News
Oil Sector Contributes N1.055trn To GDP, Down 3.68pts
The oil sector contribution to the Nigerian economy declined to 5.19percent at N1.055trillion in the fourth quarter of 2021, down by 3.68 basis points, from the 5.87percent contribution in the corresponding period in 2020.
Latest data from the National Bureau of Statistics (NBS), showed that the nation in the fourth quarter of 2021, recorded an average daily oil production of 1.50million barrels per day (mbpd), lower than the daily average production of 1.56mbpd recorded in the same quarter of 2020 by 0.06mbpd and lower than the third quarter 2021 production volume of 1.57mbpd by 0.07mbpd.
Also, real growth of the oil sector was –8.06percent (year-on-year) in fourth quarter 2021 indicating an increase by 11.71percent points relative to rate recorded in the corresponding quarter of 2020.
The NBS report also showed that growth increased by 2.68percent points when compared to third quarter 2021 which was –10.73percent.
Quarter-on-Quarter, the oil sector recorded a growth rate of -24.06percent in Q4 2021.
Annual growth stood at -8.30percent, a rate better than the -8.89percent recorded in 2020.
The report added: “The Oil sector contributed 5.19percent to total real GDP in Q4 2021, down from figures recorded in the corresponding period of 2020 and down compared to the preceding quarter, where it contributed 5.87percent and 7.49percent, respectively. Nevertheless, the sector contributed 7.24percent to real GDP in 2021”.
However, there was an indication that the contribution of the oil industry to the nation’s GDP will continue to rise in the coming months as oil price hovers at over $90per barrel.
The price of the nation’s Bonny Light had surged to over $96per barrel in the past few days before dropping to the current $93.66per barrel.
In the budget presentation to the National Assembly, President Muhammadu Buhari had said: “The 2022 to 2024 Medium Term Expenditure Framework and Fiscal Strategy Paper sets out the parameters for the 2022 Budget.
“A conservative oil price benchmark of $57 per barrel; daily oil production estimate of 1.88million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); exchange rate of N410.15 per US Dollar; and projected GDP growth rate of 4.2percent and 13percent inflation rate.
“Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at N17.70trillion in 2022.
“Total federally distributable revenue is estimated at N12.72trillion in 2022 while total revenue available to fund the 2022 Federal Budget is estimated at N10.13trillion. This includes Grants and Aid of N63.38billion, as well as the revenues of 63 Government-Owned Enterprises.
“Oil revenue is projected at N3.16trillion, Non-oil taxes are estimated at N2.13trillion and FGN Independent revenues are projected to be N1.82trillion.”
Similarly, Senior Research Analyst at FXTM, Lukman Otunuga, who raised hope on continued stability in oil prices, said: “One of the major themes dominating global markets is the recent surge in oil prices.
“Brent and WTI crude have appreciated to multiyear highs this month thanks to the combination of tightening supplies and rising demand.
“The explosive appreciation in oil is bad news for energy consumers but a welcome development for energy-producing countries like Nigeria which acquires over 90per cent of export earnings and roughly 70percent of government earnings from oil sales.”
News
Arrest Arise TV Crew Attackers Or Face Boycott, Journalists Tell Rivers Police
Port Harcourt based media practitioners under the aegis of Port Harcourt Press, have urged the Rivers State Police Command to arrest and prosecute all suspects involved in the recent attack and harassment of Arise TV crew in Port Harcourt.
The media practitioners, at a World press conference in Port Harcourt, described as dangerous the continuous harassment of journalists by various political actors in the ongoing political crisis in the State.
The text of the briefing which was read by a former State Commissioner for information and Communications and federal lawmaker in the State, Hon. Ogbonna Nwuke, described as condemnable the attack on the Arise TV crew by suspected political thugs in Port Harcourt, while conducting an interview with Dr Leloonu Nwibubasa, a former commissioner in the State.
According to him, “That harrowing event of Friday, January 2, where the Arise TV crew were brutally attacked by armed men in a hotel in Port Harcourt while conducting interview with Dr Leloonu Nwibubasa, former Honourable Commissioner for Employment Generation and Empowerment, smacks of nothing but act of intimidation, threat to both the Nigerian media and human lives especially in the forceful carting away of broadcast equipment.”
The group further noted that the attack was not only an insult on the press freedom but on the larger society.
The group regretted the inability of the Police to arrest and bring to book the perpetrators of the act till date, warning that it may be forced to boycott police activities if those involved are not arrested and brought to book.
“From all indications, the police appear to be playing to the gallery. While the broadcast equipment were reportedly recovered, no definite arrest have been made. This body, therefore, demands an urgent and thorough investigation of this matter and those find culpable brought to justice within two weeks.
“Failure to address this issue with the urgency it requires and not carrying out satisfactory actions as required in their prosecution will attract sanctions such as withdrawal of coverage of all police activities in Rivers State by media organisations and journalists as we stand in solidarity with the NUJ,” the group warned.
John Bibor
News
Be Patient With Us, Diri Tells Bayelsans … Inspects New 60mw IPP …Expresses Confidence In Technical Partners, BECL MD
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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.
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