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Oil Earnings Rise By N308.6bn Within Two Months

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Nigeria’s crude oil earnings rose by about N308.6bn within two months following the recent increase in the country’s oil output due to concerted efforts by the Nigerian National Petroleum Company Limited and security agencies to halt oil theft.

Data accessed from the Nigerian Upstream Petroleum Regulatory Commission and other international agencies, on Sunday, showed that the country’s oil earnings moved up between September and November this year.

Figures from the NUPRC showed that while Nigeria pumped 937,766 barrels of crude oil per day in September, its output moved up to 1,014,485 barrels per day in October.

This represents an increase of 76,719 barrels per day, which translates to a total of 2,378,289 barrels for the month of October.

The increase in oil production continued in November, as Nigeria produced 1,185,604 barrels per day in that month, indicating a daily increase of 171,119 barrels in November.

This implies that the country’s crude oil output appreciated by 5,133,570 barrels during the review month.

Data from Statistica, an international statistical firm, showed that in October 2022, the average price of Brent, the global benchmark for crude oil, was $93.4/barrel, while in November it was $91.42/barrel.

Therefore in October, the country’s oil earnings moved up by $222.13m or N99.14bn, at the official exchange rate of N446.32/$.

For November, Nigeria’s crude oil earnings rose by $469.31m or N209.46bn, at the Central Bank of Nigeria N446.32/$ official exchange rate.

This implies that for the two months, the 7,511,859 barrels increase in Nigeria’s crude oil production raised the country’s earnings by about N308.6bn.

Nigeria’s oil production had been crashing since last year following massive oil theft in the Niger Delta region, a development that denied the country billions of dollars in terms of oil revenue.

However, in the past few months, the Federal Government intensified efforts to check the menace of oil theft. The NNPC, in partnership with security agencies and private contractors, deployed measures to tackle the challenge.

These measures seem to be paying off, as oil production increased consecutively in the months of October and November 2022.

The Chief Upstream Investment Officer, NNPC Upstream Management Services, Bala Wunti, recently spoke on measures so far implemented in curbing the issue of crude oil theft and pipeline vandalism.

He stated that steps so far taken had yielded positive results as crude oil production had now increased to 1.59 million barrels per day from the 1.1 million barrels per day that it was in August this year.

“From our records, before we recovered, we were losing 700,000bpd translating to 21 million barrels per month, and if you consider an average price of this year at $90/barrel, that will translate somewhere around $1.8bn or $1.9bn loses that we suffered,” he reportedly stated.

BIG STORY

JUST IN: Chaos At PDP Caucus Meeting As Security Operatives Forcefully Eject Members [VIDEO]

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The caucus meeting of the Peoples Democratic Party (PDP) turned chaotic on Monday after security operatives forcefully removed some members from the national executive committee (NEC) hall.

The meeting was scheduled to take place at the NEC hall of the party’s headquarters in Abuja, with members already arriving at the venue.

Two individuals were ejected by security personnel following claims by some protocol officers that they had no authorization to be present at the meeting.

During the confrontation, a glass door was broken while the members were being dragged out.

“Are you NWC member?” shouted Chinwe Nnorom, national director of publicity, before the individuals were taken out of the venue.

Earlier in the day, security personnel had taken control of the PDP headquarters and stopped members of the board of trustees (BoT) from accessing the NEC hall for their scheduled meeting.

As a result, the BoT moved their meeting to the Yar’Adua Centre located in the central business district of Abuja.

In recent weeks, the PDP has been embroiled in increasing drama and new developments amid its internal crisis.

Watch VIDEO HERE

 

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BIG STORY

BREAKING: Security Operatives Block PDP BoT From Meeting At Party Headquarters

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Security operatives have barred members of the Peoples Democratic Party (PDP) Board of Trustees (BoT) from holding their meeting at the party’s national headquarters in Abuja.

The security personnel stopped the BoT members from accessing the National Executive Committee (NEC) hall where the meeting was scheduled to take place on Monday morning.

The BoT has subsequently relocated the meeting to the Yar’Adua Centre in Abuja’s Central Business District.

 

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BIG STORY

Nigerian Medical Student Hails “Inspiring” Encounter With President Tinubu, St. Lucian PM Pierre

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For Nigerian medical student Bob Chikwem Amadi, what started as a routine work assignment turned into an unforgettable experience with two world leaders — President Bola Ahmed Tinubu of Nigeria and Prime Minister Philip J. Pierre of Saint Lucia.

Amadi, currently studying medicine at the American International University in Saint Lucia, was part of the service team present during President Tinubu’s courtesy call to Prime Minister Pierre’s official residence on the second day of the Nigerian president’s state visit to the Caribbean nation.

Originally from Rivers State, Amadi has lived in Saint Lucia for ten years and recently completed the four-year basic phase of his medical education. He is now preparing to begin his clinical training.

Alongside his studies, Amadi also works part-time as a talent and brand manager with a local catering and entertainment company — a role that brought him close to the high-level diplomatic event.

During the visit, Prime Minister Pierre was informed by his aides that one of the staff members was a Nigerian student.

Taking a brief moment before his official engagements began, the prime minister introduced Amadi to President Tinubu.

The president, known for his engaging nature and interest in Nigerians living abroad, took time to speak with the young student, asking about his name, background, and academic journey.

Tinubu extended his best wishes and words of encouragement, praising Amadi for his dedication to his studies overseas.

Describing the experience, Amadi said it was “an inspiring moment” for him.

“Saint Lucia is an amazing island. I will describe it as a wonderful place. They are a very contented society and things are relatively calm”, he said.

The moment was capped off when Amadi was invited to join President Tinubu and Prime Minister Pierre for a group photograph — a symbolic and memorable close to a chance meeting with two major political leaders from Africa and the Caribbean.

Amadi also reflected on the strong historical and cultural ties between Nigeria and Saint Lucia.

“We have always hoped that there are many opportunities between Saint Lucia and Nigeria. We share similar food crops and culture, and the connection is deep”, he said.

President Tinubu’s visit to Saint Lucia marks the beginning of a broader diplomatic tour of the Caribbean and South America, focused on enhancing trade, cultural ties, and diplomatic collaboration between Nigeria and Caribbean countries.

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