Business

Nigeria’s oil revenue drops further, as N389.9 bn is shared

Published

10 years ago

October 29, 2015

Nigeria’s earnings from crude oil exports continued to decline in September, as the three tiers of government shared only N389.936 billion for the month.
Apart from May and June, when the country earned revenues higher than preceding months, statutory earnings have been on the decline since July.
In July, the country’s revenue dropped by N52.4 billion; N64.36 billion in August; and N47.14 billion in September.
The Permanent Secretary, Federal Ministry of Finance, Anastasia Daniel-Nwaobia, said at the end of the meeting of the Federation Accounts Allocation, FAAC, that gross statutory revenue for September stood at N328.326 billion.
Of that figure, Mrs. Daniel-Nwaobia said about N7.2 billion was deducted as cost of collection for the various revenue generating agencies, including the Federal Inland Revenue Service, FIRS, and the Nigeria Customs Service, NCS.
She said grand statutory revenue for the month was N321.996 billion, which was lower by N47.144 billion than the N369.14 billion collected in August.
The decline in revenue for the month was attributed to the negative impact of shut down and shut-in of oil production in various terminals in the Niger Delta for maintenance and repairs.
Specifically, the country lost about $32.07 million during the month as a result of the drop in average crude oil price from $56.76 per barrel in July to about $47.32 in August.
The Organisation of Petroleum Exporting Countries, OPEC, price stood at $42.40 per barrel on Tuesday, October 27, 2015, compared to $43.13 recorded the previous day.
The current revenue challenge, Mrs. Daniel-Nwaobia noted, was further worsened with a decline of over N44 billion in non-oil revenue collections.
The value added tax, VAT, for the month was N56.399 billion, while refund to the Federal Government from the Nigerian National petroleum Corporation, NNPC was N6.33 billion and N5.211 billion exchange gain.
The grand total revenue available for distribution among the three tiers of government for the month stood at N389.936 billion as against N442.606 billion in August.
The Permanent Secretary said the balance in the Excess Crude Account, ECA, as at October 28 remained at about $2.256 billion.
“No excess money has been added to the account as the country has not made any excess revenue from the sale of her crude oil,” she explained.
Details of the revenue distribution showed that the Federal Government collected N151.343 billion (about 52.68 percent); state governments N76.763 billion (about 26.72 percent); Local Governments N59.181 billion (about 20.6 percent) and N27.505 billion as 13 percent derivation to oil producing states.
On the dwindling oil prices, Mrs. Daniel-Nwaobia said the Federal Government was seriously worried about the impact on the economy and the ability to carry out development programmes.
“The committee is very worried. Almost all economies of the world are facing difficulties in the form of headwinds,” she said.
“It’s how one manages ones’ situation that matters. The Federal Government is already aware of this challenge the country is facing. Reforms are already being undertaken. The impact of the reforms may not come as quick as one would expect, but with time, they would manifest,” the Permanent Secretary said.
With the country’s dependence on more than 70 percent of her revenue on oil, she said the volatility in the price of crude oil has exacerbated the country’s poor revenue base.
The government, she pointed out, was talking about diversifying the economy away from oil, with its focus now shifting to other sectors of the economy, especially the non-oil sector.
The concentration of government effort, the Permanent Secretary pointed out, was now on domestic resource mobilisation in the area of improvement on the country’s tax administration to widen the tax net to cover the formal sector, to generate more revenue.
Nigeria’s population is very large. There are a lot of small economic activities around that have not been properly captured in the tax net.
Discussions, she stated, are on to review of the VAT rate, adding that a lot of sensitization were ongoing.
“We are beginning to see some improvements in revenues coming in from those sectors. Government is also looking at the mining sector. A lot of discussions are on-going to check illegal mining activities. The Ministry is working with the Ministry of Mines and Steel to improve on the revenue from that sector,” said.
On capital allocations in the budget, Mrs. Daniel-Nwaobia said the government has so far released approved appropriation for two quarters.
Although she could not confirm whether the releases included about N100 billion demanded by the National Assembly for the controversial constituency projects, the Permanent Secretary said most of the ministries, departments and agencies, MDAs, have received their capital votes.
She said those that may not have collected their allocations may be as a result of the requirements under the new Treasury Single Account, TSA policy demands an authority to incur expense, AIE, from the office of Accountant General of the Federation, OAGF before accessing such funds.

Business

HOUSE OF BIMPE FIT GAINS ATTENTION WITH TRENDY UNISEX FASHION LINE

Published

13 hours ago

April 10, 2026

Sahara Weekly

HOUSE OF BIMPE FIT GAINS ATTENTION WITH TRENDY UNISEX FASHION LINE

LAGOS — A fast-rising fashion brand, House of Bimpe Fit, is making waves in the style scene with its collection of modern, elegant outfits designed for both men and women.

The brand, which showcases a blend of contemporary and classic designs, is quickly attracting attention for its attention to detail and quality finishing. From sharply tailored men’s native wears and suits to chic, figure-flattering outfits for women, House of Bimpe Fit is positioning itself as a go-to destination for fashion lovers seeking both style and comfort.

Speaking on the brand’s vision, the management emphasized its commitment to delivering “quality outfits for both men and women,” ensuring customers step out with confidence and class regardless of the occasion.

Fashion enthusiasts have particularly praised the brand’s versatility, as it caters to a wide range of tastes—from corporate elegance to casual sophistication.

With an active presence on social media, especially on TikTok via @house_of_bimpefit, the brand is leveraging digital platforms to reach a broader audience and showcase its latest collections.

Industry watchers say House of Bimpe Fit is one to watch, as it continues to carve a niche for itself in Nigeria’s competitive fashion industry.

For inquiries, customers can contact the brand via phone at 0802 686 6277.

