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2025 budget predicated on 2m barrels crude oil production – Komolafe
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the 2025 budget is predicated on 2.062 million barrels crude oil production at 75 dollars per barrel.
The NUPRC said Nigeria’s current production was averaging 1.7 million barrels, leaving a deficit of about 350,000 barrels to be bridged.
The Commission Chief Executive, NUPRC, Mr Gbenga Komolafe, made this known on Thursday in Abuja at the inaugural Petroleum Industry Stakeholders’ Forum organised by the Ministry of Petroleum Resources.
Komolafe said in order to avert the budget deficit and revenue gap, the commission inaugurated the “Project One Million Barrel per Day Incremental Production Initiative” during its third year anniversary in 2024.
This initiative, he said, entailed that every player within the upstream value chain could operate in one-stop shop economic system as against operating in silos thereby failing to leverage optimum capability and economic of scale.
He said the Commission had developed a template to identify the “Needs “of every player within the value chain with a view to meeting the gaps arising from the needs of each player which could be met by another player.
“This is expected to create synergy, networking and leveraging on the capabilities of every player within the value chain.
“The Commission in 2024 set an agenda for the industry through the rolling out of Regulatory Action Plan (RAP) focused on regulatory predictability, future licencing rounds policy and implementation, among others.
“The Commercial Bid Conference for the 2024 Bid Round was conducted December 2024, where winning and reserve bidders emerged for each block on offer.
“The conference was conducted real-time online via technology adoption in the presence of representatives from the Ministry of Petroleum Resources, Ministry of Finance, Nigeria Extractive Industries Transparency Initiative (NEITI), and the General Public,” he said.
The bid round, he said, was in accordance with the provisions of Section 74 of the Petroleum Industry Act (PIA 2021) to ensure an open, transparent, and competitive bid process as provisioned in Section 73(1)(a) of the PIA.
He said the adoption of a real-time online Commercial Bid Conference which was the first of its kind in the nation’s over 70 years in exploration and production history was to entrench transparency and attract investor’s confidence.
He said in line with boosting Nigeria’s aspiration of becoming the energy hub of the continent, the NUPRC, through the National Data Repository (NDR) had provided a building to host the Africa Energy Bank (AEB) Headquarters in Abuja.
This gesture, he said, would fast-track the operationalisation of the Bank, which would dovetail into job creation and Oil and Gas business financial support.
He said the upstream sector experienced growth in the national oil and gas reserves by 1.45 per cent and 0.206 per cent respectively in 2024.
According to the NUPRC boss, the active rig count increased from an average of eight in 2021 to 38 currently, representing 79 per cent growth.
He said with effective collaboration with the security agencies, the theft and deferment had reduced drastically by more than 40 per cent in 2024.
Komolafe however, lauded the ministers of state petroleum resources oil and gas for their leadership in steering the industry growth at this period when the economy is focusing on the oil sector to bridge production gap to fund the 2025 budget.
The News Agency of Nigeria (NAN) reports that the forum offers the stakeholders an opportunity for broad assessment of the industry, identifying challenges and brainstorming, in view to proffering appropriate solutions for sector’s growth. (NAN)
Lacopo Foti, the ambassador of Italy to Nigeria, says his country is ready to collaborate with Kaduna manufacturing and technology, pledging to support investments from Italian companies in the state.
Foti spoke during a courtesy visit to Hadiza Balarabe, Kaduna’s deputy governor, at the Sir Kashim Ibrahim House on Saturday.
The envoy also highlighted Italy’s willingness to collaborate with the state government.
“We have come to introduce ourselves, learn about the government’s plans, and see if there are investments which you want the Italian Embassy to facilitate,” Foti was quoted as saying in a statement.
“If there are private investments you desire in Kaduna, especially in machinery or manufacturing, or if you have plans for the next few years, let us know. If you’re interested in agricultural machinery companies like tractor plants, we can make contact with them.”
The ambassador also encouraged the state government to approach the Italian embassy for partnerships.
“We are ready to collaborate in manufacturing, technology and other areas,” he added.
Foti expressed optimism that in the coming months, Italy and Kaduna would collaborate on agriculture, education, and training — pending proposals from the state regarding their interests to present to the Italian government.
He said Italian investors would find Kaduna’s climate more favourable than Abuja’s, noting that the state is also people-friendly.
