The drop in oil and gas revenue, the marginal increase in power generation and the controversy over the $9.6 billion UK court award against Nigeria are some of the trending stories in Nigerian newspapers on Monday.
ThisDay newspapers said that earnings from oil and gas production in June were down by 44.65 percent, indicating a value reduction of about $226.38 million between May and June 2019.
The Guardian also reported that power generation by the nation’s electricity companies hit an average of 3,862mw between January and August, from a monthly average of 3,531mw in the previous months.
The Punch said the Process and Industrial Developments (P$ID) on Sunday, expressed its readiness to negotiate with Nigeria over the $9.6bn judgment of a United Kingdom court that may authorise the company to seize the nation’s assets to offset the judgment debt.
The company, however, advised the President Muhammadu Buhari-led Federal Government to “appoint an authorised party to enter into real negotiations” instead of what it called the Nigeria’s “baseless slander and sham investigations against the P&ID and its founders”.
The Nation said President Muhammadu Buhari and Vice-President Yemi Osinbajo separately approved negotiation with Messrs Process and Industrial Developments (P&ID) after the Arbitration Tribunal awarded $6.597billion to the company.
The Sun said the proscribed Islamic Movement in Nigeria (IMN) otherwise known as Shi’ite has alleged a planned clamp down on its members and activities in some states.
The Shi’ite through a statement by its Head of Media, Ibrahim Musa claimed that the Nigerian Police had issued a directive to all force formations across the country to arrest its members and halt its activities, especially its annual procession.
The Tribune said the Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila, is leading the Nigerian delegation to the 50th Commonwealth Parliamentary Association (CPA), Africa Region, Conference which kicked off in Zanzibar, Tanzania.
The Daily Trust said controversy is trailing the federal government approval of N17 billion to be spent on a technology that will track movement of refined petroleum products.
MM/GIK/APA