Economy
CBN Blames Ageing Pipelines for Oil Revenue Crash
Abuja – The Central Bank of Nigeria (CBN) has attributed a significant decline in oil revenue for the third quarter of 2024 to ageing pipeline infrastructure and operational inefficiencies.
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Access Holdings Charts New Course in E-Banking Growth
Access Holdings Plc has emerged as the leading tier-1 bank in Nigeria’s electronic business segment, generating N101.65 billion in e-business income for the first half of 2025. Collectively, the five major tier-1 banks — Access Holdings, United Bank for Africa (UBA), Zenith Bank, GTCO, and FBN Holdings — earned N290.86 billion from digital transactions during…
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Prestige Assurance Plc Board Approves Q3 2025 Financials
Prestige Assurance Plc has announced key resolutions following its Board of Directors meeting held on Tuesday, October 28, 2025, at the company’s headquarters on Ligali Ayorinde Street, Victoria Island, Lagos. During the meeting, the Board reviewed and approved the company’s unaudited financial statements for the third quarter ended September 30, 2025. The approved accounts are…
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VFD Group Grows Shareholders’ Funds to ₦71.5 Billion in Latest Financials
VFD Group Plc has released its unaudited consolidated and separate financial statements for the nine-month period ended September 30, 2025, showcasing a robust financial performance and strategic growth across its investment portfolio. The Group posted a profit after tax of ₦6.63 billion, up from ₦4.47 billion in the same period last year. Total comprehensive income…
The apex bank’s latest economic report revealed a 24.72% drop in oil revenue to N1.30 trillion compared to the second quarter. This shortfall was primarily due to lower receipts from petroleum profit tax and royalties. Furthermore, the revenue significantly missed the quarterly target by 75.39%, largely attributed to frequent shutdowns caused by deteriorating pipelines and installations.
Despite a modest increase in crude oil production, challenges like theft, vandalism, and infrastructure deficits severely impacted Nigeria’s oil revenue performance. The report highlighted that the ageing infrastructure not only reduced efficiency but also hindered the country’s ability to meet its OPEC production quota.
Global factors also contributed to the decline, with the average spot price of Nigeria’s Bonny Light crude falling by 5.45% to $82.23 per barrel during the quarter.
While the oil sector struggled, the Nigerian economy recorded a 3.46% growth in Q3 2024, driven by the non-oil sector. However, the oil sector’s growth slowed to 5.17% year-on-year due to operational inefficiencies and declining crude oil prices.
The fiscal implications were substantial, with federally collected revenue falling short of the budget benchmark. The fiscal deficit, though narrowing compared to the previous quarter, widened significantly relative to the quarterly target, reflecting ongoing fiscal pressures.
The report concluded that Nigeria’s goal of achieving an oil production target of 2 million barrels per day by the end of 2024 remains under threat due to these persistent challenges.