Three Major FG Agencies Spend N533bn on Revenue Collection   Three major revenue-generating agencies in Nigeria deducted a total of N533.11bn as costs of revenue collection in the first seven months of 2024. The agencies include the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and...

Nigeria Loses 362.28m Barrels of Crude to Sabotage — NEITI   A new report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has indicated that Nigeria lost 362.28 million barrels of crude oil due to measurement errors, sabotage, and production adjustments between 2014 and 2023. This implies...

Oil Firms Owe FG $6.17bn – NEITI Oil companies’ indebtedness to the Federal Government in terms of royalties and taxes has risen to $6.175bn, according to an audit of the petroleum industry by the Nigeria Extractive Industries Transparency Initiative (NEITI). The oil and gas industry report,...

Dangote Refinery Petrol Ready for Rollout The Dangote Petroleum Refinery is set to roll out the sale of Premium Motor Spirit, otherwise known as petrol. This is coming a few days after the 650,000-capacity refinery engaged in a test-run of the product. Industry sources confirmed to that...

Crude Oil: Nigeria’s Average Daily Production Stands at 1.6mb – NUPRC The chief executive officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, says the country’s average daily production stood at 1.6 million barrels per day (mbpd) as of July 23. Komolafe spoke...

Crude Oil Revenue Increases by N91bn in June – FG The marginal rise in crude oil production in June 2024 increased Nigeria’s earnings from crude oil sales by about N91bn in the same month. Latest oil production data obtained from the Nigerian Upstream Petroleum Regulatory Commission,...