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Nigeria’s Oil Earnings Rise By N450bn In Two Months —- FG

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Crude oil earnings by the Federal Government increased by about N449.93bn in December 2023 and January 2024, an analysis of data in the latest reports on Nigeria’s oil production, on Sunday, showed.

Although the Nigerian Upstream Petroleum Regulatory Commission has yet to release oil production figures for February 2024, its latest data so far indicates that Nigeria’s oil output maintained a northward movement in December 2023 and January 2024.

The country’s oil production (excluding condensates) increased by 3.88 million barrels in December 2023, when compared to what it pumped in the preceding month of November.

Data from the Country Economy, a global economic and statistical firm, put the average cost of Brent, the benchmark for crude oil, at $77.63/barrel in December 2023.

Therefore by increasing production by 3.88 million barrels and multiplied by $77.63/barrel, the country earned an additional $301.2m in December, representing N244.79bn at the official average exchange rate of N812.7/$ in December 2023.

Again, Nigeria produced 2.81 million more barrels of crude oil (excluding condensates) in January 2024 than what was produced in December 2023, as the average cost of Brent crude in January was $80.12/barrel.

This therefore implies that the Federal Government grew its crude oil earnings in January by $225.14m. At the average official exchange rate of N911.19/$ in January, the $225.14m translates to N205.14bn.

A summation of the increased earnings in December 2023 (N244.79bn) and January 2024 (N205.14bn) showed that the Federal Government earned additional N449bn during the two-month period.

Oil production reports of the NUPRC showed that in November 2023, the total volume of crude (excluding condensates) produced in that month was 37.51 million.

With condensates, the total volume was 43.98 million barrels in November 2023. The daily crude oil output for the same month was 1.25 million barrels, while with condensates it was 1.47 million barrels.

In December 2023, the total crude oil output was 41.39 million barrels, while with condensates it was 48.14 million barrels in the last month of 2023.

The upstream oil sector regulator stated that the daily crude oil production in December 2023 was 1.34 million barrels, while with condensates it was 1.55 million barrels.

The production of crude by oil firms in Nigeria increased in January 2024. The total crude oil production volume in January this year was 44.2 million barrels, while with condensates it was 50.93 million barrels.

For daily production, crude oil output was 1.43 million barrels in January 2024, while with condensates it was 1.64 million barrels.

The Federal Government, through the NUPRC, recently announced a new crude oil production target for Nigeria of 2.5 million barrels per day, in a bid to grow the foreign exchange fortunes of the country.

The Chief Executive, NUPRC, Gbenga Komolafe, had said, “The commission has been working assiduously to ensure that the Petroleum Industry Act is effectively implemented for growth in oil and gas reserves as well as achieving the national average daily production target set at 2.5 million barrels of oil and condensate per day in the near term.

“The oil and gas reserves in Nigeria represent 30 per cent and 34 per cent of the African oil and gas reserves respectively. Our vast reserves hold immense potential for sustainable development and prosperity.

“Although the actual national production currently averages 1.33 million barrels of oil per day and 256, 000 barrels of condensate per day, the national technical production potential currently stands at 2.26 million bpd while the current OPEC quota is 1.5 million bpd.”

He noted that closing the gap between the actual oil production and the technical potential presents a window of investment opportunities for investors and a significant opportunity for Nigeria to unlock additional revenue streams, address the current foreign exchange gap and strengthen economic resilience.

Komolafe stated that aside from hydrocarbon resources, Nigeria is blessed with potentials for green and blue hydrogen, solar, wind, biomass and critical minerals for the development of clean energy technologies as well as a growing population predominated by young people.

“With a coastline along the Gulf of Guinea, a market size of more than 200 million people projected to reach between 390 million and 440 million people in 2050, Nigeria represents hope for Africa.

“Interestingly, about 70 percent of the Nigerian population are under 30, and 42 percent are under the age of 15, representing a huge economic asset.

“Indeed, Nigeria’s potentials are derived from its human, natural, and material resources which must be mobilized to propel her on a path of economic growth and development and for her sustainable energy future,” the NUPRC’s boss stated.

