Business and Economy
NNPC Reports: N13.23bn Trade Surplus In October 2019
The Nigerian National Petroleum Corporation (NNPC) recorded a trading surplus of ₦13.23billion in October 2019.
This represented an increase of 54 per cent compared to ₦8.59 billion surplus posted in September 2019. adsbygoogle || []).push({}); js">
The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of October released in Abuja, on Wednesday.
The report reflected the sustained streak of positive results in the operations of the National Oil Company.
It added that the September 2019 trading surplus of ₦8.59 billion in turn indicated a significant increase of 65 per cent compared to the ₦5.20billion surplus posted in August 2019.
The report noted that the August surplus also beat the ₦4.26billion surplus posted in July 2019, reflecting an increase of 22 per cent.
The report revealed that the October surplus was largely due to the improved trading surplus posted by its Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).
On Crude oil and Gas sales, it said that a total Crude Oil and Gas export sales of 483.25 million dollars were made in October 2019.
It said this was an increase of 35.77 percentage point, compared to September, implying that in October, Crude oil export contributed 396.94million dollars (82.14 per cent) of the dollar transactions, compared with 267.97million dollars contribution in the September 2019.
It noted that the export Gas sales for the month amounted to 86.32 million dollars.
“Overall, the October 2018 to October 2019 Crude Oil and Gas transactions indicated that Crude Oil and Gas worth 5.49 billion dollars was exported,’’ it said.
In the Downstream Sector, it said that 1.16billion litres of Premium Motor Spirit(PMS) also known as petrol, translating to 37.30mn liters/day, were supplied for the month.
It noted that the corporation had continued to monitor the daily stock of PMS in order to achieve smooth distribution of petroleum products and zero fuel queue nationwide.
The report said that in October 2019, 35 vandalized-pipeline points, representing a decrease of 81 per cent from the 186 vandalized-points in September 2019, were recorded.
“Out of the vandalized points, eight failed to be welded, while only one pipeline was ruptured, with Ibadan-Ilorin axis accounting for 34 per cent of the breaks.
“ATC-Mosimi and other routes accounted for 23 per cent and 43 per cent, respectively,’’ it noted.
In the Gas Sector, the report said that out of the 235.82 billion Cubic Feet (BCF) of gas supplied in October 2019, a total of 134.97 BCF of gas was commercialized, consisting of 31.37 BCF for domestic market and 103.60 BCF for export market.
This, it said translated to a total supply of 1.01 Million Standard Cubic Feet (mmscfd) of gas to the domestic market and 3.34 mmscfd of gas supplied to the export market.
It said that during the month, 57.23 per cent of the average daily gas produced was commercialized, while the balance of 42.77 per cent was re-injected, used as Upstream fuel gas or flared. (NAN)
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Business and Economy
Ododo Lauds Tinubu Over Public Finance Reforms, As Chief Ibori Commissions Kogi Audit House
From Joseph Amedu, Lokoja
Kogi State Governor, Alhaji Ahmed Usman Ododo has commended President Ahmed Bola Tinubu, for his visionary leadership and steadfast commitment to strengthening governance systems across the country through public finance reforms.
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The Governor who stated this on Tuesday during the official commissioning of the Kogi State Audit House, said the ongoing national reforms in public finance management, institutional accountability, and economic restructuring under his administration have created an enabling environment for states to execute impactful projects that strengthen transparency and improve service delivery.
“We remain fully aligned with the Renewed Hope Agenda and deeply appreciate the support extended to sub-national governments.
Governor Ododo also acknowledge and commended Chief James Onanefe Ibori, former Governor of Delta State, who he described as a respected statesman and distinguished son of Niger Delta, for presence to commission the Audit House.
Speaking further on Chief Ibori, the governor said “Your contributions to governance, leadership, and national development continue to inspire many of us, and we are deeply grateful for your solidarity with the Government and people of Kogi State on this historic day.
“I therefore use this opportunity to specially welcome our visiting dignitaries, Auditors-General from across the Federation, party leaders, members of civil society organizations, development partners, and all friends of Kogi State who have honored us with their presence today.
“Your participation underscores the national significance of this event and the shared responsibility we all bear in strengthening democratic accountability and public sector performance in Nigeria.
“As we mark this commissioning, let this facility serve not only as an administrative center, but as a symbol of our collective resolve to uphold integrity, professionalism, and transparency in the management of public resources.
“It should also stand as a model and inspiration to other states to invest deliberately in institutional frameworks that support effective oversight and responsible governance.
“In conclusion, I reaffirm the commitment of my administration to building systems that protect public interest, strengthen public institutions, and promote inclusive development. The Kogi State Audit House represents a major step in that direction.
“It is therefore my honor and privilege, with gratitude to Almighty God and in recognition of his distinguished service to our nation, to invite His Excellency, Chief James Onanefe Ibori, former Governor of Delta State, to kindly perform the official commissioning of the Kogi State Audit House. The governor said.
While commissioning the edifice, Chief Ibori commended the the Kogi State Governor, Alhaji Ahmed Usman Ododo for his effort in promoting accountability and transparency in governance through institutional support.
He called on the people of the state to continue to support the programmes and vision of the Governor Ododo administration, saying that this will enhance all round development of the state.
“Let me commend Governor Ododo for his effort in promoting accountability and transparency in governance. I therefore called on all citizens of the state to continue to give their support to the administration, which will enhance all round development of the state.
