The 2021 Annual Statistical Bulletin of the Organisation of Petroleum Exporting Countries (OPEC) released on Wednesday showed a drop of 543 million barrels in the crude oil reserves of Nigeria. Figures on world oil reserves by country as contained in the bulletin indicated that Nigeria’s oil reserves dropped from 37.45 billion barrels in 2016 to 36,91 billion barrels in 2020.
The Federal Government had repeatedly stated that it was making efforts to grow the country’s oil reserves with a medium-term target of 50 billion, in a bid to increase Nigeria’s revenue from crude sales.
Further analysis of the bulletin showed that the country’s oil reserves stayed at 37.45 billion barrels in 2017, before dropping to 36.97 billion barrels in 2018 and 36.89 billion barrels in 2019.
OPEC, an organisation that has Nigeria as a long-standing member, also stated that the country’s active oil rigs during the five years increased from nine in 2016 to 49 in 2020.
It further stated that Nigeria’s active crude oil rigs in 2017, 2018, and 2019 were 13, 32, and 17 respectively.
According to the cartel, the number of oil wells that were completed in Nigeria moved up from 76 in 2016 to 81 in 2020. Nigeria also completed 76, 81, and 100 oil wells in 2017, 2018, and 2019 respectively.
The report showed that the country’s average crude oil production was 1.43 million barrels per day in 2016, it then moved up to 1.54mbpd in 2017, 1.6mbpd in 2018, 1.74mbpd in 2019. Nigeria’s average daily oil production, however, dropped to 1.49mbpd in 2020, according to statistics released by OPEC. In June this year, the Federal Government said moves to produce four million barrels of crude oil per day would be achieved through marginal oilfields.
Buhari shuts Zanaib Ahmed, Finance Minister, up on naira redesigning policy
”People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”
The president’s support for the policy has however vindicated the stance of the CBN Governor who had insisted that he needs not to consult the Finance minister, having sought and obtained the approval of the President on the matter.
Mr Emefiele had on Saturday insisted the CBN will carry on with the redesign of some denominations of the Naira notes, saying it followed due process in its decision.
The apex bank made this known via its verified Twitter account, saying that the exercise was 12 years overdue.
The CBN urged Nigerians to support the measure, stressing that it was in the country’s overall interest.
The CBN said the measure was in line with provisions of sections 2 and 19 of the CBN Act.
“The management of the CBN had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500 and N1,000 banknotes.
“The CBN urges Nigerians to support the currency redesign project, which is in the overall interest of every citizen of the country.
“The hoarding of significant sums of banknotes outside the vaults of commercial banks should be discouraged by anyone who means well for the country,” it said.
According to the CBN, it had tarried for too long considering it had to wait 20 years to redesign.
“The standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years,” Emefiele claimed.
News Alert! Naira redesigning policy: We don’t need to consult anyone- Emefiele slams Minister of Finance
Finance Minister discredits CBN’s Naira redesigning policy
“However as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy as rolled out at this time portends serious consequences on the value of Naira to other foreign currencies.
“I will however appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now.”
He had told the Finance Minister that barely two days after the announcement of the policy by CBN, the repercussion of it on the value of the Naira to the US dollar was being felt.
“To me, the policy may be a well-conceived one, but the timing going by realities on the ground, is very wrong as the Naira may fall to as low as N1,000 to a US dollar before January 31, 2023, fixed for full implementation of the policy.”
Emefiele said the action was taken in order to take control of the currency in circulation just as he posited that the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
According to him, the planned policy was in line with Sections 19, Subsections a and b of the CBN Act 2007, upon which the management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 notes.
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