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The National Bureau of Statistics (NBS) reported on Monday that Nigeria's Gross Domestic Product (GDP) grew by 3.46% year-on-year in the third quarter of 2024, marking an improvement from the 2.54% recorded in the same quarter of 2023 and the 3.19% in the second quarter of 2024.

The growth was primarily driven by the services sector, which recorded a 5.19% increase and contributed 53.58% to the aggregate GDP. Other sectors also showed positive momentum, with the agriculture sector growing by 1.14% and the industry sector expanding by 2.18%.

The country's oil sector performed moderately, recording an average daily oil production of 1.47 million barrels per day in Q3 2024, a slight increase from 1.45 mbpd in the same quarter of 2023. The oil sector's real growth was 5.17% year-on-year and contributed 5.57% to the total real GDP.

The non-oil sector, which remains the backbone of Nigeria's economy, grew by 3.37% in real terms and contributed 94.43% to the nation's GDP. Key contributors included telecommunications, trade, agriculture, financial services, and construction.

In nominal terms, the aggregate GDP stood at N71.13 trillion in Q3 2024, representing a year-on-year nominal growth of 17.26% compared to the N60.66 trillion recorded in the same quarter of 2023.​​​​​​​​​​​​​​​​

Enyinnaya Abaribe, senator representing Abia South, has stated that Nigeria would have been in a better state if Peter Obi, the Labour Party (LP) candidate, had won the 2023 presidential election. Speaking on Politics Today, a Channels Television program, Abaribe criticized President Bola Ahmed Tinubu’s administration for its nepotism and uneven ministerial appointments.

“If Peter Obi had won, you probably would have seen a better Nigeria than what we are seeing today,” Abaribe said. “He would not have been as nepotistic as this government. It’s not in him; he cares for everyone.”

The senator pointed out what he described as a glaring imbalance in Tinubu’s ministerial appointments, citing Ogun State having four ministers while many other states, such as Oyo, have only one.

“This nepotism is worse than what we saw under Buhari. Buhari did it, and many stayed silent. Now, Tinubu is deepening it. I was one of the few voices calling it out back then, and I’ll continue to do so,” he added.

Abaribe urged the people of the South-East to focus on developing their region instead of relying on fairness from successive federal administrations.

“It’s time for us to revamp the South-East, make it more livable, and cohesive,” he said. “Apart from Obasanjo and maybe Jonathan, we’ve not seen much fairness from the presidency toward the South-East.”

Reacting to the recent arrest of Simon Ekpa, a self-proclaimed leader of Biafra operating from Finland, Abaribe welcomed the development.

“What this arrest does is expose him for what he truly is and send a message to those at home instigated by his actions. His rhetoric has never aligned with the true aspirations of the Igbo people,” Abaribe said.

He emphasized that the Igbo community rejects the violent acts associated with Ekpa, stressing that the legitimate quest for a non-violent referendum by the Indigenous People of Biafra (IPOB) has been overshadowed by criminal activities.

“The violence in the South-East is perpetrated by a band of criminals. Unfortunately, our security agencies often conflate these criminals with agitators,” he said.

Abaribe reiterated that releasing Nnamdi Kanu, the detained leader of IPOB, could help restore peace in the region. He argued that many of those using Kanu’s name to justify violence would lose their platform once he is freed.

“Releasing Kanu will clarify who is truly fighting for the people and expose those exploiting the situation for criminal gains,” he concluded.

Tuesday, 26 November 2024 04:44

CBN extends deadline for BDCs to recapitalise

The Central Bank of Nigeria (CBN) has granted a six-month extension to Bureau De Change (BDC) operators to recapitalise their businesses, moving the deadline from December 2024 to June 3, 2025.

ABCON President Aminu Gwadebe announced the extension during a virtual general meeting with over 220 CBN-licensed BDC operators and stakeholders on Monday. The extension comes after the CBN issued new operational guidelines in May, requiring existing BDCs to re-apply for licences under two tiers with specific capital requirements.

Under the new guidelines, Tier 1 BDCs must maintain a capital base of N2 billion, while Tier 2 BDCs need N500 million. Non-refundable licence fees are set at N5 million and N2 million for Tier 1 and Tier 2 respectively.