“We have Italians living here; this visit is an opportunity to meet them and see how we can help them and the State Government,” the envoy noted.
In response, Balarabe acknowledged the long-standing relationship between Italy and Nigeria, expressing interest in strengthening economic ties.
She highlighted Kaduna’s advantages in agriculture, solid minerals, tourism, energy, technology, and human capital development, noting that the state is the largest producer of maize, tomatoes, and ginger in Nigeria.
“Italy excels in manufacturing, technology, education, and renewable energy. I hope we can establish collaboration in these areas,” the deputy governor said.
Balarabe, who directed the Kaduna Investment Promotion Agency (KADIPA) to prepare a proposal for the Italian embassy, also expressed hope that the ambassador’s visit would initiate substantial discussions between the state and Italy.
She said Kaduna looks forward to further engagement with the ambassador, expressing hope that it would not be his last visit to the state.
The Executive Committee and Stakeholders of the All Progressives Congress(APC) in Zangon Kataf Local Government Area of Kaduna State have passed a vote of confidence on President Bola Tinubu and Governor Uba Sani ahead of 2027, declaring that there would not be vacancy in the Aso Rock Villa and Sir Kashim Ibrahim House Kaduna during the next election.
This is contained in a communiqué signed by Francis Danladi Kozah and Jerry Irimiya Mark, chairman and co-chairman of the APC stakeholders and read by the council chairman, Joseph Bege.
The communique stated that the decision was taken based on President Tinubu and Governor Uba Sani’s commitments to the peace and security of not just Zangon Kataf, but Kaduna state at large.
According to the stakeholders, the establishment of a military 2nd National Mission Brigade base in the local government has proven to be a pivotal move in sustaining peace in the area.
“Their commitment to the peace and security of our people is evident in the sudden end to attacks on our communities.
“This move reflects the government’s understanding of the critical need for enhanced security measures in areas prone to conflict, thereby fostering an environment where citizens can thrive.
“We urge all residents of Zangon Kataf to remain vigilant and committed to fostering harmony within our communities, as peace is the cornerstone of development,” They said.
The stakeholders lauded Tinubu for appointing Indigenes of Zangon Kataf including Gen. Chris Musa as Chief of Defence Staff and Bishop Hassan Kukah as Pro Chancellor of the Federal University of Applied Sciences, Kachia.
They explained that given the return of peace in the area and the tangible infrastructural development being witnessed, the re-election of Tinubu and Sani was a done deal.
“In light of all that we have benefited from this government, we want to declare that there is no vacancy in Sir Kashim Ibrahim House and Aso Rock come 2027.
“We shall offer our full support to both President Bola Tinubu and Governor Uba Sani in their re-election bid,” they added.
They appreciated Gov. Sani for the ongoing multi-billion naira skills acquisition city that will provide ‘our youths with certified skills, thereby stamping out the root cause of criminality in our society’.
The stakeholders called on people of the local government to rally behind the two leaders as they have shown dedication to their welfare, security and progress.
Nigeria’s public debt rose by 48.5 per cent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024 from N97.34 trillion ($108.23 billion) in 2023.
The Debt Management Office (DMO) disclosed this in its latest public debt profile report.
The debt stock consists of external debt of N70.29 trillion ($45.78 billion) serviced with $4.66 million and domestic debt of N74.38 trillion ($48.44 billion).
The report showed that the country’s external debt increased by 83.89 per cent YoY from N38.22 trillion ($42.5 billion) in 2023.
Domestic debt also grew by 25.7 per cent YoY from N59.12 trillion ($65.73 billion) in 2023.
The report further indicated that the Federal Government’s domestic debt component rose by 32 per cent YoY to N70.41 trillion from N53.26 trillion in 2023.
But the domestic debt of states and the Federal Capital Territory declined YoY by 32 per cent to N3.97 trillion in 2024 from N5.86 trillion in 2023.
The rise in public debt can be attributed to fluctuating trends in exchange rates amidst changes in global economic conditions.
The sharp increase, particularly in external debt, highlights the nation’s vulnerability to exchange rate volatility and changes in global economic conditions.
With the continued depreciation of the naira, the cost of servicing foreign debt could escalate, adding pressure on the country’s financial resources.