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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

NAFDAC Workers Begin Indefinite Strike Over Welfare Issues

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The Senior Staff Association of Statutory Corporations And Government-Owned Companies (SSASCGOC), an affiliate of the Trade Union Congress of the National Agency for Food and Drug Administration and Control (NAFDAC), has begun an indefinite strike over issues revolving around staff welfare.

Some of the issues include the review of 2024 promotion examination results, the appointment of directors for public affairs/special duties, training institute, and the reform of promotion examination content.

Others are the creation of a psychology officer cadre in accordance with HOS circular, payment of all pending burial expenses, life insurance and repatriation allowance, and salary arrears for 2022 employees.

In a statement, Ejor Michael, TUC secretary, said the workers had issued a 14-day ultimatum to the agency’s management in a communique dated September 20, 2024.

The statement said another congress of NAFDAC staff was convened on October 4, following the expiration of the ultimatum.

“After careful deliberation, Congress unanimously resolved to embark on an indefinite nationwide strike across all NAFDAC formations, commencing Monday, 7th October 2024,” the statement reads.

“In view of the foregoing, you are hereby directed to down tools by withdrawing all your services in compliance with the strike action.

“This decision is a result of NAFDAC Management’s failure to address the critical issues outlined in the Communique within the given time frame.

“The Congress considers this ongoing inaction insufferable and accentuates that the industrial action will continue unabated until all demands specified in the Communique are fully met.

“In light of this, all staff are advised to remove their personal belongings from their offices, as no one, no matter the rank or cadre, will be allowed entry into any NAFDAC Office (premises) during the strike period.

“SSASCGOC State and Zonal Coordinators are hereby directed to ensure strict compliance with this directive.

“Dear Comrades, your cooperation is greatly treasured to ensure the effectiveness of this indefinite nationwide strike action.

“We will not relent until all issues are satisfactorily addressed.”

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Netizens React As VeryDarkMan Shares Another Leaked Call Recording Of Bobrisky

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Nigerians have taken to social media to express their thoughts on the latest leaked call recording allegedly featuring controversial crossdresser, Idris Okuneye, popularly known as Bobrisky.

Bobrisky found himself at the center of another controversy following the release of an alleged call recording by social media influencer, Martins Otse, a.k.a. VeryDarkMan.

According to VeryDarkMan, the recording was made on May 16, 2024, and is not a continuation of a previous recording he shared.

In the recording, which VeryDarkMan asserts is a separate conversation from a previous leak tap, Bobrisky purportedly admitted to not being in prison but rather in a well-furnished apartment near the prison, amongst other claims.

The leaked recording has sparked varying reactions on social media platforms, with many Nigerians expressing shock, disappointment, and skepticism about the authenticity of the recording.

On X, formerly Twitter, UGo tweeting as #Oforma19 wrote, “Only small star Maggi person steal them luck am for prison imagine Bobrisky with money laundering case no go prison.”

Wills Media, who tweets as #WillsMedia247 wrote, “Those that Bobrisky trusted are even his worst enemies. He thought he had friends, but it’s a pity he had beasts. Why will a trusted friend bring his guy down for what reason?”

#fm57661959 tweeted, “He-she will tell us the reason he-she gave EFCC some money to drop the money laundering charges if all the money in he-she account is a legitimate money, Aza man-woman.”

#AdeyemiOladip14 tweeted, “How this guy dey see all the call note, shey they don plan say them go koba bob ni abi why all of them dey record their conversations with him, sorry her.”

Olawale tweeting as #WealthyWave04 wrote, “If no be say dem swear for many people for this country, how person go see or hear this level of corruption come still dey blame or criticise who cast the corruption cuz dem no like the person? How na. Tomorrow una go dey shout we want a better Nigeria. Una want better Nigeria with this una behaviour? E no fit work.”

Commenting under VeryDarkMan’s post on Instagram, #real___barlow wrote, “Bob risky no get better friends at all abi who drop this record again?”

#okoruwamiracle commented, “Why bring it here for us to see and hear if you have enough proof? Even if you do, take them to court na abi na we wan judge the case for you or don’t you know that bringing it on social media is and will always remain an allegation? Tell the police, take them to court and judge with your proof.”

