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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

Stakeholders Engagement: Obasa Reels Out Renewed Hope Initiative Achievements

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  • “Renewed hope is not merely a slogan, but a call to action and a vision in progress,” – Obasa

 

Two years into President Bola Ahmed Tinubu administration’s Renewed Hope Agenda, Nigeria, according to Rt. Hon. Mudashiru Obasa, Speaker of the Lagos State House of Assembly, has witnessed an inspiring transformation – a rejuvenation of the economy, a renewal of the national spirit, and a reinvention of the Nigerian state.

Speaking at the 10th Constituency Stakeholders Engagement held inside the Agege Local Government Area secretariat hall on Thursday, Obasa disclosed that this year’s theme, ‘Governance in Action: The Gains of the Renewed Hope Agenda,’ was carefully chosen to highlight the tangible benefits of governance, particularly in alignment with the Renewed Hope Initiative of President Tinubu.

He stated, “This unique programme, which is holding across all the 40 constituencies in the state, gives us a viable opportunity to render an account of our stewardship as well as engage, interact, and strengthen our mutual relationship and solidarity, and to collectively address pressing matters affecting the growth, progress and development of our great community.”

According to Speaker Obasa, “Under the Renewed Hope agenda, the administration has aggressively tackled the challenges of economic stagnation and instability. Strategic economic reforms, including a re-engineering of fiscal policies and revenue-generating mechanisms, have boosted investor confidence and diversified our economy. These reforms have led to an improved credit rating and have laid a strong foundation for economic prosperity and sustainable development,” he said.

Recognising that robust infrastructure is the backbone of development, Speaker Obasa disclosed that the Tinubu administration has launched transformative projects nationwide, including new road networks, upgraded ports, and state-of-the-art public facilities, which he said are not only enhancing the quality of life but also reinforcing Nigeria’s position as a hub for commerce and innovation.

Further, Speaker Obasa said that because agriculture remains central to Nigeria’s quest for food security and self-sufficiency, “The Renewed Hope Agenda has driven significant investments into mechanised farming and modern agricultural practices. Improved access to financing and expanded markets have empowered our farmers, increased production, and positioned Nigeria as a potential agricultural powerhouse.”

He also highlighted the Tinubu administration’s investment in human capital, especially the students’ loan initiative under the Nigerian Education Loan Fund (NELFUND), describing it as a landmark policy that has brought renewed hope to our youths. “Campuses are now more peaceful, infrastructure is improving, and there’s a measure of stability in the academic environment across the federation. Education is once again becoming the tool for empowerment and national development,” he added.

Thus, Obasa opined, “The Renewed Hope Agenda is not by chance; it is a deliberate blueprint for national recovery and sustainability. It is designed to lift millions out of poverty by unlocking economic opportunities for all Nigerians — young and old – men and women, in both urban and rural areas.”

The Speaker drew a parallel between what is happening at the centre and in Lagos State, saying, “In consonance with the national drive for progress, Governor Babajide Olusola Sanwo-Olu has been a pivotal partner in the realisation of this shared vision. His tenure is characterised by innovative urban renewal projects, efficient public service delivery, and legislative collaboration for sustainable growth.

“Lagos, as the commercial nerve centre of Nigeria, has seen groundbreaking infrastructural developments. Modern transport systems, sustainable housing projects, and pioneering urban planning initiatives have transformed our cityscape, making Lagos not only a city of opportunities but a beacon of modern urbanism.”

He added that the proactive engagement between the Executive arm and the House of Assembly has led to the passage of progressive laws that support social welfare, environmental sustainability, and infrastructural innovation. “This strong legislative backing has been instrumental in creating an enabling environment for private investments and public-private partnerships,” Obasa added.

As he reeled out a long list of federal and state government achievements, and those he singlehandedly facilitated in his Agege Constituency, Speaker Obasa was intermittently interrupted by excited constituents belting out popular and political songs, underscoring in no small measure, their appreciation for the man who had dedicated the past 24years of his life to serving them as a legislator.

In his welcome address, Hon. Abdul Ganiyu Vinod Obasa, the acting executive chairman of Agege LGA, was filled with praises for President Tinubu’s steadfast commitment to restoring Nigeria to the path of economic stability and prosperity through the Renewed Hope Agenda. He promised to emulate the president in ensuring that the dividends of democracy reach every member of his community.
The event was attended by constituents, party leaders, traditional rulers, religious leaders, and members of various trade associations, among others.

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BIG STORY

JUST IN: President Tinubu Departs For 10-Day Working Vacation In France, UK

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President Bola Tinubu has left Abuja to begin a 10-working-day “working vacation” in Europe as part of his 2025 annual leave, the Presidency announced on Thursday.

In a statement by Bayo Onanuga, Special Adviser on Information and Strategy, the president’s itinerary includes trips to France and the United Kingdom, after which he is expected to return to Nigeria .

The statement did not clarify whether Tinubu will transmit a formal leave notice to the National Assembly under Section 145(1) of the 1999 Constitution (as amended), which allows the Vice President to act in his stead. Notably, both chambers are currently on recess .

This marks another foreign excursion shortly after a diplomatic mission to Japan and Brazil in late August, where Tinubu pursued trade, aviation, and security agreements during meetings in Japan and with President Luiz Inácio Lula da Silva in Brazil .

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BIG STORY

I’m The Most Experienced Oyo Governorship Aspirant In APC — Adebayo Shittu

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Adebayo Shittu, current Minister of Communications, has positioned himself as the most experienced candidate in the All Progressives Congress (APC) contest for the Oyo State governorship.

In a statement to journalists in Ibadan, Shittu cited his extensive political track record—spanning roles as a member of the Oyo State House of Assembly in 1979, a two-time State Commissioner, and two previous governorship bids—as qualifications that set him apart from other aspirants. “I was a member of the State House of Assembly in 1979 and two-time Commissioner in the State. I have also contested the governorship seat in the state twice before I became a minister. These are experiences you cannot buy,” he insisted .

Shittu emphasized the importance of experience in governance and governance readiness, underscoring the complexity of Oyo State’s political landscape. He added, “Oyo is advanced and sophisticated to be handled by inexperienced administrators” .

Drawing on his historical ties to Nigeria’s political heritage, Shittu noted that he gleaned invaluable insights from Chief Obafemi Awolowo, a foundational figure of Nigeria’s politics. He argued that this lineage of political mentorship enhances his capacity to govern effectively.

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