News
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
News
Budget defense: Senators hammer ministers, top civil servants
Top shots in the executive arm of government, like the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, the Director General of National Orientation Agency ( NOA) Mallam Lanre Issa – Onilu and his counterpart in the News Agency of Nigeria ( NAN) , Ali Mohammed Ali , were separately put under fire in the Senate during 2025 budget defence sessions .
While the Minister of Finance , Wale Edun and the Minister of Budget and Economic planning , Senator Atiku Bagudu were put on hot seats by the Senate Committee on Appropriation, the DG of NOA and that of NAN , had very tough encounters with the Senate committee on Information and National Orientation .
Trouble came the way of the Minister of Finance when barrage of questions were fired at him by some members of the Appropriation committee on state of implementation of the 2024 budget , particularly the capital component .
Specifically , Senator Abdul Ningi ( PDP Baichi Central) , in the barrage of questions fired at the Minister , asked him to explain how proceeds from fuel subsidy removal were expended in the 2024 fiscal year .
” What is the budget performance achieved so far , for 2024 fiscal year , particularly in terms of the capital expenditure.
See also FG Approves Loans to Bolster Financial Position
We haven’t heard from the Minister how much has been saved from the removal of fuel subsidy and how much has been expended .
“We also haven’t heard from the Ministers about the debt servicing. How much have we actually used to service our debt in 2004?
” How much are we expecting to service the debt in 2005? Finally ,will the Minister of Finance guarantee that the extension of the capital component of the 2024 budget to June 30, 2025 will give the desired results in terms of implementation that has a very low percentage now ? ”
Apparently unsettled by the question , the Minister hurriedly requested the committee to accord him a close door session for detailed response to the question .
” Are we in a closed door session ? If we are not in a closed door session , i will humbly seek for that for detailed explanations on the questions asked “, he said .
The Committee Chairman , Senator Solomon Olamilekan ( APC Ogun West ) , according asked journalists to excuse them for the closed door session.
Earlier at the budget defence session the Senate Committee on Information and National Orientation had with agencies under its purview , the Director General of National Orientation Agency ( NOA) , Mallam Issa – Onilu and his counterpart in the News Agency of Nigeria ( NAN) Ali Mohammed Ali , were ordered to re – draft and re – present their budgetary proposals for 2025 fiscal year .
The committee chaired by Senator kenneth Eze ( APC Ebonyi Central), tackled the NOA DG on the National Identity Project being implemented by the Agency by saying the project is not known to Nigerians , particularly, those residing at the grassroots .
But the NOA DG , held his ground by telling the committee members that the project is very necessary in putting in place , the right value system .
” The challenge we have about value system is about National Identity which is very necessary at galvanising Nigerians for Nation building , national development and growth “, he said .
The Committee however insisted that he should go back for re – drafting programmes of the agency to be captured and appropriated for , in the 2025 fiscal year .
Similar fate also befell the Director General of News Agency of Nigeria ( NAN) , who was told to go and reconcile disnointed figures presented in the 2024 budget implementation before coming for appropriation of projected figures for 2025 fiscal years .
News
Teacher remanded in prison for assaulting 3-year-old child
An Ogba Chief Magistrate’s Court in Lagos State has ordered that a 45-year-old primary school teacher, Stella Nwadiggbo, be remanded at a correctional facility for allegedly assaulting a three year old primary school pupil in the Ikorodu area of the state.
The teacher was caught on camera slapping the three year old child in class. The video of the teacher assaulting the child had gone viral.
She was consequently arrested and detained by the Family Support Unit (FSU) of Ikorodu Police Division.
The Lagos State Police Public Relations Officer, Benjamin Hundeyin, who confirmed the latest twist stated that Stella Nwadigbo, aged 45, was arraigned on the orders of the State Commissioner of Police, Olanrewaju Ishola, for indecent treatment and assault of a child.
Hundeyin stated that the accused was arraigned, on Thursday, at a Magistrate’s Court 1, Ogba.
He stated that the accused had been captured in a viral video indecently treating and assaulting a three-year-old pupil of a primary school in Ikorodu area of Lagos State.
“Following receipt of the video, the Family Support Unit (FSU) of Ikorodu Police Division promptly arrested the suspect on Wednesday, January 8, 2025 and transferred her to the Gender Unit of the Command Headquarters same day after preliminary investigations. The victim was taken to a medical facility for adequate medical attention.”
“The suspect has since been remanded to Kirikiri Correctional facility till February 18, 2025 when the case comes up for continuation of hearing” he added.
Hundeyin further stated that the Commissioner of Police, Lagos State Command, commended Nigerians for promptly alerting the police to the situation also, assured them of the ever-readiness of the Command to respond quickly and appropriately to situations towards ensuring the safety and security of resident and visitors to Lagos State.
News
VIDEO; Nigeria’s foreign relations: So far, Tinubu has showcased good salesmanship-Dr Nwambu
… but we’re yet to feel the impact now
Director General of Centre for Credible Leadership and Citizens Awareness CCLCA, Dr Gabriel Nwambu has said President Bola Tinubu has showcased excellent salesmanship globally but Nigerians are yet to feel the impact.
Nwambu disclosed this in a chat with TVC where he outlined Tinubu’s moves so far in international relations.
Watch video below:
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