Gwadebe emphasised the CBN's willingness to partner with BDCs to ensure a smooth recapitalisation process. "We are sending a message of unity, collaboration, and opportunities to ABCON members," he stated. The extension applies to existing BDC operators, with new operators having an indefinite timeline to obtain licences.

The new regulations also expand BDCs' operational capabilities, allowing them to acquire foreign currency from various sources, sell foreign exchange, open foreign currency and naira accounts with commercial banks, and collaborate to issue prepaid debit cards.​​​​​​​​​​​​​​​​

At least 30 people have been killed in several communities across two Local Government Areas of Benue State.

Our correspondent reports that many rural communities of Kastina-Ala and Logo LGAs respectively came under invasion on Sunday and in the early hours of Monday.

Locals said already 10 corpses were recovered in Kastina-Ala while 20 bodies were picked up in Logo area, bringing the total number of deaths to 30.

Commenting on the incident, a community leader in Logo, Joseph Anawah, said, “There was attack on Azege settlement and environ of Tombo Council Ward yesterday, Sunday 24th November 2024 about 7am. Armed men numbering over 300, suspected to be militia from outside Nigeria, struck.

“This invasion was carried out in the morning hours and the invaders were clearly seen by the locals. The security operatives on ground were unable to repel them because of their number and the sophisticated weapons they were carrying. It was not until the arrival of a military jet before they were able to subdue them to retreat. Over 20 corpses were discovered while the search for more missing persons is on going.”

Council Chairman of Kastina-Ala LGA, Justine Shaku, also told journalists in Makurdi that many people were killed in his area and valuable property destroyed.

“Yes, another incident of attack by herder marauders was reported to have taken place this morning (Monday) the 25th day of November, 2024 at about 2am. The Information is that many of them heavily armed stormed Adabo village and Tse Gwebe settlement in Utange Council Ward of Shitile in Katsina -Ala LGA.

“From reports, they have killed many people, number yet unknown, destroyed valuable properties and looted a lot of household items and left uninterruptedly. Note that Benue State is under severe security threat by herder armed bandits. The level of destruction and scores killed would be forwarded to you in due course, please,” Shaku said.

His Logo LGA counterpart, Clement Kav, alleged that the attackers claimed ownership of his domain, saying that the Tombo land belongs to them.

“They attacked the Tombo council ward and killed 17 person and injured 37. The Governor has already mobilised more security to the area and peace has been restored. No case of missing persons for now,” he said.

Police Public Relations Officer (PPRO), Catherine Anene, confirmed the incident, saying however that five bodies were recovered.

Anene said, “Logo attack confirmed. Five bodies recovered.”

 

Daily Trust

Lebanese sources: Biden, Macron set to announce Israel-Hezbollah truce

U.S. President Joe Biden and French President Emmanuel Macron are expected to announce a ceasefire in Lebanon between armed group Hezbollah and Israel imminently, four senior Lebanese sources said on Monday.

In Washington, White House national security spokesperson John Kirby said, "We're close" but "nothing is done until everything is done".

The French presidency said discussions on a ceasefire had made significant progress. In Jerusalem, a senior Israeli official said Israel's cabinet would meet on Tuesday to approve a truce deal with Hezbollah.

Signs of a diplomatic breakthrough were accompanied by heavy Israeli airstrikes on Beirut's Hezbollah-controlled southern suburbs, as Israel pressed on with the offensive it launched in September after almost a year of cross-border hostilities.

Prime Minister Benjamin Netanyahu's office declined to comment on reports that Israel and Lebanon had agreed to the text of a deal. But the senior Israeli official told Reuters that Tuesday's cabinet meeting was intended to approve the text.

Israel's ambassador to the United Nations, Danny Danon, said Israel would maintain an ability to strike southern Lebanon under any agreement. Lebanon has previously objected to wording that would grant Israel such a right.

U.S. State Department spokesperson Matthew Miller said gaps between the two parties have narrowed significantly but there are still steps they need to take to reach an agreement.

"Oftentimes the very last stages of an agreement are the most difficult because the hardest issues are left to the end," he said. "We are pushing as hard as we can."

