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Inflation will soon hit single digit, Presidency assures Nigerians

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The Special Adviser to the President on Economic Matters, Tope Fasua, has stated that Nigerians can expect inflation to fall to a single digit soon, which he believes will make life easier for the people.

Fasua gave this assurance when he featured on Channels Television’s The Morning Brief on Tuesday.

He explained that food prices are already beginning to drop as inflation eases.

His statement came shortly after the National Bureau of Statistics reported that headline inflation fell to 20.12% in August 2025, down from 21.88% in July.

According to the NBS, the August 2025 inflation rate showed a 1.76% drop compared to July.

On a monthly basis, headline inflation stood at 0.74% in August, while food inflation was 1.65%.

Year-on-year, inflation was 12.03% lower than the 32.15% recorded in August 2024.

The statistics agency explained that while inflation remains, the pace of price increases is slowing compared to previous months.

Reacting to claims by former Vice President Atiku Abubakar that Nigerians were “dying from hunger daily,” Fasua said, “Former vice president, Atiku Abubakar, merely made a political statement which is expected at this time, because he’s trying to see how he can wangle himself back into the presidency, and I don’t comment on political things.

“He doesn’t have to commend the current government for the achievement, but the rest of us just need to stick with the black and white.”

Fasua admitted that 20.12% is still high but stressed that the figures now reflect a long overdue rebasing.

He stated, “A 20.12 inflation is still large in many quarters because what it says is that prices are still increasing in some quarters, but not as they used to be. It is rebasing. The rebasing came in about six years after it ought to have been done. Our concern should be that our statistics and data should be much more on point and frequent.

See also  On food price crash, farmers fault FG’s order as agro-imports hit N2.2tn

“So the rebasing was done, and it gave us the true picture of where we are. So, for every emotional reason, somebody believes that we should still be around 30 per cent. Well, that is their own cup of tea. The most important thing is that the rebasing was done several months back, and what we are seeing is then consistent drop in inflation.”

He added that inflation never rises forever and pointed to other countries as examples.

“Inflation does not increase forever, not in any country. We have Ghana next to us, with inflation up to 40 per cent. Today, their inflation is trending down to a single digit.

“Nigeria’s inflation will get to a single digit as well; it’s a matter of time.

“Pakistan’s economy experienced inflation of up to 40 per cent some two years ago. Today, they are battling deflation, which is even a bigger issue because when there is no incentive for people to produce more goods themselves, everything goes down again.

“Nigeria’s inflation will certainly go to a single digit. Besides, that’s not the only positive thing we can see.”

Fasua also mentioned that the naira has strengthened in recent days and oil prices are improving on the global market.

He explained, “Yesterday, the naira traded at some point, N1,497/\$1. For the first time in like eight months, we have clocked the N1,400 region, and that’s remarkable.

“And if we look at why the inflation is reducing, for anybody that cares to know, of course, crude is one of our key drivers of inflation. The exchange rate is also another key driver. The exchange rate has stabilised, and it’s actually via market forces.”

See also  NNPCL boss links crude oil theft to international syndicates

He noted that food prices have also become more stable this year.

“A very respected source I respect in the agriculture sector, told me that for the first time in 26 years, this year, we did not have the usual recourse around tomato prices soaring and shortages. Some farmers are even complaining that the government is now crashing food prices to make it affect their businesses negatively.

“Nigerians, including these farmers, are enjoying the drop in food prices because they are much more stable.”

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NNPC sets 36-year oil production record at 355,000bpd

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The Nigerian National Petroleum Company’s upstream subsidiary, NNPC Exploration and Production Limited, has recorded its highest daily crude oil production in more than three decades, hitting 355,000 barrels per day on December 1, 2025.

The milestone, confirmed in a statement issued on Tuesday by NNPC Limited’s Chief Corporate Communications Officer, Andy Odeh, marks the company’s biggest output since 1989 and signals renewed momentum in Nigeria’s upstream recovery efforts.

