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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

Forgive Fubara Like Sanwo-Olu, Reinstate Him In The Spirit Of June 12 — Bode George To Tinubu

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Bode George, a chieftain of the Peoples Democratic Party (PDP), has appealed to President Bola Tinubu to “reinstate Siminalayi Fubara,” the “suspended governor of Rivers,” in the “spirit of the June 12 celebrations.”

In an open letter addressed to Tinubu, George said since the president recently “forgave Babajide Sanwo-Olu,” governor of Lagos, the “same gesture should be extended to Fubara.”

George, a former PDP deputy national chairman (south-west), said the president should “reinstate Fubara” to “honor the memory of the June 12 struggles.”

“If Tinubu could forgive Governor Babajide Sanwo-Olu of Lagos State, then he should extend the same gesture to Fubara,” he was quoted as saying by NAN.

“On June 12, we will be celebrating Democracy Day. This is a reminder of the true meaning of democracy — the will of the people.

“Since Tinubu has forgiven Sanwo-Olu, then it makes a lot of sense, spiritually, to also forgive Fubara and let him return to office. I am talking as an elder.

“He (Tinubu) later joined NADECO to fight for democracy. Some of those who fought alongside him for democracy have died. It is not of his making that he is alive today.

“So, he should thank God, honour the memory of those who fought alongside him for democracy and return Fubara to office immediately.

“I also appeal to him, in the spirit of my maternal grand uncle who founded the first political party in Nigeria in 1922, Herbert Macaulay, to please reinstate Fubara.

“Tinubu should listen to and honour this appeal in memory of all those who died in the journey to our democracy.”

On “June 8,” during a “meeting with the Governor’s Advisory Council (GAC) and other Lagos stakeholders,” Tinubu said he had “forgiven Sanwo-Olu.”

“June 12” has been declared as a day to “commemorate democracy in Nigeria” to “posthumously honor MKO Abiola,” presumed winner of the “June 12, 1993, presidential election.”

BACKGROUND

On “March 18,” Tinubu declared “emergency rule” in the “oil-rich Rivers” over the “political crisis and instability” in the state.

He also “suspended Fubara,” his “deputy, Ngozi Odu,” and “all members of the Rivers assembly” for an “initial period of six months.”

The president immediately appointed Ibok-Ete Ibas, a “retired naval chief,” as the “state’s sole administrator.”

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BIG STORY

NIHOTOUR Calls For Calm Engagement After Field Officer Provoked During Lagos Compliance Exercise

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On Tuesday, June 10, 2025, during a “scheduled compliance and standardization exercise” by the “National Institute for Hospitality and Tourism (NIHOTOUR)” at the “Federal Palace Hotel, Victoria Island, Lagos,” a “moment of tension arose” between a “hotel staff member” and a “law enforcement officer” attached to the NIHOTOUR delegation who was “striped off his uniform” by the hotel staff.

The misunderstanding—which “does not reflect the tone of the broader engagement”—escalated when a “hotel staff physically confronted the officer,” resulting in “damage and striping of his official police uniform.”

The officer, “caught off guard” and “naked with only his pants trousers,” got “visibly provoked” and responded with a “slap,” which made “direct contact with the staff member’s face.”

While the incident is “regrettable and avoidable,” it serves as a “sober reminder” of the importance of “composure, clarity, and professionalism” during such exercises.

The Institute reiterates that its mandate is anchored on “collaboration, capacity enhancement, and stakeholder engagement”—”not hostility or confrontation.”

Commenting on the situation, NIHOTOUR’s Director of Inspection and Enforcement, Barrister Chike Ukuekwe, urged practitioners and operators in the industry to “shun aggressive and combative engagement” when officers of the law arrive at their premises for a “compliance exercise.”

He further emphasized the “need for mutual understanding” and a “professional approach to enforcement efforts.”

“Our collective mission is the upliftment of Nigeria’s hospitality, tourism, and travel sectors through standardization and compliance. These exercises are not meant to antagonize operators but to align practices with national expectations and global standards,” he said.

“We commend establishments like Eko Hotel, Sojourner Hotel, Marriot Hotel, Radisson Blu Hotel VI, Black Diamond Hotel, Four Points By Sheraton and others that open their doors to these engagements, and we urge all stakeholders to embrace dialogue, not disruption. It would interest you to know that most of the hotels visited, the compliance issues were resolved within the premises of most hotels, and our team left peacefully after assurances were made by most management of those hotels to comply within 7 days’ time.”

As “Nigeria’s lead institution” for the “standardization of the hospitality, tourism, and travel industry practice,” NIHOTOUR remains “committed to ensuring a professional and safe operational environment.”

“Initiatives such as the ongoing national compliance drive” are designed to “reinforce quality, ethics, and service excellence” across the board.

Moving forward, NIHOTOUR is taking “deliberate steps” to “enhance communication protocols” and “on-site preparedness” during field exercises, ensuring “clarity of purpose and mutual respect” among all parties involved.

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BIG STORY

Democracy Day: President Tinubu To Address Nigerians At 7am Tomorrow

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To commemorate the 2025 Democracy Day, President Bola Tinubu is scheduled to deliver a nationwide broadcast on Thursday at 7am.

This was disclosed in a statement released on Wednesday by the Inter-Ministerial Committee on Democracy Day.

Abdulhakeem Adeoye, who signed the statement on behalf of the committee’s Director, Information & Public Relations, stated that following the address, the president will participate in a joint session of the National Assembly at noon.

The session is expected to include speeches about the State of the Nation, reflections on Nigeria’s democratic evolution, and calls for greater unity and reform across the country.

Later in the evening, a public lecture titled “Consolidating on the Gains of Nigeria’s Democracy: Necessity of Enduring Reforms” is set to take place at 4pm at the State House Conference Centre in Abuja.

In contrast to previous celebrations, there will be no Democracy Day parade this year.

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