Business
Oil Price Hits $92p/b As Nigeria Battles Theft
Oil price climbed to $92.28 per barrel on Wednesday, but Nigeria would not be maximising the rise as it continues to produce below its Organisation of Petroleum Exporting Countries’ (OPEC’s) quota.
Brent Crude was sold for $91 on Tuesday, but rose on the back of renewed pledge by Saudi Arabia and Russia to further cut their output by 1.3 million barrels until the end of the year.
Data obtained from OPEC showed Nigeria’s oil production for August rose to 1.1 million barrels per day from 1 million b/d in July.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) also recently put the country’s production for August at 1.4mb/d, including condensate of 400,000b/d.
Although the country’s oil reserves are estimated at 38bb/d, it has been unable to increase its daily oil production due to crude oil theft.
The Nigerian National Petroleum Company Limited (NNPCL) has, in the past few months, reported weekly crude oil theft incidents across the oil-producing states.
According to National Security Adviser, Nuhu Ribadu, the country loses 400,000 barrels of oil daily.
In February, Nigeria produced 1.2mb/d and peaked at 1.5mb/d in March before dipping to 1.004mb/d in April.
The activities of oil thieves crashed the country’s output to around 900,000b/d in September last year.
The country has been unable to meet its OPEC production quota of 1.7mb/d, though it has a budget benchmark of 1.69m/d for 2023.
The country’s inability to ramp up production has inhibited its revenue as it relies on crude oil exports for about 80 per cent of government earnings and over 90 per cent of its foreign exchange.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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