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NNPC Overshoots OPEC Quota, Increases Oil Output to 2.2mbd

By Tony Obiechina and Mathew Dadiya, Abuja
The Federal Government has disclosed that it has increased crude oil output from 1.77 million to 2.2 million barrels per day.
Recall that Nigeria had signed an agreement with members of the Organisation of Petroleum Exporting Countries (OPE) and some non-OPEC countries to curtail global crude oil output in a bid to address the declining price of crude oil in the international market.
Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, who revealed this at the weekend, said that Nigeria’s December oil production was 2.
2 million barrels per day.Global energy data company, S&P Global Platts, reported that Kyari, who spoke at the Atlantic Council Global Energy Forum in Abu Dhabi, United Arab Emirates said: “You can produce condensate which is not part of the OPEC commitments. We are focusing our production to more gas-based reservoirs so that we can continue to grow our production while maintaining balance in the market.
“We have met our commitment by December. Nigeria was currently counting production of its new Egina grade as condensate”.
According to the report, Kyari, however, declined to say how much of that was crude and how much was condensate, but the GMD insisted that Nigeria was fully in compliant with its quota of 1.77 million barrels per day for crude oil.
Kyari explained that OPEC quotas only apply to crude oil production, not condensate, disclosing that Nigeria was shifting its upstream work towards natural gas liquids, NGL, and natural gas, to better comply with its crude production quota under the OPEC+ agreement.
Also, he disclosed that Nigeria was still on track to launch a new oil licensing round in the first half of 2020 for both offshore and onshore blocks.
Kyari, who declined to specify a particular date in the first half for the planned crude oil licensing round, added that Nigeria’s legislature was in the process of reviewing its petroleum law, which according to him, would take care of the concerns.
The Platts report quoted a source as saying that Egina crude has a gravity 27.5 API, significantly heavier than typical condensates, and a sulphur content of 0.17 per cent while it added that the oil is expected to have high yields of gasoil and distillates.
Despite the NNPC’s claim of abiding by the 1.77 million barrels deal, S&P Global Platts’ said in its latest survey of OPEC production, it estimated Nigeria’s December crude output at 1.84 million barrels per day, adding that starting this month, Nigeria’s quota drops to 1.75 million barrels under the OPEC+ coalition’s agreement to deepen its production cuts through March.
FG Reaps N5trn from Oil & Gas Sales in 2019
Meanwhile, a Data from the Central Bank of Nigeria (CBN) has revealed that the Federal Government earned N5.04tn from the sale of oil between January and November 2019.
According to the CBN economic report for November, the amount was lower than the N8.77tn revenue target provided for in the 2019 budget for the 11-month period.
A breakdown of the N5.04tn oil revenue showed that the sum of N363.9bn was generated from crude oil and gas exports, while the sum of N2.94tn was generated from Petroleum Profit Tax and Royalties.
A monthly breakdown of the oil revenue showed that N417.3bn was earned in January, while February, March, April, May and June had N479.5bn, N516.9bn, N472.4bn, N410.2bn and N336.6bn respectively.
For the months of June, the Nigeria National Petroleum Corporation made the sum of N336.6bn; July had N387.7bn; August, N484.8bn while September, October and November had N467.6bn, N577.3bn and N489.1bn respectively.
The decrease in oil revenue, relative to the monthly budget estimate, was attributed to shut-ins and shut-downs at some NNPC terminals.
The shutdown, according to findings, was due to pipeline leakages and maintenance activities.
The report read in part, “Oil receipt, at N489.08bn or 56.9 per cent of total revenue, was below both the monthly budget of N798.83bn and the preceding month’s receipt of N577.30bn by 38.8 per cent and 15.3 per cent respectively.”