Diplomacy is aimed at getting Iran-backed Hezbollah and Israel to end fighting that erupted in October 2023 in parallel with Israel's war against Palestinian Islamist group Hamas in Gaza. The conflict in Lebanon has drastically escalated over the last two months.

In Beirut, Elias Bou Saab, Lebanon's deputy parliament speaker, told Reuters there were "no serious obstacles" left to start implementing a U.S.-proposed ceasefire with Israel, "unless Netanyahu changes his mind".

He said the proposal would entail an Israeli military withdrawal from south Lebanon and regular Lebanese army troops deploying in the border region, long a Hezbollah stronghold, within 60 days.

A sticking point over who would monitor compliance with the ceasefire was resolved in the last 24 hours with an agreement to set up a five-country committee, including France and chaired by the United States, he said.

STRIKES ON BEIRUT

Despite diplomatic progress, hostilities have intensified. Over the weekend, Israel carried out powerful airstrikes, one of which killed at least 29 peoplein central Beirut, while Hezbollah unleashed one of its biggest rocketsalvoes yet on Sunday, firing 250 missiles into Israel.

In Beirut, Israeli airstrikes levelled more of the Hezbollah-controlled southern suburbs on Monday, sending clouds of debris billowing over the Lebanese capital.

Lebanon's health ministry said Israeli attacks killed 31 people and wounded 62 across the country on Monday. Over the past year, more than 3,750 people have been killed and over one million have been forced from their homes, according to the ministry, which does not distinguish between civilians and combatants in its figures.

Israel has dealt major blows to Hezbollah, killing its leader Hassan Nasrallah and other top commanders, and inflicting massive destruction in Lebanon areas where the group holds sway.

Israel says its military offensive is aimed at enabling tens of thousands of Israelis to return to homes they evacuated when Hezbollah began firing across the Lebanese border into Israel more than a year ago. Hezbollah's campaign followed the Hamas-led Oct. 7, 2023, attacks on Israel that precipitated the Gaza war.

Hezbollah strikes have killed 45 civilians in northern Israel and the Israeli-occupied Golan Heights. At least 73 Israeli soldiers have been killed in northern Israel, the Golan Heights and in combat in southern Lebanon, according to Israeli authorities.

MISTRUST OVER DEAL

Biden's administration, which leaves office in January, has emphasised diplomacy to end the Lebanon conflict, even as all negotiations to halt the parallel war in Gaza are frozen.

U.S. Middle East envoy Brett McGurk will be in Saudi Arabia on Tuesday to discuss using a potential Lebanon ceasefire as a catalyst for a deal ending hostilities in Gaza, the White House said.

Diplomacy over Lebanon has focused on restoring a ceasefire based on U.N. Security Council Resolution 1701, which ended the last major war between Hezbollah and Israel in 2006.

It requires Hezbollah to pull its fighters back around 30 km (20 miles) from the Israeli border, behind the Litani River, and the regular Lebanese army to enter the frontier region.

Israel and Hezbollah have accused each other of failing to implement it in the past; Israel says a new ceasefire must allow it to strike any Hezbollah fighters or weapons that remain south of the river.

An agreement could reveal rifts in Netanyahu's right-leaning government. The far-right national security minister, Itamar Ben-Gvir, said Israel must press on with the war until "absolute victory". Addressing Netanyahu on X, he said, "It is not too late to stop this agreement!"

 

Reuters

WESTERN PERSPECTIVE

Russian drones, missiles attack Ukraine's east, south and capital

Russian missiles damaged residential buildings in Ukraine's eastern city of Kharkiv and Odesa in the south, and a blizzard of drones caused temporary power cuts in Mykolaiv region and targeted the capital Kyiv, Ukrainian officials said on Monday.

Russia, which is making territorial gains in Ukraine's east, is conducting nightly attacks on faraway cities using missiles as well as cheaply produced "suicide" drones and low-cost "decoy" drones, which tie up Ukrainian air defences.

Of 145 drones used overnight, Ukraine shot down 71 and lost track of 71 more, likely due to electronic warfare measures used against them, the air force said.

Residents of the capital could hear the buzzing engines of attack drones flying over the city for several hours overnight. The sound of automatic gunfire erupted occasionally as air defences tried to shoot them down.

President Volodymyr Zelenskiy called on Kyiv's Western allies to step up pressure on Russia to prevent the components needed for the weapons systems reaching it.

