Connect with us

Government

Nigeria’s Crude Oil Export Dips by N4.4trn in 9 Months

Published

on

Crude Oil

A sharp decline was recorded in revenue accruable to the Federal Government from the petroleum sector, as the country’s earnings from crude oil export dropped to N5.271 trillion for the nine month period, January to September 2015.

According to data obtained from the National Bureau of Statistics, NBS, the value of Nigeria’s crude oil export for the nine month period 2015, represented a decline of 45.39 per cent or N4.381 trillion when compared to crude oil export of N9.652 trillion recorded in the same period in 2014.

It also represented a decline of 55.67 per cent or N6.62 trillion when compared to total crude oil earnings of N11.891 trillion recorded in 2014.

Giving a breakdown of Nigeria’s crude oil earnings in nine-month 2015, the NBS data revealed that the country earned N1.675 trillion from crude oil export in the first quarter of 2015, N1.984 trillion and N1.611 trillion in the second and third quarters respectively.

This was in contrast to crude oil export earnings of N3.234 trillion, N3.269 trillion and N3.149 trillion for the first, second and third quarters respectively, while in the fourth quarter of 2014, the country earned N2.239 trillion from the export of the commodity in the fourth quarter of 2015.

Further breakdown of the 2015 figures showed that the country earned N505.898 billion, N591.964 billion, N577.361 billion, N698.387 billion and N668.526 billion in January, February, March, April and May respectively.

In the months of June, July, August and September, Nigeria’s crude oil export stood at N617.364 billion, N572.813 billion, N512.823 billion and N525.857 billion respectively.

Despite the sharp drop in crude oil export, the country’s fuel imports rose by 6.248 per cent or N54.6 billion to N928.459 billion in the first nine months of the year, compared to fuel imports of N878.858 billion recorded in the first nine month of 2014.

This was also in contrast to total fuel imports of N1.202 trillion recorded in the whole of 2014 and N264.853 billion recorded in 2013.

Giving a quarter-on-quarter analysis, the NBS report stated that N288.871 billion was spent on fuel imports in the first quarter of 2015, as against N237.257 billion in the same period in 2014, while in the second and third quarters of 2015, the country spent N389.258 billion and N250.329 billion respectively. This is compared to N368.554 billion and N268.047 billion recorded in the second and third quarters of 2014 respectively.

On a monthly basis, the country spent N49.2 billion, N105.974 billion, N139.237 billion and N133.794 billion on fuel imports for January, February, March, April and May 2015 respectively, while for the months of June, July, August and September, fuel imports stood at N116.227 billion, N134.141 billion, N85.452 billion and N30.737 billion respectively.

In general, the NBS said, “The total value of Nigeria’s merchandise trade at the end of the third quarter of 2015 was ¦ 4.021 trillion. This was 7.8 per cent less than ¦ 4.359 trillion, recorded in the preceding quarter. This development arose from a decrease of ¦ 320.6 billion or 12.1 per cent, in the value of exports combined with a marginal decline of ¦ 17.4 billion or 1.0 per cent, in the value of imports against the levels recorded in the preceding quarter.

Vanguard

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Continue Reading
Comments

Government

EFCC Nabs Ex-Delta Governor, Okowa, For Alleged N1.3trn Fraud

Published

on

governor-ifeanyi-okowa-of-delta-state

Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested former Delta State Governor, Ifeanyi Okowa, over the alleged diversion of N1.3 trillion.

Sources with the EFCC revealed that Okowa visited the EFCC office in Port Harcourt, Rivers State, on Monday before he was subsequently detained by officials.

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

It was gathered that Okowa was at the Port Harcourt office of the Commission following an invitation from investigators probing the allegations against him.

The former governor was said to have been apprehended no sooner than he arrived at the anti-graft office.

Okowa was also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas.

Sources said the former governor reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project.

The funds are alleged to have been misappropriated for other purposes.

They noted that investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State.

Okowa was the running mate to Atiku Abubakar, the presidential candidate of the People’s Democratic Party in the 2023 election.

He was the governor of Delta State from 2015 to 2023 and was succeeded by Sheriff Oborevwori, the incumbent Governor.

When contacted, EFCC spokesperson, Dele Oyewale, confirmed the arrest but declined further comment on the matter.

Continue Reading

Government

FG Frees Minors Remanded For Protesting Hunger In Nigeria

Published

on

Some minors who joined the nationwide #EndBadGovernance in Nigeria have regained their freedom.

Their release followed the striking out of the treason charge against them by a Federal High Court sitting in Abuja on Tuesday.

Investors King had reported that the Federal Government through its security agencies arrested and preferred treason allegations against the minors who participated in the August #EndBadGovernance protest.

However, President Bola Tinubu had directed the release of the minors owing to the outrage that greeted their arrest, prosecution and incarceration.

Carrying out the presidential directive when the matter resumed on Tuesday, counsel to the Attorney-General of the Federation (AGF) and Minister of Justice, Mr Lateef Fagbemi, SAN, Mr. Mohammed Abubakar, made an application for discontinuation of the case.

Abubakar, who is the Director of Public Prosecution of the Federation (DPPF), premised his application on provisions of Sections 174(1), (b), and (c) of the 1999 Constitution (as amended) and 108 of the Administration of Criminal Justice Act (ACJA), 2015.

