NEWS
Nigeria’s Crude Earnings Defy Global Market, Plunge N1.75tn Q1
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.”
NEWS
200 Lecturers Resign from Kaduna Varsity as ASUU Threatens Indefinite Strike
The Academic Staff Union of Universities (ASUU), Kaduna State University (KASU) chapter, has raised the alarm over the resignation of more than 200 lecturers from the institution amid concerns over poor conditions of service and the non-implementation of the 2025 Federal Government-ASUU Agreement.
Chairman of ASUU-KASU, Dr Abubakar Abdullahi, disclosed this at a press conference in Kaduna on Monday.
Abdullahi said the lecturers, including professors, had left the university for newer institutions within and outside Kaduna State.
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He attributed the mass exodus to poor remuneration and declining welfare conditions, noting that the situation could have serious consequences for teaching, research and academic development at the institution.
According to him, the 2025 Federal Government-ASUU Agreement, which took effect in January 2026, provided improved conditions of service for academic staff in Nigerian universities.
However, he said implementation had yet to commence at KASU, despite several letters written by the union to the university management and governing council.
He added that the Visitor to the university, Kaduna State Governor Uba Sani, had also been notified of the situation.
Abdullahi expressed concern that more than eight months after the agreement was signed, KASU had yet to commence implementation, while many federal universities and some state-owned institutions had already started implementing the agreement.
He said some universities had also announced timelines for the payment of accrued arrears.
The ASUU chairman said the delay had made KASU academic staff among the least-paid university workers nationwide and warned that continued inaction would lead to the accumulation of salary arrears from January 2026.
He further warned that replacing experienced academics who had left the university would take years and require significant resources.
“Replacing highly skilled academics would take years and require significant resources,” he said.
The union has consequently issued a two-week ultimatum to the Kaduna State Government and university authorities to implement and domesticate the agreement.
Abdullahi warned that failure to meet the demands within the stipulated period could result in a total and indefinite strike at the university.
He disclosed that the ASUU-KASU congress met on August 12 to review the situation and resolved to declare an industrial dispute.
According to him, the decision was consistent with a resolution of ASUU’s National Executive Council following its meeting at the University of Abuja on August 8 and 9.
Beyond the implementation of the agreement, Abdullahi listed other unresolved issues affecting members of the union, including university autonomy, excessive workload, promotion arrears, death benefits, group life insurance coverage, wage awards and pension remittances.
He urged the relevant authorities to urgently address the issues, saying timely intervention would help preserve peace and stability within the university.
The ASUU-KASU chairman also appealed to parents and other stakeholders to support efforts to avert industrial action.
He reaffirmed the union’s commitment to pursuing its demands through lawful means and expressed hope that the government and university authorities would take concrete steps before the ultimatum expires.
International News
Ferrari’s First Electric Car Makes History With Record $40m Auction Sale
Ferrari’s first fully electric car, the Luce, has made automotive history after a bespoke version of the vehicle sold for a record $40 million at a charity auction in California.
The tailor-made Ferrari Luce “Chassis 0” was sold during Monterey Car Week on Saturday, becoming the most expensive new car ever sold at auction, according to collector car auction company RM Sotheby’s.
The winning bid was 36 times the car’s original estimate of $1.1 million.
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Ferrari USA celebrated the landmark sale in an Instagram post, saying, “The bids kept climbing. Then, history was made,” while describing the transaction as a new record for the highest-priced new car ever sold at auction.
The sale comes months after Ferrari unveiled the Luce in May. The electric model features a distinctive bubble-like design that differs significantly from the Italian automaker’s traditional angular styling and has received mixed reactions from some Ferrari enthusiasts.
Ferrari previously described the Luce as “a different sort of Ferrari for a different sort of Ferrari client.”
The Luce is powered by four electric motors, with one motor driving each of its four wheels.
The exclusive “Chassis 0” features a pearl-like semi-gloss finish with a personalised pigment that produces changing reflections ranging from green to violet when struck by light.
Its interior is equally distinctive, featuring Perla Le Mans metallic leather and black design elements against a predominantly white background.
Ferrari said proceeds from the record-breaking auction will go to The Ferrari Foundation to support educational initiatives.
Following the auction, the vehicle will return to Maranello, northern Italy, where it was built, before being delivered to the unnamed winning bidder in the first quarter of 2027.
Meanwhile, deliveries of the regular Ferrari Luce, priced at about €550,000 ($640,000), are expected to begin in the fourth quarter of 2026.
NEWS
ICPC Moves Against Corruption, Trains 100 Lake Chad Research Institute Staff
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has sensitised 100 staff members of the Lake Chad Research Institute (LCRI), Maiduguri, Borno State, on the need to uphold integrity, accountability and transparency in public service.
The Commission disclosed this via its X account on Monday, following a one-day anti-corruption education workshop organised at the institute’s conference hall.
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The programme, themed “Promoting Integrity, Accountability, and Transparency in Public Service: The Role of Staff in Combating Corruption,” was aimed at equipping the institute’s workforce with knowledge of ethical standards and corruption prevention strategies.
Speaking during the programme, the Executive Director of the Lake Chad Research Institute, Professor Babagana Kabir, reaffirmed the institute’s commitment to transparency and collaboration with anti-corruption agencies.
Kabir urged staff to embrace professionalism and integrity, warning that corruption undermines institutional effectiveness, research development and public confidence in government institutions.
The Resident Anti-Corruption Commissioner, Mr Linus Gubbi, highlighted the strategic importance of the Lake Chad Research Institute to Nigeria’s socio-economic development, particularly its contributions to agricultural research, crop improvement and land-use strategies that affect food security across the Lake Chad Basin.
Gubbi warned that vital public research could not thrive in an environment affected by corrupt practices.
He noted that when public resources, research grants or administrative processes are compromised through favouritism, procurement irregularities or financial opacity, citizens who depend on the institute’s innovations ultimately suffer the consequences.
The RACC stressed that the fight against corruption is not the sole responsibility of anti-corruption agencies but a collective duty that begins with individual public officers.
A lead paper titled “Anti-Corruption and Work Ethics in Organisations” was presented by ACS Abba Dzikwi.
The presentation examined the legal framework for combating corruption, various forms of corrupt practices in public institutions and the consequences of unethical conduct.
It also emphasised the importance of strong work ethics to organisational efficiency, effective service delivery and national development.
Participants subsequently engaged the ICPC team during an interactive question-and-answer session, seeking clarification on reporting mechanisms, whistleblowing procedures and the Commission’s mandate.
The ICPC team reiterated the importance of confidentiality in handling corruption reports.
Gubbi also encouraged the institute to strengthen its internal controls and transparency mechanisms, assuring the management of the Commission’s readiness to provide guidance and support for institutional integrity initiatives.
In his concluding remarks, he urged participants to go beyond merely receiving the sensitisation and instead put the lessons into practice by challenging unethical practices and promoting a culture of service that reflects the highest standards of the Nigerian Public Service.





