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Just In: N8.5tn Oil Revenue Achieved With Notable 83% Rise, NBS Report Reveals

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In the third quarter of 2023, Nigeria’s foreign trade witnessed a substantial year-on-year increase of 53.16%, reaching N18.80 trillion. Crude oil revenue experienced a notable surge, rising by 83.23% to N8.54 trillion during this period, compared to N4.66 trillion in the third quarter of 2022…..CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

The National Bureau of Statistics’ ‘Foreign Trade in Goods Statistics (Q3 2023)’ report revealed that the boost in trade activities contributed to a 60.78% growth in total exports, reaching N10.35 trillion. This data indicates a 54.62% increase over the previous quarter and a 53.16% rise compared to the same quarter in 2022.

Crude oil exports dominated the export landscape, accounting for 82.50% of total exports at N8,535.61 billion, while non-crude oil exports contributed N1.81 trillion, representing 17.50% of total exports.

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Imports accounted for 44.98% of total trade, with an import value of N8.46 trillion in the third quarter of 2023. This reflects a 47.70% increase over the preceding quarter and a 33.33% rise compared to the same period in 2022.

The trade balance for the country stood at N1.89 trillion. Top export destinations included Spain, India, The Netherlands, Indonesia, and France, which collectively received 45.98% of the total value of exports. China, Belgium, India, Malta, and the United States were the leading countries from which Nigeria imported goods, representing 57.18% of total imports.

In terms of exported goods, petroleum oils and oils obtained from bituminous minerals, crude, accounted for the largest value, representing 82.50% of total exports. On the import side, motor spirit ordinary, gas oil, and durum wheat were the commodities with the largest values.

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The report also highlighted challenges in Nigeria’s oil production, with the country falling below its target of 1.69 million barrels per day in 2023. Despite the World Bank noting subdued oil production, the country’s crude oil output experienced fluctuations, reaching 1.35 million barrels per day in September 2023 and later rising to about 1.7 million barrels per day, according to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.

The increase in exports may be linked to the devaluation of the naira earlier in the year, with JP Morgan acknowledging that a weaker exchange rate could result in higher naira revenues from oil and gas exports.

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2027: Tinubu Will Lose If ADC Is On Ballot – Amaechi.

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Former Minister of Transportation, Rotimi Amaechi, has stated that President Bola Tinubu would lose the 2027 presidential election if the African Democratic Congress (ADC) is allowed to participate fully.....KINDLY READ THE FULL STORY HERE▶

News reports that Amaechi made the claim during an appearance on Channels Television’s breakfast programme on Friday.

He criticised the Tinubu administration and the All Progressives Congress (APC), accusing them of interfering in opposition parties and attempting to weaken potential challengers ahead of the election.

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Amaechi argued that regardless of whether the election is free or flawed, Tinubu would be defeated if credible opposition candidates are on the ballot.

He also dismissed interpretations of a Court of Appeal ruling suggesting the opposition was leaderless, insisting that such claims misrepresent the law.

According to him, the government is working to prevent strong opponents from emerging by using institutions, including the judiciary, to influence party structures.

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Amaechi called on authorities to allow political institutions to function independently and ensure that all parties can field candidates without interference.

He maintained that Nigerians would ultimately decide at the polls, questioning the administration’s chances amid economic challenges and ongoing insecurity.

“How can he win with the current state of the economy and security situation?” he asked.

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Tinubu Signs 2026 Budget, Expands 2025 Appropriation Bill Into Law.

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President Bola Ahmed Tinubu has signed the ₦68.32 trillion 2026 Appropriation Bill into law.....KINDLY READ THE FULL STORY HERE▶

reports that the development was announced on Friday in a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

The 2026 budget provides a total expenditure of ₦68.32 trillion. Tinubu also approved the extension of the 2025 budget implementation period from March 31, 2026, to June 30, 2026.

Of the total budget, ₦4.799 trillion is allocated to statutory transfers, ₦15.8 trillion to debt servicing, ₦15.4 trillion to recurrent expenditure, and ₦32.2 trillion to capital projects under the Development Fund.

With capital spending accounting for about 50 percent, the budget reflects the administration’s focus on economic stability, security, infrastructure development, and inclusive growth.

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The allocation structure is designed to balance statutory commitments, debt obligations, recurrent costs, and capital investments aimed at boosting productivity and improving living standards.

The President also signed the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, extending the implementation of the 2025 capital budget to June 30, 2026.

The extension is expected to ensure full utilisation of funds for ongoing infrastructure and development projects across the country.

It will also allow Ministries, Departments, and Agencies (MDAs) to complete ongoing projects, improve execution rates, and maximise public spending value.

With the 2026 Appropriation Act taking effect from April 1, the Federal Government is set to begin full implementation in line with the Renewed Hope Agenda.

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Tinubu directed MDAs to ensure transparency, discipline, and efficiency in the use of allocated resources, stressing value for money and timely project delivery.

He commended the National Assembly for its swift consideration and passage of the budget, and reiterated the importance of cooperation between the Executive and Legislature in driving national development.

The President also reaffirmed his administration’s commitment to fiscal reforms, stronger revenue generation, job creation, and expanded social protection programmes.

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You Can’t Claim To Be Opposition Without Winning Elections – Wike Blasts ADC, Others.

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Minister of the Federal Capital Territory (FCT), Nyesom Wike, has said that no political party can genuinely claim to be an opposition force without winning elections, insisting that political relevance is proven only at the ballot box and not through alliances or public declarations.....KINDLY READ THE FULL STORY HERE▶

Wike made the remark on Friday during a visit to the national headquarters of the Peoples Democratic Party (PDP) in Abuja, where he also expressed support for the party’s new National Working Committee.

He dismissed the notion that smaller parties can assume the role of the opposition without electoral victories, stressing that only proven performance in elections gives a party credibility and strength in Nigeria’s political space.

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During the visit, Wike said his presence was to back the new PDP leadership and reaffirm his loyalty as the party works to resolve internal challenges and reposition itself.

He acknowledged that the PDP had faced a difficult period but noted that it is gradually recovering, adding that rebuilding the party would require unity, hard work, and sacrifice.

The former Rivers State governor also urged the leadership to prioritise reconciliation, especially by bringing back members who left the party, noting that many defectors are still interested in returning due to political opportunities such as ticket considerations.

Wike further cautioned against distractions, including ongoing court cases, expressing confidence that the party would overcome its legal hurdles if it remains united and focused.

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He said: “You cannot become an opposition party without winning an election. Those who say they are leading the opposition have not contested any election successfully.

“My coming here is to reassure you of my support. I have come to pledge my loyalty to the National Working Committee.

“Yes, we have crisis, and we have almost come out of it. It will require hard work and sacrifice to move the party forward.”

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