Economy
Nigeria’s Gas Output Drops 3.7% to 166.458bcsf in October
By Adedapo Adesanya
Nigeria’s total gas output dipped by 3.7 per cent to 166.458 billion standard cubic feet (SCF) of gas in October 2023 from the 172.77 billion SCF (BCF) of gas produced in September 2023.
According to the latest data released by the Nigerian National Petroleum Company (NNPC) Limited in its gas production and utilisation report, out of this total gas output, 9.796 billion SCF was flared, representing 5.9 per cent of total gas output.
The volume of gas flared in October was 4.1 per cent lower than the 10.21 billion SCF of gas flared in September 2023.
Giving a breakdown of the total gas produced and utilized, the NNPC stated that output from associated gas (AG) stood at 114.47 billion SCF, while non-associated gas (NAG) stood at 51.987 billion SCF.
In addition, the NNPC stated that of the total gas produced in October, apart from the 9.796 billion SCF flared, 156.661 billion SCF of gas was utilized, dropping by 3.63 per cent from the 162.561 billion SCF of gas utilized in September 2023.
Analyses of gas utilization data showed that 10.334 billion SCF of the commodity was utilized as fuel gas; 56.497 billion SCF was allocated to the Nigerian Liquefied Natural Gas (NLNG); while 7.425 billion SCF of gas was allocated to the Escravos Gas-to-Liquid (EGTL) project.
In addition, Natural Gas Liquid/Liquefied Petroleum Gas (NGL/LPG) gas output stood at 4.032 billion SCF; domestic gas sales by the Nigerian Gas Company (NGC) and others stood at 23.956 billion SCF, while gas re-injection and gas lift make-up stood at 54.417 billion SCF.
Furthermore, the NNPC reported that Nigerian Petroleum Development Company – Chevron Nigeria Limited Joint Venture (JV) and Seplat were the worst offender in terms of gas flaring, as they each flared 100 per cent of their total gas output of 184 million SCF and 202 million SCF of gas.
Agip Energy and Natural Resources (AENR) from its Agbara field, First E&P and Enageed Resources from Oil Mining Lease 148 followed, flaring 94.53 per cent, 93 per cent and 92.53 per cent of their gas output of 170 million SCF; 824 million SCF and 109 million SCF of gas respectively.
Others are Aiteo, which flared 50.72 per cent of its total gas output; Nigerian Agip Exploration, Abo Floating Production Storage and Offloading, with flared gas of 46.14 per cent of its total output; Newcross 44.28 per cent of its total output and Heirs Holding Oil and Gas (HHOG) joint venture, which flared 15 per cent of its gas output.
The least offenders are Sterling Oil Exploration and Production Company Limited (SEEPCO), flaring 0.01 per cent and 1.58 per cent from OML 143 and 146, respectively; Total Exploration and Production Nigeria (TEPNG)- 1.02 per cent; Shell Nigeria Bonga FPSO – 0.54 per cent and Shell JV, which flared 3.8 per cent of its total gas output.
By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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