NEWS
Nigeria Rakes in N41.7tn from Six-month Crude Production
Nigeria produced an estimated 295.18 million barrels of crude oil and condensate valued at about $28.08bn (approximately N41.74tn) in the first six months of 2026, reflecting a modest recovery from the second half of last year despite a slight decline compared to the corresponding period of 2025.
An analysis of production figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that average crude oil and condensate production stood at 1.63 million barrels per day between January and June 2026.
The production, valued using monthly Bonny Light crude oil prices and converted using the Central Bank of Nigeria’s (CBN) monthly average official exchange rates, highlights the enormous value of Nigeria’s hydrocarbon resources, even as the country continues to grapple with production challenges, oil theft and fluctuating international crude prices.
The analysis showed that Nigeria’s first-half production increased by 1.93 per cent compared to the estimated 289.59 million barrels produced in the second half of 2025.
However, output remained below the 298.85 million barrels recorded in the first six months of 2025, representing a 1.23 percent year-on-year decline, indicating that although production has improved in recent months, it has yet to fully recover to last year’s levels.
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The data showed that the country produced 50.45 million barrels in January, 41.55 million barrels in February, 48.49 million barrels in March, 49.90 million barrels in April, 52.72 million barrels in May, and 52.06 million barrels in June.
A month-by-month analysis showed that the year kicked off with a solid January performance, averaging 1,627,460 barrels per day over 31 days to yield a monthly total of 50,451,260 barrels.
However, February saw a sharp decline of 8.82 percent in daily output, dropping to 1,483,940 bpd. Combined with the shorter 28-day month, February’s total output dipped to 41,550,320 barrels. March initiated a recovery, with daily production climbing 5.40 percent to 1,564,100 bpd over 31 days, bringing total output to 48,487,100 barrels.
This upward momentum accelerated throughout the second quarter. Daily production in April jumped 6.35 per cent to 1,663,430 bpd over 30 days, totalling 49,902,900 barrels. May maintained the momentum, with a 2.25 per cent daily increase to 1,700,800 bpd. Across its 31 days, the month delivered the highest production volume of the half-year at 52,724,800 barrels.
June closed the second quarter on a high note, with daily output rising another 2.03 percent to 1,735,398 bpd over 30 days, contributing 52,061,940 barrels to the half-year total. The monthly shift in production volumes, coupled with global oil price volatility, heavily impacted revenue generation throughout the first half of the year.
Using the average monthly Bonny Light prices, the estimated gross value of production in dollar terms stood at $3.43bn in January before dropping 12.24 percent to $3.01bn in February. March recorded a 70.76 percent surge amid Middle East tensions to $5.14bn, a growth streak that continued into April with a 22.96 percent increase to a peak of $6.32bn.
However, revenues contracted in the final two months of the half-year, falling 6.01 percent to $5.94bn in May and declining a further 28.62 per cent to close June at $4.24bn. When converted using the Central Bank of Nigeria’s monthly average exchange rates, the local currency returns mirrored this volatile trajectory.
The estimated gross value in January stood at N5.18tn before declining 12.74 percent to N4.52tn in February. March recorded a sharp 70.58 per cent increase to N7.71tn, followed by a 21.92 percent rise in April to a half-year high of N9.40tn.
The valuation then declined in the final two months, sliding 7.02 percent to N8.74tn in May and dropping another 29.18 percent to end June at N6.19tn. Altogether, Nigeria’s crude oil and condensate production for the six-month period was worth an estimated N41.74tn.
According to The PUNCH, the figures represent the gross market value of crude oil and condensate produced and should not be mistaken for government earnings. Actual government revenue is significantly lower after accounting for production costs, royalties, taxes, profit-sharing arrangements under joint ventures and production-sharing contracts, as well as crude oil allocated to investment partners.
The gradual improvement in production aligns with the Federal Government’s intensified efforts to curb crude oil theft, secure oil infrastructure and encourage upstream investments under the Petroleum Industry Act (PIA).
The government has repeatedly stated that increasing crude oil production remains one of its key priorities for improving foreign exchange earnings, boosting government revenue, and strengthening Nigeria’s fiscal position. Nigeria has also continued to benefit from relatively strong international crude oil prices during parts of the year.
Bonny Light crude averaged $68.05 per barrel in January before rising to $72.33 in February, $106.09 in March, and peaking at $126.71 per barrel in April amid heightened geopolitical tensions and supply concerns. Prices later moderated to $112.63 in May and $81.48 in June.