Business

Jafad College of Nursing Science Showcases Excellence at Matriculation, Capping Ceremony for 158 Nursing Students

Published

14 hours ago

April 10, 2026

Sahara Weekly

Jafad College of Nursing Science Showcases Excellence at Matriculation, Capping Ceremony for 158 Nursing Students

By Agholor M.O

Jafad College of Nursing Science, Oru Ijebu Ogun State, has once again demonstrated its commitment to excellence in healthcare education as it matriculated and inducted into Nursing Training, 158 students of the N.D 2025/2026 academic session in a well attended and inspiring ceremony which took place on Wednesday, 8th of April 2026 at the College premises, Oru Ijebu, Ogun State

The event began with a colourful academic procession of the matriculating students led by their Class Coordinator Mrs B.O. Okuboyejo, alongside principal officers of the college, including the Student Affairs Officer, Mrs Fijabi; College Accountant, Mrs Funmilayo Victoria Alao; Librarian, Mr Jonathan Olusola Fatokun; Registrar, Mr Mojeed Adewale Lawal; and the Acting Provost, Ms Olufunmilola Akintayo.

In her welcome address, the Acting Provost charged the new students to embrace discipline, dedication, and professionalism, noting that Jafad College provides a strong academic and moral foundation needed to thrive in the ever demanding healthcare sector.

The ceremony attracted dignitaries, including Mr Abdulhameed, JAMB Zonal Coordinator, Abeokuta, Ogun State, further underscoring the institution’s growing reputation.

Delivering the matriculation lecture, Mrs Oyelayo Toyin Adeola, a registered nurse educator from Olabisi Onabanjo University Teaching Hospital, spoke on the theme: *“The Journey of Admission to Graduation: Strategies for a Successful Outcome – Learner and Teacher Perspective.”* She emphasized the importance of goal-setting, effective study habits, time management, and active student teacher collaboration. She also highlighted the need for resilience, ethical conduct, and continuous self-improvement, describing nursing as both a calling and a profession that demands compassion, competence, and lifelong learning.

The ceremony reached a symbolic peak with the capping and stripping of the students by experienced registered nurses from Ogun State Hospital, Ijebu Ode, officially ushering them into the noble nursing professional Training.

Parents and guardians expressed satisfaction with the quality of organization and training standards, while the students beamed with excitement as they began their professional journey.

With its experienced faculty, structured training, and commitment to producing competent and compassionate nurses, Jafad College of Nursing Science continues to stand out as a top choice for aspiring healthcare professionals in Ogun State and beyond.

Business

FirstBank Partners Eko Hotels & KEY Academy for ChessMasters 2026 Tournament

Published

2 days ago

April 9, 2026

Sahara Weekly

FirstBank Set to Launch Tailored Financial Services for Blind and Physically Challenged Customers

FirstBank Partners Eko Hotels & KEY Academy for ChessMasters 2026 Tournament

Lagos, 30 March 2025 – FirstBank, West Africa’s premier financial institution and the leading financial inclusion service provider, has announced its strategic sponsorship of the second edition of ChessMasters, Africa’s largest school chess tournament. The announcement was made at the official press conference of the tournament held on 16 March 2026 at Eko Hotels and Suites, Lagos.

ChessMasters is an annual chess tournament designed to equip the next generation with critical thinking, problem-solving, and leadership skills. The competition targets children in primary school aged between 6 and 11 years old. Organised by Eko Hotels and Suites & KEY Academy , ChessMasters was created to provide thousands of children across Nigeria with opportunities to develop modern educational skills, bringing schools together on a national stage.

Speaking at the press conference, Olayinka Ijabiyi, Acting Group Head, Marketing & Corporate Communications at FirstBank, said, “Our sponsorship of ChessMasters 2026 reflects our commitment to building talents and communities, driving inclusion, and deepening engagement through our First@Sports initiative, a platform that celebrates talent and promotes social impact through sports. With over a century of supporting legacy sports in Nigeria, we are proud of our enduring partnerships – 105 years with the Georgian Cup, 65 years with the Lagos Amateur Golf Championship and 35 years with the Dala Hard Court Tennis Championship.”

Ijabiyi further highlighted how the sponsorship aligns with FirstBank’s sustainability pillars of Education, Health, and Welfare. “We recognise the potential of chess to help school-age children challenge themselves, think critically, and compete at the highest level, hence we see the tournament as a launchpad for a pan-African movement leveraging chess as a tool for education, empowerment, and leadership development. We are utilising this platform as another avenue to promote social impact and drive positive change in the community.”

Caline Chagoury Moudabar, Director and Co- Founder of ChessMasters and her partner Damilola Okonkwo of Key Academy, expressed appreciation for FirstBank’s support, noting that the partnership will help scale the impact of ChessMasters and inspire more schools to participate. “We are happy to welcome FirstBank on board. This collaboration will boost chess development in Nigeria and promote critical thinking among young minds. With support from partners like FirstBank, we are opening the doors of participation to more children and more schools in this year’s edition.”

Prince Adeyinka Adewole, Vice President of the Nigeria Chess Federation, commended the initiative, emphasising its role in nurturing future chess talents. “Chess connects people, ideas, and opportunities. It teaches children to be analytical, patient, and manage their time and resources effectively. Chess also improves concentration and has been particularly beneficial for children with autism.”

The second edition of ChessMasters will be held on Saturday, 2 May 2026 at Eko Hotels and Suites, Lagos. The competition is open to 150 schools across Lagos, with over 700 students expected to participate and vie for a total prize pool of N10 million.

FirstBank’s involvement in the 2026 edition of the tournament reinforces the potential of ChessMasters to become a launchpad for African children, leveraging chess as a tool for education, empowerment, and leadership development.