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05 June ( Lagos) : Adeosun, Kachikwu, Emefiele, others shun PIB hearing, Senate kicks: The Minister of Finance, Kemi Adeosun; Minister of State for Petroleum Resources, Ibe Kachikwu; and Governor of the Central Bank of Nigeria, Godwin Emefiele, were among the top Federal Government officials absent from the public hearing held on the Petroleum Industry Bill on Monday. (Source: Punch)


FG has no money to complete Ajaokuta steel – Minister Oil: Members of the House of Representatives and the Minister of State for Solid Minerals Development, Mr. Abubakar Bwari, disagreed on Monday over the fate of the Ajaokuta Steel Company Limited. (Source: Punch)


Forex: CBN approves wider margin for BDCs: The Central Bank of Nigeria has approved an upward review of the trading margin available to operators of Bureau De Change in the country. (Source: Punch)


We spent N2.75tn on power, roads in two years – Buhari: President Muhammadu Buhari said on Monday that his administration had spent $9bn (N2.745tn at the official exchange rate of N305 to $1) on power, roads and railways in the country in the last two years. (Source: Punch)

FG offers investors fresh savings bonds: The federal government, on Monday, offered two-year and three-year savings bonds for subscription. According to the DMO, the closing date of the offer for subscription is June 8, and is due for settlement on June 13, while the coupon payment dates of the bonds are September 13, December 13, March 13, 2019, and June 13, 2019.(Source:Punch)

We spent N2.75trn on power, roads in two years: President Muhammadu Buhari said on Monday that his administration had spent N2.75trn (US$7.6bn) on power, roads and railways in the country in the last two years. The President said this was part of ongoing plans to diversify the economy through the development of tourism, agriculture and solid minerals, noting that the Federal Government was investing heavily in infrastructure. (Source: Punch)


NERC Raises the Alarm over 20 Inactive PPAs, 18 GSAs in Gencos: A status report of the Power Purchase Agreements (PPAs) and Gas Supply Agreements (GSAs) of electricity generation companies (Gencos) published by the Nigerian Electricity Regulatory Commission (NERC) has indicated that 20 Gencos do not have active PPAs, while another 18 do not have GSAs. (Source:Thisday)


All-Share Index Recovers 0.36% as Equities Market Pares Losses: The Nigerian Stock Exchange (NSE) All-Share Index (ASI) recorded its first gain rising by 0.36 per cent to close at 36,947.10 yesterday after several days of a bear run. (Source: Thisday)


Crude Oil Price Drops as US Supply Grows, OPEC Mulls Higher Output: Crude oil prices slipped yesterday as United States production hit a record high, while the Organization of Petroleum Exporting Countries (OPEC) considered boosting supply. (Source: Thisday)

TCN to re-conduct Kano high voltage line to boost power supply: The Transmission Company of Nigeria (TCN) has disclosed that it plans to re-conduct its Kumbosto-Dan Agundi 132kV transmission line to enable it wheel more power to the Kano Electricity Distribution Company. TCN said that the Kumbosto-Dan Agundi 132kV transmission line currently had the capacity to carry only 90MW, adding that this was inadequate for the load demand of the substation. (Source: Thisday)


Nigeria records increase, as world rig count declines by 90: For the first time in three months, Nigeria has witnessed an  increase in its rig count having recorded 32 in April as against 31 recorded in the month of March, data from the Organization of Petroleum Exporting Countries, OPEC, have  shown.( Source: Vanguard)


Buhari scrutinising passed 2018 budget - FG: The Federal Government says President Muhammadu Buhari is reviewing the passed 2018 Appropriation Bill.(Source: Daily Trust)


Economy: NBS warns of higher unemployment rate with sudden shock: The National Bureau of Statistics (NBS) has warned that Nigeria will record higher unemployment if the economy witnesses any sudden shock.(Source:Daily Trust)


Shell Says Nigeria Attacks Persist Even as Oil Output Recovers: Nigeria’s oil wells may be flowing again, but the country’s largest operator says attacks continue to put a brake on output.( Source Bloomberg)

CBN okays N357/$1 rate for BDCs: The Central Bank of Nigeria (CBN) yesterday reviewed upwards the trading margin for Bureau De Change (BDC) operators to N357/$1 (bid) and N360/$1 (offer). This gives BDCs a N3/US$ margin. The BDCs previously bought from the apex bank at N360/US$1 and sold at N362/US$1 before the review. (Source: The Nation)

Nigerian barrels struggle to find buyers: Nigerian crude cargoes found little buying interest on Monday, as differentials remained too high relative to the amount of oil available, trading sources said. (Source: Reuters)


Reporting for EasyKobo on Monday, 05 June 2018 from Lagos, Nigeria
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