"These Russian attacks on Ukrainian life can be stopped," he said. "With pressure, sanctions, blocking the occupiers' access to the components they use to create the tools of this terror, arms packages for Ukraine, and a resolve that must be unwavering."

A Russian missile attack on the northeastern city of Kharkiv injured at least 23 people and damaged over 40 buildings on Monday morning, the regional governor and national police said.

Another missile attack on the southern city of Odesa also damaged residential buildings and injured 10 people, Ukraine's interior ministry said.

The overnight drone attack targeted energy infrastructure in southern region of Mykolaiv, causing power cuts while industrial facilities in the southeastern Zaporizhzhia region were also struck, their authorities said on Monday.

Russia has continuously pummelled Ukraine's power grid and infrastructure since launching its full-scale invasion in February 2022. Moscow says it does not target civilians but the U.N. has verified the deaths of almost 12,000 Ukrainian civilians and officials in Kyiv say the total is likely much higher.

The latest Russian onslaught on energy infrastructure renewed Ukrainians' fears of long winter blackouts, although there were no casualties or significant damage reported in either Kyiv or the surrounding region.

 

Britain and France discussing deployment of troops to Ukraine – Le Monde

The UK and France have “reactivated” talks on sending troops to Ukraine, French newspaper Le Monde reported on Monday. The idea has already caused a rift among European NATO members.

Back in February, French President Emmanuel Macron caused controversy by declaring his willingness to send ground troops to Ukraine “to prevent Russia from winning this war.” The statement was quickly disavowed by NATO officials, while German Chancellor Olaf Scholz told reporters that Ukraine’s Western backers were “unanimous” in their opposition to the idea.

The plan was seemingly shelved, Le Monde has reported, until British Prime Minister Keir Starmer visited Paris earlier this month. Citing anonymous sources, the French newspaper claimed that talks on a possible Franco-British deployment to Ukraine were “reactivated” by Starmer and Macron.

No further information was provided, and Le Monde speculated that this deployment could range from both nations sending private-sector technicians to repair military equipment (as Britain already does), to private military contractors (as Russia insists that France does), to flag-wearing personnel on the ground, either on the front line or to enforce an eventual ceasefire and peace deal.

British and French officials have both suggested that some sort of deployment could be in the works. French Foreign Minister Jean-Noel Barrot told British state broadcaster the BBC this weekend that Paris is “not ruling out any option” when asked directly about the possibility of sending French troops to Ukraine.

A British military source told Le Monde that “discussions are underway between the United Kingdom and France regarding defense cooperation, particularly with the aim of creating a core group of allies in Europe, focused on Ukraine and broader European security.”

Russia has long claimed that Western special forces personnel are active in Ukraine, and Russian President Valdimir Putin has noted that Ukraine cannot fire long-range missiles into Russian territory without the assistance of Western experts.

When American ATACMS and British Storm Shadow missiles were used in attacks on internationally-recognized Russian territory last week, Putin warned that the Ukraine conflict had “assumed elements of a global nature.”

Western media outlets have been reticent to mention the role of NATO personnel in assisting these attacks. However, Le Monde admitted that “it is not possible for the Ukrainians to use this type of missile without some form of Western support on the ground.” France has given Ukraine permission to use its Storm Shadow (called the SCALP-EG in France) cruise missiles in long-range strikes on Russia, but it is unclear if they have actually been used yet.

Russia reserves the right to strike the military facilities of countries that allow their weapons to be used against it, Putin continued, adding that “there will always be a response” to attacks on Russian soil.

The Russian military responded to the ATACMS and Storm Shadow strikes by firing a new hypersonic ballistic missile – the nuclear-capable Oreshnik – at a Ukrainian military industrial facility in Dnepropetrovsk.

 

Reuters/RT

Nigerians are hungry. But who will tell our President? Who will dare convey such treasonable tale to President Bola Tinubu, especially when he is so busy seeking investors for us? Which of his throng of information couriers and propaganda merchants would jeopardise their juicy positions by bearing such information? Anyone who dares may in fact be an agent of the opposition.

I respect the Presidency. And fear his powers. Didn’t the African wise man counsel that we the commoners should be as close to the king as a thousand metres and be as far away from him as two thousand metres?

