Report: Nigeria Incurs N720 Billion Revenue Loss Due to Decreased Crude Oil Production As reported on April 15, 2024, Nigeria faced a significant revenue setback amounting to approximately N720 billion due to consecutive declines in crude oil production during February and March of the same year. The inability to meet the crude oil production benchmark…
Petroleum Minister Attributes Q1’s Low Crude Oil Production to Trans-Niger Pipeline Issues The Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, has identified problems with the Trans-Niger pipeline and maintenance activities by certain oil companies as the primary reasons for the low crude oil production in the first quarter of the year. Assuring that…
Nigerian Customs Command Reports Impressive Revenue Growth in Q1 2024 The Port & Terminal Multipurpose Limited (PTML) Command of the Nigeria Customs Service has announced a significant increase in revenue collection for the first quarter of 2024. According to Muhammad Yakubu, the command’s Public Relations Officer, the PTML Command collected N66.9 billion in revenue during…
SERAP Urges Tinubu to Disclose Nigeria’s Loan Agreements Since 1999 In a recent plea to President Bola Tinubu, the Socio-Economic Rights and Accountability Project (SERAP) has called for transparency regarding the loan agreements and expenditure particulars of loans secured by Nigeria’s previous administrations since May 1999. SERAP has urged Tinubu to instruct relevant government bodies…
Ministers Reveal Major Increase in Revenue Remitted to Federal Government Nigeria’s Minister of Finance and Coordinating Minister of Economy, Wale Edun, has announced a significant surge in revenue remitted to the Federal Government by ministries, departments and agencies (MDAs) and government-owned enterprises (GOEs). In February 2024, these entities remitted a combined N835.7 billion to the…
Nigeria Secures Remaining $1.05 Billion from Afrexim Bank’s Oil-Backed Loan Nigeria is set to receive the remaining $1.05 billion from a $3.3 billion loan facility provided by the African Export-Import Bank (Afrexim Bank), backed by oil revenues. The disbursement of the balance is expected by the end of May, aimed at revitalizing the economy and…
Here is my rewritten version of the report:Nigeria’s Crude Oil Production Continues Downward Spiral, Now at 1.23 Million Barrels Per Day Nigeria’s crude oil production has experienced its second consecutive monthly decline since the start of 2024, according to the latest Monthly Oil Market Report for April released by the Organization of Petroleum Exporting Countries…
Minister of Power, Adebayo Adelabu, discussed potential reductions in electricity tariffs during his appearance on Channel Television’s Politics Today. He indicated that the N225 per Kilowatt-Hour paid by Band A consumers could decrease if the exchange rate improves to below N1,000 to a dollar. This statement follows the Federal Government’s recent decision, announced through the…
Lagos State Government is taking decisive action to enhance fire safety in markets across the state. This move comes in response to a recent fire outbreak at Dosunmu market on Lagos Island, prompting Governor Babajide Sanwo-Olu to conduct an on-the-spot assessment and issue directives for stringent safety measures. The Lagos State Fire and Rescue Service,…
The World Bank has expressed concerns that Nigeria’s sluggish growth will impede economic progress in the surrounding sub-region. In its analysis of Western and Central Africa’s economic outlook, the institution predicts a rise in regional activity from 3.2 per cent in 2023 to 3.7 per cent in 2024, accelerating to 4.2 per cent between 2025…
