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Oil earnings rose by N91bn in June – FG
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
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Just in: NYSC Releases Batch ‘C’ Corps Members Call Up Letters
The National Youth Service Corps has announced the release of the 2024 Batch ‘C’ Stream I call-up letters for prospective corps members.
The corps made the announcement in a series of post on its official X (former Twitter) handle on Monday.
It said orientation camp for the stream is expected to start on November 27, 2024 and closes on December 17, 2024.
According to the post, “some prospective corp members posted to Lagos will have orientation in Ogun and Osun.
“While some of those posted to Zamfara will have in Kebbi and Sokoto etc”
The corps, however, advised prospective corps members to print and sign an addendum, which will be submitted during registration at the orientation camp.
Tips to guide Deployed Prospective Corps Members
Do not travel to the Orientation Camps at night. Break your journey when necessary.
Report on your scheduled reporting date.
Apply for spelling error and name rearrangement on your dashboard.
After documentation in the Camp, you cannot change your Date of Birth, Date of Graduation, Course of Study and Passport Photograph.
Do not report to the Camp if there is any discrepancies in your course of study or with the Date of Graduation on your Statement of Result and your Call-up Letter. Contact your Institution to sort it out.
ATTENTION TO ALL 2024 BATCH ”C” STREAM I MARRIED FEMALE PROSPECTIVE CORPS MEMBERS
All married female Prospective Corps members (PCMs) who are deployed to States where their husbands are not domiciled should report to the nearest NYSC Orientation Camp for their State of Deployment to be changed.
They are to report during the period of Registration at the Orientation Camps with the copies of their marital and other relevant documents as evidence. Once the change is made it will reflect on theirM dashboard for reprinting.
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Oba of Benin to withdraw suit as Okpebholo restores rights
The Oba of Benin, Oba Ewuare II, and the Benin Traditional Council may withdraw the suits they filed against the state government as Governor Monday Okpebholo, on Sunday, restored the full statutory rights of the Oba and reversed the policies of the previous administration that impacted the Benin Traditional Council.
A statement on Sunday by Okepebholo’s Chief Press Secretary, Fred Itua, said the governor abolished the new traditional councils in Edo South created by the immediate-past governor, Godwin Obaseki.
Okpebholo also backed the Federal Government’s recognition of the Oba’s palace as the custodian of repatriated Benin artefacts looted during the 1897 British colonial expedition.
Providing an insight into the governor’s gesture, the state Attorney General and Commissioner for Justice, Dr Samson Osagie, said it signaled the resolution of the crisis between the Oba of Benin and the Edo State government leading to lawsuits duringt the Obaseki’s administration.
Osagies said, “The cases in court are cases which the Oba of Benin himself and the Benin Traditional Council instituted against the state government, and they are all civil matters. And you know that in civil suit or in any suit, parties are encouraged to settle amicably.
“So, if the parties are already settling and one side is already meeting the condition of settlement, the next step you are going to hear is that the party who went to court, which is the Oba of Benin, and the Benin Traditional Council, will instruct their counsel to withdraw the cases from court and that will be the end of the matter.
“The two parties are now settling for harmony and peace to reign, so the government is doing its own side of it.
“This statement is a prelude to discontinuing all legal proceedings with respect to the twin issues of the concession of the Oba Akenzua Cultural Centre by government to the Benin Traditional Council for 30 years and the creation of additional councils.”
The statement by Okepebholo’s Chief Press Secretary outlined the administration’s commitment to restoring the dignity and authority of the Benin monarch.
“This administration also hereby abolishes the new traditional councils in Edo South, created by the last administration,” the statement noted.
Additionally, Governor Okpebhol revoked the decision of the Obaseki’s administration to convert the Oba Akenzua II Cultural Centre into a motor park.
The government announced plans to restore the cultural centre to its original purpose.
“This administration is restoring the Oba Akenzua Centre to a suitable condition for its original purpose,” the statement added.
The governor also reinstated the financial entitlements of the Benin Traditional Council, ordering that the status quo before the creation of the abolished councils be maintained.
According to the statement, Okpebholo affirmed support for the Federal Government’s official gazette, which recognizes the Oba of Benin as the rightful owner and custodian of the repatriated Benin artefacts.
He also distanced his administration from the Museum of West Africa Art, instead backing the Benin Royal Museum project to house the artefacts.
“The Federal Government has also issued a gazette for the recognition of ownership and custody of the repatriated Benin artefacts to the Oba of Benin, Oba Ewuare II,” the statement explained. “Governor Okpebholo respects the rights and privileges of the traditional ruler of Benin kingdom… and pledges the support of his administration to ensure the monarch plays his role as the custodian of the rich cultural heritage of the Benin people.”
Okpebholo reiterated his administration’s respect for traditional institutions and vowed to avoid interference in the internal affairs of the Benin Traditional Council. “The Oba of Benin, as the father of all Benin people, is the sole custodian of the customs and traditions of the Benin people, and my administration respects customs and traditions in the land,” he stated, emphasising the government’s efforts to uphold the cultural and historical integrity of the Benin Kingdom.
News
Oyedepo’s jet can’t leave private airstrip without clearance – Keyamo
The Minister of Aviation and Aerospace Development, Festus Keyamo, on Sunday said there was no way the private plane of privileged Nigerians, including the Founder and Presiding Bishop of Living Faith Bible Church Worldwide, Bishop David Oyedepo, can leave the country directly from their airstrips without first securing clearance from relevant authorities.
Keyamo made the clarification when he was featured as a guest on Channels Television’s Politics Today.
His statement comes barely two months after members of the House of Representatives called for a revocation of airstrip licences issued to certain individuals and private organisations, citing security reasons.
The House also called for an immediate halt to new airstrip licences for individuals and organisations.
But Keyamo insisted that there was no way a plane or drone, even if it belongs to the military, can leave or come into the country without first getting a nod from the agency.
When asked if the airstrip of Oyedepo also passed through the same due process, Keyamo nodded.
He said, “Oh yes, absolutely. That’s no problem. They were only concerned about the fact that they thought that somebody can take off from a private airstrip and fly out of Nigeria or fly into Nigeria. It is not possible.
“You must land in an international airport first. Then the Customs, immigration and NDLEA will process you before you take off from there to your private airstrip. If you are also flying out, you must land at an international airport. You will go through Customs, immigration and all the normal process before flying out.
“So nobody uses an airstrip for any such purpose without seeking clearance. At every point in time, the authorities must approve.”
When quizzed on how many airstrips the country is operating at the moment, Keyamo said they are in the range of 40.
“We have a number of them, more than 40. For the federal airport, we have 23. The state airport has about eight or nine now.
“And then the airstrips are about 40 or thereabouts. I have been there myself,” he stated.
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