclosed this at the ongoing 7th edition of the Nigeria International Energy Summit (NIES 2024) in Abuja on Thursday. “The arrears gas producers are owed as of last year was about $ 1.3 billion. But I am pleased that between October 2023 and the end of January, the government has paid over $120 million to offset some of that…

The Nigerian government said Tuesday the decision to remove petroleum subsidy is a challenging one but necessary move needed to promote long-term energy security and economic prosperity in the country. President Bola Tinubu disclosed this at the opening ceremony of the ongoing 7th edition of the Nigeria International Energy Summit (NIES 2024) held at the presidential banquet hall in Abuja on Tuesday. “Our great nation has long been dependent on the revenue generated from oil exports, and as we stand at the…