Economy
Nigerian Govt to grow oil reserves to 40bn barrels by 2025

The Minister of State for Petroleum Resources, Timipre Sylva has disclosed that one of the key mandates of the ministry is to grow oil reserves from the current 37 to 40 billion barrels by 2025.
Sylva said this on Tuesday at the official ground-breaking of the Oil Prospecting Licenses (OPLs) 809 and 810 at the Kolmani River II well located at a border community between Bauchi and Gombe states.
The Kolmani Integrated Development Project was inaugurated by President Muhammadu Buhari with some top government officials including governors, cabinet members, captains of industry and Nigerian National Petroleum Company Ltd. (NNPCL) officials, among others in attendance.
He said he was particularly excited at the partnership between NNPCL, Sterling Global Oil, and New Nigeria Development Commission (NNDC), to carry out the drilling campaign.
“This is a testimony of the fact that the hydrocarbons sector still holds promise of returns on investment, highlighting the role that this resource will continue to play in the global energy mix,” Sylva said.
He recalled that in 2019 when the NNPC announced that it had encountered oil in ‘commercial quantities’ at the Kolmani River well II, the nation celebrated the news as a fitting outcome for years of geological investigations.
“In spite of the enormity of challenges that NNPC was confronted with, the day has come when we can collectively witness and celebrate drilling for hydrocarbons in the North of our dear country,” he said.
He said the ministry was committed to finding and developing ways to end energy poverty, create shared prosperity and enthrone sustainable development.
Sylva said the Petroleum Industry Act (PIA) provided regulatory support and framework for achieving this mandate by providing Frontier Exploration Fund which the NNPC could utilise to deploy world-class cutting-edge technologies to de-risk exploration in frontier basins.
“The commencement of drilling of Kolmani fields which could hold as much as one billion barrels crude oil reserve will significantly contribute to boosting our oil reserves and ensuring our continuous energy sufficiency,” he said.
He thanked the President for demonstrating his commitment to the uninhibited development of the petroleum industry.
In a remark, the Group Chief Executive Officer of the NNPCL, Malam Mele Kyari said the discovery of a commercial oil and gas deposit at the Kolmani oil field in 2019 was further appraised and validated by the Kolmani team.
Kyari, while thanking the Bauchi and Gombe state governments and their partners, said the development of a framework was put in place to guarantee financing and technology required to deliver the integrated project.
He assured the President that it would leverage every mechanism including an asset-based financing framework for the delivery of the project for it to stand out as the administration’s lasting legacies.
The President of the Senate, Ahmed Lawan also lauded the President for achieving a landmark feat, adding the PIA in sections nine, five and four provided 30 per cent of profit from oil exploration.
Lawan said that Bauchi and Gombe states would soon be benefiting from the 13 per cent derivation and the host community development fund which would have a serious impact on the lives of the host community dwellers.
He urged the government to use revenue generated from oil to improve the livelihood of the dwellers and also to ensure the deployment of technology as well as a safe environment.
The senate president, while decrying the worrisome sight of the Niger Delta region, especially Ogoni Land advised operators of the oil fields to avoid contaminating the environment.
In an address, the Group Managing Director of NNDC, Shehu Mai-Borno pledged commitment towards the realisation of the integrated development project.
Also speaking, the Managing Director of Sterling Oil Exploration and Energy Production Company Ltd., Mr Mohit Barot, presented a short video indicating the project overview.
Barot, while thanking the Federal Government for finding the company as a reliable partner for achieving energy security, said it had secured the requisite financing required for the project.
Nigerian Govt to grow oil reserves to 40bn barrels by 2025
Economy
Bago inaugurates empowerment programme for 716 youths in Niger

Gov. Umaru Bago of Niger State has inaugurated an empowerment programme for 716 youths sponsored by a state lawmaker, Alhaji Sani Umar (APC-Kontagora 1), in Kontagora Local Government Area of the state.
While inaugurating the programme that involved disbursement of funds on Sunday in Kontagora, he said it would enable youths to acquire skills for self-reliance.
Bago, represented by his deputy, Mr Yakubu Garba, commended the lawmaker for the empowerment programme, which he described as people-centred.
He urged the beneficiaries to make good use of the support given to them, saying that the programme was designed to have a positive impact on their lives.
He said that the state government would continue to come up with policies th positive impact on the lives of the people, especially women and youths.
Bago said that youth empowerment was crucial to fighting unemployment, restiveness and hardship.
He commended the state legislators for their support and collaboration, attributing the government’s successes to their continued assistance and foresight.
The governor reiterated his resolve to foster cohesion between the executive and legislature, ensuring the delivery of democracy dividends to the electorate.
In his remarks, Alhaji Abdulmalik Sarkindaji, Speaker of the House of Assembly, commended the lawmaker for the initiative aimed at empowering the youths to become self-reliant.
He lauded the governor for not interfering with legislative engagements, and for promoting democratic principles in governance and the polity.
Earlier in his address, Umar, the sponsor of the programme, said the empowerment was aimed at reducing unemployment and restiveness among youths in his constituency.
He thanked the governor for his support and encouragement for the programme.
Also speaking, Alhaji Aminu Bobi, Chairman of the All Progressives Congress (APC) in Niger, thanked the governor for his support and administrative prowess, which he said had brought significant changes to the state.
One of the beneficiaries, Aisha Mohammed, thanked the lawmaker for the gesture and promised to make judicious use of the funds to better her life.
The News Agency of Nigeria (NAN) reports that the event was attended by top government officials, traditional rulers, and other stakeholders in the stat
Economy
Benue at 49: Governor Alia’s Vision for Economic Prosperity and Infrastructure Growth