Count me out of those who will tell the President that the people he is presiding over have become dirt, poor and hungry.

Rather than engage in such misadventure and be accused of carrying Russian flags, I will confine myself to revealing a state secret. The National Bureau of Statistics has revealed this week that 62.4 per cent of us, or some 140 million Nigerians did not have enough food to eat in 2023. The figure is likely to be higher this year as the situation has gotten worse.

The crisis of poverty has resulted in the inability of the vast majority of the working people to make ends meet, take care of their traditional responsibilities to the extended family, or to be their neighbour’s keeper.

The truth, which we can only whisper is yes, we are facing hunger, the worst  type in our history.  Not even during slave trade or colonialism, during in the First and Second World Wars, or our Civil War, had our populace been subjected to this level of poverty, deprivation or hunger.

Many are simply unable to feed themselves and their families. We are suffering and in pain. All these are seriously revolting our body chemistry.

Skyrocketing inflation, especially in the prices of foodstuff and medicine, have rendered our income extremely insufficient, making them almost irrelevant. Marriages are increasingly coming under strain, and some are breaking down. Children are forced by hunger to work for their own survival.

Others have become like professional beggars. Youths are delaying marriage. Suicide rates are increasing as never before. People are just dying before their “time” due to wahala (problems), especially hunger.

The World Bank (WB), one of the forefront drivers of Nigeria’s multidimensional poverty, revealed that over 129 million Nigerians now live below the national poverty line.

Tinubu may after all not be unaware of our dilemma. This I assume is why he and his team are pleading with the people to bear any economic suffocation and hunger in the interest of  democracy and tomorrow’s prosperity.

But how can a man, a Nigerian for that matter, tell his wife and children to tolerate hunger for democracy and tomorrow’s greatness? If the wife understands, definitely the children will not.

For those in power, at the Federal, State and Local levels, at the civil and customary levels, in the executive and legislature, in elected and appointed positions, let them know nobody has successfully preached tolerance and patience to the hungry. Hunger knows no sex, ethnicity, religion, or ism. It knows not, and respects no, geopolitical divide. It humbles the religious, the bravest and the strictest.

But to be fair to Tinubu, hunger has been part of our history. In his book, Silent Violence: Food, Famine & Peasantry in Northern Nigeria, Michael Watts gave a detailed account and analysis of hunger during World War II, particularly in Hausa land. The Talakawa or commoners called the hunger of the era as: “Baban Yunwa” (Great Hunger), which they attributed to “akin mutum” – as the handiwork of (government) people.

Just as today’s hunger is compounded by external forces like the International Monetary Fund (IMF) and World Bank (WB) – in collaboration with their Nigerian allies, so was the Great Hunger of the 1940s caused by the British imperialist forces working hand-in-hand with the traditional rulers.

The Great Hunger was triggered by government’s war time policies of excessive increase in taxation and tariffs, compulsory production of export crops, forceful conscription of people into army and mines, and obligatory grains requisitioning.

Today’s hunger is triggered by the IMF-WB dictated policies, implemented by this not too reflective administration. Policies which included excessive increase in petroleum product prices, high increase in electricity tariffs, unwarranted increases in taxation, huge devaluation of the naira, and the refusal to make salary and wage increases to correspond with the cost of living.

Just as the Great Hunger deepened the antagonism between the state and society, so does today’s hunger. But while the civil society groups in the 1940s were well organised, vibrant, critical and supported by the nationalist politicians, the reverse is the case today. Besides, liberal democracy flourished and flowered from the late 1940s to January 15,1966, when the degenerate military adventurists began to starve and empty it of its content.

All the major political parties today are fixated on power not the people. They concentrate on 

primitive accumulation and monopolistic acquisition, not in democracy and development.

Yesterday, political parties offered the populace 

alternatives. Today, there are none as all the major parties are neoliberal-driven and anti-people. This is the problem. But the problem is a big challenge. It is a crisis.

