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BIG STORY

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

Only President Tinubu Can Sack Me, Not Critics —— Wike

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The Minister of the Federal Capital Territory, Nyesom Wike, has insisted that political power is earned through strength and strategic action, warning that Obio/Akpor Local Government Area remains a decisive force in Rivers State politics.

Wike also dismissed calls for his removal, stressing that the power to sack him lies solely with the President.

Wike spoke on Sunday during a thank-you visit to Obio/Akpor, where he addressed party leaders, traditional rulers, women, and youths.

The minister has been touring the state’s 23 local government areas to appreciate residents for their support in the 2023 elections and to canvass continued backing for President Bola Tinubu ahead of the 2027 polls.

Addressing the gathering, Wike stressed that politics should be guided by interest, not sentiment.

“There is no sentiment, there is no emotion. Politics is an interest; the interest of your people. Power is not given; we struggle for it. After all, if Donald Trump did not have power, would he go to Venezuela to pick a president? He wouldn’t. Because he has power, that’s why he can act,” Wike said.

“So for the people of Obio/Akpor, we have the power to dictate who becomes governor. All these people commenting from the sidelines, ask them if their local government, which produced only 5,000 votes, can challenge one that produced 40 per cent of the votes? Let us see how it will work.

“We will use our strength to punish them. Nobody has become governor in this state without Obio/Akpor making the pronouncement. Nobody has become the senator of Rivers East without Obio/Akpor deciding. So, if you like abusing us, after abusing us, come and look for the votes—and we will punish you with the votes.”

The former Rivers State governor also dismissed calls for his removal from office, stressing that such decisions rest solely with the President.

“Don’t bother about people who say ‘sack him.’ If my appointor believes I cannot offer anything again, he has the right, not that you should tell him. I am proud that the people of Obio/Akpor, the people of Rivers State, and Nigerians know we have not disappointed them in the FCT,” he said.

Earlier, the Chairman of Obio/Akpor Local Government Council, Gift Worlu, praised Wike’s political influence, describing him as a major asset to the council, the state, and the nation. He commended Wike’s performance across various offices, including chairman, chief of staff, governor, and minister, and stressed the council’s loyalty to his leadership.

“When it comes to who should be President of Nigeria in 2027, we know where to go. As for the governorship of Rivers State, we know where not to go. We will not go the way of ingratitude, disappointment, or disloyalty,” Worlu said.

Also speaking, the Speaker of the Rivers State House of Assembly, Martins Amaewhule, reaffirmed the legislature’s support for Wike and President Tinubu.

“On behalf of the RSHA, we assure you of our prayers and support as you continue to support Mr President. Don’t bother about detractors. The real people of Nigeria know your worth. They know you are helping the President deliver on the Renewed Hope Agenda,” Amaewhule said.

The visit comes against the backdrop of renewed political tension in Rivers State. On Thursday, the Rivers Assembly, led by Amaewhule, formally commenced impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, over alleged gross misconduct.

The Majority Leader, Major Jack, presented a notice signed by 26 lawmakers citing alleged charges, including extra-budgetary spending of over N800 billion without legislative approval, withholding funds allocated to the Assembly Service Commission, demolition of the Assembly complex, and defiance of Supreme Court rulings on legislative autonomy. A separate notice was also read against the deputy governor for allegedly conniving in unconstitutional expenditures.

Amaewhule announced that the notices would be served within seven days, in line with the Constitution.

The development marks a renewed escalation in the protracted political crisis in Rivers State, stemming from the fallout between Governor Fubara and his predecessor, Wike. Previous impeachment attempts in 2023 and 2025 were halted by presidential interventions, and a state of emergency was declared by President Bola Tinubu.

 

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BIG STORY

Obasa Redeems N100,000 Cash Promise To 500 Secondary School Students

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For 500 students from public schools across Lagos’ six education districts, Christmas arrived early. During events marking his birthday in November, Rt. Hon. (Dr) Mudashiru Obasa, Speaker of the Lagos State House of Assembly, promised a cash gift of ₦100,000 to each student who attended to celebrate with him, sparking waves of excitement among them. Speaker Obasa has redeemed his promise, giving the students a December to remember.

