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Nigeria Earned $32.6bn From Oil, Gas In 2018 -NEITI

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Nigeria Extractive Industries Transparency Initiative (NEITI), yesterday, disclosed that Nigeria earned a total of $32.63 billion from the oil and gas sector in 2018, a 55 per cent increase on the $20.99 billion recorded from the sector in 2017.
In a statement on the release of the 2018 oil and gas industry audit, NEITI also announced plans to release the 2019 audit report this year, effectively clearing the backlogs of the audits of the extractive sector and making the reports more timely and relevant.
Giving a breakdown of the $32.63 billion earned in 2018, NEITI stated that company-level financial flows into government coffers were $16.6 billion, while flows from sales of federation crude oil and gas accounted for $16.billion.
It said, “A five-year trend analysis of the earnings from the extractive sector showed a 54.6% drop from $54.6 billion in 2014 to $24.8 billion in 2015. The earnings further dropped by 31.2% to $17.05billion in 2016, but increased by 23% to $20.99 billion in 2017 and by 55% to $32.63 billion in 2018.
“Though the last two years bucked the trend of persisted decrease since 2014, the revenues from the sector in 2018 were still a staggering 40% below the $54.6 billion earned in 2014 when oil prices commenced a precipitous fall.
“The NEITI 2018 audit reconciled payments by seventy-one companies and the Nigeria Liquefied Natural Gas (NLNG) that met the materiality threshold set for the exercise. A total of eight government entities were also covered by the audit.
“Out of the $32.63 billion earned from the sector in 2018, the sum of $19.92 billion was transferred directly into the Federation Account, while $5.21 billion and $4.04 billion were transferred into the Joint Venture (JV) Cash Call Account and Nigerian National Petroleum Corporation (NNPC) designated accounts respectively.
“The NNPC designated accounts are the Naira and dollar accounts where domestic crude sales and the federation equity, royalty, petroleum profit tax and in-kind oil sales are paid into respectively before remittance to the Federation Account.
The report further disclosed that “$2.10billion was transferred into third parties project financing accounts and $1.37billion were recorded as subnational transfers.”
On production, NEITI stated that the total crude oil production in the country within the period under review was put at 701 million barrels, representing a slight increase of 1.5% when compared to 690 million barrels produced in 2017.
Giving a breakdown of crude oil production, NEITI disclosed that Joint Ventures (JVs) contributed highest production of 315 million barrels, followed by Production Sharing Contracts (PSCs) which recorded 270.610 million barrels.
In addition, it noted that other funding arrangements like Sole Risk (SR), Marginal Fields (MF) and Service Contracts (SC) accounted for 92.2 million barrels, 22 million barrels, and 1.3 million barrels respectively.
NEITI said, “JV companies’ production increased by 3.12% in 2018 compared to 2017, while PSC operators’ production decreased by 10.90%. Similarly, SR operators’ production increased by 58.72% in 2018 compared to 2017. Production from the SC decreased by 10.27% while production from MF operators increased marginally by 1.18%.”
NEITI further disclosed that total crude oil lifted for both export and domestic sales in 2018 was 701 million barrels, representing a 1.9% increase when compared with total liftings of 688.3 million barrels in 2017.
In its analysis of the total lifting in 2018, NEITI stated that 255.6 million barrels or 36% was lifted by NNPC on behalf of the Federation, while companies lifted 445.5 million barrels or 64% of total liftings.
It said, “The liftings by NNPC indicates an increase of 5.95% when compared to 241 million barrels lifted in 2017. Further analysis showed that out of 255.6 million barrels lifted by NNPC in 2018, actual sales were 255.3 million barrels valued at $18.2 billion.
“Out of the 255.6 million barrels lifted on behalf of the Federation by NNPC, a total of 107.63million barrels was recorded as Domestic Crude Allocation (DCA) in 2018. Out of this figure, 94 million barrels or 87% of the DCA were utilized for Direct Sale Direct Purchase (DSDP), while the balance of 13.58 million barrels or 13% was delivered to the refineries.
“Ordinarily, 160.2 million barrels (or 445, 000 barrels per day) should have been allocated for domestic consumption but only 107.63 million barrels or 67% of the customary allocation for domestic consumption was allocated in 2018.
“The sum of N2.295 trillion was realized as proceeds from sales of domestic crude oil allocation in 2018, out of which the following deductions were made: N722.3billion for under – recovery of imported petroleum products, N28.3 billion for crude and product losses and N138.95billion for pipeline repairs and maintenance cost.
“In 2018, total crude oil losses due to theft and sabotage was 53.28million barrels, an increase of 46.15% when compared to 16.824million barrels recorded in 2017”.
Similarly, the report put total products losses in 2018, due to pipeline breakages at 204,397.07 cubic meters.
“On gas production, the NEITI 2018 oil and gas report revealed that the total gas production for the year under review was 2,909,143.69mmscf, while total gas utilization was 2,909,143.55 mmscf.
“From the report, $307.20 million was realized from the sales of Federation gas of 633.55thousand metric tons in 2018. This represents increase of 7.10% when compared to 721.80thousand metric ton valued at $286, 85 million realized in 2017.
“The national gas reserve stood at 200.79tcf as at end of 2018. This is made up of 101.98 tcf of Associated Gas (AG) and 98.81 tcf of Non-Associated Gas (NAG). With the 2018 annual gas production quantity, the gas Reserves Life Index (RLI) was estimated at 92 years”, the report disclosed.”
On management of Joint Venture Cash Call, the report disclosed that aggregate cash call funding for 2018 amounted to $5.98billion.
In addition, the report noted that: “outstanding Cash Call Liabilities amounted to $3.66billion, comprising $3.41billion (93%) legacy liabilities and US$260million (7%) performance balance payable to JV operators”. Another feature of the oil and gas report is on social expenditure.
“Total social expenditure (mandatory and voluntary expenditures) was $902.67million. This consists of voluntary contribution of $59.27million (6.57%) while mandatory contribution stood at $843.39million (93.40%)”.
The mandatory contribution was made up of NDDC’s 3% levy of $683.38million and NCDMB’s 1% levy of $160.01million. Oil and gas industry contribution to the Gross Domestic Product (GDP) in 2018 was put at 7.8%.
“The flows in the industry accounted for $32.64billion in absolute terms. This represents 7.8% of the total GDP Current Basic Price of ($ 418.12billion)”.

