News
Oil Production Shortfall Threatens 2012 Budget
The volume of oil pumped in the second quarter of 2012 fell below the projected volume stipulated in this year’s budget; the Central Bank of Nigeria’s 2012 Quarter 2 report has shown.
According to the CBN, the country pumped 2.12 million barrels per day of oil in Quarter 2, a volume that was 16.98 per cent below the 2.48 million bpd, which the government had projected in this year’s budget.
The report, which was published on the bank’s website, noted that oil production had risen from an average of 2.06 million bpd in the first quarter.
“Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at 2.12 million barrels per day or 192.92 million barrels for the quarter,” the CBN said.
If the current figures by the apex bank are correct, then Nigeria may have to increase its output in the second half of the year to fund all the spending in this year’s budget without taking on more debt or lowering its oil savings rate.
The benchmark oil price in the budget was $72 a barrel, well below the market price and above which Nigeria is supposed to save extra revenues in the Excess Crude Account.
But if production fails to meet projections, government will need to take more money back from the ECA to meet the shortfall.
The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, had told newsmen last month that when putting the budget together, her ministry lowered the production projections given to it by the oil ministry.
She had pledged to increase the balance in the ECA to $10bn by the end of the year, from around $7 billion now. If oil production figures under-perform, Nigeria could be gambling on prices staying high to meet this pledge.
Our correspondent report that the Nigerian National Petroleum Corporation had said last month that crude oil production reached an all-time high of 2.7 million bpd.
But industry experts have questioned these figures, which are at the top end of Nigeria’s capacity and come during a period when oil theft by criminal gangs was at record highs.
The CBN’s oil output data usually comes in lower than figures from the NNPC and the oil ministry, who both have an interest in showing progress in the industry’s performance, although they also have the best access to the data.
The Nigerian Bureau of Statistics admitted that its own official figures relied on data provided by the NNPC.
The ECA has been raided frequently by government in recent years.
The account contained $20 billion before the 2007 general election but hovered around $3-$4bn last year before Okonjo-Iweala began efforts to ramp up savings.
News
Be Patient With Us, Diri Tells Bayelsans … Inspects New 60mw IPP …Expresses Confidence In Technical Partners, BECL MD
News
Akpabio Withdraws All Defamation Suits After Priest’s Sermon
The Senate President, Senator Godswill Akpabio, has directed his lawyers to withdraw all ongoing defamation lawsuits against several individuals, saying he was moved by counsel during a New Year Mass.
Speaking at the Sacred Heart Parish in Uyo, yesterday, Akpabio said he had filed nearly nine lawsuits against individuals he accused of defaming him.
He said, “I had almost nine cases in court against some individuals who defamed me, who lied against me, who slandered my name.
“But I listened to the priest and suddenly realised he was talking to me, so I hereby direct my solicitor to withdraw all lawsuits against them.”
In 2025, Akpabio had filed several high-profile defamation lawsuits, including one against colleague Senator Natasha Akpoti?Uduaghan.
In late 2025, Akpabio filed a N200 billion defamation lawsuit against her over allegations of sexual harassment, which he denied and urged her to substantiate in court.
Earlier in the year, Akpabio’s wife also filed defamation suits against Akpoti?Uduaghan over claims she said had harmed her family’s reputation.
Relations between the two lawmakers soured after Akpoti?Uduaghan accused Akpabio of influencing her suspension from the Senate in March 2025, following her public allegations of misconduct.
The Senator had previously challenged actions taken against her in court, including a N100 billion defamation suit she filed against Akpabio and other defendants over alleged remarks that she said damaged her reputation.
With yesterday’s announcement, Akpabio has formally ended all pending legal disputes arising from defamation claims, signalling closure to the publicised litigations as the year begins.
News
‘Best Way To Show Gratitude Is To Deliver Tinubu in 2027’
Rivers State Governor, Sir Siminalayi Fubara, has declared that the best form of gratitude Rivers people owe President Bola Ahmed Tinubu for protecting the interest of the State is to galvanize massive support for the President in 2027.
