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Oil earnings rose by N91bn in June – FG

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By Kayode Sanni-Arewa

The marginal rise in crude oil production in June 2024 increased Nigeria’s earnings from crude oil sales by about N91bn in the same month.

Latest oil production data obtained from the Nigerian Upstream Petroleum Regulatory Commission, an agency of the Federal Government, indicated that Nigeria’s oil production rose from 1,251,494 barrels per day in May to 1,276,159 barrels per day in June, representing an increase of 24,665 barrels daily.

This implies that the country pumped an additional 739,950 barrels of crude oil in 30 days in June.

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The average price of Brent, the global benchmark for crude, was $82.25/barrel in June 2024, according to data from countryeconomy.com, an international analytical firm.

Also, the average exchange rate of the United States dollar in June, according to exchangerates.org, was N1,489.88/$.

Therefore by increasing oil production by 739,950 in 30 days, Nigeria’s earnings rose by $60.86m, an equivalent of N90.67bn in the review month.

Further analysis of NUPRC’s data showed how the country’s crude oil production fluctuated in the first half of 2024.

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Nigeria produced 1,426,574 barrels of crude oil daily in January, but this dropped to 1,322,208 barrels per day in February and further declined to 1,230,518 barrels in March.

The downward trend was halted in April as the country produced 1,281,478 barrels of crude per day in that month. This was, however, not sustained as crude oil output from Nigeria dropped to 1,251,494 in May, before rising marginally to 1,276,159 in June.

The low crude oil production from Nigeria has remained a source of worry for operators in the oil sector.

Findings by our correspondent, as reported recently, showed that Nigeria failed to meet the crude oil production quotas approved by the Organisation of Petroleum Exporting Countries all through 2022 and 2023 and had been unable to meet those approved since January 2024, worsening the oil supply crisis to indigenous refiners.

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OPEC is an intergovernmental organisation that enables the cooperation of leading oil-producing and oil-dependent countries to collectively influence the global oil market and maximise profit.

Oil earnings rise by N308.6bn
Refineries in Nigeria, including the $20bn Dangote Petroleum Refinery, as well as modular refiners, have been starved of adequate supply of crude required for the production of refined products such as Premium Motor Spirit, popularly called petrol, Automotive Gas Oil or diesel, and JetA1, otherwise called aviation fuel, among others.

They called on the Federal Government to work harder in partnership with International Oil Companies to ramp up Nigeria’s crude production, stressing that the lack of crude has remained a disincentive to investors, particularly those interested in modular refineries.

However, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, recently declared that the government had awarded a $21m contract to meter all 187 crude oil flow stations in Nigeria to properly account for what the country produces and exports.

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He also said the government awarded another contract for software to enable the government to monitor the movement of Nigeria’s crude from the point of loading of every cargo in Nigeria up to the cargo’s destination.

Lokpobiri, who disclosed this at a press briefing in Abuja, stated that the initiatives would further give clarity on the volumes of crude produced in-country as well as the amount exported to other nations.

He said, “The Federal Executive Council meeting was held, presided over by Mr President, where we took bold steps to reorganise the oil and gas sector. One of the key approvals by the Federal Executive Council has to do with awarding a contract for the metering of our 187 flow stations across the Niger Delta region of Nigeria by the Nigerian Upstream Petroleum Regulatory Commission.

“NUPRC is the apex regulatory agency or commission for the Nigerian oil and gas upstream sector. As part of our steps to ensure that we have proper accountability, the Federal Executive Council approved the metering of all our production. We have 187 flow stations in the country, and there was a contract awarded for us to meter all the flow stations so that we’ll be able to properly account for what we produce and what we export.

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“It’s a major development that has never happened in this country. This project is meant to be completed within six months, within 180 days. And Nigerians must know some of the key steps that this government is taking to ensure that we maximise opportunities that other countries are getting by the availability of oil and gas in Nigeria

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Nigerian Army disowns fake SSCC Course 50/2027 recruitment advert

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The Nigerian Army on Monday disowned a fake advertisement circulating on social media and other online platforms, inviting applications for the Short Service Combatant Commission (SSCC) Course 50/2027.

This was contained in a statement made available to Defence Correspondents in Abuja by the spokesperson of the Service, Colonel Appolonia Anele.

According to the statement, “the Nigerian Army categorically states that this advertisement is false, fraudulent and did not emanate from the Nigerian Army.”

The statement warned members of the public to disregard the fake advertisement and urged prospective applicants not to apply through, patronise or make payments to any individual, group or website claiming to conduct recruitment on behalf of the Service.

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It emphasised that all recruitment and commissioning exercises were strictly free, transparent and merit-based, and that official recruitment announcements were made only through national newspapers, the Nigerian Army’s verified social media platforms and other recognised official communication channels.

It declared that “no form is sold and no person or agent is authorised to facilitate recruitment or demand payment at any stage of the process”.

It advised those behind the criminal act to desist immediately, adding that security agencies had been activated to identify, arrest and prosecute all individuals involved in producing, circulating or using the fake advertisement to defraud innocent Nigerians.

