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Nigeria’s Crude Earnings Defy Global Market, Plunge N1.75tn Q1

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Nigeria Earns N12.4tn from Crude Oil in 11 Months – Report

Despite a rise in global oil prices, widely traceable to the Middle East crisis, data from the National Bureau of Statistics (NBS) has shown that Nigeria’s crude oil exports fell by N1.75tn in the first quarter of 2026 .

The NBS, in its latest Foreign Trade in Goods Statistics report for Q1 2026, said crude oil exports declined to N11.20tn from N12.96tn recorded in the corresponding quarter of 2025.

“Crude oil exports in Q1 2026 were valued at N11.20tn; the value decreased by 13.53 per cent from N12.96tn in Q1 2025 and increased by 15.45 per cent from N9.70tn in Q4 2025,” the bureau stated.

The decline translates to a year-on-year loss of N1.75tn in crude export earnings, although crude receipts rose by N1.50tn compared with the fourth quarter of 2025. The data suggests that the rebound from the previous quarter was not strong enough to match the level recorded in early 2025.

Crude oil remained Nigeria’s dominant export product during the period, but its weight in the country’s export basket weakened.

The commodity accounted for 52.92 per cent of total exports in Q1 2026, down from 62.89 per cent in Q1 2025. This means crude oil still generated more than half of Nigeria’s export earnings, but its share fell by almost 10 percentage points within one year.

Total exports rose to N21.17tn in Q1 2026 from N20.60tn in Q1 2025, representing a 2.77 per cent increase. This shows that overall export growth was not driven by crude oil but by stronger earnings from non-crude oil exports and other petroleum products.

Non-crude oil exports rose to N9.97tn in Q1 2026 from N7.64tn in Q1 2025, while non-oil exports stood at N3.19tn. Other oil product exports also increased sharply to N6.78tn from N4.48tn, representing a 51.49 per cent rise.

The report said, “Crude oil remained Nigeria’s major exported commodity in the first quarter of 2026, with a value of N11.20tn, representing 52.92 per cent of total exports.”

The figures indicate that Nigeria’s export structure remained heavily dependent on petroleum, even as crude oil underperformed year-on-year. Mineral products accounted for N18.16tn, or 85.77 per cent of total exports, followed by products of the chemical and allied industries at N1.39tn, or 6.58 per cent.

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India was Nigeria’s biggest export destination in the quarter, receiving goods valued at N2.77tn, or 13.09 per cent of total exports. France followed with N1.97tn, the Netherlands with N1.95tn, Spain with N1.63tn, and the United States with N1.18tn. Together, the five countries accounted for 44.84 per cent of Nigeria’s total exports.

Regionally, Europe was Nigeria’s largest export market, with goods valued at N7.93tn, or 37.44 per cent of total exports. Asia followed with N6.42tn, or 30.31 per cent, while Africa received N4.06tn, or 19.19 per cent.

Despite the fall in crude earnings, Nigeria posted a stronger trade surplus of N7.55tn in Q1 2026, compared with N1.71tn in Q4 2025. The bureau attributed the improvement mainly to lower imports and higher crude oil exports on a quarter-on-quarter basis.

Imports fell to N13.62tn in Q1 2026 from N16.64tn in Q1 2025 and N17.25tn in Q4 2025. The lower import bill helped strengthen the trade balance, even though crude earnings remained weaker than the level recorded a year earlier.

The decline came despite rising international crude oil prices in March 2026, driven by escalating geopolitical tensions in the Middle East and concerns over disruptions to global oil supply routes.

According to the US Energy Information Administration, Brent crude prices climbed sharply during the first quarter of 2026, crossing the $100 per barrel mark on March 12 and closing the quarter at around $118 per barrel after renewed military tensions in the Middle East and fears surrounding the Strait of Hormuz.

The decline in crude oil export earnings further coincided with lower crude oil production in the first quarter of 2026, suggesting that weaker output may have offset the benefits of higher international oil prices during the period.

The NBS, in its latest Gross Domestic Product report, noted, “The nation in the first quarter of 2026 recorded an average daily oil production of 1.55 million barrels per day (mbpd), lower than the daily average production of 1.62 mbpd recorded in the same quarter of 2025 and lower than the fourth quarter of 2025 production volume of 1.58 mbpd.”

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Panic at Oko Polytechnic as Three-Storey Students’ Hostel Collapses

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Anambra Cultists Brawl Leaves Many Injured

A major tragedy struck the Oko community in Anambra State after a three-storey students’ hostel collapsed late Sunday night, leaving an unknown number of people feared dead and several others trapped beneath the wreckage.

The affected building, identified as Elite Five Star Lodge, is located near Tonimas Filling Station in the Amokpala area behind the Federal Polytechnic, Oko, in Orumba North Local Government Area.

The cause of the collapse has not yet been established, while emergency rescue efforts continued on Monday as authorities searched for more victims.