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FAAC: FG, States, LGCs Share N1.681trn April Revenue

By Tony Obiechina, Abuja
A total sum of N1.681 trillion, being April 2025 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.According to a statement by the OAGF Director of Press and Public Relations, Bawa Mokwa during the weekend said the revenue was shared at the May 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
The N1. 681 trillion total distributable revenue comprised distributable statutory revenue of N962.882 billion, distributable Value Added Tax (VAT) revenue of N598.077 billion, Electronic Money Transfer Levy (EMTL) revenue of N38.862 billion and Exchange Difference N81.407 billion.A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N2,848.721 trillion was available in the month of April 2025. Total deduction for cost of collection was N101.051 billion while total transfers, interventions, refunds and savings was N1066.442 billion. According to the communiqué, gross statutory revenue of N2,084.568 trillion was received for the month of April 2025. This was higher than the sum of N1,718.973 trillion received in the month of March 2025 by N365.595 billion. Gross revenue of N642.265 billion was available from the Value Added Tax (VAT) in April 2025. This was higher than the N637.618 billion available in the month of March 2025 by N4.647 billion. The communiqué stated that from the N1,681. 228 trillion total distributable revenue, the Federal Government received a total sum of N565.307 billion and the State Governments received a total sum of N556.741 billion.The Local government Council received N406.627 billion, while the sum of N152.553 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.On the N962.882 billion distributable statutory revenue, the communiqué stated that the Federal Government received N431.307 billion and the State Governments received N218.765 billion.The Local Government Councils received N168.659 billion and the sum of N144. 151 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.From the N598.077 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N89.712 billion, the State Governments received N299.039 billion and the Local Government Councils received N209.327 billion.A total sum of N5.829 billion was received by the Federal Government from the N38.862 billion Electronic Money Transfer Levy (EMTL). The State Governments received N19.431 billion and the Local Government Councils received N13.602 billion.From the N81.407 billion Exchange Difference, the communiqué stated that the Federal Government received N38.459 billion and the State Governments received N19.507 billion.The Local Government Councils received N15.039 billion, while the sum of N8.402 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.In April 2025, Petroleum Profit Tax(PPT), Oil and Gas Royalty, Electronic Money Transfer Levy (EMTL), Value Added Tax (VAT), Excise Duty, Import Duty and CET Levies increased significantly while Companies Income Tax (CIT) decreased considerably.COVER
Tinubu Meets Catholic Bishops in Rome, Seeks Unity in Diversity

By David Torough, Abuja
President Bola Tinubu has urged Nigerians to use their diversity for the country’s stability and rapid development.In a statement by the Special Adviser to the President on Information & Strategy, Bayo Onanuga said Tinubu spoke on Sunday in Rome when he received members of the Catholic Bishops’ Conference of Nigeria.
The President also issued a stirring call to leaders at all levels to work for the betterment of the citizenry. Tinubu, a Muslim, said, “If we use our diversity not for adversity but for prosperity, the country’s hope is stability and progress.”He described it as historic, being the President of Nigeria when a new Pope was inaugurated in Rome.The Catholic bishops were part of President Tinubu’s delegation to attend Pope Leo XIV’s installation mass on Sunday.Archbishop Lucius Ugorji, Archbishop of Owerri and President of the Catholic Bishops’ Conference of Nigeria, thanked President Tinubu for facilitating their visits to the Vatican to bury the late Pope Francis and witness the inauguration of Pope Leo XIV.He said the development signalled a new era of a more robust relationship between the President and the Catholic Bishops’ Conference.”You are always there for us. Now that you have come to the Vatican, whenever we have our conference in Nigeria, we will also invite you, and we look forward to interfacing with you just as you were able to do with the Holy Father,” he said.Archbishops Ignatius Kaigama of Abuja, Alfred Martins of Lagos, and Mathew Hassan Kukah, the Catholic Bishop of Sokoto Diocese, attended the meeting with the President.‘I’m the Head of Nigerian Delegation,’ Tinubu Tells Obi, Fayemi at VaticanPresident Bola Tinubu, Labour Party presidential candidate in the 2023 election, Peter Obi and a former Ekiti State Governor, Dr Kayode Fayemi, met briefly at the installation mass of Pope Leo XIV held on Sunday at the Vatican, Rome.The encounter, which drew attention on social media after it was shared by presidential aide Bayo Onanuga on X, took place during the religious ceremony attended by dignitaries from around the world.According to Onanuga, Fayemi first spotted Tinubu seated with other global leaders and urged Obi to join him in greeting the Nigerian leader.“Fayemi sighted President Tinubu, where he sat with other leaders and asked Obi to follow him to pay homage to the Nigerian leader. Obi agreed,” he posted.Upon reaching the President, Fayemi made a light-hearted remark to ease the atmosphere, saying, “Mr. President, welcome to our church, and thank you for honouring the Pope with your presence.”Tinubu immediately responded, “I should be the one welcoming you and Peter. I’m the head of the Nigerian delegation.”The President’s humorous response reportedly sparked laughter from Obi, who replied in agreement: “Yes, indeed. We are members of your delegation.”The interaction stood out for its symbolic significance, coming after the fiercely contested 2023 presidential election which saw Tinubu of the All Progressives Congress declared winner over Obi, the LP candidate.Both Fayemi and Obi are known to be devout Catholics and Papal Knights, an honour conferred by the Vatican on distinguished members of the Catholic Church.COVER
Bloody Weekend: Herdsmen Kill 15 in Benue, Boat Mishap Claims 27 in Kwara

From Attah Ede, Makurdi, Samuel James, Ilorin and Dan Amasingha, Minna
Again, no fewer than 15 people were reportedly killed while several others sustained various degrees of injuries in a renewed attack by suspected armed herdsmen in Ogwumogbo and Okpo’okpolo communities in Agatu Local Government Area (LGA) of Benue State.
