Nigeria’s financial recovery is still a long way off, as the Organization of Petroleum Exporting Countries (OPEC) has once again placed the country among underperforming producers.
According to OPEC’s latest report, Nigeria’s oil output in January 2022 will be 1.399 million barrels per day (mb/d).
This latest output, excluding Condensate, revealed that the country under-produced by about 302,000 barrels per day, compared to its OPEC quota of 1.701 million barrels per day.
The data obtained from the OPEC February 2022 Monthly Oil Market Report, MOMR, further showed that the nation loses about N11.7 billion daily and N330 billion monthly at the current $93 per barrel and official exchange rate of N416.67 to a US dollar.
The amount lost could have covered at least 73% of the federal government’s personnel costs in January 2022.
The federal government is expected to spend N4.87 trillion on personnel in 2022, which equates to about N406.3 billion per month, according to the budget.
Indeed, the money lost in January alone could have provided about 500,000 jobs for unemployed Nigerian youths, enough to cover their two-year take-home pay of N30,000 per person.
In its report, OPEC named Angola, Congo, Equatorial Guinea, and Nigeria as the top under-producers in terms of percentages.
Meanwhile, Oando has refuted allegations that it imported contaminated Premium Motor Spirits (PMS) into Nigeria, in violation of the country’s fuel standards.
The Nigerian National Petroleum Corporation Limited, which regulates the oil industry in the country, had accused Oando, MRS, Duke Oil, and others of bringing in tainted fuel.
MRS had accused NNPCL of importing and distributing contaminated gasoline, and NNPCL had responded by alleging that the contaminated gasoline was imported and distributed by the government agency.
The battle between the market regulator and the oil and gas companies began when Methanol, a banned substance in Nigeria, was discovered in fuel sold by retailers.
Sales were halted across retailing stations like MRS following the discovery of Methanol in the fuel, which was declared substandard based on Nigerian requirements, resulting in a scarcity of petrol and long lines.
With NNPCL Group Managing Director Mele Kyari accusing MRS and Oando of being the importers of the tainted fuel, the latter said in a statement on Friday that it was not to blame.
Oando stated that it does not import and that the fuel it provided met the Nigerian government’s standards, echoing Kyari’s position on the PMS imported by NNPCL.
“Following media reports that Oando was one of four importers supplying methanol-blended Premium Motor Spirits (PMS) into the country, we hereby state that Oando did not import or supply adulterated or substandard PMS.” Oando’s PMS complied with Nigeria’s import requirements.
“We are dedicated to working diligently with the NNPC and industry to determine the root cause(s) of the subsequent contamination of the PMS supplied.”
“As a responsible corporate citizen, Oando would not participate in the importation, distribution, or marketing of substandard petroleum products,” the company says. In a statement signed by its Company Secretary, Ayotola Jagun, Oando said.
President Muhammadu Buhari has also called for their punishment, and Kyari has stated that the company involved in the importation of methanol fuel will be investigated and sanctioned by the government.
Nigerian Job [Apply Now]
- Nigerian Navy Recruitment 2022 Exercise for SSCE, OND, NCE Application Guidelines
- FBN General Insurance Graduate Trainee Massive Recruitment
- KDSG Teachers Recruitment of 10,000 Graduates : How to Apply, KDSG Jobs Login Portal, KDSG SUBEB News
- Access Bank Entry Level Recruitment & Internship Job Vacancies (4 Positions)