The economy confronts dangers with 1.4 million bpd crude output
The outlook for Nigeria’s oil output, including condensate, remains bleak at 1.4 million barrels per day (mbpd) in the second half of 2024, according to industry figures and predictions. The output prediction is much lower than the 1.8 million barrels per day (mbpd) quota granted to Nigeria by the Organisation of Petroleum Exporting Countries (OPEC) and the 1.7 million barrels per day (mbpd) declared as the Federal Government’s 2024 budget benchmark.
This indicates an oil income shortfall of approximately N1 trillion compared to budgeted forecasts for 2024.
The data obtained from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, June 2024 report – Crude Oil and Condensate Production – indicated that month-on-month, MoM, the nation’s oil output, excluding Condensate, dropped by 2.3% to 1.25 million bpd in June 2024, from 1.28 million bpd in April 2024.
According to the data, the nation’s oil output continued to plummet from 1.6 million bpd in January 2024 to 1.5 million bpd, 1.4 million bpd, and 1.3 million bpd in February, March, and April 2024. Since then, the NUPRC’s report stated that output has not recovered, remaining at 1.3 million bpd and 1.4 million bpd in April and May 2024, respectively.
FG wants N320bn bank tax; N’Assembly files report Wednesday
The Federal Government plans to collect about N425 billion from seven banks as a one-time windfall tax on foreign currency revaluation gains for the fiscal year 2023. On Wednesday, the Senate approved President Bola Tinubu’s proposal to modify the Finance Act to levy a one-time windfall tax on banks’ foreign exchange earnings in 2023.
A windfall tax is a higher tax applied by the government on industries or firms that have reaped disproportionate benefits from good market conditions. According to The PUNCH’s analysis of the annual reports filed by financial institutions with the Nigerian Exchange Limited, the seven banks registered around N851 billion in foreign currency profits after the review year. The banks are Guaranty Trust Holding Company, United Bank for Africa, Access Holdings, FCMB Group, FBNHoldings, Zenith Bank, and Fidelity Bank Plc.
Inferior fuel: FG wants Dangote refinery’s diesel report and orders further tests.
The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, is awaiting new reports to validate the true sulphur level of diesel-generated by the Dangote refinery, after the company denied charges of poor fuel output.
In an interview with The PUNCH on Sunday, NMDPRA spokesman George Ene-Ita said the agency had done its job and would not engage in a public battle with anyone over statements made by NMDPRA Chief Executive Farouk Ahmed that Dangote’s diesel has higher sulphur than foreign diesel.
In an interview with The PUNCH on Sunday, NMDPRA spokesman George Ene-Ita said the agency had done its job and would not engage in a public battle with anyone over statements made by NMDPRA Chief Executive Farouk Ahmed that Dangote’s diesel has higher sulphur than foreign diesel.
According to Ene-Ita, the authority has approximately 15 engineers and scientists implanted in the Dangote refinery, and a new report on the refinery’s sulphur concentration will be released on Monday (today). Ahmed reportedly claimed that diesel from the Dangote refinery includes a high sulphur concentration.
In response to Dangote’s charges that the NMDPRA was granting licences to some traders to import unclean petroleum into Nigeria last week, Ahmed said that the Dangote fuel contained more sulphur. He also stated that the refinery, which has been selling diesel and aviation fuel in Nigeria for months, had yet to be licenced and was still in the pre-commissioning phase.
𝐅𝐆 𝐬𝐞𝐭𝐬 𝐉𝐮𝐥𝐲 𝟑𝟏 𝐝𝐞𝐚𝐝𝐥𝐢𝐧𝐞 𝐟𝐨𝐫 𝐜𝐢𝐯𝐢𝐥 𝐬𝐞𝐫𝐯𝐚𝐧𝐭𝐬’ 𝐬𝐜𝐫𝐞𝐞𝐧𝐢𝐧𝐠
Federal servants have until July 31, 2024, to authenticate their identities on the Integrated Payroll and Personnel Information System site, notwithstanding the planned salary freeze and punishments for ghost workers. Our correspondent discovered that federal officials have been hurrying to obtain their Taxpayers Identification Numbers at Federal Inland Revenue Services offices across the country.
The TIN, as well as the IPPIS and salary account numbers, are required for verification. President Bola Tinubu has mandated that any federal personnel who receive government salary after transferring overseas be required to reimburse the money. The President further commanded that the perpetrators’ supervisors and department leaders be held accountable for aiding and abetting the fraud while in charge.
