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Nigeria oil production drops to 1.231m barrels per day- OPEC

OPEC: Russia-Ukraine war causing volatility in global energy market

Nigeria’s crude oil production suffered its second consecutive monthly decline since the beginning of this year, as it dropped to 1.231 million barrels per day in March, the Organisation of Petroleum Exporting Countries has revealed.

OPEC disclosed this in its latest Monthly Oil Market Report for April 2024, stating that crude oil production details which it got through direct communication from Nigeria showed that the country pumped less oil in March compared to February.

Data from the report indicated that Nigeria produced 1.322 million barrels per day of crude in February this year, but this dropped to 1.231mbpd in March, representing a plunge of 91mbpd.

The report further added that the country had produced 1.427mbpd of crude in January, but this was not sustained in February as it dropped in that month, while the southward oil production continued in March.

However, OPEC data showed that Nigeria’s average crude oil production in the first quarter of 2024 was 1.327mbpd, higher than the 1.313mbpd average oil production in the fourth quarter of 2023.

Nigeria’s first quarter oil output in 2024 was also higher than the 1.201mbpd average production in the third quarter of 2023.

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FCCPC warns Ikeja, Eko DisCos: Breach of Meter replacement rules will be met with force

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The Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern over recent rumours suggesting that Ikeja and Eko Electricity Distribution Companies (IKEDC and EKEDC) might disregard the directive to halt the planned replacement of Unistar meters.

The FCCPC affirmed that the directive remained fully in effect, and that any attempt by these DisCos to violate it would result in severe consequences.

The FCCPC, in a statement issued by its Director, Corporate Affairs, Ondaje Ijagwu clarified that the approval of new meter prices by the Nigerian Electricity Regulatory Commission (NERC) is unrelated to the proposed replacement of Unistar meters by IKEDC and EKEDC.

It said this planned replacement was invalidated by both the FCCPC and NERC and that there is no evidence suggesting that the DisCos had violated its directive.

“It is essential to clarify that Ikeja and Eko DisCos cannot proceed with the withdrawal or replacement of the Unistar meters unless they fully comply with NERC’s Order on Structured Replacement of Faulty and Obsolete End-user Customer Meters in the Nigerian Electricity Supply Industry (Order No. NERC/246/2021).

“The order mandates that meter replacements must be prompt, without disrupting service and at no cost to the consumer; and ensuring that consumers are not subjected to estimated billing due to delayed installations,” it said.

According to FCCPC, its stance is unequivocal, saying any non-compliance by Ikeja and Eko DisCos would not be tolerated as any breach of this directive would incur stringent penalties in accordance with current consumer protection laws.

The agency said consumers who encounter any attempts by Ikeja or Eko DisCos to flout this directive were encouraged to report the matter to the FCCPC through its dedicated line for electricity issues: 08119877785.

The body stated that it remained steadfast in its commitment to protecting Nigerian consumers from unfair practices by service providers.

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Gov. Adeleke presents budget proposal of N390bn to State House of Assembly

Osun State Governor, Ademola Adeleke has presented the sum of N390 billion as the 2025 budget proposal to the Osun State House of Assembly.

Governor Adeleke presented the budget proposal to the Assembly on Wednesday.

The governor said the proposal marked a significant increase in fiscal spending compared to previous years.

He said it reflected his administration’s commitment towards accelerating socio-economic development in the state, explaining that “the budget is designed to enhance infrastructure, improve social services, and stimulate economic growth.”

DAILY POST gathered that the proposed budget allocates N144.231 billion for capital expenditure, which includes funds intended for infrastructure development, healthcare facilities, education improvements, and other projects meant to boost the state’s physical and social infrastructure.

“This allocation underscores the government’s commitment to tangible improvements in Osun State’s public services and infrastructure.

“The capital expenditure budget is expected to fund a wide range of projects, from road construction and repairs to the enhancement of healthcare services and educational facilities.”

On the other hand, the recurrent expenditure allocated to the budget amounts to N245.797 billion.

This part of the budget covers the state’s operational costs, including salaries and other government administrative expenses.

Governor Adeleke’s 2025 budget proposal also follows recent fiscal trends, including the approval of a N273 billion budget for 2024, aimed at setting a foundation for sustainable development.

The governor expressed confidence that the proposed budget will support ongoing projects and launch new initiatives aimed at transforming Osun State into a model of economic growth and social prosperity.

Governor Adeleke who urged the Assembly members to support the budget, stated that the proposed spending aligned with his administration’s vision of fostering inclusive growth and sustainable development.

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IPMAN announces possible fuel price reduction

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed its intentions to reduce the price of Premium Motor Spirit (Petrol) by ₦50 for every litre sold to consumers.

The IPMAN’s National President, Abubakar Maigandi, made this known during an interview with Channels Television on Tuesday, where he disclosed that Dangote Refinery has set a price template of ₦940 per litre for depot purchases and ₦990 per litre for truck purchases for IPMAN members.

The IPMAN boss further notes that the move is expected to bring down petrol prices across the country as their members selling petrol between ₦1,150 and ₦1,200 per litre will reduce the price by ₦50, depending on the location.

Maigandi added that the price reduction will provide relief for Nigerian consumers, who have faced fluctuating fuel prices.

He said, “Presently, we have been given two different arrangements on how to buy fuel from the refinery.

“There is the one that we can load the vessels and carry to our various depots at the rate of N940 per litre. Then for the depots, it is at the rate of N990 per litre.

“For instance, the current price in Maiduguri now is N1,200 per litre. So with these current changes, it may likely reduce to ₦1,150, which is a reduction of ₦50. So that’s ₦1,150. It may even be below that.”

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