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Oil Revenue nosedives by 43% despite increased production

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Nigeria’s gross profit from crude and gas sales fell by 43 per cent, accounting for only about 8 per cent of total oil and gas revenue, despite a rebound in oil production, according to figures from the latest Budget Implementation Report for the fourth quarter of 2024 released by the Budget Office of the Federation.

Oil revenue fell by ₦824.66 billion to ₦1.08 trillion during the year, from ₦ 1.90 trillion in 2023, representing a 43.32 per cent decline in the year under review.

The decrease in revenue highlights a drift toward taxes and royalties as the dominant contributors. Petroleum Profit Tax and Company Income Tax brought in ₦6 trillion, while royalties generated ₦6.99 trillion — nearly triple the previous year, aided by improved compliance and changes under the Petroleum Industry Act.

Total oil and gas revenue before deductions stood at ₦15.07tn in 2024, against a budget of ₦19.99tn. This means that actual inflows fell short of the budget by ₦4.93tn or 24.65 per cent.

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Gas-flaring penalties rose to ₦391.26 billion, up 178% from 2023. Incidental revenue from royalty recovery and marginal-field settlements also more than doubled, while pipeline-fee income increased to ₦35.2 billion.

One of the largest boosts came from exchange-rate gains, which surged to ₦4.24 trillion from ₦791.88 billion in 2023 following currency liberalisation.

After deductions, net oil revenue stood at ₦12.95 trillion — below the ₦16.98 trillion target but significantly higher than the ₦4.82 trillion recorded in 2023.

The Nigerian Upstream Petroleum Regulatory Commission reported that crude oil production rose to 442.21 million barrels in 2024, up 12.6 per cent from 2023. Daily average production increased to 1.43 million barrels per day from 1.27 million barrels.

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Production recovered in the second half of the year, reaching 1.49 million barrels per day in December, the highest of 2024. Total liquids — crude and condensates — amounted to 492.34 million barrels, up from 451.09 million barrels in 2023.

Despite the gains, output reached only about 80 per cent of the government’s projection. Analysts attribute the shortfall to ongoing infrastructure constraints, crude theft, and underinvestment.

Compared with the previous year’s total of ₦8.36trn, however, oil and gas inflows almost doubled, showing an 80.33 per cent improvement.

The year-on-year increase was largely driven by stronger receipts from royalties, penalties, and exchange rate gains following the unification of the naira, rather than from higher crude export volumes.

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The quarterly pattern showed that oil receipts rose from ₦3.35trn in the first quarter to ₦3.91trn in the fourth quarter, but remained consistently below the projected quarterly average of ₦4.99trn.

Incidental oil revenue from royalty recovery and marginal field settlements climbed to ₦347.75b from ₦155.99b a year earlier, a growth of 122.93 per cent, while miscellaneous income, mainly from pipeline fees, increased to ₦35.2b from ₦16.38b.

One of the most significant contributors to the apparent growth in oil revenue was the exchange-rate gain, which soared to ₦4.24trn in 2024 from ₦791.88b in 2023—an increase of over 435 per cent.

The surge followed the naira’s steep depreciation after exchange rate liberalisation, which inflated dollar-denominated oil earnings when converted into local currency.

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After accounting for all deductions, the net oil revenue for 2024 stood at ₦12.95trn, against a budget target of ₦16.98trn, a difference of ₦4.03trn or 23.74 per cent.

When compared with the ₦4.82trn realised in 2023, the 2024 outcome represents a 168.83 per cent increase.

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Finally, Trump unveils $1m gold card for the super rich

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US President Donald Trump has unveiled his long-awaited ‘gold card’ offering legal status and a pathway to US citizenship for customers willing to pay the $1 million price tag.

The website Trumpcard.gov, complete with an “apply now” button, allows interested applicants to pay a $15,000 fee to the Department of Homeland Security for speedy processing.