#officialbhigshaq commented, “See forget say that Bob dey live that kind of life, but this VDM should just go and chill, this Bob you are dragging went to prison for a weightless crime, almost the 90% of Nigerians have committed. Why don’t you start with what happened during the 2023 election? Forget this bob matter, you are just doing this because you went to prison and you feel he or she didn’t go too.”

Recall that in September, VeryDarkMan shared a purported audio of Bobrisky, claiming he bribed some Economic and Financial Crimes Commission officials with N15 million to drop the money laundering charge against him.

VeryDarkMan claimed to have received the audio record from someone to whom Bobrisky owed money.

Bobrisky, however, denied bribing any EFCC officer to drop money laundering charges against him, saying that he served his jail term.

He had also described the initial viral voice recording as fake, stressing that the claim that he was never in prison was false and should be ignored.

  • What Bobrisky Said In The New Leaked Recording

‘I charge up to $100,000 for influencing’

Popular crossdresser Idris Okuneye, popularly known as Bobrisky, has allegedly stated that he collects up to $100,000 for influencing on social media platforms.

He noted that while many people believe he’s into money laundering and fraudulent acts, his source of wealth is from a genuine source, with one of them being social media influencing.

This was revealed in a video posted by popular social media influencer, Martins Otse, a.k.a. VeryDarkMan, today, Monday, October 7, 2024. The call recording was made on May 16, 2024, according to VDM.

“All the money I have is genuine and the sources are like most of my influencing [sic], like that day I called you that one woman wanted to pay me £10,000, you know I told you that it’s for influencing. So, people don’t know how I charge a lot of money for influencing but I made them understand I charge as far as $100,000 to influence,” Bobrisky allegedly said in a recorded voice call with a male contact whose name remains unknown.

The crossdresser, who was convicted for mutilating the naira in April and sentenced to six months in jail, noted that he had access to his mobile phone while in custody.

The male contact had initially asked if Bobrisky was out of prison before he responded in the negative, then said he hadn’t been talking to people over the phone.

He said, “People have been sending me so many messages but I’ve not been responding because I don’t want anybody to know that I have my phone. I only want to talk to somebody that I know I can trust.

“So if you think you cannot do it, all fingers are equal. Some others do it and trust me, God blessed the hustle. Obviously, I met a very terrible judge who wasn’t fair at all.”

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BIG STORY

‘Hoodlums’ Raze Section Of Eleme Secretariat, Hours After Police Unsealed Rivers LGA Headquarters

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Suspected hoodlums have set a section of the Eleme local government secretariat in Rivers state on fire.

The incident comes hours after Kayode Egbetokun, the inspector-general of police, ordered the immediate withdrawal of police personnel from the secretariat of the 23 LGAs of the state.

Grace Iringe-Koko, police spokesperson in Rivers, announced that the IGP’s directive “is in line with the commitment of the Nigeria Police Force stance to ensure neutrality and the smooth functioning of democratic institutions.”

The fire occurred just hours after Siminalayi Fubara, the Rivers governor, swore in 23 newly elected local government chairpersons.

The Action Peoples Party (APP) won 22 LGAs in Saturday’s election, while the Action Alliance (AA) secured one LGA.

During the swearing-in ceremony on Sunday, Fubara mentioned there were plans to perpetrate violence against the elected officials on Monday.

“I’m aware that they are mobilising 20 people per unit to go and confront you tomorrow when you resume in your local government headquarters,” Fubara said.

“Please if they are coming with violence, avoid them.

“The peace of this state is too important to us. Everybody knows what they are planning but please I want to beg everyone to follow my approach.

“At the right time, you will always win if you are patient and calculative. We have made our promises to our people. We are going to lead them to the promised land.”

Tensions have been high in Rivers due to a prolonged turf war between Fubara and Nyesom Wike, the minister of the federal capital territory (FCT).

On October 3, a crowd besieged the Peoples Democratic Party (PDP) secretariat in Port Harcourt, the Rivers state capital, protesting against the LGA election.

Hours before voting commenced, an explosion reportedly rocked the secretariat of an All Progressives Congress (APC) faction led by Tony Okocha, the ex-chairman of the APC caretaker committee in the state.

On Saturday, police officers reportedly disrupted the local government election in Elekahia primary school, Port Harcourt.

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