Recall that on Sunday, the NUPRC announced that crude oil production had climbed to its highest level in more than six years, with the country exceeding its Organisation of the Petroleum Exporting Countries (OPEC) production quota for the fourth consecutive month, buoyed by improved operational stability and fewer disruptions to oil infrastructure.
Despite the improved production performance, the country’s average output remains below the OPEC’s production quota for most months, underscoring the need for sustained investment, improved security and higher operational efficiency across the upstream sector.
The estimated N41.74tn gross value of Nigeria’s crude oil and condensate production in the first six months of 2026 represents a significant portion of the Federal Government’s projected N60.97tn oil revenue for the full 2026 fiscal year.
Sustaining production above 1.7 million barrels per day in the second half of the year will be critical if Nigeria hopes to meet its budget assumptions, improve foreign exchange inflows and maximise the benefits of favourable crude oil prices in the international market.
NEWS
‘A Nation Cannot Escape the Bill’ — Atiku Questions Tinubu’s Third UNGA Absence
Former Vice President Atiku Abubakar has questioned President Bola Tinubu’s third consecutive absence from the United Nations General Assembly (UNGA), demanding an explanation for the president’s decision not to attend the global gathering.
Atiku made the remarks in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, as Vice President Kashim Shettima leads Nigeria’s delegation to the 81st UNGA in New York.
According to Atiku, Tinubu was absent from the 79th UNGA in 2024 and the 80th session in 2025, and has again stayed away from the 81st session in 2026.
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The former vice president said the repeated absences could no longer be regarded as a coincidence or routine delegation, arguing that they required an explanation.
Atiku also questioned whether Tinubu’s documented history with United States law-enforcement agencies had become a burden on Nigeria’s foreign relations.
“The United Nations General Assembly is one of the world’s most important diplomatic gatherings. It brings together the representatives of the UN’s 193 member states and provides a unique platform for presidents and prime ministers to defend their countries’ interests, negotiate partnerships and shape global decisions on trade, security and development,” Atiku said.
He acknowledged that Shettima could represent Nigeria at the gathering but maintained that the vice president’s representation could not permanently substitute for the president’s personal authority and visibility.
“Vice President Shettima may represent Nigeria capably, but representation by delegation cannot permanently substitute for the personal authority, visibility and responsibility of the president,” he said.
“Tinubu cannot continue to treat Nigeria’s seat at the world’s biggest diplomatic table as though it were an inconvenient appointment that can be endlessly outsourced.”
Atiku further argued that UNGA was not simply a ceremonial event, noting that important bilateral meetings, investment discussions, trade negotiations and development-financing engagements take place on the sidelines of the gathering.
“Presidential absence on the global stage has consequences. UNGA is not merely a ceremonial gathering or an annual photo opportunity,” he said.
“Its side-lines are where leaders hold decisive bilateral meetings, court investors, negotiate trade partnerships, mobilise development finance and make the case for their countries.”
The former vice president said Nigeria could lose investment and other economic opportunities as a result of the president’s continued absence.
“When a president makes himself absent from that stage for three consecutive years, his country loses opportunities. Investment does not follow silence. International capital does not pursue a country whose leader repeatedly abandons the room in which consequential economic relationships are being built,” Atiku said.
He linked the issue to investment, employment and capital inflows, arguing that reduced investment could increase pressure on the naira and contribute to higher costs for Nigerians.
“The cost is eventually transferred to ordinary citizens: fewer investments mean fewer businesses and fewer jobs. Reduced capital inflows place additional pressure on the local currency,” he said.
“A weaker naira raises the cost of imports, production, transportation and food. These are among the economic pressures now punishing Nigerian families through the worst cost-of-living crisis in living memory.”
Atiku concluded by saying that while the president could regard attendance at UNGA as a matter of personal prerogative, Nigeria would ultimately bear the consequences of the decision.
“Tinubu may consider attending UNGA a matter of personal prerogative, but the economic and diplomatic consequences of his absence are being paid by Nigerians. A President may surrender his seat, but a nation cannot escape the bill,” he said.
NEWS
Tinubu Reacts as Former Kogi Governor Ibrahim Idris Dies at 77
President Bola Ahmed Tinubu has reacted to the death of former Kogi State Governor, Alhaji Ibrahim Idris, who died on Sunday at the age of 77.
Tinubu expressed deep sorrow over the former governor’s death and extended his heartfelt condolences to the Idris family, the government and people of Kogi State, as well as his friends, associates and political colleagues.