Crisis is a critical state; a turning point; a crucial and decisive moment; a difficult and distress period; a period in-between life and death; an era in-between of decomposition and regeneration. Which is why the German-American sociologist, economic historian and Latin Americanist, Andrea Gunder Frank, argued that crisis: “is a decisive turning point, filled with danger and anxiety, possibly meaning life or death for a diseased person, a social system or historical process. The outcome need to necessarily be death but, could be a new life, if in our case the economic, social and political body is able to adopt and to undergo a regenerative transformation during the crisis.”

If the hunger of the 1940s and the struggles against it is anything to go by, it means civil society groups have to organise against poverty and hunger. It means that the present race of politicians cannot be relied upon, as their agenda is power, not the people; and in primitive accumulation and monopolistic acquisition.

The situation in the country does not call for lamentation, rather, it demands action, or what the anti-colonialist nationalists used to call ‘Positive Action.’ That was also what Fela Anikulapo-Kuti meant in his ‘Army Arrangement’ album when he sang: “My condition don reach make I act.”

Therefore, in the same way the Great Hunger of the 1940s contributed immensely in paving the way for the attainment of the first independence, so today’s hunger is crying for the emergence of a Second Independence Movement (SIM), which will usher in a new Nigeria built on human rights, equality of all ethnic nationalities and religious groups, democracy, development, and a just federal system.

History and posterity have assigned this task of ushering a Second Independence Movement, and attaining the Second Independence on to the labour, professional, trader, farmer, student and  youth  movements, and other forces committed to emancipatory politics. If we are united, we can never be defeated.

 

I love WhatsApp but I’ve never been fond of voice messages, leaving them or retrieving them. Now, WhatsApp has revealed an update which will overcome at least the second problem: voice message transcripts.

I get self-conscious as I leave a voice message, thinking about how the words will sound. So, I mostly dictate messages so the phone transcribes it and I send it as a regular message.

And when I see a voice message waiting for me, I slightly dread it. If I’m in a noisy environment, I may not hear it well. If I’m in a quiet place, everyone else will be bothered by it, perhaps.

So, this is a great solution. It’s been in beta for a while now, but WhatsApp has just announced that it’s rolling the feature out globally right now, which will take a few weeks.

It’s starting with just a few languages, WhatsApp says, and these turn out to be English, Portuguese, Spanish and Russian, with more languages to be supported in the future.

The company has stressed that the transcriptions are done without sacrificing privacy, saying, “Voice message transcripts are generated on your device, and your personal voice messages remain protected by end-to-end encryption. No one, including WhatsApp, can listen to your voice messages or see the content of your voice message transcripts.”

You need to set it up, please note. Here’s how.

Within WhatsApp, go to Settings, then Chats and choose Voice message transcripts. Here you can turn transcriptions on or off and select your transcript language. WhatsApp says, “You can transcribe a voice message by long pressing on the message and tapping on ‘transcribe’.”

This is the best of both worlds. You get to hear the voice of the person leaving the message, which has a special intimacy, but you can also choose to just read rather than listen.

This is useful not just for noisy situations or other inappropriate environments, it means that if you get yet another really long voice message from your eternally long-winded friend, relative or boss that you can save yourself time by reading instead of listening.

 

Forbes

The latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Nigeria’s daily crude oil production has contradicted the claim by the Nigerian National Petroleum Company Limited (NNPC) that the country was producing 1.8 million barrels per day of crude oil and condensate.
A THISDAY review of the delayed October production figures by the NUPRC, which is the oil and gas sector upstream regulator, indicated that Nigeria produced 1.538 million bpd of crude oil and condensate.
The three-month low production data released by the NUPRC contradicted the report announced by the national oil company and the Ministry of Petroleum Resources (Oil), which specifically put production at 1.808 million bpd.
while NNPC also said that oil and condensate production in August was 1.7 million bpd, the report by the sector regulator indicated that the country only produced 1.57 million bpd for that month.
This showed a whopping difference of 130,000 bpd during the month.
Also, the disparity between the 1.808 million bpd celebrated by the NNPC was about 270,000 bpd less than the volume released by the NUPRC.

On November 14, the NNPC and the petroleum ministry announced that Nigeria had hit the 1.808 million bpd mark and was on its way to achieving two million bpd by this December.

The national oil company said that along with its partners, it had revved up crude oil and gas production to 1.8 million barrels per day (mbpd) and 7.4 billion standard cubic feet per day (bscfd).

