Echotitbits – Nigeria News

Tag: oil theft

  • Nigerian Navy Heightens Maritime Surveillance to Combat Crude Oil Theft

    Nigerian Navy Heightens Maritime Surveillance to Combat Crude Oil Theft

    The Nigerian Navy has deployed high-speed interceptor boats and drone technology to the Niger Delta to intensify operations against illegal oil bunkering and pipeline vandalism that continue to drain foreign exchange earnings.

    The Chief of Naval Staff said the new assets will provide real-time surveillance for remote creeks and offshore assets, cutting response time and tightening control of maritime corridors.

    The Navy also announced a collaboration framework with private security firms and local communities to improve intelligence and disrupt the logistics chains that support illegal refining.

    Echotitbits take: Crude oil theft remains one of Nigeria’s biggest revenue leakages. Drone-led surveillance can change the game, but the real test is whether enforcement reaches the high-level ‘godfathers’ behind the theft—not only the foot soldiers in the creeks.
    Source: The Punch – https://punchng.com/navy-backs-fgs-2-5mbpd-oil-projection-by-2027/ 2026-01-27

    Photo Credit: The Punch

  • Budget pressure: FG projects ₦60.97tn oil revenue for 2026 on tighter assumptions

    Budget pressure: FG projects ₦60.97tn oil revenue for 2026 on tighter assumptions

    Photo credit: The Punch

    2025-12-22 09:00:00

    An analysis published by *The Punch* says the Federal Government is projecting about ₦60.97 trillion in oil revenue for 2026—lower than the prior year’s expected oil take—reflecting more cautious assumptions on price and output.

    The projection is tied to the 2026 Appropriation framework and the administration’s budget posture, where debt service, capital expenditure, and security spending are competing heavily for limited revenues.

    Analysts note that oil revenue forecasts are especially sensitive to production disruptions, theft, and global price swings—meaning fiscal planning can change quickly if any variable moves.

    The broader implication is clear: if oil underperforms, the pressure shifts to non-oil revenues, borrowing, and reforms—each with political and economic trade-offs.

    Reuters reported the budget assumes “a crude oil price of $64.85 per barrel” with output around “1.84 million barrels per day,” while *The Guardian (Nigeria)* similarly stated the plan is built on a “$64.85 per barrel oil benchmark” and “1.84 million barrels per day” production assumption.

    **Echotitbits take:** Conservative oil assumptions are good discipline—but only if the government actually delivers non-oil revenue growth. Watch for tax admin upgrades, customs efficiency, and whether production targets improve without new leakage.

    Source: The Punch — December 22, 2025 (https://punchng.com/fg-projects-lower-n60-97tn-oil-revenue-for-2026/)

  • Nigeria’s Oil Output Rises by 35,000 Barrels Per Day in November

    Nigeria’s Oil Output Rises by 35,000 Barrels Per Day in November

    Photo Credit:Punch Newspapers

    Nigeria’s crude oil production increased by 35,000 barrels per day in November, according to new data from industry trackers. The rise reflects modest gains from improved security in some fields and ongoing efforts to tackle theft and pipeline vandalism.

    While still below the country’s full capacity and official quota, the uptick offers slight relief for government revenues and foreign‑exchange inflows. Analysts caution, however, that sustained recovery will require deeper reforms, including infrastructure upgrades, better metering and stricter enforcement against illegal bunkering.

    Source: Punch Newspapers – 12 Dec 2025

    2025-12-12 10:00:00 Punch Newspapers – 12 Dec 2025 2025-12-12