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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.
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.
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.
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.
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.
“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
Elder Olawuyi Julius Olayide was announced as Kwara State ADC deputy governorship candidate by the state chairman of the party Hon. Babatunde Mohammed after presiding over a strategic meeting in Ilorin on Monday.
The meeting was attended by the party’s governorship, senate, House of Representatives and House of Assembly candidates, and members of the State Working Committee.
The party in a statement made available to Team@orientactualmags.com by Dr. Kabir Abubakar Basambo presents the profile of the deputy governorship candidate.
‘Elder Olawuyi Julius Olayide was born in Offa, Offa Local Government, Kwara State, on January 20, 1960.
A proud son of Offa, a devout Christian, a respected family man, and a passionate community leader, he is happily married and blessed with children.
A distinguished educationist, Elder Olawuyi dedicated more than 34 years of his life to shaping the future of young people through quality education, exemplary leadership, and selfless service. He obtained his Nigeria Certificate in Education (N.C.E.) in Economics/Social Studies from the College of Education, Oro in 1984 and later earned a Bachelor of Arts in Education (B.A.Ed.) in Social Studies from the University of Ilorin in 1991.
Throughout his remarkable teaching career, he served with diligence and distinction in several reputable schools across Offa. He taught at Ansar ud-Deen College, Offa (1986–2005), Offa Community Secondary School (2005–2006), and Nawar-Ud-Deen College, Offa (2006–2011). He subsequently served as Vice Principal of Moremi High School, Offa (2011–2020), where he mentored, inspired, and positively impacted the lives of countless students before his retirement on 20th January 2020.
Widely admired for his integrity, humility, wisdom, and unwavering commitment to educational excellence and community development, Elder Olawuyi has earned the respect of colleagues, students, parents, and community leaders alike.
His wealth of experience in education, administration, and grassroots leadership makes him an outstanding public servant.
Today, as the Deputy Governorship Candidate of the African Democratic Congress (ADC) in Kwara State, Elder Olawuyi Julius Olayide stands alongside Rt. Hon. Zakari Muhammed with a shared vision of building a prosperous, secure, and inclusive Kwara.
Together, they are committed to delivering people-oriented leadership, revitalizing education, empowering youths and women, strengthening the economy, and ensuring sustainable development for every community across the state.
The Vice-Presidential candidate of the Nigeria Democratic Congress (NDC) for the 2027 election, Rabiu Kwankwaso, has expressed confidence that the party’s presidential candidate, Peter Obi, will honour his pledge to serve only one term in office before handing over to a candidate from Northern Nigeria in 2031.
Obi, a Southerner, vowed to serve one term if elected President to complete the eight-year term of a Southerner that has been started by President Tinubu.
Speaking on Channels Television’s Politics Today on Monday, July 20, the former Kano State governor said he has no doubts that Obi will fulfill his agreement.Politics
Kwankwaso also disclosed that he and Obi have signed an agreement with the party and with each other.
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.
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.
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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