Connect with us

News

Nigeria’s Rig Count Rises 20.8% To 29 In Q3

Published

on

Nigeria’s rig count, a global index for measuring activities in the upstream sector, has increased by 20.8per cent Year-on-Year, YoY, to 29 in the third quarter 2021 (Q3’21) from 24 recorded in the corresponding period of 2020.
This was revealed in a report by the Organisation of Petroleum Exporting Countries (OPEC), yesterday.
During the quarter under review, sector activities appear on the low ebb in July with just seven rigs in operation, but it quickly rose to 11 in August and maintaining same level in September.
The organization did not provide reasons for the increase, but investigations show that it might have been connected to improved activities after the complete lockdown of the oil and gas industry under the Covid-19 adverse operating environment.
This was even as the OPEC’s latest Monthly Oil Market Report (MOMR), for the month of October, 2021 puts the Nigeria’s oil output at 1.239million barrels per day, mb/d, excluding condensate, based on data obtained from direct sources.
However, when data obtained from indirect sources were considered, the organization, which has already increased Nigeria’s quota to 1.8mb/d from 2022, puts the nation’s output at 1.271mb/d.
Already, the government proposed its 2022 budget benchmarks on $57per barrel and 1.8mb/d, but prices currently hover at over $80per barrel, indicating that its revenue target would likely be met despite the shortfall in output.
In the budget presentation to the National Assembly, President Muhammadu Buhari had said: “The 2022 to 2024 Medium Term Expenditure Framework and Fiscal Strategy Paper sets out the parameters for the 2022 Budget. A conservative oil price benchmark of $57per barrel; daily oil production estimate of 1.88million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day); exchange rate of four 410.15 per US Dollar; and projected GDP growth rate of 4.2per cent and 13per cent inflation rate.
“Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at N17.70trillion in 2022.
“Total federally distributable revenue is estimated at N12.72trillion in 2022 while total revenue available to fund the 2022 Federal Budget is estimated at N10.13trillion. This includes grants and aid of N63.38billion, as well as the revenues of 63 government-owned enterprises.
“Oil revenue is projected at N3.16trillion, non-oil taxes are estimated at N2.13trillion and FGN independent revenues are projected to be N1.82trillion.”
In any case, Senior Research Analyst at FXTM, Senior Research Analyst at FXTM, Lukman Otunuga, who raised hope on continued stability in oil prices, said: “One of the major themes dominating global markets is the recent surge in oil prices.
“Brent and WTI crude have appreciated to multiyear highs this month thanks to the combination of tightening supplies and rising demand. The explosive appreciation in oil is bad news for energy consumers but a welcome development for energy-producing countries like Nigeria which acquires over 90% of export earnings and roughly 70per cent of government earnings from oil sales.”

Continue Reading

News

Tinubu Appoints Ogunjimi Accountant-General 

Published

on

President Bola Tinubu has appointed Shamsedeen Ogunjimi as the new Accountant General of the Federation.

The appointment which was announced yesterday takes effect on March 7, 2025, coinciding with the retirement of the incumbent AGF, Oluwatoyin Madehin.

Ogunjimi, 57, was first named as Madehin’s successor in December 2024.

His selection was finalised after a competitive process overseen by a committee tasked with evaluating Directors of Accounts in the Federal Civil Service.

The process included a written assessment, an ICT proficiency test, and oral interviews, underscoring Tinubu’s commitment to transparency and excellence in public appointments.

In a statement issued last Tuesday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, detailed the significance of the appointment.

“The selection process underscores President Tinubu’s commitment to promoting transparency, excellence, and competence in key public service positions,” the statement read.

The Presidency said Ogunjimi’s emergence as AGF reflects the administration’s focus on appointing qualified individuals to critical roles.

A graduate of the University of Nigeria, Nsukka, Ogunjimi earned a Bachelor of Science in Accountancy in 1990.

He later obtained a Master’s degree in Accounting and Finance from the University of Lagos.

With a distinguished career, he is a fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria, bringing a wealth of expertise to his new role.

Tinubu extended his congratulations to Ogunjimi, setting clear expectations for his tenure.

“President Tinubu congratulates Ogunjimi on his appointment and urges him to discharge his duties in the service of Nigeria with integrity, professionalism, and dedication to Nigeria’s service,” Onanuga’s statement noted.

The President’s charge, according to the statement, highlights the administration’s emphasis on accountability and service delivery in managing the nation’s finances.

Ogunjimi steps into the role at a pivotal time as Nigeria navigates economic reforms and fiscal challenges.

His appointment replaces Oluwatoyin Madehin, who served as AGF until her retirement on March 7 .