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WASSCE: RSG Distributes Science Materials To Secondary Schools

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The Rivers State Government has distributed science equipment and materials to all senior secondary schools across the state to support students during the ongoing West African Examinations Council exams and to strengthen practical learning.

Flagging off the distribution at the Rivers State Senior Secondary Schools Board premises in Port Harcourt, on Monday, the State Commissioner for Education, Dr. Peters Nwagor, said the move demonstrates Governor Siminalayi Fubara’s commitment to improving education standards in the State.

 Nwagor said the materials were approved and provided by the state government specifically to boost the teaching and learning of science subjects, describing science education as the foundation for technological advancement, innovation, and national development.

“No society can compete globally without deliberate investment in science and technology,” the Commissioner stated.

He commended the governor for consistently prioritising the education sector by providing tools needed for effective teaching and hands-on learning.

The Commissioner directed principals to ensure that the equipment are used strictly for practical lessons in their schools, warning that any principal or administrator found diverting, hoarding, or selling the materials wil face disciplinary action under public service regulations.

 Nwagor also warned against examination malpractice,  saying any principal found aiding or encouraging malpractices will be decisively sanctioned.

“We must collectively restore the dignity and credibility of our educational system,” he said.

Also speaking, Chairman, Rivers State Senior Secondary Schools Board, Tony Egwurugwu, urged school heads to make judicious use of the materials for students’ benefit.

