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Nigeria Can Save Over $200b Yearly by Blocking Oil Theft – HEDA
The Federal Government can safe over $200billion yearly by blocking loopholes in oil revenue, Nigeria’s leading anti-corruption group said. To achieve this measure, the country needs to work with all stakeholders including security, media, community based organisations and anti-graft groups in order to bring back Nigeria from the brink of economic downturn.
HEDA Organizes Protest to Demand Action of Anti Corruption Agencies on Uninvestigated Corruption Cases at EFCC and ICPC Offices
Making the recommendations after a weeklong international conference on anti-corruption held in Abuja, the Human and Environmental Development Agenda, (HEDA Resource Centre) said the funds recovered through stringent anti-corruption measures in the oil and gas sector will help Nigeria regain her floundering economic fortunes. The conference with the theme Nigeria and the Fight Against Corruption-Reviewing the Buhari Regime and Setting Agenda for the Tinubu Administration ended in Abuja at the weekend.
‘Nigeria is at a critical moment. People are passing through very difficult times. With a debt profile of N77trillion, an extremely poor debt service ratio, the country is in a quagmire. The surest way to recovery is to decisively fight corruption. Recovery of stolen funds and an end to graft in the oil sector will see Nigeria witness upsurge in revenue to meet the needs of Nigerians who are at the end of the stick’, HEDA said in one of its recommendations to the new government.
The group said corruption is linked with poverty, violence and all sorts of extremism adding that sustained culture of corruption remains a threat to democracy. For close to two decades, HEDA has led a fierce campaign for accountability and transparency across all sectors in Nigeria to the admiration of many institutions and peoples across the world.
Key participants at the conference including human rights lawyer, Mr Femi Falana (SAN), had drawn the attention of the Nigerian authorities to the fact that billions of dollars are lost to various rogue cartels in the oil and gas industry.
Falana said some $62billion were outstanding royalties which the oil companies have failed to pay to the government in the last 18 years. HEDA said it regretted that out of some 36 oil terminals in Nigeria, only 16 are metered making it difficult to monitor oil and gas production and distribution at local and international markets.
Speaking at the conference in Abuja, Chief Executive Officer, (CEO) Nigerian Upstream Petroleum Regulatory Commission, Mr Gbenga Komolafe said the country has acquired a new technology that would effectively monitor oil production, distribution and exportation making it difficult to steal the country’s main revenue source.
He said the Federal Government is now at a vantage position to prevent theft of oil and gas now better prepared to put the country on the path to full economic recovery. He said the acquisition of the anti-theft equipment was the first in the country’s history.
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.
The Nigerian National Petroleum Company Limited (NNPCL) has announced the appointment of a new eight -man Senior Management Team.
The appointment followed the recent announcement followed the appointment of the Group Chief Executive Officer (GCEO) and Board of Directors.
Disclosing this in a statement on Friday, NNPCL Chief Corporate Communications Officer, Olufemi Soneye, said the appointments all take immediate effect.
“Following the appointment of the Group Chief Executive Officer and Board of Directors, the Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the appointment of a new 8-man Senior Management Team on Friday,” he stated.
“The team which will be headed by the GCEO, Mr Bashir Bayo Ojulari, has Rowland Ewubare as Group Chief Operating Officer; Adedapo Segun as Group Chief Financial Officer; and Olalekan Ogunleye as Executive Vice President Gas, Power & New Energy.
“Other members of the team are: Udy Ntia as Executive Vice President Upstream; Mumuni Dangazau as Executive Vice President Downstream; Sophia Mbakwe as Executive Vice President Business Services; and Adesua Dozie, as Company Secretary & Chief Legal Officer. All appointments are with immediate effect.”
Ngozi Okonjo-Iweala, the director-generaI of the World Trade Organisation (WTO), says the recent tariffs announced by the United States (US) will have significant implications for global trade and economic growth prospects.
On April 2, President Donald Trump announced sweeping global tariffs on all imports into the US, imposing 14 percent on Nigeria.
In a statement on Thursday, Okonjo-Iweala said the WTO secretariat is closely monitoring and analysing the measures announced by the nation.
The WTO DG said many members have “reached out to us”, adding that the secretariat is actively engaging with them in response to their questions about the potential effect on their economies and the global trading system.
“The recent announcements will have substantial implications for global trade and economic growth prospects,” the economist said.
“While the situation is rapidly evolving, our initial estimates suggest that these measures, coupled with those introduced since the beginning of the year, could lead to an overall contraction of around 1% in global merchandise trade volumes this year, representing a downward revision of nearly four percentage points from previous projections.”
Okonjo-Iweala expressed concern over the decline and the potential for escalation into a tariff war with a cycle of retaliatory measures that could lead to further declines in trade.
“It is important to remember that, despite these new measures, the vast majority of global trade still flows under the WTO’s Most-Favored-Nation (MFN) terms,” she said.
“Our estimates now indicate that this share currently stands at 74%, down from around 80% at the beginning of the year. WTO members must stand together to safeguard these gains.”
According to the WTO DG, trade measures of this size have the potential to create significant trade diversion effects.
Therefore, she called on members to “manage the resulting pressures responsibly to prevent trade tensions from proliferating”.
“The WTO was established to serve precisely in moments like this — as a platform for dialogue, to prevent trade conflicts from escalating, and to support an open and predictable trading environment,” Okonjo-Iweala said.
She encouraged members to utilise the forum to engage constructively and seek cooperative solutions.