He informed the court that the AGF had officially taken over the case file, saying the Federal Government no longer has interest in the case against the protesters.

The DPPF also applied for the proceeding to be conducted without the presence of the minors in the courtroom, in line with provisions of Section 266 (b) of the ACJA, 2015, and Section 1 of the Child’s Rights Act.

Counsel to the defendants, including Mr Femi Fanala, SAN, did not oppose the application.

To this end, Justice Obiora Egwuatu struck out the charge against the protesters who were minors.

Recall that the judge had last Friday admitted the 114 protesters arraigned by the police to N10 million bail each with two sureties each in like sum.

Continue Reading

Government

Knocks, Kudos For Judiciary Over Stoppage of Allocations to Rivers State as Fubara Boasts of Coping Without FG’s Funds

Published

on

Siminalayi Fubara

A mixture of condemnation and praises has trailed a judgement of a Federal High Court that stopped the release of state allocations to the Rivers State Government.

Investors King had reported that Justice Joyce Abdulmalik of a Federal High Court in Abuja, on Wednesday, ordered the stoppage of the release of monthly federal allocations to Rivers State.

Justice Abdulmalik predicated her action on the grounds that the state government was in violation of the Constitution as regarding the state expenditures.

According to the judge, the current budget being operated by the state was not passed by a lawful arm of the Rivers State House of Assembly, therefore, Fubara is not entitled to allocations from the government at the centre.

Meanwhile, some stakeholders in the country have knocked the judiciary over the decision, calling on the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun to rein in on judges’ actions over the political crisis ravaging Rivers.

For former Vice President Atiku Abubakar, the judiciary should be cautioned against setting the South-South State on fire.

In a statement by his media adviser, Paul Ibe, the former Vice President, said it was appalling that some elements loyal to the Federal Government were pulling the strings from behind.

Atiku wondered why Justice Joyce Abdulmalik issued the order when it was public knowledge that Rivers State had already challenged the Court of Appeal’s judgement on the legality of Rivers State’s 2024 budget.

He, however, called on Justice Kekere-Ekun to ensure that those found wanting are disciplined in order to restore the fading glory of the nation’s judiciary.

In the same vein, Chief Emeka Kalu, National Coordinator of the Peoples Democratic Party (PDP) Coalition observed that the ongoing crisis plaguing Rivers State must be handled with caution to save it from unnecessarily being flamed in uncontrollable state of lawlessness.

Kalu in the statement said the judiciary is expected to maintain its integrity and protect her independence by working to avoid being politically purchased to harm democratic processes and the ethics of law.

According to him, the recent judgement by the Abuja Federal High Court division directing the RMAFC to stop releasing statutory monthly allocation to the State government was done out of bias and politically motivated plans to disrupt Fubara ‘s administration.

The group affirmed that it remains the height of injustice for a political party under the guise of personal interest to continue raising the dust of anarchy against the will of the people and the judiciary is expected to redeem and revitalize the failed system instead of allowing herself to be used to ruin the polity.

On the contrary, the National Democratic and Change Coalition has hailed the court for the judgment banning further release of allocations to Rivers and called on Governor Fubara to refund all monies spent without appropriation to the state coffers.

The coalition, while expressing satisfaction with the ruling, said the people of Rivers State have been vindicated and the long-awaited justice has been served on the governor.

Reacting via a press release by John Uloko, president of the coalition hailed Justice Joyce Abdulmalik for the judgment, saying that since January 2024, Rivers State had received and spent allocations based on an “illegitimate” budget, thereby describing it as a “constitutional aberration”.

The group, made up of lawyers, agreed with the court that Governor Siminalayi Fubara’s presentation of the 2024 budget before a four-member Rivers House of Assembly was an affront to the constitutional provision.

It added that the ruling is a victory for democracy and will teach rogue governors the bitter lesson that the Constitution of the Federal Republic must be respected and the sanctity of the nation’s democratic institutions upheld irrespective of their political desperation.

Nonetheless, the embattled Governor Fubara, on Wednesday said the restriction placed on the state allocations is “the least” of his problems.

Governor Fubara stated this during a special thanksgiving service organised by the state government to celebrate his administration’s resilience amid escalating political crises, which began with the arson attack on the State House of Assembly complex exactly one year ago.

Governor Fubara assured that despite the court order, his administration would continue payments to contractors and ensure workers’ salaries are disbursed from today (Thursday).

He also confirmed that allocations for the 23 Council Chairmen would be credited, as the Joint Accounts Allocation Committee procedures have been completed.

The governor encouraged his supporters to remain resilient, assuring them that all challenges are surmountable.

Reflecting on his administration’s success, Governor Fubara noted that despite predictions that his government would not last even a week, he has successfully led for over a year.

He said his administration has also conducted local government elections against all odds and maintained a full cabinet despite attempts to undermine his leadership through resignations.

Highlighting his administration’s progress, he mentioned ongoing project executions across the state, countering critics who claimed he would be unable to deliver.

He also cited recent reports that position Rivers State as one of the leaders in financial accountability and transparency.

Continue Reading

Trending