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Personnel from the Anambra State Police Command, the Anambra State Fire Service, the Anambra State Emergency Management Agency (SEMA), alongside volunteers and other security agencies, have been working tirelessly to remove debris and rescue occupants believed to be trapped.

Several victims have been rescued alive and transported to a hospital in Oko for treatment. Bodies recovered from the scene have been taken to a mortuary, although officials say the exact number of deaths and injuries is yet to be confirmed.

Confirming the incident, the spokesperson for the Anambra State Police Command, SP Tochukwu Ikenga, said police officers responded immediately after receiving a distress call regarding the collapse.

He explained that a joint security team quickly secured the area to prevent further danger while coordinating rescue operations with relevant emergency agencies.

According to the police spokesperson, rescue operations remain ongoing, making it impossible at this stage to determine the total number of casualties or those affected.
He also confirmed that rescued victims are receiving medical care at a hospital in Oko.

The police have appealed to members of the public to remain calm, avoid circulating unverified information, and keep away from the scene to allow rescue workers unrestricted access.

Authorities are expected to release more details as rescue operations continue and investigations into the cause of the building collapse commence.

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Tinubu Appoints Harvard-Trained Policy Expert as New Adviser on House of Reps Matters

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President Bola Ahmed Tinubu has appointed Dr. Wasiu Olanrewaju-Smart as the new Special Adviser to the President on National Assembly Matters (House of Representatives), reinforcing his administration’s legislative engagement strategy.

The appointment, which takes immediate effect, follows the resignation of Hon. Ibrahim Olanrewaju, who stepped down from the position to pursue an elective office in his home state.

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The announcement was made in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

According to the Presidency, Dr. Olanrewaju-Smart brings a wealth of experience in public policy, governance and legislative affairs to the role.

President Tinubu expressed confidence that the new adviser would strengthen collaboration between the Presidency, Ministries, Departments and Agencies (MDAs), and the House of Representatives.

Olanrewaju-Smart holds a PhD in Educational Management from Lead City University and a Master’s degree in Public Administration from Harvard University.

He is also an Edward Mason Fellow in Public Policy at the Harvard Kennedy School.
The 40-year-old policy expert was also a LEAPS Fellow at the Massachusetts Institute of Technology (MIT).

In addition, he earned a Professional Diploma in Public Relations from the London School of Public Relations and served as a Policy Fellow at Quantum Alliance AI, USA, where he focused on artificial intelligence and civic technology.

His career in the National Assembly spans several strategic positions.

He served as Research and Media Assistant to the Minority and Majority Leaders of the House of Representatives during the 7th and 8th Assemblies before rising to become Special Adviser, Deputy Chief of Staff, and later Chief of Staff to the Speaker during the 9th and 10th Assemblies.

In October 2023, Olanrewaju-Smart joined the Presidency as Senior Special Assistant to the President on Intergovernmental Affairs, a position he held until his latest appointment.

His public policy portfolio includes contributions to several landmark legislations, including the Interest-Free Student Loan Act, among other reforms.

The Presidency stated that the appointment takes immediate effect, adding that President Tinubu is confident Olanrewaju-Smart will deploy his experience, intellect and commitment to strengthen legislative coordination and relations between the Presidency, MDAs and the House of Representatives.

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Bandits Kidnap Kebbi High Court Judge in Midnight Home Invasion

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Suspected bandits have abducted a serving High Court judge, Justice Faruku Hassan Bunza, during a midnight attack on his residence in Bunza Local Government Area of Kebbi State.

The incident occurred in the early hours of Sunday along Zogirma Road, where the gunmen reportedly stormed the judge’s home shortly after he returned from Sokoto State.

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Sources familiar with the incident said the attackers fired several gunshots into the air to create panic before whisking the judge away.

No member of his household was injured during the operation.

Confirming the abduction, the spokesperson for the Kebbi State Police Command, SP Bashir Usman, said the judge was taken from his residence around midnight.

“I can confirm that Hon. Justice Faruku Hassan Bunza was abducted from his residence in Bunza around midnight,” the police spokesman said.

According to him, the Commissioner of Police, CP Umar Muhammad Hadejia, immediately ordered the deployment of tactical and intelligence teams to begin an intensive search for the abducted judge.

“As we speak, our personnel are combing identified locations, including forest areas, to ensure that the judge is rescued alive and unharmed,” Usman added.

A senior official of the Kebbi State High Court, who requested anonymity because he was not authorised to speak publicly, described the incident as a tragic development for the judiciary.

“Though I’m not authorized to speak formally to the press, this is a painful moment for us. To hear that one of our judges was abducted at his residence is very disturbing,” the official said.

The official also disclosed that the management of the Kebbi State High Court has already met with heads of security agencies in the state to coordinate efforts aimed at securing the judge’s immediate release.

The kidnapping has heightened concerns over the security situation in parts of northern Nigeria, where attacks by armed groups and kidnappings for ransom continue to pose significant challenges despite ongoing security operations.

Authorities have assured the public that efforts are ongoing to rescue Justice Bunza safely and bring those responsible for the abduction to justice.

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