As Benue State celebrates its 49th anniversary, Governor Hyacinth Alia has emphasized his commitment to driving the state to unprecedented levels of economic prosperity and infrastructural development.
In a statement signed by his Chief Press Secretary, Mr. Tersoo Kula, and made available to newsmen on Monday in Makurdi, Alia outlined the significant reforms his administration has set in motion since he assumed office.
“Less than two years into our administration, we have achieved remarkable breakthroughs, unprecedented in the history of the state,” said Alia.
The governor highlighted key achievements, including the rollout of programs aimed at boosting agricultural productivity and agribusiness to ensure food security and improve livelihoods. “We have rehabilitated roads, opened new ones, constructed and fixed public facilities to make Benue more accessible, enhancing economic growth,” he stated.
Alia also underscored the administration’s focus on healthcare, pledging to advance healthcare facilities to ensure quality and accessible services for all citizens. “Our resolve is to take the state where every citizen experiences prosperity, security, and opportunity,” he added.
The governor stressed that achieving these goals requires the collective efforts of all Benue citizens. “This target cannot be achieved alone. It calls for the collaborative determination of all stakeholders, community leaders, traditional rulers, business owners, and our energetic youth. Together, the administration can build a future that mirrors our joint desires,” Alia urged.
As the state marks its 49th anniversary, the governor called on the people to remain steadfast in their commitment to promoting Benue’s growth. “I extend a hand of fellowship to all stakeholders to join hands with us in this noble endeavour,” he concluded.
Economy
NCS Records Historic ₦6.1 Trillion Revenue in 2024

The Nigeria Customs Service (NCS) has achieved a historic milestone, collecting a record ₦6.1 trillion in revenue in 2024, surpassing its ₦5.1 trillion target by ₦1.03 trillion. This represents a 20.2% increase above the target and an impressive 90.4% rise from the ₦3.2 trillion collected in 2023.
Speaking at a press briefing in Abuja on January 14, 2025, the Comptroller-General of Customs, Bashir Adewale Adeniyi, attributed the remarkable performance to strategic reforms, enhanced operational efficiency, and strong alignment with government policy objectives. “This growth is historic as it marks the highest year-on-year increase recorded by the Service in recent times,” he noted.
The record-breaking revenue is segmented into ₦3.66 trillion for the Federation Account, ₦816.9 billion for Non-Federation Account Levies, and ₦1.63 trillion in Value Added Tax (VAT) on imports.
Adeniyi highlighted the Service’s effort to balance revenue collection with trade facilitation, granting concessions worth ₦1.68 trillion to stimulate industrial growth while tightening controls to prevent abuses.
The Service also achieved remarkable progress in trade facilitation, recording a 179.3% increase in total trade value to ₦196.94 trillion in 2024, compared to ₦70.5 trillion in 2023. This growth was driven by a surge in the export trade, which saw a 219.5% increase in value to ₦136.65 trillion.
Significant advancements were made in customs operations, including the introduction of the Advanced Ruling System and the Authorized Economic Operator (AEO) programme. The latter has reduced cargo clearance times to an average of 43 hours for AEO-certified companies. Additionally, the indigenously developed digital clearance platform, “B’Odogwu,” generated ₦31 billion in revenue during its pilot phase.
In 2024, the NCS received international acclaim, advancing 33 places in the Presidential Enabling Business Environment Council (PEBEC) rankings and being recognised among the top five agencies for trade facilitation. Strategic partnerships, such as with the Healthcare Federation of Nigeria, have streamlined the clearance of medical supplies, aligning with the federal government’s health accessibility goals.
The Service’s trade facilitation efforts under the African Continental Free Trade Agreement (AfCFTA) have also bolstered the participation of Nigerian exporters in global markets, with notable representation at the Biashara Afrika forum in Kigali.
Adeniyi attributed these achievements to the support of President Bola Ahmed Tinubu’s administration and the dedication of NCS officers. He reaffirmed the Service’s commitment to leveraging technology, fostering stakeholder collaboration, and enhancing operational efficiency to sustain growth.
-
Headlines3 years ago
Facebook, Instagram Temporarily Allow Posts on Ukraine War Calling for Violence Against Invading Russians or Putin’s Death
-
Headlines3 years ago
Nigeria, Other West African Countries Facing Worst Food Crisis in 10 Years, Aid Groups Say
-
Foreign3 years ago
New York Consulate installs machines for 10-year passport
-
News9 months ago
Zero Trust Architecture in a Remote World: Securing the New Normal
-
Entertainment3 years ago
Phyna emerges winner of Big Brother Naija Season 7
-
Headlines1 year ago
Nigeria Customs modernisation project to check extortion of traders
-
Economy1 year ago
We generated N30.2 bn revenue in three months – Kano NCS Comptroller
-
Headlines12 months ago
Philippines’ Vice President Sara Duterte resigns from Cabinet