Fubara disclosed this last Monday during the commissioning of Permanent Secretaries Quarters built by his administration at Elimgbu in Obio Akpor Local Government Area of the State.
He said that the State has what it takes to deliver the President during the 2027 general elections.
“We’ve taken a decision,our decision is for the good of Rivers State, our decision is to say thank you for the protection we have from Mr President, our decision is to prove that we have what it takes to deliver Mr President.”
Fubara expressed delight over the completion of the project, stating that the initiative was to provide accommodation, a basic need of life for public servants in the state to improve their productivity.
He explained that lack of effective social welfare was at the root of some incriminating actions that undermine the purpose of governance, noting that the commissioning of the newly built Permanent Secretaries Quarters marks a significant milestone in civil service welfare and institutional development.
“Insecurity begins when individuals are uncertain of what the next hour holds. This situation is especially challenging for family men and women, affecting confidence and decision-making,” he observed.
Fubara emphasized the need for proper maintenance of the facility and urged the beneficiaries to protect the project like a personal property, while directing the State Head of Service to appoint a facility manager to ensure long-term maintenance.
In her remarks, the Special Guest of Honour and Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, who unveiled the project, expressed appreciation to the governor and Rivers State for inviting her to commission the project.
She commended Fubara for prioritizing the welfare of Permanent Secretaries who are senior public servants and accounting officers, noting that the project reflects purposeful and visionary leadership, and urged other states to borrow a cue from the Rivers State Governor.
Walson-Jack described the initiative as a strategic investment in staff welfare and institutional continuity which she noted is in line with Renewed Hope Initiative on provision of mass housing and social stability.
“The commissioning of these houses reflect a deliberate commitment to the dignity, welfare, and productivity of senior public servants responsible for policy coordination and service delivery,” she said.
In his goodwill message, the National Secretary of the All Progressives Congress (APC), Senator Ajibode Bashiru, who led a high powered delegation on a visit to the governor, congratulated Rivers people for aligning with the Pan Nigerian political party, assuring that the interest of Rivers State will be duly protected in the APC.
He described President Bola Tinubu as a detribalised Nigerian who anchors his leadership on equity, fairness and justice, adding that the APC will provide a level playing ground for all.
The APC chief scribe also commended Fubara for providing good accommodation for public servants, stating that it will address issues of sabotage, compromise and disloyalty on the part of public servants.
Giving the project description, Permanent Secretary, Rivers State Ministry of Works, Dr. Austin Ezekiel-Hart, said the estate comprises 29 units, including nine standalone duplexes and 20 terrace buildings.
Facilities feature a water treatment plant, synchronized power generators, CCTV and alarm systems, a gym, recreational areas, and green spaces—designed to enhance comfort, performance, and productivity.
Earlier, the Head of the Rivers State Civil Service, Dr Mrs Inyingi Brown, had thanked the governor for his visionary initiative and unwavering commitment to the welfare of Rivers State Civil Servants, and restated the commitment of the State civil servants to the success of Fubara’s administration.
By: Taneh Beemene
-
Featured4 days agoFubara Redeploys Green As Commissioner For Justice
-
Politics2 days agoYou Have No Power To Drop Me, Ekiti PDP Candidate Tells INEC
-
Sports2 days agoAFCON ’25: Osimhen Not Worried By Yekini Comparison, Pressure
-
Business2 days agoKALCCIMA PROMISES KALABARI ECONOMIC GROWTH, INAUGURATES NEW EXECUTIVES
-
Sports2 days agoOgoni Nation Cup : Coach Praise Players In spite 2-0 Loss
-
Sports2 days agoRemo Stars set for Ikenne return
-
Sports2 days agoChelsea Set To Part Ways With Maresca?
-
Sports2 days agoSoname Calls For NPFL referees demotion
