The Federal Government of Nigeria has reported revenue of N5.21 trillion from crude oil sales in the first half of 2025, according to data released by the Ministry of Petroleum Resources on 2025-08-12. This figure represents a 12% increase compared to the same period in 2024, attributed to improved production levels and favorable global oil prices averaging $82 per barrel. The Minister of Finance, Wale Edun, stated, 'This revenue boost will support critical infrastructure projects and debt servicing.' However, experts warn that over-reliance on oil revenue remains a risk, with calls for diversification of the economy. The report also noted that 60% of the revenue was allocated to the Federation Account for distribution to states and local governments.
Punch Newspapers (MobilePunch) India has increased its purchase of Nigerian crude oil, strengthening bilateral trade ties, while the Dangote Refinery has resorted to importing crude oil from the United States to meet its operational demands. This development raises questions about the adequacy of local crude supply for the refinery, which is one of the largest in Africa. Analysts suggest that this dual dynamic reflects both opportunities for export revenue and challenges in domestic production capacity.
Punch Newspapers (MobilePunch) Nigerians are grappling with skyrocketing food prices as inflation continues to bite hard. Reports from major markets in Lagos and Abuja indicate a 50% increase in the cost of basic staples like rice, beans, and yam within the last three months. Citizens have expressed frustration over the government's inability to curb inflation, with many calling for subsidies and agricultural interventions to alleviate the burden on low-income households.
Punch Newspapers (MobilePunch)