GERMANY AND AUSTRIA TO TAP OIL RESERVES AFTER 400 MILLION BARRELS REQUESTED. (PHOTO).

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 Germany and Austria to tap oil reserves after 400 million barrels requested  Germany and Austria announced they are releasing portions of their oil reserves in response to an International Energy Agency request for member nations to collectively release 400 million barrels to help ease rising energy prices linked to the Iran conflict. Japan also said it will begin releasing part of its reserves starting Monday. The move marks one of the largest coordinated releases of emergency oil stocks in history. The previous record came in 2022, when IEA members released 182.7 million barrels following the energy disruptions caused by Russia’s invasion of Ukraine. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government requirements. The release comes amid heightened tensions in the Persian Gulf, where Iran has targeted commercial ships and disrupted shipping throug...
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LAGOS RAKES IN N101.69BN,IN THE 1ST QUARTER OF 2016+PARTNERS JAPANESE AGENCY ON N300BN MARINA-IKOYI LEKKI MONORAIL PROJECT.

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               The Lagos State Government generated a total revenue of N102.69bn in the first quarter of 2016 out of which a surplus of N4.85bn was realized as against an expected N29.92bn deficit,the State's Commissioner for Economic Planning and Budget,Mr Akinyemi Ashade said today monday.Speaking at the ongoing Ministerial Press Briefing held at the Bagauda Kaltho Press Centre in Alausa,Ikeja to commemorate Governor Akinwunmi Ambode's first year in office,Ashade said the generated revenue was above that of 2015 which stood at N97.28bn in the first quarter,adding that in absolute terms,the revenue performance was N4.4bn more than comparative period of 2015.Ashade said the remarkable feat was achieved despite the diminishing statutory allocation from the federation account,adding that same was due to Governor Ambode's purposeful and visionary leadership.He expressed optimism that with the implementation of multiple revenue collection channels and broadening of the revenue base,the State Government would achieve tremendous progress in its revenue drive.Giving a detailed breakdown of the budget performance,the Commissioner said N76.06bn was the Internally Generated Revenue {IGR} of the State in the first quarter representing 72 percent of the estimate for the quarter and 75 percent of the total revenue,as against the N67.21 nb generated in the first quarter of 2015 representing 74 percent of the estimate and 69 percent of the total revenue in the corresponding period for last year.He said the Lagos Internal Revenue Service {LIRS} revenue for the first quarter of 2016 stood at N67.25bnn representing 90 percent estimate for the quarter and 88 percent of the total IGR and 66.12 percent of the total revenue,compared to N60.58bn {87 percent of the estimate for Q1 Y2015},representing 90 percent of total IGR and 62 percent of total revenue in 2015.More photos below.                                                                                               

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