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Nigeria’s Oil Export Revenue Falls by N404 Billion

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  • Nigeria’s Oil Export Revenue Falls by N404 Billion

The Central Bank of Nigeria (CBN) has disclosed that the revenue generated from oil export in the first half of 2018 fell short of Federal Government’s target of N611.38 billion.

According to the new economic report from the CBN, oil contributes 61 percent of the gross federally-collected revenue of N4.40 trillion during the period, while the non-oil sector constituted 39 percent.

The revenue of N2.69 trillion or 4.5 percent of Gross Domestic Product generated from oil was 30.1 percent lower than the proportionate budget estimate, however, it was above what was generated in the first half of 2017 by 66.5 percent.

This, the apex bank attributed to the drop in crude oil production from the budgeted benchmark of 2.3 million barrels per day to average about 1.9 million barrels per day during the first half of the year.

“In addition, crude oil exports dropped below the proportionate budget benchmark of N611.38bn by N403.84bn or 66.1 percent,” the report read in part.

Still, the CBN noted that crude oil output was higher by 0.27 million barrels per day or 16.6 percent in the first half of the year when compared to the same period of 2017.

The report further stated N282.72 billion and N22.19 billion of the gross revenue were used to finance venture cash calls and cost of collection by the Department of Petroleum Resources, respectively.

Also, the report showed the economy recorded capital importation of $65.84 billion between January and June of 2018. Representing an increase of 87.9 percent when compared to the inflow achieved in the first half of 2017.

The CBN said the improved inflow was as a result of stable foreign exchange market due to the series of policy implemented to strengthen local currency and aid ease of doing business.

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.

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Education

FG Abolishes 18-Year Age Benchmark For Admission Into Tertiary Institutions

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The new Minister of Education, Tunji Alausa, has abolished the controversial 18-year admission benchmark for tertiary institutions in the country.

This is coming as the minister indicated interest in reviewing the nation’s education policy.

However, Alausa stated that there would be no reversal of the Federal Government’s decision to void over 22,700-degree certificates obtained by Nigerians from some “fake” universities in neighbouring Togo and the Benin Republic.

Alausa spoke on Tuesday at his inaugural ministerial press conference in Abuja.

He stated that practical education will help to address the unemployment situation in Nigeria, as tertiary institutions will not continue to churn out graduates every year without providing jobs for them.

He disclosed that the Federal Government will collaborate with private sector operators to train students in order to discover and unleash their potential.

Alausa added that universities of agriculture will be empowered to adopt commercial farming practices to combat food insecurity.

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Outrage in Equatorial Guinea: Government Restricts WhatsApp Multimedia Sharing Amid Scandal

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There is outrage in Equatorial Guinea as the government restricted its citizens from downloading and sharing multimedia files using mobile data on WhatsApp.

This decision followed the guidelines that the country’s government gave to telecommunications operators when it urged them to implement measures to restrict access to inappropriate content.

The country’s Director General, National Financial Investigation Agency, Baltasar Engonga, has been involved in a sex scandal involving the wives of notable people in the nation.

The scandal emerged in the course of a fraud investigation against the 54-year-old economist which resulted in the search of his house and office on impromptu notice by ANIF officials who came across several CDs that later revealed his sexcapades with different married women.

It was reported that the over 400 videos include encounters with high-profile individuals, such as his brother’s wife, his cousin, the sister of the President of Equatorial Guinea, the Director General of Police’s wife, and about 20 of the country’s ministers’ wives, among others.

The footage, discovered in his office, was said to have been recorded with consent and has since been leaked online, causing a media uproar.

But, in a new development on Tuesday, it was reported that the citizens have been lamenting their inability to share photos, videos, and audio when using a mobile data connection, leading users to rely exclusively on WiFi networks to share such content.

Sources revealed that the restrictions have been affecting business and academic activities in the country.

Citizens wonder why the actions of a few individuals would result into holding thousands of other innocent ones hostage.

Earlier, the Vice President of Equatorial Guinea, Teddy Nguema, announced plans to install surveillance cameras in all state body offices.

This sweeping measure is part of an ongoing effort to ensure strict adherence to public service laws and combat misconduct among officials.

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NCC Confiscates ₦23 Million Worth of Pirated Books During Bookstores Raid In Uyo

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The Nigerian Copyright Commission (NCC) on Saturday, November 2, confiscated ₦23.1 million in pirated books from local shops, including Academic Needs and Zion Bookshop during a raid in Uyo, Akwa Ibom State.

The raid was by the Deputy Director of Operations, Mr Macfoy Akachukwu, representing the NCC Director General, Dr. John Asein.

Akachukwu, who stated that the raid was a significant operation to combat the rampant sale of pirated books, listed the books seized during the raid to include: Basic Civic Education by Dr Merry Ukaegbu, Spectrum New Further Mathematics by T.R. Moses and Essential Christian Religious Study for Senior Secondary Schools by Orovwuje B.O and Okolie E.U.

Other books included Macmillan Brilliant English for Junior Secondary Schools by Wale Ossianwo, New General Basic Science for Junior Secondary Schools by S. Ajayi, New Oxford Secondary English Course for Secondary Schools by Ayo Banjo and New Concept Mathematics for Senior Secondary Schools by H.N. Odogwu among others.

Major publishers affected by the raid included Evans, UPL, Lantern, Longman, TONAD, and Pearson among others.

According to Asein, the operation is important as it was part of a nationwide initiative to protect authors’ rights.

“What we have done is part of the commissions mandate to protect and promote the rights of authors and other genuine investors in the copyright book industry,” he stated.

He reaffirmed that the NCC is committed to “eliminating the sale of pirated works and to establish a robust copyright framework in Nigeria”.

Asein emphasized that authors deserve to benefit from their creative work and not run into financial losses because of piracy.

“It is our duty to ensure that authors get rewards for their creative work. I have under my watch, zero tolerance for piracy and infringement of Copyright Laws,” Asein said.

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