Economy
Oil Prices Rise on Tighter Crude Supplies

By Adedapo Adesanya
Oil prices closed higher on Thursday, spurred by a tightening of crude supplies along with new US tariffs and their expected effect on the world’s economy.
Brent crude futures gained 24 cents or 0.3 per cent to settle at $74.03 a barrel and the US West Texas Intermediate (WTI) crude futures rose by 27 cents to trade at $69.92 per barrel.
Traders assessed President Donald Trump’s imposition of a new 25 per cent tariff on potential buyers of Venezuelan crude.
Oil is Venezuela’s main export and China, which is already the subject of US tariffs, is the largest buyer.
The 25 per cent tariff to be imposed on buyers of Venezuelan oil will take effect on April 2 and would be combined with any existing tariffs, according to the executive order.
The tariff will expire one year after the country last imported Venezuelan oil, the order said, and would apply to countries that buy the commodity from Venezuela through third parties.
Alongside China, India, Spain, Italy and Cuba are other consumers of Venezuelan oil.
Following this, India’s Reliance Industries which operates the world’s biggest refining complex, will halt Venezuelan oil imports following the tariff announcement.
India moved on Thursday to deny entry to a Tanzanian-flagged tanker carrying Russian crude, signaling that the country is ramping up scrutiny of vessels transporting oil from Russia.
India has become the largest importer of Russian crude, with Russian oil comprising roughly 35 per cent of its total crude imports last year. However, the country has faced increasing pressure due to US and European sanctions targeting Russian oil exports, which have disrupted global shipping routes.
Also, President Trump unveiled his plan on Wednesday to implement 25 per cent tariffs on imported cars and light trucks effective next week, while those on auto parts begin on May 3.
Market analysts do not expect prices to return to the higher levels seen in early 2025 as uncertainty over U.S. policy and the prospect of tariff wars weigh on demand.
Data on US crude inventories on Wednesday showed tighter U.S. supplies, as stockpiles fell by 3.3 million barrels last week.
Meanwhile, the number of Americans filing new applications for unemployment benefits slipped last week.
Economy
Why It’s the Best Bitcoin Wallet and Best Crypto Wallet for 2025

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Economy
NEITI Recovers N7.43bn Debt From Oil, Gas Firms

By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced the recovery of N7.43 trillion (approximately $4.85 billion) from outstanding payments owed by oil and gas companies, following its industry-wide financial disclosures.
The recovery is part of the total $8.26 billion identified in NEITI’s 2021 oil and gas audit report.
This was disclosed by NEITI’s Executive Secretary, Mr Orji Orji, while speaking during a press briefing in Abuja over the weekend, noting that the recoveries demonstrate the agency’s commitment to transparency and accountability in Nigeria’s extractive sector.
The NEITI chief noted that while significant progress has been made in recovering funds, unresolved financial liabilities remain a major concern.
“So far, over $4.85 billion was recovered from the disclosures of $8.26 billion (made by NEITI in its 2021 oil and gas report. In the 2023 industry reports released in September 2024, NEITI disclosed liabilities of $6.175 billion and N66.378 billion, showing a significant decline from the liabilities of 2021 reports, yet worrisome because of the need for government to find resources to fund its 2025 budget,” Mr Orji stated.
He decried that despite NEITI’s efforts to ensure financial accountability in the oil and gas sector, several companies have continued to default on payments.
He called on relevant government bodies, including the Federal Inland Revenue Service (FIRS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to take stronger enforcement actions against defaulters and adopt more stringent measures to prevent future revenue leakages.
“Analyses of how these liabilities, when paid, could support the federal government’s domestic revenue mobilization reveals that the liabilities, when converted at N1,500 to one dollar, would amount to N9.33 trillion.
“The sum is more than the federal government’s total budget for health, education, agriculture and food security, which totaled N8.73 trillion. Further analyses show that the sum is also more than the total budget for national security at N6.11 trillion, health at N2.48 trillion and social welfare of N724 billion all put together. The liabilities can also knock off about 72 per cent of the federal government’s budget deficit of N13 trillion for 2025.”
He called on relevant agencies responsible for collecting these revenues to do what is needed and support our governments at all levels to provide the much-needed infrastructure for our citizens,” he stated.
Mr Orji further disclosed plans to broaden the initiative’s industry-wide reports to include dedicated sections on divestments, forward sales of oil and gas assets, and environmental remediation.
This move, he noted, is aimed at strengthening transparency and accountability in the extractive sector.
He stated that while the agency’s current Beneficial Ownership data is up-to-date as of 2023, more work is needed to deepen engagements and public disclosures on companies acquiring divested assets.
Mr Orji highlighted challenges such as institutional constraints, funding limitations, and resistance to change.
He called for collective efforts from the media, civil society, and stakeholders to ensure that Nigeria’s oil, gas, and mining revenues are managed prudently for the benefit of all citizens.
“Transparency is not just a policy; it is a responsibility. NEITI remains steadfast in ensuring that Nigeria’s extractive revenues are accounted for and utilized effectively,” he added.
Economy
Nigeria Rakes N7.68trn Exporting Gas Products in 2024

By Adedapo Adesanya
Nigeria earned N7.68 trillion from the export of natural gas, liquefied petroleum gas and other gas products in 2024.
This showed an increase of 105.1 per cent from the N3.746 trillion earned from the sale of the commodities in 2023, data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2024 noted.
It was revealed that gas export earnings accounted for 9.92 per cent of total exports recorded in the year under review versus the 10.42 per cent posted a year earlier.
Giving a breakdown of gas exports in 2024, the NBS reported that in the first quarter, the country recorded N1.437 trillion, N2.881 trillion was earned in the second quarter, while in the third and fourth quarter of 2024 stood at N35.845 billion and N3.329 trillion, respectively.
In comparison, the NBS stated that the country earned N668.119 billion, N711.1 billion, N1.109 trillion and N1.257 trillion from gas exports in the first, second, third and fourth quarter of 2023, respectively.
The NBS noted that the during the period under review, the country earned N1.943 trillion from natural gas exports, followed by other petroleum gases with N1.117 trillion, while Liquefied Petroleum Gas (LPG) trailed with N269.074 billion.
The agency disclosed that Nigeria exported Liquefied Petroleum Gas valued at N112.71 billion and Natural gas worth N83.655 billion to the Netherlands in the fourth quarter of 2024; while natural gas valued at N135.21 billion was exported to France.
It added that Spain purchased N345.118 billion worth of natural gas from Nigeria and N131.289 billion worth of other petroleum gas, while India purchased other petroleum gas and natural gas valued at N337.085 billion and N209.159 billion, respectively.
In Africa, the NBS noted that Nigeria sold N10.81 billion worth of Liquefied Petroleum Gas to the Ivory Coast in the fourth quarter of 2024.
Based on the entire data, the stats office disclosed that total foreign trade stood at N138.033 trillion in 2024; rising by 106.6 per cent, compared with N66.825 trillion in 2023.
It added that total exports stood at N77.442 trillion in 2024, rising by 115.3 per cent compared with N35.962 trillion in 2023; while total imports stood at N60.59 trillion in 2024, rising by 96.3 per cent from N30.863 trillion recorded in 2023.
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