He thanked the State Government for providing the resources, and assured that monitoring mechanisms would be put in place to ensure the materials serve their intended purpose.

In his own remarks,  a Board Member for Technical Education, Nwisabari Bani Samuel, expressed appreciation to the governor for prioritising education and acknowledged the Commissioner’s role in advancing education development in the State.

He  said the distribution covers all senior secondary schools in the State and is intended to improve students’ performance in both internal and external science examinations.

Akujobi Amadi

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Fubara Hails Workers’ Resilience, Dedication In Rivers …Hails Tinubu’s Economic Reform 

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Rivers State Governor, Sir Siminalayi Fubara,  has commended workers in the State for their resilience, dedication, and invaluable contributions to development in the State.

 

Fubara gave the commendation during the 2026 Workers’ Day celebration at Isaac Boro Park in Port Harcourt, last Friday.

 

Represented by his deputy, Prof. Ngozi Nma Odu, the governor noted that Workers’ Day, which originated from the struggle for an eight-hour workday in the United States, has evolved into a global event recognising the contributions of workers to national growth and development.

 

He described workers as the backbone of sustainable development, saying no society can thrive without their efforts.

 

Fubara commended Rivers workers for their loyalty and commitment to service, noting that workers play vital roles across key sectors, including education, healthcare, infrastructure and industry.

 

He noted that their contributions have enhanced access to quality education and healthcare, supported job creation, and stimulated economic activities across the State.

 

While acknowledging the economic challenges faced by many workers, including the rising cost of living, Fubara assured that the the State Government remains committed to implementing policies that will enhance workers’ welfare and overall well-being.

 

The governor also hailed the bold and daring economic reforms of President Bola Tinubu which, he said, have stabilized the economy, enhanced foreign exchange liquidity, lowered inflation, and achieved significant growth in the nation’s gross domestic product.

 

He noted that, in addition to raising the minimum wage, the President recently approved new welfare incentives for federal civil servants.

 

“Our economy is on an unstoppable positive path under our President, and it can only improve further for the nation and everyone. Let us continue supporting the policies and programmes of Mr President,” he said.

 

Fubara highlighted the importance of workers in revenue generation and governance, noting that taxes paid by workers enable government to provide security and essential social services.

 

He reaffirmed the State Government’s recognition of labour as a critical partner in achieving its development blueprint, appreciating workers’ daily contributions to building a peaceful, secure, and prosperous Rivers State.

 

The governor urged the organised labour to use the occasion to reaffirm its commitment to the progress of the State, while continuing to advocate for democracy, social justice, and improved welfare for workers.

 

He also expressed gratitude to workers for their service to the State and the nation, encouraging them to remain steadfast in their contributions to development.

 

In his address, the State Chairman of the Nigeria Labour Congress, Comrade Alex Agwanwor, commended Fubara for his steadfastness, genuine commitment, and passion for workers in the State.

 

He highlighted key achievements of the administration, including the implementation of the National Minimum Wage Act, the renovation of the State Secretariat, the reopening of the Rivers State Transport Company (RTC), and the consistent payment of end-of-year bonuses to public workers.

 

Comrade Agwanwor noted that workers, as drivers of productivity, understand the challenges involved in building a prosperous Rivers State, stressing that they are well-equipped to contribute meaningfully to the growth and development of the State.

 

“We have resolved not to continue complaining and lamenting while challenges persist. Instead, we must take the initiative, step out of relative obscurity, and rediscover the mission and destiny of our dear state,” he said.

 

 

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Fubara Pledges Support For Corporate Organisations In Rivers …Says PPP Business Model Responsible For NLNG’s Success

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Rivers State Governor, Sir Siminalayi Fubara, has pledged the  continued  support of his administration for the Nigeria Liquified Natural Gas (NLNG) Limited.

Fubara gave the assurance while receiving the new Managing Director and Chief Executive Officer of the NLNG, Mr Adeleye Falade, who paid him a courtesy visit at Government House, Port Harcourt.