The statement warned that anyone found culpable would face the full weight of the law.

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The statement reaffirmed that the Nigerian Army remained committed to maintaining the integrity of its recruitment process and urged members of the public to verify all recruitment information through official Nigerian Army channels only.

Suspicious recruitment activities should be reported immediately to the nearest military formation or security agency.

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HoS exposes irregularities in PFIPC documents as Reps probe begins

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The Office of the Head of the Civil Service of the Federation and the Central Bank of Nigeria have distanced themselves from the establishment and operations of the Presidential Foreign Investment Promotion Council and the Presidential Economic Advisory Council as the House of Representatives continued its investigation into the bodies’ alleged creation without a valid legal framework.

According to Vanguard, both institutions made the disclosures on Monday while appearing before the House Ad-hoc Committee probing the councils’ legal status and operations.

The Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, told the committee that her office had no constitutional responsibility for establishing government agencies, explaining that its role was limited to approving the administrative structures of federal agencies.

“The approval and establishment of agencies is not within the purview of the Office of the Head of the Civil Service of the Federation. However, the OHCSF is responsible for approving the administrative structure of federal government agencies,” a representative of the office told lawmakers.

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The official disclosed that the council applied for approval of its organisational structure on August 6, 2025, but the request was declined because it failed to provide the required supporting documents.

“From our records, the council submitted a request to the OHCSF for approval of its organisational structure on the 6th of August, 2025, without providing the requisite documents. Consequently, the request was not granted,” the representative said.

The OHCSF, however, confirmed that officials of the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council sought an establishment and recruitment waiver during the 2025 annual manpower budget defence.

According to the office, the council stated that it had been operating mainly with personnel deployed or seconded from other government institutions and later requested approval for 314 positions, comprising 14 existing staff and 300 additional positions.

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The office also informed lawmakers that it later discovered irregularities in the documents presented by the council as its legal basis.

“It was observed that the document presented by the council as its enabling law or legal instrument did not really carry the requisite features,” the representative said.

Walson-Jack also denied claims that her office deployed civil servants to the council or allocated office accommodation to it.

“We wish to state that there was no deployment of staff by the Office of the Head of the Civil Service of the Federation to the council,” she said, adding that issues relating to the establishment and supervision of the council were the responsibility of the Office of the Secretary to the Government of the Federation and other relevant institutions.

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Also appearing before the committee, the Central Bank of Nigeria said two foreign currency accounts opened for the Presidential Economic Advisory Council and the Presidential Foreign Investment Promotion Council remained inactive with no funds.

Representing the CBN Governor, Director Hamisu Abdullahi said the accounts were opened following a request from the Office of the Accountant-General of the Federation.

“On July 30, 2025, we received a mandate dated July 29, 2025, from the Office of the Accountant-General of the Federation to open one United States dollar domiciliary account and one Pound Sterling domiciliary account,” Abdullahi said.

He explained that the accounts were never activated because the council failed to provide authorised signatories.

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“Those two accounts remain inactive with zero balance and have never been operated,” he said.

Abdullahi added that no financial transactions, including foreign exchange allocations, remittances, inflows or outflows, had been recorded on the accounts since they were opened.

Following the submissions, Chairman of the House Ad-hoc Committee, Abdulmalik Danga, directed the apex bank to submit complete records relating to the accounts.

“We want details of account activities relating to the Presidential Foreign Investment Promotion Council as well as the Presidential Economic Advisory Council. From the opening of the accounts to their last status, this committee wants the complete records,” Danga said.

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FG denies rumours of Defence Minister Christopher Musa’s alleged resignation

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The Federal Government has dismissed as false reports circulating on social media alleging that the Minister of Defence, General Christopher Gwabin Musa (Rtd.), plans to resign from office.

In a statement issued on Monday, the Office of the Minister described the reports as “malicious” and “entirely fabricated,” urging the public to disregard them.

The statement, titled “False Rumour Regarding the Honourable Minister of Defence,” was signed by the Minister’s Special Assistant on Media, Leah Katung-Babatunde.

According to the statement, the office’s attention was drawn to online reports claiming that General Musa had expressed an intention to step down from his position.

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“We wish to state unequivocally and in the strongest possible terms that these rumours are absolute falsehoods borne out of complete mischief,” the statement said.

It added that General Christopher Gwabin Musa (Rtd.), OFR, remains fully focused on his responsibilities and committed to implementing the Federal Government’s national defence and security agenda.

The statement noted that the minister remains dedicated to overseeing the nation’s defence strategy and delivering on his mandate.

The government also urged members of the public and media organisations to verify information through official channels before publishing or sharing it.

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“The general public is hereby urged to disregard this fake news. We strongly advise media outlets and internet users to desist from spreading unverified information and to seek clarification from the office on matters concerning the Minister,” the statement added.

The Federal Government reiterated that the Defence Minister remains in office and continues to discharge his duties.

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