The Central Bank of Nigeria, CBN, has offset the N36.9 billon legacy debt owed to gas suppliers by the power sector under the defunct Power Holding Company of Nigeria, PHCN, over the last few years.

With the decline in the global prices of oil, workers in Chevron under the aegis of Chevron Branch of Petroleum and natural Gas Senior Staff Association of Nigeria (PENGASSAN), have emphasised the need for the employers of labour and workers unions in the country to collaborate on ways to mitigate the effects on the employee, companies’ operations and the economy at large.

Members of the Organization of Petroleum Exporting Countries (OPEC) have a tough decision to make ahead of Thursday’s meeting over whether to cut output in the wake of a 30 percent slump in crude prices since June.

Nigeria’s oil exports were disrupted after Shell Petroleum Development Company, SPDC, yesterday, shut the Trans Niger Pipeline, after it discovered a leak on the pipeline.

The falling oil prices will probably be temporary going by the Organisation of Petroleum Exporting Countries, OPEC report just released.