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
‘₦70,000 Is No Longer Enough’ — NLC Pushes for New Minimum Wage
The Nigeria Labour Congress (NLC) has called for an upward review of the national minimum wage, declaring that the current ₦70,000 salary can no longer meet the needs of Nigerian workers due to rising inflation and the increasing cost of living.
The demand was made on Friday at the Nigeria Rights of Workers Summit 2026 in Birnin Kebbi, Kebbi State, where labour leaders, government officials, employers, civil society organisations and workers gathered to commemorate 88 years of legally recognised trade unionism in Nigeria.
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Speaking on behalf of NLC President Joe Ajaero, the Deputy President of the Congress, Adewale Adeyanju (Amba), said the purchasing power of the current minimum wage has been severely eroded by prevailing economic realities.
“The current ₦70,000 minimum wage can no longer adequately respond to the realities confronting Nigerian workers, particularly with the rising cost of living,” Adeyanju said.
He noted that the existing wage arrangement has expired, making fresh negotiations with the Federal Government and state governments necessary.
According to him, labour expects a new wage structure that reflects current economic conditions and enables workers to meet their basic needs.
The summit, themed “The Rights of Workers: Decent Work and a Just Economy in Nigeria,” focused on workers’ remuneration, workplace safety, job security, discrimination, and the protection of casual and other non-traditional workers across the country.
Convener of the summit and Executive Director of Call a Lawyer, Ekpa Stanley, said the gathering was aimed at assessing the progress made in advancing workers’ rights while identifying areas requiring urgent attention.
“This summit is not only about celebrating 88 years of trade unionism; it is also an opportunity to reflect on what has been achieved, the challenges that remain, and what must be done to guarantee decent work for Nigerian workers,” he said.
Former NLC President Ayuba Wabba stressed that improving workers’ welfare should go beyond increasing salaries.
“Decent work is not only about wages. It is also about workers’ rights, social protection and meaningful social dialogue between workers, employers and government,” Wabba stated.
He urged policymakers to implement measures that guarantee workers’ dignity, strengthen social protection and improve job security amid the nation’s economic challenges.
Meanwhile, Kebbi State Governor Nasir Idris assured workers that his administration would implement any new national minimum wage approved by the Federal Government.
“Whatever is agreed upon at the national level on the minimum wage, Kebbi State will implement it,” the governor said.
He also pledged to advocate improved remuneration for workers during deliberations at the Nigeria Governors’ Forum.
Participants at the summit further called for stricter enforcement of labour laws, improved workplace safety, stronger protection against discrimination and greater support for workers in the informal sector.
The event concluded with goodwill messages from labour leaders, affiliate unions and representatives of the National Industrial Court, while awards were presented to individuals, including Governor Idris, in recognition of their contributions to workers’ welfare.
NEWS
How Anambra First Lady Nonye Soludo Beat Top Health Advocates to Win 2026 BudgIT Award
Anambra State First Lady, Dr. Nonye Soludo, has emerged as the winner of the Health Activism category at the 2026 BudgIT Active Citizens Awards, beating other leading health advocates to clinch the prestigious national recognition.
The award, now in its third edition, celebrates individuals and organisations making exceptional contributions to civic engagement, social development, accountability and sustainable development across Nigeria.
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Dr. Soludo earned the honour for her outstanding work in promoting preventive healthcare, community wellness and public health advocacy through her Healthy Living with Nonye Soludo Initiative, a non-governmental organisation dedicated to improving the health of communities across Anambra State.
She was selected ahead of renowned Nigerian health and gender rights advocate Ramatu Ada Ochekliye and public health and social impact professional Sidney Sampson following a rigorous evaluation process.
Nominees were assessed on innovation, impact, sustainability, inclusion, leadership and measurable community outcomes.
Receiving the award, the First Lady described the recognition as both humbling and a renewed call to deepen her commitment to public service.
“Like a family driven by one common goal, we have shown that when communities take ownership of their health, lasting transformation becomes very possible,” she said.
She dedicated the award to members of the Healthy Living with Nonye Soludo Initiative, healthcare workers, volunteers, community leaders, development partners and residents of Anambra State for embracing the vision of healthier living.
Dr. Soludo also expressed gratitude to BudgIT, Civic Hive and the Ford Foundation for the recognition, noting that it would inspire the initiative to expand its programmes and continue promoting healthier communities across the state.
In a statement, the Senior Special Assistant to the Governor’s Wife, Daniel Ezeigwe, said the award reflects growing national recognition of the impact of Dr. Soludo’s healthy living campaign, describing it as a model for advancing preventive healthcare and healthy lifestyles.
According to Ezeigwe, the First Lady has championed several people-centred initiatives since assuming office.
These include statewide fitness campaigns, maternal and child health advocacy, nutrition education, environmental sanitation, the Healthy Living Pad Bank for schoolgirls, free seed distribution to households and the Nonye’s Healthy Living Pap Initiative, which is aimed at tackling childhood malnutrition.
“These programmes have touched thousands of lives while reinforcing the importance of prevention as the foundation of a healthier society,” Ezeigwe said.
He added that the latest recognition underscores Dr. Soludo’s unwavering commitment to improving the health and wellbeing of Anambra residents while contributing to Nigeria’s broader public health development.
NEWS
Four Injured as Petrol Tanker Bursts Into Flames During Fuel Discharge in Abuja
Four people were injured after a petrol tanker carrying approximately 60,000 litres of Premium Motor Spirit (PMS) burst into flames while offloading fuel at AYM Shafa Filling Station in Area 3, Garki, Abuja, on Thursday night.
The filling station, located beside the Federal Capital Territory Internal Revenue Service (FCT-IRS) office along Funmilayo Ransome-Kuti Way, witnessed panic as the fire spread to part of the adjoining three-storey FCT-IRS building before emergency responders brought the situation under control.
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The Federal Fire Service (FFS), in a statement issued on Friday by its National Public Relations Officer and Head of Corporate Services, DCF Paul Abraham, confirmed that the blaze was successfully extinguished through a coordinated emergency response involving multiple firefighting appliances, medium water jets and foam compound.
According to the statement, the Controller-General of the Federal Fire Service, Olumode Samuel Adeyemi, personally led the operation as Incident Commander and remained at the scene until the early hours of Friday to ensure the fire had been completely extinguished.
The Fire Service disclosed that the four injured victims, all adult males, were evacuated by a National Emergency Management Agency (NEMA) ambulance to a nearby hospital, where they received treatment and were later discharged.
Following a thorough inspection of the site, officials confirmed there were no further fire outbreaks or additional casualties, while all emergency personnel and equipment safely returned to their respective stations after the operation.
The FFS commended residents, motorists and members of the public for cooperating with safety directives throughout the emergency.
It also acknowledged the support of sister agencies, including the FCT Fire Service, NEMA, the Nigeria Police Force, and other emergency responders for their swift intervention.
The agency further announced that an investigation has commenced to determine both the immediate and underlying causes of the incident in a bid to prevent similar occurrences in the future.
“The Federal Fire Service remains committed to safeguarding lives, property and critical national assets through prompt, professional and coordinated emergency response,” the statement added.





