The Nigerian National Petroleum Corporation said it exported crude oil and gas worth $4.47 billion between May 2019 and May 2020 and remitted a total of ₦1.83 trillion to the Federation Account Allocation Committee during the same period. NNPC said that a total export sale of $174.80 million was recorded in May 2020. This represents a 10.73 percent decrease when compared to the preceding month. It said crude oil export sales contributed $120.50 million or 68.94 percent of the dollar transactions for the review period, compared with $148.86 million contributions in the previous month, while the export gas sales amounted to $54.29 million in the month of May 2020. A total export receipt of $133.16 million was recorded in May 2020 as against $193.05 million in April 2020, the ₦corporation said as the contribution from crude oil amounted to $105.08 million, while gas and miscellaneous receipts stood at $8.71 million and $19.37 million respectively. The export receipts, $20.20 million was remitted to the Federation Account, while $112.96 million was remitted to fund the joint venture cost recovery for the month of May 2020 to guarantee current and future production. On naira payment to Federation Account, the NNPC said that in May 2020, it remitted the sum of ₦161.89 billion to the Federation Account Allocation Committee. From May 2019 to May 2020, total NNPC remittances to FAAC was N1.83 trillion, out of which the federation and JV with government priority projects received the sum of ₦857.39 billion and ₦976.75 billion respectively, the corporation said.
Data from the Central Bank of Nigeria has shown that forex utilisation in the country fell by 80% to just $1 billion in April as the economy reacted to the COVID-19 pandemic. The development was recorded in the month when Lagos and the Federal Capital Territory shut down economic activities and movement to curb the spread of the deadly coronavirus pandemic. The CBN said in April 2020, only $713 million was used for visible imports from major sectors such as Industries, Mineral, Manufacturing, Agricultural, Oil sector and Transport. This compares to about $1 billion in March. The Industrial, Food and Manufacturing sector alone gobbled up $548 million compared to $791 million in March. The invisible sector, which includes financial services, business services, health and the general services sector in general, was worst hit. The sector reported a forex utilisation of $361 mullion in April compared to $4.3 billion in March and $3.6 billion in February. This is the worst drop since 2008, the earliest date from which data is available. Whilst the drop was recorded across all sectors, the worst hit was the financial services sector. Forex utilisation fell from $4.2 billion to just $331 million. The sector constitutes a bulk of forex utilised monthly. The impact in April is severe and probably remained worse throughout May, June and July as the CBN remained the largest forex supplier in the country.
President Muhammadu Buhari said Monday that the ruling party, the All Progressives Congress could have used the military to overrun opposition states in the 2019 general election but it chose to be impartial. By not doing so, Buhari said its administration wanted to show Nigerians that it is humane. He said this during a meeting with north-east governors including ones with the opposition Peoples Democratic Party Ahmadu Fintri of Adamawa state, Bala Mohammed of Bauchi state and Darius Ishaku of Taraba. In his words, “We know we are a developing country but we respect our country, otherwise, with the use of the Army, the police and the rest of them, we could have overrun you. We just wanted to show that we are humane and we are Nigerians. We will continue to do our best.” Appreciating Nigerians for believing in him and his party, APC, Buhari said “Nigerians… understood us and they voted for us,” as he lamented over the high level of insecurity in the country, asking the military to put in more effort in curtailing crime.
An Islamic court in northern Nigeria has sentenced a 22-year old singer, Yahaya Aminu Sharif, to death for blasphemy against the Prophet Muhammad in a song he circulated on the messaging platform WhatsApp in March. The man sentenced on Monday is a resident of Kano city, the state capital that is also the commercial hub for the north. Kano state, in predominantly Muslim northern Nigeria, has Islamic sharia courts that function alongside civil courts. While the courts are active, death sentences for blasphemy are unusual and the most recent, handed down in 2015 to nine followers of the Tijani Muslim sect, have yet to take place. The state was among several northern states to introduce sharia law in 2000. The prosecutor, Inspector Aminu Yargoje, described the verdict as fair and said it would prevent future blasphemy in the state. However, guards at the court barred journalists from speaking to Sharif after the sentencing. A court spokesman told Reuters he has 30 days to appeal. Protesters earlier this year burnt down Sharif’s family home in a fit of rage over the song. The court also sentenced another man, Umar Farouq, to 10 years in prison for making derogatory statements toward Allah in a public argument.