After going through a background check or vetting process, applicants must then make a “contribution” – the website also calls it a “gift” – of $1 million to get the visa, similar to a “Green Card,” which allows them to live and work in the United States.

Basically, it’s a Green Card, but much better. Much more powerful, a much stronger path,” Trump told reporters at the White House. “A path is a big deal. Have to be great people.”

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Commerce Secretary Howard Lutnick said some 10,000 people have already signed up for the gold card during a pre-registration period and he expected many more to do so. “I would expect over time that we’d sell, you know, thousands of these cards and raise, you know, billions, billions of dollars,” Lutnick told Reuters in a brief interview.

Lutnick said the gold card program would bring people into the United States who would benefit the economy.

He compared that to “average” Green Card holders, whom he said earned less money than average Americans and were more likely to be on or have family members on public assistance. He did not provide evidence for that assertion.

Trump’s administration has pursued a broad crackdown on immigration, deporting hundreds of thousands of people who were in the country illegally and also taking measures to discourage legal immigration.

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The gold card program is the Trump version of a counterbalance to that, designed to make money for the U.S. Treasury in the same way the president, a former New York businessman and reality television host, has said his tariff program has successfully done.

Lutnick noted that there was also a corporate version of the gold card that allowed companies to get expedited visas for employees they wanted to work in the United States, for a $2 million contribution per employee.

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Benin Republic confirms coup leader, Tigri is hiding in Togo

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Pascal Tigri, the alleged mastermind behind the failed coup in the Republic of Benin, is reportedly hiding in Togo, government officials in Cotonou have confirmed.

Tigri, identified by Beninese soldiers as the leader of the attempted coup, fled after the mutiny was foiled with military support from Nigeria and Côte d’Ivoire.

According to Beninese officials who spoke with Reuters on Wednesday, Tigri is believed to be in Lomé 2, a high-security neighbourhood in the Togolese capital that also hosts President Faure Gnassingbé’s residence.

A Beninese intelligence memo sent to Togo’s national security agency said Tigri had been contacted by a Togolese phone number on the day of the coup.

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“Our department would like to request your support in apprehending and then handing over these fugitive soldiers to the Beninese authorities by your competent services,” the letter stated.

Benin’s President, Patrice Talon, vowed that those behind the plot would face justice.

“This treachery will not go unpunished,” Talon declared.

A senior official warned that Togo’s refusal to extradite the suspects could be interpreted as complicity in the coup attempt.

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“If the Togolese government fails to extradite them to Benin, it would be proof that Togo was involved,” the official said.

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SAD: Trailer Collides With Bus, K!lls 8 UNIJOS students

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There was confusion on Zaria Road in Jos, Plateau State, after a trailer lost control and collided with a bus carrying students of the University of Jos (UNIJOS) returning from a night outing.

The incident occurred in the early hours of Thursday, December 11, 2025, killing at least eight students and the bus driver.

Two students who survived the accident were reportedly rushed to a nearby hospital.

The students were returning from a night outing around 2 am in two hired buses when a trailer travelling at high speed apparently suffered brake failure and rammed into one of the buses.

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A survivor who recounted the tragic incident, said the impact of the collision caused the bus driver to lose control, sending the vehicle crashing into an electric pole just before the Farin Gada bridge.

The survivor said, “The collision tore the bus apart, killing eight occupants instantly before emergency responders later arrived to evacuate the bodies and rushed the two to a nearby hospital.

“We were sitting at the back, so the force didn’t hit us as badly. Immediately, the trailer struck us, and the bus started shaking. Before anyone could react, we hit the electric pole. The whole bus just broke apart.

“We were heading home after a night out in two buses around 2am when the tragic incident happened. It was so sudden. We didn’t even see the trailer. After the hit, everyone was shouting, then the crash happened.” ‎

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Confirming the incident, a senior police officer at the Plateau State Command said a manhunt has been launched for the trailer driver who fled the scene of the accident.

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