NUPRC Announces Addition of 1.087bn Barrels to Nigeria’s Crude Oil Reserves, 2.573 TCF to Gas Stock Oil reserves to last 68.01 years, gas 97.99 years Nigeria now holds 33% of Africa's total gas deposits Commission sets new guidelines for domestic crude obligations to local refineries
Emmanuel Addeh in Abuja The Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
yesterday formally announced a rise in Nigeria’s hydrocarbons’ reserves as of January 1, 2024, with the country’s stock of crude oil jumping by 1.087
billion barrels and its gas reserves surging by as much as 2.573 Trillion Cubit Feet (TCF). In line with the NUPRC’s statutory
declaration, Nigeria now boasts 37.5 billion crude oil reserves, while its total gas resources as of the beginning of this year, now stands at 209.26 TCF.
Making the declaration yesterday in Abuja during the event it tagged: “National Annual Petroleum Reserves Position as of 1st January 2024 and
Template for Domestic Crude Oil Supply Obligation Guidelines”, the Continued on page 18
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See Back Page for President Tinubu's article in Newsweek
In Cheering News, NSA Announces Release of Remaining 22 Gusau University Students Says mass abduction of Nigerians, ‘Never again!’ 10 years after Chibok, UNICEF seeks action to secure children's education
Chuks Okocha, Michael Olugbode in Abuja and Segun Awofadeji in Bauchi
The National Security Adviser (NSA), Malam Nuhu Ribadu, yesterday, announced the rescue of the last
batch of the kidnapped students of Federal University, Gusau, in Zamfara State.
Ribadu said the rescue of the students was through non-kinetic effort and without payment of
ransom to their abductors. On the savagery of mass abduction of innocent Nigerians by gunmen,
the NSA declared, “Never again!” Continued on page 18
Naira Appreciates to 7-month High, N1,000/$ at Parallel Market, Inflation Rose 33.20% in March
Rising food, commodities, energy prices responsible for surge in CPI Food index hits 40.01%, severe in Kogi, Bauchi, Kwara, others
James Emejo in Abuja and Nume Ekeghe in Lagos
The naira exchange rate against the United States dollar has sustained its rally as it appreciated to a seven-month high to close at N1000/$1 on the parallel market. On the Nigerian Autonomous Foreign Exchange (NAFEM) official window yesterday, also, the naira extended its upward trend, maintaining its one-month gain as it closed at N1,136.04/$, gaining N6.32, compared to the N1,142.38/$1 it closed on Friday. The national currency’s appreciation came as the National Bureau of Statistics (NBS) disclosed that the Consumer Price Index (CPI), which measures the rate of change in prices of goods and commodities, further increased to 33.20 per cent in March 2024, compared to 31.70 Continued on page 18
Strategic meeting between NGX Group and Ministry of Industry, Trade and Investment...
L-R: Group Chairman, Nigerian Exchange Group Plc (NGX Group), Alhaji (Dr.) Umaru Kwairanga; Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite and Group Chief Executive Officer, NGX Group, Mr. Temi Popoola, during a strategic meeting between the Ministry of Industry, Trade and Investment and NGX Group alongside Issuers on fostering a collaborative ecosystem, at the Exchange in Lagos... yesterday
Israeli Response to Iran's Retaliatory Attack May be Imminent, Country’s Official Says... Page 10