According to the statement, NNPC E&P Limited’s average daily output has surged by 52 per cent in just two years, rising from 203,000 barrels per day in 2023 to 312,000 barrels per day in 2025, a performance the company attributed to strengthened operational systems, disciplined asset management and structured field development.

“On December 1st, 2025, NNPC E&P Limited, the flagship upstream subsidiary of NNPC Limited, achieved a record production level of 355,000 barrels of oil per day, its highest daily output since 1989. The milestone marks a significant step forward for Nigeria’s upstream sector and reflects the company’s ongoing transformation anchored on efficiency and discipline.

“The figures show genuine transformation: average daily production surged 52 per cent, rising from 203,000 barrels per day in 2023 to 312,000 in 2025.

“This record growth is no coincidence; it stems from a clear strategy anchored on operational excellence, strong asset management, and structured field development,” the statement said, stressing that the achievement reflects a “genuine transformation” underway within the company.

Commenting on the achievement, the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, described the accomplishment as fresh evidence that Nigeria’s energy revival “is not a dream but already happening.”

See also  NNPCL boss links crude oil theft to international syndicates

Ojulari noted that by exceeding its own production benchmarks, NNPC E&P has demonstrated that the essential building blocks needed to scale national output are being firmly established.

“By showing its ability to exceed its own production benchmarks, NEPL confirms that the essential building blocks for scaling national output are being firmly established. The achievement signals that the machinery of production, equipment, processes, capabilities, and partnerships can be driven with commercial discipline to produce real and positive outcomes.

“The achievement converts national ambition into measurable momentum. The presidential targets of two million barrels per day by 2027 and three million by 2030 have often appeared aspirational. NEPLs’ delivery brings them closer to reality,” he added.

Ojulari said the accomplishment boosts investor confidence and reassures global partners that Nigeria remains committed to reclaiming its place as a stable, dependable crude supplier.

The Executive Vice President, Upstream, Udy Ntia, said the milestone represents more than a production figure, stressing that NEPL’s growth is anchored on responsible and sustainable operations.

“In a sector where shortcuts can yield short-term wins but long-term damage, NEPL is making a different point: sustainable progress must rest on responsible operations. This ensures that scaling production does not compromise worker safety, community wellbeing, or environmental protection. It reinforces a shift away from extraction at any cost towards sustainable value creation, a core requirement for any modern energy company seeking global relevance,” Ntia said.

According to him, the company’s approach ensures that scaling output does not undermine worker safety, environmental protection or community wellbeing.

Similarly, the Managing Director of NNPC E&P Limited, Nicolas Foucart, said the new production record reflects the broader transformation sweeping through NNPC Limited.

See also  Naira slips to 1,456.72 per dollar

“This is a story shaped by leadership that charts a clear course; by partnerships built on alignment and accountability; and by a workforce whose hard work is turning goals into measurable progress. Our people, our processes, and principles are the real engines behind this success. We are building for tomorrow, not just celebrating today,” Foucart noted.

He added that the gains translate into increased national revenue, stronger energy security and a more resilient economic foundation.

“For Nigerians, this accomplishment means far more than increased barrels; it translates into greater national revenue, stronger energy security, and a more resilient economic foundation. NEPL has not only produced more hydrocarbons; it has reignited belief in what Nigeria’s energy sector can achieve with the right systems, culture, and dedication.”

Nigeria’s crude oil sector has struggled over the past decade, with output frequently dropping below OPEC quotas due to pipeline vandalism, crude theft, underinvestment, deferred maintenance and declining performance of mature fields.

At several points between 2021 and 2023, the country’s production fell to multi-decade lows, raising concerns about revenue losses and the long-term viability of the industry.

Reforms under the Petroleum Industry Act, the unbundling of NNPC into a commercial entity and renewed upstream interventions have aimed to reverse the decline.

President Bola Tinubu’s administration has set ambitious production targets of two million barrels per day by 2027 and three million barrels per day by 2030, goals industry players previously considered optimistic.