BIG STORY

14 Villagers, Policeman Killed In Plateau Attacks

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At least 14 villagers and a mobile police officer lost their lives on Thursday in two separate attacks by gunmen in Bokkos Local Government Area of Plateau State.

One of the incidents occurred around 4:00 pm while the victims, mostly residents of the Chirang community, were returning from Bokkos market to Mangor village.

The Chairman of Community Peace Observers in Bokkos, Kefas Mallai, confirmed the attack to The PUNCH in Jos on Thursday night.

Mallai said, “Yes, it is true. There was an attack on our people about 4:00 pm this evening.

“Fourteen natives were ambushed and killed by suspected terrorists while three others were injured on their way from Bokkos Market to Mangor Village of Bokkos LG.”

He added that security forces had since taken control of the area to maintain peace and prevent further violence.

He also noted that the latest assault followed an earlier attack that same day where a mobile police officer was killed while on duty.

The officer was stationed at a checkpoint along Richa Road in the same Bokkos LGA before he was killed.

Mallai described the incidents as “very unfortunate.”

“Our hearts are bleeding because early this morning, on 24th July, 2025, a MOPOL was killed at his duty post (checkpoint) along Richa road, Bokkos LGA. This is what happened in Bokkos today,” he said.

The Chairman of Bokkos Local Government Area, Amalau Amalau, confirmed the attacks and described the situation as an “emergency.”

He said, “I’m driving. We have an emergency in Bokkos following attacks on our people.

“Right now, we are taking the victims to the Jos University Teaching Hospital. Let’s talk later, please,” the chairman told our correspondent.

Efforts to reach the spokesperson for the Plateau State Police Command, Alabo Alfred, were unsuccessful as his phone was switched off.

However, sources at the command said additional security personnel had been deployed to the affected area to address the crisis.

In response to the killings, several residents voiced their concerns and urged the Federal Government to consider establishing state police.

“Many state governments have been pleading with the Federal Government to allow them to have state police.

“I think the time has come for the Federal Government and the National Assembly to do something urgent in this regard, to stop further loss of lives in Plateau State and other parts of the country,” said Choji Bulus, a resident of Barkin Ladi.

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BIG STORY

Made Kuti Releases Sophomore Album, ‘Chapter 1: Where Does Happiness Come From?’

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  • Set to hold listening party on July 27 at Afrikan Shrine

 

Grammy-nominated Nigerian Afrobeat multi-instrumentalist Omorinmade Anikulapo Kuti, popularly known as Made Kuti, has announced the release of his highly anticipated second album, ‘Chapter 1: Where Does Happiness Come From?.’

The highly anticipated album contains 13 songs and is available worldwide.

The sophomore album features socially conscious songs like ‘Take It All In Before The Lights Go Out,’ ‘I Won’t Run Away,’ and ‘Life As We Know It.’ Other songs are ‘Find My Way,’ ‘Pray,’ ‘Won Na Pa,’ ‘Our Own,’ ‘Wait And See,’ ‘You Can’t Hide,’ ‘Oya,’ ‘My Voice,’ ‘Story,’ and ‘After The Tears Flow.’ Made has encouraged fans and music enthusiasts to stream the album on all music platforms, embrace its powerful messages, and prepare for the exclusive listening party happening on Sunday, July 27, 2025 at the iconic Afrikan Shrine.

Building on the success of his debut For(e)word—a modern Afrobeat manifesto tackling issues like corruption and inequality—Made continues to showcase his talent as a singer, songwriter, composer, and multi-instrumentalist.

The album is coming three years after the release of his debut album, ‘For(e)word, a modern Afrobeat manifesto addressing issues like corruption, inequality, and police brutality. His debut album, which was released in a joint album, ‘Legacy+,’ alongside his father’s ‘Stop the Hate’ in 2022, earned him his first Grammy nomination for Best Global Music Album in 2022.

The upcoming event, FK Management noted, is not just about music – it’s a celebration of culture, creativity, and the next chapter in Made’s musical journey. Attendees are billed to experience an electrifying atmosphere filled with live performances, energetic dance, and a shared love for Afrobeat music.