He assured that his administration would continue to contribute its own quota in support of the NLNG.

According to him, the success of the organisation is equally the success of the government of Rivers State and the success of the Federal Government.

“Our duty is to make sure that we support whoever is operating in our state. We are the ones here. If we don’t support you and you don’t succeed, we also will not succeed and Mr President will also not succeed.

“So, the success of your establishment is the success of our state, and overall success of Nigeria. So you can count on our support. Wherever you think  we need to come in to support you, please do not hesitate to call upon us.

“You just mentioned here that your predecessor left a handover note showcasing the level of support that he got from the state. It is not going to be different in your own case. I can  assure you that.  I will also ensure that other units of the government will  liaise with you when necessary. So even if you can’t get to me, you can always get to them and if there is anything we can do to help your establishment succeed, we will do it for you,” he said.

The governor attributed the success of the NLNG to the Public Private Partnership ( PPP) business model adopted by the Federal Government and the multinational oil companies.

The NLNG is jointly owned by Nigerian National Petroleum Corporation (NNPC) with 49%, Shell Gas B.V. with 25.6%, Total LNG Nigeria Ltd with 15%, and Eni International with 10.4%.

The partnership model allows for shared risks, costs, and expertise in the LNG sector.

The governor noted that the NLNG has not only survived the difficult business environment but has made sustained progress in the nearly three decades of its existence.

According to him, the decision of the Federal Government to allow the multinational oil companies who have the  needed expertise to run the establishment while government plays a supervisory role over it has largely been responsible for its  success.

“I’m very proud to say that if there is one establishment that has shown resilience, that has survived in the face of all the political issues prevalent in this country, it is the NLNG. And what is the reason? The reason is very simple. Government has no business in business. That is the truth. Leave the business for those people who can operate it. Let the government play its supervisory role to ensure that there is compliance with  the laws;  ensure that standards are maintained and also ensure that the right people with the needed  expertise are at the helm of affairs. That’s all. I think that is the reason why we still record a lot of successes in NLNG,” he said.

In his opening remark, the new NLNG boss, Mr Adeleye Falade, who led other top officials of the company on the visit, expressed appreciation to the governor for granting them audience, and appealed to the State Government to continue to support the organisation.

“We appreciate the opportunity to meet with you and deepen this important relationship.We deeply value the support the Rivers State Government continues to extend in fostering an enabling operating environment for businesses. NLNG remains deliberate in its contribution to Nigeria’s development, and Rivers State, our primary host, continues to be central to that commitment,” he said.

Falade said the company has continued to work with its host communities to strengthen their  capacity to identify, prioritise, and deliver sustainable development initiatives that create lasting impact.

According to him, communities including Amadi-ama, Abua, Ekpeye, Okrika, Kalabari, and Emohua have continued to benefit from this model.

He said that beyond community infrastructure, the NLNG  has sustained investments in economic empowerment through initiatives such as Vocational Innovation and Business Empowerment Scheme (VIBES) and  Micro Small and Medium Enterprise (MSME) schemes.

These, he said, were designed  to support small businesses, build capacity, and stimulate local enterprise across the state.

Among officials of the company who accompanied the Managing Director were General Manager, External Relations and Sustainable Development, Dr Sophia Horsfall; Manager, Government Relations, Mr Abdul Umar; Manager, Community Relations, Dr. Yemi Adeyemi; Head of Government Relations, Mr Mike Igoni; Head of Community Liaison and Engagement, Chief Ifeanyi Umeh.

Others are Technical Assistant to Executive Leadership, Mr Hassan Saleh; Senior Media and Publicity Advisor, Mr Emma Nwatu; Government Relations Advisor, Miss Homa Nmegbu; Senior Government Relations Advisor, Mrs Kate Allison, and Audio -Visual Advisor, Mr Dawood Ahmed.

 

 

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