According to a source, the attack started on Saturday evening and continued into Sunday morning, two weeks after a similar assault in Otobi-Akpa community in Otukpo LGA, where a district head of Agatu living in Otukpo local government area with seven others lost their lives. The source, who spoke to DAILY ASSET on phone on condition of anonymity, said 15 persons were killed in Ogbayi and Ogwumogbo communities respectively.”There was a small stream there, called Abekoko, one Ali from Ogwumogbo and 14 others whose names were not known yet, were killed”.“Our farming communities are now deserted, with residents fleeing to neighboring areas in search of safety.“The situation is dire, especially for women and children, who are urgently in need of assistance.”We call on the Benue State Governor, His Excellency, Rev. Dr. Fr. Hyacinth Iormem Alia as well as security personnel, to kindly swing into action to put an end to this unfortunate massacre of our people by criminal herders”, the source said.The Chairman of Agatu Local Government Council could not be reached for comment.However, a close aide to the council chairman told newsmen on phone that his principal could not be reached because he was far away attending the burial of those killed by the herders.The Aide, who spoke on condition of anonymity said the situation is pathetic, painful and a distraction of peace currently being enjoyed in Agatu area.”My chairman is pained over this latest killing because it was uncalled for, hence the relative peace and tranquility in our area since the beginning of year.”I can confirm to you that 15 people were killed in Ogbayi and Ogwumogbo communities in Agatu by armed herders.The chairman of Agatu Local Government Council Melvin James Ejeh who later confirmed the incident, said he was speechless.”I’m too emotional to speak about this incident. This is the first time we are witnessing this, since I became Chairman; I’m sad – Chairman”The attack was unprovoked. I thank the Benue State Governor Rev Fr. Hyacinth Alia for his quick intervention and also the security personnel who have been drafted to the area to forestall further attack”, the Aide said.When contacted, the chairman of Miyietti Allah Cattle Breeders Association of Nigeria(MACBAN) Benue State chapter, Mohammed Risku, said he was in a meeting and promised to call back.Benue State Command Police Public Relations Officer (PPRO), Catherine Anene, said the command was yet to receive any report concerning the attack.Boat Mishap Claims 27 Passengers in KwaraTwenty seven people have reportedly died in a tragic boat mishap in Kwara State.The passengers were returning from a market trip in Niger State when the incident occurred.The tragedy happened barely seven months after over 100 villagers lost their lives in a boat in Gbajibo community in Kaiama Local Government Area of Kwara State.According to eyewitnesses and a survivor, the accident was said to have occurred at night three days ago due to overloading.They said the total number of the passengers onboard was uncertain as the boat was designed to carry 100 passengers but often carried nearly 300 passengers during dry and rainy seasons.It was added that a heavy storm of the impending rain might have contributed to the mishap.While confirming the incident, the Chairman of Kaiama Local Government, Abdullah Danladi, who led a government delegation to commiserate with the families of the victims, warned that the government would no longer tolerate the yearly reoccurrence of such tragedies.The Chairman however announced plans to set up a committee to enforce strict compliance with life jacket usage and ban night travel on local boats in the area.In addition, the Emir of Kaiama, His Royal Highness Muazu Umar, pledged to intensify public enlightenment campaigns to ensure passengers and boat operators adhere to water travel safety standards.Seven die in Niger Truck AccidentAn early morning Sunday truck accident at Essa, along the Agaie- Badeggi federal highway in Katcha local government area of Niger State has claimed seven lives.Confirming the accident, Niger State Emergency Management agency said the articulated vehicle was heading to the northern state of Kano from Lagos.The truck was carrying federal government grains and some passengers numbering 36, all male and was heading to Kano from Lagos.The accident occurred at about 3:00AM on Sunday, and was attributed to failed portions of the road that were yet to be reconstructed on Lambata -Bida axis.As of the time of filing this report, 7 people were confirmed dead, 11 people with a severe degree of injuries, while 5 people sustained minor injuries. Some of the injured were taken to Badeggi and Agaie health centres, and others were taken away by their fellow colleagues.Most of the dead passengers were also taken away by their relatives.Search and rescue operations were carried out by Nsema alongside commuters and some villagers near the scene of the incident.The DG NSEMA, Abdullahi Baba Arah, caution road users to be conscious of the rainy season as they traverse the country, especially articulated truck drivers.