It’s a rare opportunity for fans and music enthusiasts to connect directly with Made and immerse themselves in his new tracks within a vibrant, immersive setting.

As a proud third-generation Kuti, Made continues to push boundaries and elevate his craft, bringing the fire and passion that his legendary lineage is known for.

According to organizers FK Management, this promises to be a milestone moment for fans and music lovers alike—a night to remember.

Update HERE

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BIG STORY

Natasha To Serve Out Suspension As Senate Enters Recess

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Two days after Senator Natasha Akpoti-Uduaghan was stopped from resuming her duties, the Nigerian Senate adjourned plenary on Thursday for its annual break, which will last until September 23, 2025.

As a result of the recess, the suspended Kogi senator will now complete the remainder of her suspension before the next plenary session.

Akpoti-Uduaghan was handed a six-month suspension on March 6, 2025, after being accused of misconduct and insubordination during the February 20, 2025, plenary when she refused a seat reassignment.

The Senate had cautioned that her suspension might be reviewed if she failed to offer a formal apology.

Her punishment stemmed from the findings of the Senate Committee on Ethics, Privileges and Public Petitions, which found her guilty after reviewing the complaints.

The suspension was due to end on September 6, 2025. However, the recess means she will serve the full term before the Senate returns.

Speaking to reporters on Tuesday after being denied entry into the Senate chamber, Akpoti-Uduaghan criticised the Senate’s action as unlawful and revealed plans to challenge it in court.

“Even the suspension ab initio was fraudulent—the document was faulty,” she said.

“Going forward, I will have a meeting with my legal team so they can proceed to the appellate court to seek interpretation of what just happened. I am a law-abiding citizen.”

She also accused Senate President Akpabio of exceeding his constitutional powers.

With the recess in place, the Senate will not reconvene until her suspension has lapsed.

During plenary, Senate President Godswill Akpabio announced the recess, describing it as “chamber reciprocity” since the House of Representatives had already started its break in line with the legislative calendar.

“We have started a new calendar that will take us to next year, June. And so it has fallen within this period for us to go on for a break to enable us to undertake major oversights,” Akpabio explained.

He stated that while plenary would be paused, committee activities should continue during the break.

“All necessary committees—the diaspora committee, committee on reparation, committee on interior and others—this is the best time for you to undertake visits to prisons and all that.

“Do all your reports and make them available as soon as we come back,” he directed.

Akpabio encouraged senators to carry out oversight functions across the country, emphasising that their legislative responsibilities must continue.

“You are moving from plenary for the next few weeks, but you are not stopping your legislative functions, because that’s what your people elected you to do. Members are expected to travel to Sokoto, everywhere, to observe the road repairs that are going on.

“By the time we resume, you are expected to bring your reports, committee by committee, for us to look into. I want to wish you safe travels and for all of us to return in good health,” he added.

Akpabio also announced the passing of Prof Janet Plang, wife of Senator Diket Plang.

He said arrangements had been made for senators to attend her burial in Plateau State on Friday, with a flight scheduled to leave Abuja at 8 am.

Senate Leader Opeyemi Bamidele expressed appreciation to senators for their dedication to legislative duties.

“We thank all our colleagues for all they have done to ensure that the business of lawmaking on behalf of the government and people of Nigeria has progressed smoothly,” Bamidele said.

He then proposed postponing all remaining items on the order paper to the next sitting, which was unanimously accepted by the Senate.

Natasha delayed at airport

Separately, the suspended senator was reportedly held up at the Nnamdi Azikiwe International Airport in Abuja last Thursday while attempting to board a flight to the United Kingdom.

A family source disclosed that immigration officials claimed she had been placed on a watch list by order of the National Assembly leadership.

“She was told that the leadership of the National Assembly requested that she be considered a flight risk and placed on a watch list,” the source said.

“We are wondering why they treated her that way, given there is no court order restricting her movement and she has never missed any of her court appearances.”

Eyewitnesses said Akpoti-Uduaghan looked distressed and made several phone calls before being allowed to travel after her passport was stamped.

Speaking shortly before departure, the senator confirmed the incident, saying, “The aircraft is about to take off.”

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