Speaking earlier, the Auditor General of Local Government, Alhaji Yakubu Adabenege, noted that the commissioning of the Audit House was a dream come through.
Speaking further he said “Someone may ask why the audit house at this time. I have to tell the story for your record and for history. What you are seeing here today is beyond an ordinary building, it’s God’s own project, it is a dream come true.
“From this Audit House, we promise to put our body and soul to support your administration to achieve all its set goals. We shall follow every kobo, every resource deployed to its final intended destination, for you to leave many more lasting legacies for our dear Kogi State. He stressed
In his remarks, the Commissioner for Housing and Urban development, Hon. Taiye Abanika, noted that the Audit House stands as further proof of the Governor’s promise to support critical institutions with the needed infrastructures to enable them perform their responsibilities effectively.
He said It also reflects the governor’s firm belief that accountability and good governance can function effectively, if they are properly equipped and empowered.
“I sincerely appreciate the Governor for his trust in us and for his consistent support in the execution of this and all other projects across the state.
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Business and Economy
Nupe Natives Of Lokoja Flags Off Cooperative Union To Facilitate Development
From Joseph Amedu, Lokoja
Nupe Natives of Lokoja, has flagged off its CAMPDAVID MULTIPURPOSE COOPERATIVE UNION LIMITED registered with the Kogi State government, aimed at facilitating the development of the community of the native Nupe of Lokoja and her entire residents.
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Twelve other Cooperative Societies are registered to operate under the umbrella union which was launched in Lokoja over the weekend.
The Etsu Lokoja and Chairman, Lokoja Native Traditional Council, His Royal Highness, Emmanuel Akamisoko Dauda Shelika – Nyamkpa IV, performed the flag off ceremony during the first General Meeting of Nupe Natives of Lokoja in 2026, organized to showcase their culture and had interactions on how to attract development to their community.
The Royal Father in his speech, said that the Cooperative Union and its other sub-societies would no doubt facilitate people’s zeal to embark on self-help development that would impact on their living standards.
According to the traditional ruler “The newly registered cooperative societies would serve as veritable tools with which our people could utilize to generate funds to enable them embark on self-help projects such as drilling of motorized boreholes for portable water supply, rural electrification and health clinics amongst others.
“The need to complement government’s efforts in the provision of basic infrastructure for improved living conditions of citizens cannot be over emphasized, hence our desire as a people to do the needful”
The Etsu Lokoja used the occasion to call on the younger generation of the community to embrace skills acquisition of vocational enterprises such tailoring, welding, fabrication, carpentry, plumbing, hair dressing and farming among others for self-reliance.
He also disclosed his community’s planned programmes for this new year to include; facilitating of Summer Studies, Medical Outreaches for the less privileged, cultural and political summits.
He commended Governor Ahmed Usman Ododo of Kogi state for his passion to carry everybody along in his development programmes irrespective of political, ethnic and religious differences.
He reiterated the loyalty of his people to the present administration in Kogi state and assured that the tempo would be sustained.
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Business and Economy
Kogi To Domesticate New Nigeria’s Tax Act, 2025
From Joseph Amedu, Lokoja
The Kogi State Government has expressed readiness to domesticate the new Nigeria’s Tax Act 2025 for implementation by the State Internal Revenue Service (KGIRS).
The Special Adviser to Governor Ahmed Usman Ododo on Internal Revenue Generation, Nasir Rahman Ichanyi gave the hint while speaking at the second tranche of the critical stakeholders engagement on better understanding of the key provisions in the new tax law organised by the Kogi State Internal Revenue Service in Lokoja on Wednesday.
Ichanyi said that participants for the sensitization engagement were drawn from ministries, departments and agencies in view of their advantage position as technocrats that would play vital role in full implementation of the new tax law as from January, 2026.
He said that the sensitization programme is aimed at strengthening tax administration and promoting voluntary compliance to the new law.
The Special Adviser commended Governr Usman Ahmed Ododo for his visionary leadership and steadfast support in ensuring the effective domestication and implementation of progressive federal fiscal policies.
“His Excellency’s commitment to good governance and economic reforms continues to enhance fiscal discipline and sustainable development in the state”
He also praised the management and staff of KGIRS for their professionalism, dedication, and proactive engagement with stakeholders.
” This sensitization exercise reflects their resolve to ensure clarity, transparency, and inclusiveness in the implementation of the new tax framework.
“The 2025 Tax Acts, that will be domesticated by Kogi State, is distinguished by its simplicity, clarity, and taxpayer-friendly provisions
” It harmonizes tax obligations, removes incidences of multiple taxation, and provides clear guidelines that make compliance easier for taxpayers. The law also embraces technology-driven processes that improve efficiency, reduce human interference, and promote accountability.
“Furthermore, the domesticated tax Acts will offers significant benefits to taxpayers by reducing compliance costs, ensuring fairness and equity, and fostering a more predictable and business-friendly tax environment. Ultimately, it strengthens the trust between government and taxpayers and ensures that revenues generated translate into improved public services and infrastructural development across the state.
” I urge all MDAs and stakeholders to support the effective implementation of the 2025 Tax Acts that will be domesticated in Kogi State and to serve as ambassadors of compliance within their respective institutions. Together, we can build a robust and sustainable revenue system that will drive inclusive growth and development for Kogi State.
Earlier in his welcome address, the Executive Chairman of the Kogi State Internal Revenue Service, Alhaji Sule Salihu Enehe urged citizens to embrace the new Nigeria’s Tax Act in view of its enormous benefits.
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