The report that Nigeria’s crude oil revenue has continued to slump as the Organization of the Petroleum Exporting Countries’ newly released Monthly Oil Market Report for September revealed that the country’s crude oil output fell to 900, 000 barrels per day (b/d) last month is one of the trending stories in Nigerian newspapers on Monday.
The Punch reports that Nigeria’s crude oil revenue has continued to slump as the Organization of the Petroleum Exporting Countries’ newly released Monthly Oil Market Report for September revealed that the country’s crude oil output fell to 900, 000 barrels per day (b/d) last month.
According to the OPEC report, Nigeria’s crude oil production (according to data reported by direct sources) dropped from 1 million b/d recorded in July, to 900, 000b/d in August.
This is as the price of the country’s crude grade, Bonny Light, also dropped by 10 per cent within the space of one month (July-August). Bonny Light, which was sold for $117/b in July, dropped to $106/b in August.
However, the country’s revenue from crude oil rose significantly year-on-year, as Bonny Light price rose by 64 per cent between 2021 and August 2022.
According to the report, the price of Bonny Light as of 2021 was $67 per barrel. However, this increased to $110 per barrel in August 2022.
Bonny Light is a light-sweet crude oil grade produced in Nigeria. It is an important benchmark crude for all West African crude production, and usually $1+ higher than international crude grade, Brent.
Nigeria’s crude oil production has been witnessing significant drops for some years now, as the country last recorded a 1.4mb/d in 2020.
Production gradually crashed further to 1.3mb/d at the beginning of 2021,and further to 1.2mb/d in the first quarter of this year.
As at the second quarter of this year, output dropped to 1.1mb/d, to 1mb/d in July, and 900, 000b/d last month.
The newspaper says that thousands of police, hundreds of troops, and an army of officials made final preparations on Sunday for the state funeral of Queen Elizabeth II, as part of a display of national mourning that has been described as the biggest gathering of world leaders for years.
According to CBS News, the President of the United States, Joe Biden, as well as other dignitaries, arrived in London for the funeral, to which around 500 royals, heads of state, and heads of government from around the globe have been invited.
The late Queen’s eight grandchildren, led by heir to the throne, Prince William, circled the coffin and stood with heads bowed during a silent vigil on Saturday evening.
The miles-long queue at Westminster Hall closed to new arrivals on Sunday for everyone in line to file past the coffin before Monday morning when it will be borne on a gun carriage to Westminster Abbey for the queen’s funeral.
People across the United Kingdom observed a pause Sunday evening for a nationwide minute of silence to remember the queen, who died September 8 at the age of 96 after 70 years on the throne.
Monday (today) has been declared a public holiday, and the funeral will be broadcast to a huge television audience and screened to crowds in parks and public spaces across the country.
A tide of people continued to stream into Westminster Hall, where the queen’s coffin is lying in state, draped in the Royal Standard and capped with a diamond-studded crown.
The lying-in-state continues until early Monday morning when the queen’s coffin will be moved to nearby Westminster Abbey for the funeral, the finale of 10 days of national mourning for Britain’s longest-reigning monarch.
After the service Monday at the abbey, the late queen’s coffin will be transported through the historic heart of London on a gun carriage. It will then be taken in a hearse to Windsor, where the queen will be interred alongside her late husband, Prince Philip, who died last year.
The Guardian reports that twenty-four Nigerians have sued the Independent National Electoral Commission (INEC) for failing to give them and other Nigerians adequate time to complete their voter registration after online capturing.
The plaintiffs include Adeeyo Bayo Wasiu; Kunat Tychius Amos; Tagbo Philips Chidubem; Emeghe Uchanma Grace; Ayoola Opeyemi Ebenezer; Eche Onah Otakpa; Olatoye Clement Damilola and Ogunejiofor Raphael Emeka.
Others are Adedotun Adegoke Babatunde; Emmanuel Promise Tochukwu; Emmanuel Ternajev; Joy Oluwadamilola Ige; Lawrence Ignatius; Agbede Kunle; Eze Daniel Ndubisi and Nkemdilim Agbor Bassey.
The rest are of Omoike Iredia Oseine; Joshua Patrick Oghenekaro; Wisdom Emeka; Ukpe Victor Destiny; Abayomi Opeoluwa; Ndubuisi Anthony Ahanihu; Akande Akintunde and Adamma Rhodes.
The applicants, who are suing for themselves and on behalf of other Nigerians, want to complete the registration process so that they can obtain their permanent voter cards (PVCs) and exercise their right to vote.
Recall that INEC recently disclosed that out of 10,487,972 Nigerians, who carried out their pre-registration online, only 3,444,378 completed the exercise at a physical centre. This represents just 32.8 per cent of completed online registration.
But in the suit, numbered FHC/ABJ/CS/1662/2022 and filed at the Federal High Court, Abuja, over the weekend, the plaintiffs are seeking an order of mandamus to compel the electoral umpire to re-activate its continuous voter registration exercise to allow them complete their registration and pick up their PVCs.
The claimants are also seeking an order of mandamus to direct INEC to provide adequate facilities and deploy personnel to the registration units of the plaintiffs.
The plaintiffs are arguing that: “We have completed the online registration exercise. Denying us the time and opportunity to complete the registration for our PVCs would impair our right to vote, and deny us a voice in the 2023 elections.”
They also argued that the inability to complete the registration is entirely due to factors outside of their control.
“We are eligible Nigerians, but unless we are given a reasonable time and opportunity to complete the registration process and obtain our voter cards, we will not be able to vote in the 2023 general elections,” the agitated Nigerians added.
The newspaper says that the National Assembly has mooted plan to tackle the N11.03 deficit debacle in the proposed N19.76 trillion 2023 budget by amending relevant provisions of the Finance Act.
Chairman, Senate Committee on General Services, Sani Musa (APC, Niger East), said amendment of the Act would make revenue generating agencies double or triple targets earlier given them to reduce proposed budget deficits.
Musa spoke to journalists on Friday at the frontage of the temporary chamber being put in place for senators, in view of ongoing renovation at the main chamber.
He also implied that tomorrow’s resumption could depend on how well the temporary facility has been prepared. He said: “The budget of this country has been in deficit, and the only thing we can do is amend so many things in the Finance Act, so that we can generate more revenue from other sources, rather than depend solely on oil, and by extension, reduce the size of proposed budget deficit.
“By now, the temporary chambers should have been ready, knowing that we are resuming. Initially, we were billed to resume on the 20th of this month but there are some little things that need to be done before then.
“But I can assure the general public that this will be done in the shortest time, and we are going to resume to receive Mr. President to present the 2023 budget.
“You will recall that the 9th Senate has done very well, because this edifice, since it was built, has never been rehabilitated. We are refurbishing it, bringing it back to standard, like any other parliament you see around the world.
“The Federal Capital Territory, which is doing this job, has been up and doing. But we need to push. They need to do more, so that we will be able to resume as quick as possible.”
GIK/APA