Continue Reading

News

Don Tasks Varsities On Artificial Intelligence 

Published

on

A renowned lecturer at the University of Port Harcourt, Prof. Bourdillon Omijeh, has called on universities to upscale their  academic curriculum to keep up with the advancement of Artificial Intelligence (AI).

 

Omijeh stated this while delivering the 196th Inaugural Lecture of the University of Port Harcourt, last week.

 

Speaking on the topic: “Embedded Systems, The Game Changer On Modern Industrialisation”, he discussed what he described as Education 4.0, emphasizing the need to integrate digital and innovative skills into education to keep up with rapid technological changes with Artificial Intelligence.

 

“Education 4.0 has to do with education in the fourth industrial revolution, whereby you have build in the emerging digital skills. The jobs that are available now, in the next few years, will phase out, because we are now in the era of full automation.

 

“Artificial Intelligence is taking the whole lead, and so we need to develop manpower for industry. If we go to the oil and gas today, it is a transformed oil and gas system, whereby all the things that would have been done mechanically are being done automatically”, he said.

 

Omijeh called on government to prioritize human capacity development, saying that while infrastructural projects may face setback, investing in youth education and equipping students with relevant technological skills will enable them to earn livelihood during their studies.

 

He stressed the importance of acquiring practical skills alongside formal education, adding that relying solely on academic certificates will no longer be sufficient in today’s fast-changing digital landscape.

 

In his speech, the Vice Chancellor of University of Port Harcourt, Prof. Owunari Georgewill, highlighted Prof. Omijeh’s impact on the school.

 

“Prof. Omijeh is a game-changer. He has attracted so much to the university in terms of collaboration. And I must tell you, do not think it is easy that you make people from outside the country come here, bring equipment, bring money, trust you enough to say you can carry out research and give them results.

 

“You know we are in an era of digital transformation and so every curriculum must take into cognizance the fact that the digital transformation has come to stay.

 

“So, in whichever way you want to teach, in whichever way you want to research, you must think digital as the way to go. So, embedded systems have come to stay in the University of Port Harcourt”, he said.

 

The lecture showcased Prof. Omijeh’s research breakthrough in embedded systems, emphasizing their impacts on industrial revolution, community development and global recognition.

 

His innovations include GSM-based control device for home appliances, GSM-based remote control robotic car, among others.

 

The Inaugural Lecture recommended that the federal government should invest massively in Education 4.0 and the production sector of the economy, fund start-ups, innovation hubs and create smart factories.

 

It also recommended for improved curriculum and teaching methodology for embedded systems and emerging technology, among others.

Continue Reading

News

Okogbule Steps Down, Lauds Fubara For Support As RSU VC

Published

on

The outgoing Vice Chancellor of the Rivers State University (RSU), Port Harcourt, Prof. Nlerum Okogbule, has commended the Rivers State Governor, Sir Siminilayi Fubara, for his support towards the successful completion of his tenure.

 

Okogbule said he owed the governor a debt of gratitude for his support to his administration and his decision to allow him continue from office as the Vice Chancellor despite being appointed by Fubara’s estranged godfather and  predecessor, Nyesom Wike.

 

The outgoing Vice Chancellor stated this during a valedictory press briefing held at the university’s auditorium to give account of his five-year single tenure as the Vice chancellor of the university.

 

“The essence of this briefing is to give account of my stewardship, achievements and challenges within the period under review.

 

“First, let me thank the Almighty God for seeing me through in good health despite the office challenges. He has really been faithful. My appreciation also goes to the two governors who are visitors to the university for appointing me and for as well, allowing me complete my tenure,” he said.

 

Okogbule expressed joy for the opportunity given to him to serve the State, saying he was bowing out from the office as a fulfilled man who has served meritoriously and also achieved a lot in the development of the institution.

 

He noted that RSU became one of the best universities in the country under his watch and listed the establishment of the school’s satellite campus in Etche, Emohua and Ahaoda as part of his achievements.

 

According to him, academic activities in those satellite campus are in their third years.

 

“We could not complete that of Keren in Khana lga because we could not complete the remodeling of the campus; so the students will continue to remain at the main campus,” he added.

 

Okogbule also pointed out that the graduation and induction of first set of medical nurses and midwifery students took place during his administration, while also achieving full accreditation of many courses for the university.

 

On the challenges faced by his administration, the Vice Chancellor identified lack of funding and power supply as major constraints, and advised his successor to look for alternative sources for power generation.

 

He expressed appreciation to his management team, staff and students including the media for the support given to him during his tenure and urged them to extend same to his successor.

 

Our correspondent reports that Prof. Okogbule’s five-year single term comes to an end today (Wednesday), having being appointed on March 5, 2020 by the former governor of the State, Nyesom Wike.

 

Amadi Akujobi

Continue Reading

Trending