The President’s reaction was contained in a statement issued on Monday, September 21, 2026, by his Special Adviser on Information and Strategy, Bayo Onanuga.
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Tinubu described Idris’ death as a significant loss to Kogi State and Nigeria, noting that the former governor devoted a substantial part of his life to public service and the development of the state.
Ibrahim Idris served as Governor of Kogi State from 2003 to 2011.
According to the President, Idris’ administration recorded interventions in infrastructure, education, healthcare and other critical sectors.
Tinubu also acknowledged the late former governor’s contributions to Nigeria’s democratic development and his many years of engagement in public affairs.
The President said: “Alhaji Ibrahim Idris was a committed public servant whose years in office formed an important chapter in the political and developmental history of Kogi State.
“His passing is a painful loss to his family, Kogi State and Nigeria. At this difficult moment, we must remember and honour his contributions to the growth of his state and our nation.
“I extend my deepest condolences to his family and the people of Kogi State. May Almighty Allah forgive his shortcomings, accept his good deeds and grant him Aljannah Firdaus.”
Tinubu further prayed that Almighty Allah would grant the deceased’s family the strength and fortitude to bear the loss.
NEWS
Why Ondo is Buying Dangote Shares for 500 Citizens
In the bid to promote wealth creation and expose youths to investment opportunities, the Ondo State Government has unveiled plans to buy shares for 500 young entrepreneurs in the state in the Dangote Group.
Ondo State Governor, Lucky Aiyedatiwa, made the disclosure on Saturday at the 2026 ONDEA Entrepreneurs Summit in Akure, with the theme: “Positioning entrepreneurs for emerging opportunities”, where he also launched the Lucky Light Initiative, a programme designed to provide reliable solar power support for 1,000 small businesses across the state’s 18 local government areas.
READ ALSO: NMDPRA Points to PIA for Price Control Lapses
The governor also unveiled an N80 million grant package for 20 entrepreneurs under the Ondo State Entrepreneurship Agency (ONDEA) My IDEA initiative, with each beneficiary receiving N4 million alongside business support, mentorship and international business exposure opportunities.
Aiyedatiwa further promised to purchase shares in the Dangote Group of Companies for 500 young entrepreneurs in Ondo State as part of efforts to expose them to investment opportunities and encourage wealth creation.
He said the initiatives form part of his administration’s vision to transform Ondo from a civil service-driven economy into an entrepreneurship and innovation hub.
According to him, the state is deliberately building an entrepreneurial ecosystem that connects ideas to skills, skills to businesses, businesses to finance and businesses to markets.
“Our fundamental objective is to move from simply producing raw materials to processing, packaging, branding and exporting value-added products. We must build enterprise not only for markets within Ondo State, but other parts of Nigeria and ultimately to the world,” Aiyedatiwa stated.
He said ONDEA has become a strategic platform for opening opportunities for entrepreneurs through business formalisation, training, equipment support and enterprise development.
The governor noted that the number of beneficiaries under the ONDEA My IDEA programme was increased from 10 to 20 to accommodate more innovative entrepreneurs.
On the Lucky Light Initiative, Aiyedatiwa said the programme would provide clean and affordable energy to small businesses to enhance productivity and reduce operating costs.
“Lucky Light is an initiative designed specifically to support 1,000 small businesses with reliable, clean and affordable power. It is not a household electrification programme; it is an economic intervention designed to power businesses across all 18 Local Government Areas of Ondo State,” he said.
While speaking during the summit, the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, represented by his Special Adviser, Toba Oyedele, said entrepreneurs would be central to the Federal Government’s ambition of building a $1 trillion economy by 2030.
He urged entrepreneurs to take advantage of emerging opportunities created by economic reforms, innovation and investment initiatives.
Speaking on the impact of the summit, the Special Adviser to the Governor on Entrepreneurship, Innovation and Investment, Dr Summy Smart Francis, said the event demonstrated the state’s commitment to entrepreneurship and innovation.
“We received over 2,703 applications. We have three levels of screenings and they get to the final judges where we identify the 20 ideas that have the strategy to be able to add economic impact to the state. Each of them was given N4 million and they are entitled to a business trip outside the country,” Francis said.
Also speaking, media entrepreneur and former Managing Director of TVC Entertainment, Morayo Afolabi-Brown, called for increased investment in the Southwest, saying the region possesses vast opportunities beyond Lagos and should attract greater economic attention.





