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Nigeria Generated $831.14bn from Oil, Gas in 24 Years – NEITI

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the country earned over $831.14 billion in revenue from the oil and gas sector between 1999 and 2023.

NEITI’s Executive Secretary, Ogbonnaya Orji, made this disclosure on Monday while appearing before the Senate Committee on Public Accounts, chaired by Senator Ahmed Wadada.

The committee was receiving updates on NEITI’s 16-cycle reports, which cover 78 firms in the extractive industries.

Massive Losses from Oil Theft

Despite the huge earnings, Orji lamented that crude oil theft had severely impacted revenue generation, with an estimated 701.48 million barrels stolen since 2009, when NEITI began tracking losses.

Gas Infrastructure Needs $20 Billion Annually

The NEITI boss further highlighted the country’s need for $20 billion annually over the next decade to develop its gas infrastructure, stressing the importance of investment in the sector.

Solid Minerals Revenue and Call for Reforms

On the solid minerals sector, Orji revealed that it contributed ₦1.56 trillion between 2021 and 2023 but still accounts for less than 1% of Nigeria’s GDP. The top states in solid minerals activities in 2021 were Ogun, Kogi, Cross River, and the Federal Capital Territory (FCT).

To enhance performance in the sector, NEITI recommended a review of the Solid Minerals Act, similar to how the Petroleum Industry Act (PIA) was enacted to address challenges in the oil and gas sector.

Uncollected Revenue and PIA Implementation Concerns

Orji also disclosed that $6.1 billion in outstanding royalties had yet to be collected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service (FIRS).

Expressing concerns over the implementation of the PIA, Orji noted that the lack of a clear strategy had created regulatory gaps, allowing industry players to operate with minimal oversight. He recalled that the Buhari administration had set up a committee to develop an implementation framework, but the committee failed to conclude its work before the Tinubu administration took over in May 2023.

“The PIA is now being implemented without a plan or strategy. We recommend that either a new committee be set up or the work of the previous one be revisited,” Orji stated.

Senate to Probe Revenue Operations

Meanwhile, the Senate Committee on Public Accounts has announced plans to conduct a public hearing on revenue generation by key government agencies, including the Nigerian National Petroleum Company Limited (NNPCL), FIRS, and NUPRC.

Senator Aliyu Wadada confirmed that the agencies would be summoned to explain their revenue operations.

“We are going to invite all of them; we will conduct a public hearing on their revenue operations,” Wadada declared.

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Eid-ul-Fitr: Oseni Urges Muslims to Uphold Ramadan Virtues, Calls for National Unity

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As Muslims around the world celebrate Eid-ul-Fitr, marking the end of the holy month of Ramadan, the lawmaker representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Engr. Aderemi Oseni has urged the Muslim faithful to uphold the virtues of Ramadan in their daily lives.

According to a statement on Sunday by his media aide, Idowu Ayodele, the lawmaker congratulated the Muslim Ummah on the successful completion of the month-long fasting and encouraged them to reflect on the values of sacrifice, self-discipline, and devotion to God, which Ramadan represents.

He emphasised that Ramadan is not only about fasting but also about fostering compassion, patience, and love for one another—values he described as crucial for national unity and development.

“As we celebrate this year’s Eid-ul-Fitr, I encourage my Muslim brothers and sisters to continue embodying the noble virtues of Ramadan. Let the spirit of sacrifice, empathy, and community service guide our actions beyond this season,” the statement read.

Oseni, who chairs the House Committee on the Federal Roads Maintenance Agency (FERMA), also underscored the importance of national cohesion, urging Nigerians to work together to promote peace and stability. He called on leaders at all levels of government to implement policies that address economic challenges, security concerns, and infrastructural development.

He further reassured his constituents in Ibarapa East/Ido of his commitment to quality representation, pledging to continue advocating for policies that prioritise their welfare and development.

Oseni also appealed to religious leaders to use their platforms to preach unity and patriotism, stating that Nigeria’s progress depends on the collective efforts of its citizens in fostering tolerance and peaceful coexistence.

“Eid is a time of joy, reflection, and gratitude. Let us celebrate responsibly while remembering to extend kindness to the less privileged. May Almighty Allah accept our prayers and grant our nation lasting peace and prosperity,” he added.

 

 

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Eid-el-Fitr: Oyo APC Chieftain, Oladiran Alabi, Greets Muslims, Calls for Unity

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A chieftain of the All Progressives Congress (APC) in Oyo State and former House of Assembly candidate for Ibadan South-West Constituency I, Hon. Oladiran Alabi, has congratulated Muslims on the occasion of Eid-el-Fitr, urging Nigerians to embrace unity and peaceful coexistence.

In a statement on Sunday, Alabi commended the Muslim faithful for their devotion and sacrifices during the holy month of Ramadan, stressing the need to uphold the values of love, tolerance, and compassion beyond the fasting period.

He said, “The end of Ramadan is a time for reflection, gratitude, and renewed commitment to the principles of Islam. I felicitate with my Muslim brothers and sisters and pray that Almighty Allah accepts their supplications and rewards them abundantly.”

Alabi also emphasised the importance of unity in addressing Nigeria’s socio-political and economic challenges, urging leaders and citizens alike to foster harmony irrespective of religious and ethnic differences.

“Our strength as a nation lies in our unity. It is imperative that we work together to promote peace and development. I call on all Nigerians to prioritise national interest above personal or sectional gains,” he added.

He further urged political leaders to implement policies that would improve the welfare of the people, enhance economic growth, and strengthen security across the country.

The APC stalwart prayed for a peaceful and prosperous Nigeria, wishing the Muslim community a joyous and spiritually fulfilling Eid celebration.

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Tinubu at 73: FERMA House Committee Chair, Oseni Hails President’s Leadership

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Says Tinubu’s policies shaping Nigeria’s future

 

The Chairman, House of Representatives Committee on the Federal Roads Maintenance Agency, (FERMA), Engr. Aderemi Oseni has congratulated President Bola Tinubu on his 73rd birthday, describing him as a transformative leader whose commitment to national development remains unwavering.

In a statement on Saturday by his media aide, Idowu Ayodele and made available to journalists in Ibadan, the lawmaker, who also represents Ibarapa East/Ido Federal Constituency in the House of Representatives, praised Tinubu for his visionary leadership and dedication to Nigeria’s progress. According to him, the President’s political trajectory and governance philosophy have laid the foundation for a more prosperous nation.

“President Tinubu’s contributions to Nigeria’s political and economic development are unparalleled. His leadership has inspired a new era of governance rooted in progressive ideals and economic transformation,” Oseni said.

The lawmaker highlighted the President’s role in fostering democratic growth, strengthening institutions, and implementing key economic reforms aimed at stabilising the nation. He added that Tinubu’s policies, particularly in infrastructure and road rehabilitation, are crucial to Nigeria’s long-term development.

Oseni commended Tinubu for prioritising road infrastructure, stating that a well-maintained road network is essential for economic expansion and national cohesion. He pledged his committee’s continued support in ensuring that FERMA’s projects align with the administration’s Renewed Hope Agenda.

Beyond infrastructure, the lawmaker lauded Tinubu’s economic policies, including efforts to attract foreign investments and promote industrialisation. He expressed optimism that the government’s initiatives would yield tangible results, urging Nigerians to remain patient as reforms take shape.

“As a nation, we must rally behind the President’s agenda for economic recovery. Nation-building is a collective effort, and we must support policies that drive growth, stability, and prosperity,” he stated.

Oseni prayed for the President’s good health and strength, urging leaders across the country to emulate Tinubu’s resilience, strategic foresight, and inclusive governance.

 

 

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