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
Pastor Damina Takes strong stance on Church Controversies: Salvation, Hell, and the Truth About Tithing
By Kayode Sanni-Arewa
In a thought-provoking appearance on TVC’s “Your View,” Pastor Abel Damina, founder of Abel Damina Ministries International, made waves by asserting that Christianity is the only faith that guarantees eternal salvation.
The televangelist, known for his unconventional views on heaven and hell, challenged prevailing beliefs by declaring that hell is not a fiery place, but rather a state of “utter darkness.” His teachings have ignited heated debates, attracting both fervent supporters and vocal critics who question his interpretations of scripture.
During the discussion, Damina emphasized that individuals across various religions ultimately seek salvation, a deep relationship with God, and forgiveness for their sins. However, co-panelist Dr. Maureen YK countered his claims, asserting that one cannot dismiss other spiritualities as ineffective without firsthand experience of their practices.
Many followers of other religions remain spiritually unsatisfied and in search of true salvation
In a passionate defense, Pastor Damina shared insights from his 40 years of ministry experience, arguing that many followers of other religions remain spiritually unsatisfied and in search of true salvation.
Touching on the contentious topic of tithing, Damina clarified a recent video where he appeared to promote non-payment of tithes. He stressed that God is not a transactional deity and referenced Galatians 3:13 to assert that Jesus has already fulfilled the law’s requirements, making mandatory tithing irrelevant. He encouraged voluntary and cheerful giving, free from compulsion.
He stressed that God is not a transactional deity and referenced Galatians 3:13 to assert that Jesus has already fulfilled the law’s requirements, making mandatory tithing irrelevant
As Damina’s teachings continue to stir controversy, his bold perspectives challenge traditional Christian beliefs and invite deeper conversations about faith and spirituality.
News
First Lady denies leading national prayer
The First Lady, Mrs Oluremi Tinubu, on Saturday, refuted reports that she will be leading a seven-day national prayer for Nigeria.
This followed a report last week that Mrs Tinubu and the National Security Adviser, Mrs Nuhu Ribadu, will spearhead a national prayer session to tackle the country’s numerous challenges.
The reports quoted the Director-General of the National Prayer Forum, Segun Afolorunikan, announcing the event in Abuja.
Afolorunikan had said the initiative, coordinated with Christian and Muslim religious leaders, intends to seek divine intervention for the country’s socio-economic and security issues, under the theme ‘Seeking the Intervention of God in Nigeria’s Affairs.’
“Christians will meet at the National Ecumenical Centre for a week of intense prayer, with prayer warriors from various denominations focusing their efforts on the nation’s adversities,” said the convener.
However, the First Lady has denied knowing any such arrangement saying a call for prayer must be done “willingly, conscientiously and correctly.”
Mrs Tinubu’s Senior Special Assistant on Media, Mrs Busola Kukoyi, conveyed this in a statement she signed Saturday titled ‘First Lady of Nigeria Oluremi Tinubu, CON refutes organising national prayer.’
It read, “This is to clarify and inform the general public that the First Lady of Nigeria is not organising a national prayer.
“The news making rounds in some conventional and social media platforms is unfounded and misleading.
“Consequently, anyone who might have come across the purported news of the joint National Prayer for Nigeria should disregard it as false.”
Kukoyi said the First Lady, a Christian and strong advocate of prayer and praying for Nigeria, believes that prayer is an act that must be done willingly, conscientiously and correctly.
“She also believes that praying for Nigeria is the responsibility of every Nigerian, irrespective of religious belief, political affiliation, tribe or tongue.
“Members of the public are advised to verify the authenticity of any news or event involving the First Lady of Nigeria or her office through official channels,” the statement concluded.
News
25 Shops destroyed as fire guts building in Ilorin
A building of 25 shops has been gutted by fire in the early hours of Saturday in Ilorin, the Kwara state capital.
According to the state fire service, the incident occurred at Adeta roundabout at about 02.39 hours.
A statement in Ilorin on Saturday by the spokesman of the service, Hassan Adekunle, said the firefighters, upon arrival, found a block of about 25 shops engulfed in flames.
“Thanks to the swift action and bravery of the Kwara State fire service officers, only three shops suffered damage, including a soft drinks and alcohol shop.
“Preliminary investigations indicated that the fire was caused by a power surge,” the statement disclosed.
The Director of the State Fire Service, Prince John Falade Olumuyiwa, expressed sympathy for the affected shop owners, offering prayers for the restoration of their losses.
He also urged the public to prioritize safety and ensure all electrical appliances are unplugged when not in use.
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