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Nigeria Spent $1.04bn On Fuel Imports In 2021
According to data obtained from the Central Bank of Nigeria,foreign exchange used for the importation of petroleum products into Nigeria fell to $1.04bn last year from $1.32bn in 2020. Fuel imports remain a major user of foreign exchange, even as many businesses still lament the inability to access forex at the official rate and the…
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Nigeria’s Crude Oil Earnings Hit N12.4tn In 11 Months
Between January and November 2021, Nigeria produced a total of 440.774 million barrels of crude oil valued at about N12.4tn. An analysis of the latest oil production data released by the Federal Government showed that the Federal Government raked in about N12.4tn from crude oil alone sales during the review period. This is contained in…
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Fuel Imports Gulp $690m In Eight Months
Latest data from the Central Bank of Nigeria has shown that the foreign exchange used for fuel imports from January to August in 2021 fell by 34.79 percent from $930.31m in the same period of 2020. This development is coming despite the idleness of the refineries to produce fuel and forex scarcity in the country…
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Nigeria Lost N221.64bn In July To Oil Production Incidents
In July, a total of 7,193,520 barrels of crude oil was lost due to about 39 production shut-in incidents. This is according to the latest figures released by the Nigerian National Petroleum Corporation, which gave the analysis in the September 2021 presentation of the NNPC to the Federation Account Allocation Committee. The corporation showed that…
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NNPC Incurred N473bn Loss Operating Moribund Refineries
The Nigerian National Petroleum Corporation incurred a loss of N473.3bn in operating moribund refineries between January 2015 and February 2021. This is according to a new report by SBM Intelligence, a geopolitical and socioeconomic research firm. The report titled ‘Nigeria’s moribund refineries’ said Nigeria’s refineries had become a costly pastime, adding that the NNPC…
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Nigeria Loses 2.5tr Oil Barrels In 4 Years
According to data from the Nigeria Natural Resource Charter, Nigeria has lost 4.5 trillion barrels of oil to theft in the last four years. Another separate data from the National Oil Spill Detection and Response Agency showed that the country recorded 4,919 oil spills between the period of 2015 to March 2021. The Ministry of…
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‘Nigeria Lost $2.77bn To Crude Oil Theft In 2019’
The Nigeria Extractive Industries Transparency Initiative has said in its latest audit report that Nigeria lost 42.25 million barrels of crude oil valued at 2.77 billion dollars to oil theft in 2019. The report on Oil and Gas was presented to the Media and Civil Society Organisations by Mr George Abiye, Assistant Director, Oil and…
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Non-oil Sector Driving Nigerian Economy
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has said the Nigerian economy is currently being driven by the non-oil sector. Ahmed said this when she led officials of her ministry to hold a meeting with the leadership of the National Assembly over the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.…
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Nigeria Spends N60bn Annually On Vandalized Pipelines
Nigeria losses an average of 200,000 barrels per day to the destruction of oil pipelines. This loss amounts to a total of 60 billion spent annually on repair and maintenance. The Minister of Information and Culture, Lai Mohammed, who disclosed this said that the destruction of public infrastructure by some unpatriotic Nigerians required great concern…
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OPEC Members Loses $1tr in Revenue In Two Years
Members of the Organization of the Petroleum Exporting Countries, including Nigeria, lost about $1trillion in revenue due to the plunge in oil prices in 2015 and 2016. OPEC’s Secretary-General, Sanusi Barkindo, who disclosed this at the 2021 Nigeria International Petroleum Summit said oil sector investments during the period crashed by $300billion. “In terms of foregone…