The federal government says the naira-for-crude deal will continue after the first phase ended on March 31.

The ministry of finance announced on April 9, after a meeting between the technical sub-committee on the crude and refined product sales in naira initiative, Wale Edun, minister of finance, and Zacch Adedeji, the chairman of the committee and the executive chairman of the Federal Inland Revenue Service (FIRS).

“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC),” the ministry said.

‘NIGERIA INSULATED FROM GLOBAL TARIFF SHOCKS’ 

Edun, also said Nigeria is well-positioned to withstand global trade disruptions, including the new United States import tariffs.

Speaking at the recent corporate governance forum organised by the Ministry of Finance Incorporated (MOFI) in Abuja, the minister said while oil and minerals are exempted from the tariffs, the broader economic impact could be felt through declining oil prices

He stressed that Nigeria remains relatively insulated due to early reforms and a shift in economic strategy.

‘PETROLEUM IMPORTS DECLINED BY 23%, NON-OIL IMPORTS FELL BY 12%’

The Central Bank of Nigeria (CBN) has announced a balance of payments (BOP) surplus of $6.83 billion for the 2024 financial year.

CBN, in a statement signed on Wednesday by Hakama Sidi-Ali, its acting director of corporate communication, said the balance of payments in 2024 represents a surplus compared to the deficit of $3.34 billion recorded in 2023 and $3.32 billion in 2022.

According to the CBN, the current and capital accounts recorded a surplus of $17.22 billion in 2024, driven largely by a goods trade surplus of $13.17 billion.

“Petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion,” CBN said.

FAAN PHASES OUT PHYSICAL LUGGAGE SCREENING AT LAGOS AIRPORT 

The Federal Airports Authority of Nigeria (FAAN) has phased out physical luggage screening at the Murtala Muhammed International Airport (MMIA), Lagos.

This follows the installation of advanced Rapiscan screening machines and surveillance systems at key checkpoints within both the old and new terminals.

FAAN said the new technology is aimed at streamlining security processes and reducing pre-flight check-in time.

NERC FINES EIGHT DISCOS N628M FOR OVERBILLING UNMETERED CUSTOMERS 

The Nigerian Electricity Regulatory Commission (NERC) has sanctioned eight power distribution companies (DisCos) for noncompliance with the capping of estimated bills for unmetered customers.

The affected DisCos, according to a statement, are Abuja, Eko, Enugu, Ikeja, Jos, Kaduna, Kano, and Yola.

NERC said the companies overbilled customers in violation of energy caps set by the regulator for the third quarter of 2024 (July to September).

NCC PROPOSES NEW GUIDELINES ALLOWING SUBSCRIBERS TO RECLAIM AIRTIME ON INACTIVE SIMs

The Nigerian Communications Commission (NCC) has introduced a new draft requiring telecommunications operators (telcos) to develop solutions that prevent customers from losing their unused airtime.

The NCC announced the ‘Draft Guidance on Unutilised and Unclaimed Recharges’ during a high-level virtual stakeholders’ engagement forum on Tuesday.

The commission said the aim is to strengthen consumer protection in Nigeria’s rapidly evolving telecom sector.

‘NIGERIA’S OIL RESERVES DROPPED TO 37.28BN BARRELS IN JANUARY’ 

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the nation’s crude oil reserves, including condensate, dropped to 37.28 billion barrels as of January 1, down from 37.5 billion barrels in 2024.

The commission said Nigeria’s gas reserves also hit 210.54 trillion cubic feet (tcf) during the same period, up from 209.26 tcf in 2024.

In a statement on April 11, Gbenga Komolafe, NUPRC’s chief executive officer (CEO), said oil and condensate reserves stood at 31.44 billion barrels and 5.84 billion barrels, respectively — amounting to 37.28 billion barrels.

[TheCable]