“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders based on the mandates that we have from the President, the Minister, and the Board,” the NNPC’s Chief Executive, Mele Kyari had explained.  

Also, the ‘Chief War Room Coordinator’ and Senior Business Adviser to Kyari, Lawal Musa, disclosed that when the team was inaugurated on June 25, 2024, production was at 1.430 million bpd.

According to him, the team swung into action, culminating in “sustaining the production recovery to 1.7 million bpd in August and hitting the current 1.808 million bpd in November.”

He added: “We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2 million bpd by the end of the year.”

However, the information released by the NUPRC showed that Nigeria’s oil output for last month was the lowest in the last three months.

In January, oil and condensate production was 1.64 million bpd; it was 1.539 million bpd in February; 1.43 million bpd in March; 1.44 million bpd in April, and 1.46 million bpd in May.

In June, it was 1.50 million bpd; 1.533 million bpd in July; 1.57 million bpd in August; 1.54 million bpd in September, and 1.538 million bpd in October.

Statutorily, it is the function of the NUPRC as the upstream regulator to: “Maintain records on upstream petroleum operations, particularly on matters relating to petroleum reserves, production/exports, licenses, and leases.”

Normally, the commission releases Nigeria’s production data every second week of the month, while typically, production computation is done monthly and not weekly.

NUPRC data showed that oil and condensate production slowed in Forcados from 7.29 million barrels in September down to 5 million barrels in October, while it rose marginally from 6.1 million barrels to 6.2 million in Bonny terminal.
Also, for the month, Nigeria produced 1.33 million bpd of its Organisation of Petroleum Exporting Countries (OPEC) quota out of the 1.58 million bpd allocated to it by the international oil cartel.
Last year, OPEC cut Nigeria’s oil production quota, which was initially 1.8 million bpd, to 1.58 million bpd after years of the country’s inability to meet its target.
Nigeria blames massive oil theft, pipeline vandalism, ageing infrastructure as well as waning investment for the prolonged oil production deficit.

 

Thisday

Some commercial drivers operating within the Enugu metropolis, Enugu State, have decried low patronage by residents, attributing it to the economic challenges in the country.

They said this in separate interviews with the News Agency of Nigeria (NAN) on Saturday in Enugu.

According to them, the recent increase in the pump price of petrol by the Nigerian National Petroleum Company Limited (NNPCL) had worsened the situation.

A commercial driver, Okwy Ozor, said the profit he got from the transport business had reduced since the federal government announced the removal of fuel subsidy and subsequent increase in the pump price of the product.

“Driving business has not been moving fine since the removal of fuel subsidy and the subsequent increase in the price of fuel,” he said.

A tricycle rider, who spoke on condition of anonymity, said the increase in fuel price caused him to increase his transportation fare.

“When we started buying petrol for N650, 00, we only increased transport fare a little and passengers were finding it difficult to pay.

“Where we used to collect N100, we increased it to N150 or N200, depending on the distance, but passengers still wanted to pay the old fare.

“That is why these days many people prefer to enter the big commercial buses, popularly called 911, which is cheaper than the tricycle, while many have resorted to trekking,” he lamented.

Felix Ujah, a mini-bus driver, said that the increased transportation fare was not the fault of the commercial drivers.

“It is not that we do not understand the plight of the passengers, but because sometimes, if you buy N7,000 worth of fuel, it will not take you for more than one or two days.

“So business has been bad for us since they increased fuel price.

“Sometimes you will only go two rounds in the morning due to school hours, and after that, one can only pick a few passengers until closing school hours,” he said.

Caleb Onyema, a bus conductor, said he had observed that many residents, especially civil servants and students had resorted to trekking since the petrol pump price increased to N1,150 as against its previous price of N980,00

Also, another commercial driver, Osita Ugwu, said he hardly makes enough gain these days.

“I spend so much, but at the end of the day, l cannot even realise the amount I used in fueling my vehicle.

“It is a sad situation. I call on the government to quickly resolve the issue of an increase in the price of fuel so that prices of foodstuffs and other things will come down,” he said.

 

NAN

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Nigeria awarded 3-0 win over Libya after airport fiasco

Nigeria have been awarded a 3-0 victory over Libya, and three vital points, from their…

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