The Nigerian National Petroleum Company (NNPC) Limited says Nigeria’s crude oil production level (including condensate) is currently at 1.67 million barrels per day (bpd).
Mele Kyari, group chief executive officer (GCEO) of NNPC, spoke at a press briefing in Abuja on Friday.
In July 2023, the country’s crude oil (and condensate) output fell to 1.29 million barrels per day (bpd), from 1.48 million bpd in the previous month.
Giving updates at the news conference, Kyari said oil production increased by over 300,000 bpd.
He said the oil and gas industry has a huge potential and the possibilities of providing all the foreign exchange (FX) requirements of the country.
“But you cannot do this except you are able to produce and also take it to the market, because we did have substantial challenges of security, which I also confirm this moment that Mr. President has re-engineered the security approach and we are already seeing very significant changes in our production environment,” he said.
“May I also use this opportunity to say that I was just checking the data for Wednesday. The actual data for crude oil and condensate production is at 1.67 million barrels per day.
“This is substantial, if you look at the situation where we were almost going below a million barrels some months ago. This is quite substantial. And the connection of this to subsidy was that you cannot give what you do not have.”
‘NNPC FACED IMMINENT ILLIQUIDITY BEFORE TINUBU’S ADMINISTRATION’
Kyari said NNPC was at the point of default at the time President Bola Tinubu took over on May 29, 2023.
He said the national oil company “was facing imminent illiquidity”.
“This is because we keep carrying the subsidy burden, the federation, that is all the sub-nationals and federal government, are unable to pay their bills for the subsidy,” The NNPC boss said.
“That means NNPC was carrying the subsidy burden for the whole federation until it became very obvious by the time Mr. President took over that it is no longer possible to proceed because you do not have the cash to pay for it and NNPC could potentially go into negative cash flow. Another word for it is bankruptcy.
“And it was impossible to continue. So it wasn’t really a matter of even preparedness. As the minister has said, it was no longer sustainable, that you cannot do what you cannot afford.
“You do not have and at that point in time, the subsidy burden was about N400 billion every month. And if the situation has continued, I can tell you in today’s market condition, pricing in the market and also the FX regime, we would have been dealing with close to N1 trillion of subsidy every month at this point in time.
“We simply don’t have those resources anymore. You are not just saving money, you are also passing realities around what you can’t afford. And as a result of that change, we saw demand go down by 30 percent,” he said.
This, he said, also means a 30 percent reduction in foreign exchange requirements.
President is not a magician, says Remi Tinubu
The first lady, Oluremi Tinubu, says her husband, President Bola Tinubu, would not wave a magic wand and solve all of the country’s problems in a flash.
The first lady said this on Sunday during an inter-denominational church service to commemorate Nigeria’s Independence Day.
She said her husband inherited the current challenges in the country, adding that the president is determined to fix them rather than blame past leaders.
“All we inherited are things that had happened many years ago. We are not here to put blame on any administration but to fix what has been damaged,” she said.
“My husband is not a magician. He is going to work and I believe and hope that we will have peace in this country. The best is yet to come to us.
“Good governance can only be impactful if the people follow the example of Jesus Christ, our Lord, who embodied the fruit of the spirit, including love, joy, peace, long-suffering, gentleness, goodness, faith, meekness, temperance and forgiveness.
“A Nigeria of abundance has begun, and to be part of the greatness that God has started in the nation, Nigerians must look beyond their current realities and embrace hope anew.”
Also speaking at the event, George Akume, secretary to the government of the federation (SGF), urged Nigerians to remain patient, adding that measures are being put in place to provide solutions to the problems bedevilling the country.
“Solutions to Nigeria’s complex problems can never be as instant as expected. It will take some time, but measures are already being put in place to address them,” Akume said.
Lagos to clampdown on illegal dredging operation, reads riot act
Determined to end illegal dredging activities in the state, the Lagos State government has vowed to stop all illegal dredging operations and flush out those operating without a government’s permit in the dredging sector from the state.
The Commissioner for Waterfront Infrastructure Development, Dayo Bush-Alebiosu disclosed this during a meeting with the members of the executive council of the Dredgers’ Association of Nigeria, Lagos State chapter.
The meeting was called to seek the cooperation of the association in enforcing guidelines regulating dredging activities and to declare Governor Babajide Sanwo-Olu’s administration’s zero tolerance for illegal dredging operations in the state.
According to the Commissioner, though the meeting is a familiarization forum to interact with members of the association and get first-hand information on how dredging activities could be improved upon with the view to maintaining the state’s waterfronts and prevent environmental degradation.
While soliciting their support in sanitizing dredging activities in the state, Bush-Alebiosu disclosed that the state would not condone the spate of illegal dredging activities being carried out in every nooks and crannies of the state.
Bush-Alebiosu also expressed the readiness of government officials to begin enforcement activities soon and that anybody caught violating dredging laws and regulations of the state would be prosecuted.
He therefore urged them to obtain all necessary permits and regularize their operations immediately.
He assured them of the government’s readiness to stand by the association in carrying out their lawful activities and also support them in all they do to ensure good waterfronts in Lagos State.
UN appeals to Lagos to allocate certain percentage of contracts to women-owned businesses
In his remarks, Mr Kehinde Gbajumo, the Permanent Secretary of the Ministry expressed his delight that the state executive members of the association were present at the meeting, saying this would go a long way in conveying the views of the state government to their members.
Gbajumo noted that dredging activities in the state are “no longer business as usual,” adding that the ministry is now all out to enforce the laws regulating dredging activities, he also enjoined them to comply with the guidelines.
In his response, the President of the Dredgers Association of Nigeria, Mr Bature Akpomejero pledged their support and cooperation to the state government in getting rid of illegal dredgers in the state.
He solicited the support of the ministry for proper regularization of dredging activities to curb the activities of illegal dredgers and their impact on the environment.
Akpomejero also urged the ministry to look into the issue of overloading of trucks by dredgers and those moving wet sand on the roads, which cause a lot of damage to our roads.
The secretary general of the association, Richard Ntan, also lent his voice; assuring the ministry of maximum cooperation and collaboration of the association, noting that they are ready to cooperate with the government.
Ntan called for more such meetings with the ministry to be able to iron out grey areas affecting their operations while fashioning out areas of mutual benefit between dredgers and the state government.
The dredging operation terms and conditions were later distributed to the members of the association to further enlighten them on their obligations to the state.
Nigeria@63: God will heal our land – Pastor Adeboye
Pastor Enoch Adeboye has prayed to God to heal Nigeria, asking citizens to also pray for the betterment of the nation.
The General Overseer of the Redeemed Christian Church of God (RCCG) said this on Sunday during the church’s October Thanksgiving Service and Nigeria’s 63rd Independent Day celebration.
Pastor Adeboye spoke on the topic ‘Freedom Indeed’ during the service.
“I pray in the name that is above every other name that God will heal our nation,” the preacher said.
“Independence is talking about freedom, that is why we would be talking about freedom indeed. You may be enjoying independence from the colonial master and still be a slave to sickness, poverty, terror, and forces of darkness,” he added.
“I am wishing you a very good celebration but more than anything else, I wish all of you who are in Christ freedom and freedom indeed.”
In many churches across the nation, the Christians marked Independence Day with praises and prayers for the country.
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