Dr. (Mrs.) Sherifat Abiodun Adedoyin, a member of the Lagos State Universal Basic Education Board (LASUBEB), announced the redemption of the cash gift. “Rt. Hon. (Dr.) Mudashiru Ajayi Obasa, Speaker of the Lagos State House of Assembly, has graciously redeemed his promise of ₦100,000 each for 500 students across Lagos State. This generous commitment was made during his recent birthday celebration on November 11, 2025, and it truly highlights his steadfast dedication to enhancing education and the well-being of children in Lagos State.”

Adedoyin stated further, “We deeply appreciate this wonderful gesture, which will significantly help meet the educational needs of the students and promote academic excellence. May this act of kindness continue to inspire hope and create a positive impact in our community.”

The ₦50 Million Educational Support, according to the Speaker, is an investment in the future of the public secondary school students, representing invaluable opportunities for education, vocational training, and entrepreneurship.

Indeed, at the pre-birthday event, themed “The Youth: Striving to Greater Heights,” which brought together students from across the state, Speaker Obasa’s empowerment initiative turned a personal milestone into a defining moment for youth development in the state.

He also seized the opportunity to inspire and challenge the youth, reminding them that challenges harbour lots of opportunities and that it takes laser-like focus, perseverance, and a steadfast faith in God to pull through.

“This personal journey is not just my story; it is a message to every young person here and those watching across various platforms. It is a wake-up call- a call to rise, to believe in yourself, and pursue your dreams with passion and determination.

“The sky is not the limit; it is only the beginning when you choose to unlock your potential and embrace the opportunities that abound in our great nation.”

Speaker Obasa capped the day with the announcement of a structured mentorship program to pair young talents with seasoned professionals, which he described as a pathway to sustained growth and impact. “This isn’t just inspiration, it’s a pathway to greatness,” he affirmed.

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BIG STORY

Peter Obi Is A ‘Character-In-Chief’, I Know The Junction Where Madman Who Advised Him Stayed In Anambra —- Bwala

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Daniel Bwala, special adviser to President Bola Tinubu on policy communication, has mocked Peter Obi, presidential candidate of the Labour Party (LP) in 2023, describing him as a “character-in-chief”.

Speaking in an interview on The Clarity Zone Podcast anchored by Chinedu Emmanuel, popularly known as Nedu, Bwala said Obi was engaging in theatrics.

He was responding to a claim that the former governor of Anambra described him as a ‘character’.

“In the movie, the actor is a character. He is actually the character-in-chief, because what he’s playing is what we call theatrics,” Bwala said.

“You are demonstrating a fictitious picture of a reality that will never exist. I think that is the hope he sold to his people.

“So, after the election, when they saw reality dawn, and he lost the election, they couldn’t manage the picture of the fantasy that was painted in their mind, and they ran berserk.”

“They are all over the media now… they don’t have a particular platform where they stay. They migrate and abuse people. And that is because leadership is not easy.

“Leadership is a sacrifice. All these politicians you see, from President Bola Tinubu, and some other politicians who are not up to him, do a lot of sacrifice to build a base; a base that can resonate with them.”

Bwala also responded to Obi’s claim that he has never been to Anambra, saying he could even describe the road leading to the former LP presidential candidate’s house in the state.

The presidential aide further joked that he knew where the mentally unstable man, whom Obi said gave him advice while he was governor of the state, stayed.

Bwala’s remarks followed a statement Obi made in the build-up to the 2023 elections, in which he recounted how a piece of advice from a mentally unstable man helped him resolve a major security challenge during his tenure as governor of Anambra.

“And he also said, I have never been to Anambra; I can tell you the road that leads to his house. Peter Obi is from Agulu,” he said.

“From Nnewi, you have Umudim, Nnewichi, Uruagu, and Otolo. I can take you to places in the east. I even know the junction where the madman that used to advise him used to stay, very close to Upper Iweka.

“How can he say I have never been to Anambra?”

 

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