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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Nigeria’s balance of payments falls 38% to $4.23bn
Data from the Central Bank of Nigeria shows that Nigeria’s balance of payments (BoP) declined by 38 per cent to $4.23 billion in 2025, reflecting mounting pressures on the country’s external position. The current account remained in surplus but contracted significantly, dropping by 26.2 per cent to $14.04 billion from $19.03 billion in the previous…
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EFCC Returns Over ₦3bn in Recovered Funds to NNPC
The Economic and Financial Crimes Commission has handed over a total of ₦3,936,145,822 in recovered funds to the Nigerian National Petroleum Company Limited, reinforcing efforts to tackle financial crimes in the country’s oil sector. The presentation took place at the Commission’s headquarters in Abuja, where the Secretary to the Commission, Mohammed Hammajoda, represented the Executive…
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CBN Survey: 42.7% of Nigerians say loan interest rates are too high
By: Amarachi Okonkwo A survey by the Central Bank of Nigeria (CBN) has revealed that 42.7 per cent of respondents perceived bank loan interest rates as high over the past three months, highlighting persistent concerns over borrowing costs in the country. This finding forms a key highlight of the apex bank’s Consumer Expectation Survey for…
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.
