Economy
Cross River Decries Exclusion from 13% Derivation
By Adedapo Adesanya
The Cross River State Government has lamented its exclusion from the 13 per cent oil derivation given to oil-producing states in the country following the loss of her oil wells after the Bakassi Peninsula was ceded to Cameroon.
As of now, only nine states in Nigeria – Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia and Lagos get the agreed derivation from the monthly Federation Account Allocation Committee (FAAC).
Governor of Cross River State, Mr Ben Ayade, said the state has been like a weeping child in the Niger Delta Development Commission (NDDC) since the Bakassi issue.
Speaking when taking the Former Minister of Aviation, Mr Femi Fani-Kayode, on a tour of some major projects of his administration in the state, the Governor reproached the federal government for what he said was “a gross act of insensitivity towards the state.”
“The former minister, even though not a Cross Riverian, has a deep knowledge of the pains and the sufferings of the people of Cross River State.
“I am shocked that this country is watching what is happening to this state. We are not part of the 13 per cent derivation, we are like a weeping child in NDDC, we have no say because it is on the basis of the quantum of oil produced that NDDC allocates projects.
“We have lost our oil wells, the N500 million per month as agreed is not coming, the N15 billion every two years is not coming.
“We have just been reduced to want in body, in spirit, in soul and in our finances,” Mr Ayade lamented.
On his part, the Former Minister of Aviation, Mr Fani-Kayode, decried the ceding of Bakassi Peninsula to Cameroon, saying that it should never have been the case because Cross River State has been robbed in his view.
He also urged the current administration of President Muhammadu Buhari to revisit the ceding of Bakassi Peninsula to Cameroon, as the territory according to him, still belongs to Nigeria.
“The ruling of the court was that they (Cameroon) could take the Bakassi peninsula, but once that had been done, it had to be ratified by the Nigerian legislature and there had to be a referendum, a plebiscite for the people of Bakassi to agree to that.
“Painfully, you were not given the opportunity of having a referendum, the matter never went to the National Assembly and consequently in my view, I would argue strongly that this territory that was ceded to Cameroon was unlawful and therefore still belongs to Nigeria.
“And if I were President Buhari today, and I remember vividly his promises during campaigns where he said he will look into the issue of Bakassi if elected president. I would urge him to return our honour to us as a nation.”
Nigeria had always engaged with Cameroon over the territorial ownership of the Bakassi region up until 2007 when then-president, Mr Olusegun Obasanjo, and President Paul Biya of Cameroon resolved the dispute in talks led by the United Nations.
On November 22, 2007, the Nigerian Senate rejected the transfer, since the Greentree Agreement ceding the area to Cameroon was contrary to Section 12(1) of the 1999 Constitution. Regardless, the territory was transferred to Cameroon on August 14, 2008.
By Aduragbemi Omiyale
On Tuesday, December 17, 2024, President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly.
The size of the 2025 Appropriation Bill is about N47.9 trillion and would be presented to the parliament for approval.
Speaking at the plenary on Thursday, December 12, 2024, the President of the Senate, Mr Godswill Akpabio, said the presentation by Mr Tinubu would be at the chamber of the House of Representatives.
However, it is not certain if the lawmakers will pass the budget before December 31 to allow for a recent budget cycle of January to December.
Recall that on December 3, the senate approved the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025 to 2027.
This was after the President presented this the National Assembly on November 19 ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the government said it planned to borrow about N9.22 trillion from local and foreign sources to finance the budget deficit.
It pegged the crude oil benchmark at $75 per barrel and a daily oil production of 2.06 million barrels at an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
At the plenary today, Mr Akpabio informed his colleagues that, “The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on December 17, 2024.”
By Adedapo Adesanya
Nigeria added 150,000 barrels per day to its crude production in November 2024 as it continues to pursue an ambitious 2 million barrels per day target.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production rose to 1.48 million barrels per day in November, up from 1.33 million barrels per day the previous month.
In its Monthly Oil Market Report (MOMR), OPEC revealed that at 1.48 million barrels per day, it is the continent’s leading oil producer, surpassing Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day.
Business Post reports that OPEC doesn’t account for condensates, which Nigeria’s accounts for in its broader 2 million barrels per day target.
Despite the surge in production levels, Nigeria is still under producing its 1.5 million barrels per day output quota under a deal involving OPEC and 10 other producers known as OPEC+.
OPEC said it relied on primary data gotten through direct communication, noting that secondary sources reported 1.417 million barrels per day as Nigeria’s crude production in November — up from 1.4 million barrels per day in October.
The data also shows that OPEC’s total oil production among its 12 members rose by 104,000 barrels per day in the month under review.
According to secondary sources, the total of the 12 OPEC countries’ crude oil production averaged 26.66 million barrels per day in November 2024.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased”, OPEC said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia,” the organisation added.
In a related development, OPEC trimmed its 2024 and 2025 oil demand growth forecasts for the fifth time this year.
Now, the cartel expects the world’s oil demand growth at 1.61 million barrels per day from the previously 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, a 900,000 barrels per day cut from the previously expected 1.54 million barrels per day.
On the changes, OPEC says that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
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