NNPC E&P Limited, a wholly-owned subsidiary responsible for several joint venture and production-sharing assets, has been positioned as a critical driver of this revival. The company has implemented field optimisation strategies, renewed contractor alignment, strengthened governance structures and ramped up previously underperforming assets.

See also  Malabu Oil & Gas Sues CAC Over Deregistration Of Firm

The latest 355,000 bpd performance, the company’s highest since 1989, is a significant step toward stabilising national output and rebuilding investor confidence in Nigeria’s oil industry.

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NNPC / Heirs Energies ends gas flaring at OML 17, seals deals with offtakers

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The NNPC / Heirs Energies OML 17 Joint Venture on Tuesday signed Gas Flare Commercialisation Agreements under the Nigerian Gas Flare Commercialisation Programme and approved Non-NGFCP frameworks.

At the ceremony held in Lagos, the JV said the event marked a significant transition from regulatory approvals to structured commercial execution, enabling flare gas volumes across OML 17 to be captured and deployed for productive use, including power generation, industrial applications, cooking gas and compressed natural gas, in alignment with Nigeria’s gas development priorities and energy-transition objectives.

The agreements brought together Heirs Energies, as operator of the OML 17 Joint Venture, and approved flare gas offtakers under frameworks designed to eliminate routine flaring while converting previously wasted resources into economic value.

The offtakers are AUT Gas, Twems Energies, Gas & Power Infrastructure Development Limited (PCCD) and Africa Gas & Transport Company Limited.

Speaking at the ceremony, the Chief Upstream Investment Officer of NNPC Upstream Investment Management Services, Seyi Omotowa, representing NNPC Limited, described the milestone as a practical demonstration of Nigeria’s commitment to gas-based development.

“For us at NNPC Limited and NUIMS, flare gas commercialisation is not a compliance exercise; it is a strategic pathway to improving energy availability, deepening gas-based industrialisation and strengthening Nigeria’s position as a responsible energy producer. OML 17 has become a practical model of this vision, moving decisively from approval to delivery.”

He commended Heirs Energies for disciplined execution and investment, noting that the JV continues to set benchmarks for operational delivery and gas development within Nigeria’s upstream sector.

See also  Price of a bag of rice has crashed - Finance Minister, Wale Edun

The Nigerian Upstream Petroleum Regulatory Commission Chief Executive, Gbenga Komolafe, who was represented at the ceremony by the Senior Manager, NUPRC, Mr Ojo Olalekan, reaffirmed the commission’s commitment to supporting the implementation of flare gas commercialisation projects and ensuring that operators and offtakers are enabled to deliver bankable, environmentally responsible gas-to-market solutions in line with the Petroleum Industry Act 2021.

“This ceremony demonstrates Heirs Energies’ commitment to eliminating routine gas flaring across OML 17 and aligns fully with the commission’s Gas Flare Commercialisation Programme and national energy and emission-reduction objectives,” he said.

Heirs Energies’ Chief Executive Officer, Osa Igiehon, noted that the agreements reflect the company’s broader gas-led strategy and brownfield excellence approach, focused on creating long-term value for Nigeria.

“Gas sits at the heart of Nigeria’s development journey. Through disciplined investment, partnership with regulators and credible offtakers, and a clear execution focus, we are converting waste into value, strengthening domestic energy supply and supporting responsible operations across OML 17,” he noted.

Igiehon added that the NGFCP and Non-NGFCP flare gas projects build on recent operational progress by the OML 17 Joint Venture, including a significant increase in gas delivery to the domestic market through brownfield interventions and infrastructure optimisation.

“The JV has also continued to deepen its host-community partnerships through targeted healthcare interventions, education support and skills-development programmes across its areas of operation.

“With the symbolic signing completed, the flare gas offtakers are expected to progress into full project implementation, working closely with the JV, regulators and communities to deliver commercial, environmental and social outcomes.

See also  OPay set to host Empowering Futures Conference 2025

“The OML 17 NGFCP initiative reinforces Nigeria’s position as a gas-led economy, supporting domestic power generation, industrial growth and responsible resource development while advancing the country’s energy-transition objectives,” he stated.

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NNPC E&P hits 355,000bpd, records highest output in 36 years

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The Nigerian National Petroleum Company’s upstream subsidiary, NNPC Exploration and Production Limited, has recorded its highest daily crude oil production in more than three decades, hitting 355,000 barrels per day on December 1, 2025.

The milestone, confirmed in a statement issued on Tuesday by NNPC Limited’s Chief Corporate Communications Officer, Andy Odeh, marks the company’s biggest output since 1989 and signals renewed momentum in Nigeria’s upstream recovery efforts.

According to the statement, NNPC E&P Limited’s average daily output has increased by 52 per cent in two years, rising from 203,000 barrels per day in 2023 to 312,000 barrels per day in 2025—a performance the company attributed to strengthened operational systems, disciplined asset management and structured field development.

“On December 1, 2025, NNPC E&P Limited, the flagship upstream subsidiary of NNPC Limited, achieved a record production level of 355,000 barrels of oil per day, its highest daily output since 1989.

“The milestone marks a significant step forward for Nigeria’s upstream sector and reflects the company’s ongoing transformation anchored on efficiency and discipline.

“The figures show genuine transformation: average daily production surged 52 per cent, rising from 203,000 barrels per day in 2023 to 312,000 in 2025.

“This record growth is no coincidence; it stems from a clear strategy anchored on operational excellence, strong asset management and structured field development,” the statement said.

Commenting on the achievement, the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, described the accomplishment as evidence that Nigeria’s energy revival “is not a dream but already happening.”

See also  On food price crash, farmers fault FG’s order as agro-imports hit N2.2tn

Ojulari said that by exceeding its own production benchmarks, NNPC E&P has shown that the essential building blocks needed to scale national output are being established.

“By showing its ability to exceed its own production benchmarks, NEPL confirms that the essential building blocks for scaling national output are being firmly established.

“The achievement signals that the machinery of production, equipment, processes, capabilities and partnerships can be driven with commercial discipline to produce real and positive outcomes.

“The achievement converts national ambition into measurable momentum. The presidential targets of two million barrels per day by 2027 and three million by 2030 have often appeared aspirational. NEPL’s delivery brings them closer to reality,” he added.

He said the accomplishment boosts investor confidence and reassures global partners that Nigeria remains committed to reclaiming its place as a stable and dependable crude supplier.

The Executive Vice President, Upstream, Udy Ntia, said the milestone represents more than a production figure, noting that NEPL’s growth is anchored on responsible and sustainable operations.

“In a sector where shortcuts can yield short-term wins but long-term damage, NEPL is making a different point: sustainable progress must rest on responsible operations.

“This ensures that scaling production does not compromise worker safety, community wellbeing or environmental protection,” Ntia said.

According to him, the company’s approach ensures that higher output does not undermine worker safety, environmental protections or community relations.

Nigeria’s crude oil sector has struggled over the past decade, with output frequently dropping below OPEC quotas due to pipeline vandalism, crude theft, underinvestment, deferred maintenance and declining performance of mature fields.

See also  Malabu Oil & Gas Sues CAC Over Deregistration Of Firm

At several points between 2021 and 2023, the country’s production fell to multi-decade lows, raising concerns about revenue losses and the long-term viability of the industry.

Reforms under the Petroleum Industry Act, the unbundling of NNPC into a commercial entity and renewed upstream interventions have aimed to reverse the decline.

President Bola Tinubu’s administration has set ambitious production targets of two million barrels per day by 2027 and three million barrels per day by 2030, targets that industry players previously considered optimistic.

NNPC E&P Limited, a wholly owned subsidiary responsible for several joint venture and production-sharing assets, has been positioned as a key driver of the revival.

The company has implemented field optimisation strategies, renewed contractor alignment, strengthened governance structures and ramped up previously underperforming assets.

The latest 355,000bpd performance—its highest since 1989—represents a significant step toward stabilising national output and rebuilding investor confidence in Nigeria’s oil industry.

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