Category: 📃Supers News

The Central Bank of Nigeria (CBN) has attributed the sharp decline in oil revenue during the third quarter of 2024 to ageing pipeline infrastructure and operational inefficiencies.

In its latest economic report for Q3 2024, the apex bank revealed that oil revenue dropped by 24.72% to ₦1.30 trillion, compared to the second quarter of the year.

This decrease was primarily due to reduced collections from petroleum profit tax and royalties.

The report further highlighted that the revenue figure fell 75.39% short of the quarterly target, mainly due to frequent shut-ins caused by deteriorating pipelines and installations.

It stated: “Oil revenue fell by 24.72% to ₦1.30 trillion relative to Q2 2024, on account of lower receipts from petroleum profit tax and royalties. It was also 75.39% below the quarterly target due to shut-ins arising from ageing oil pipelines and installations.”

Despite a modest increase in crude oil production to 1.33 million barrels per day (mbpd) from 1.27 mbpd in the previous quarter, the report noted that theft, vandalism, and infrastructure deficits significantly hindered oil revenue. The ageing infrastructure not only reduced operational efficiency but also impacted Nigeria’s ability to meet its OPEC production quota.

Additionally, global factors exacerbated the situation, as the average spot price of Nigeria’s Bonny Light crude declined by 5.45% to $82.23 per barrel during the quarter, reflecting weakened global demand. Similar trends were observed in other crude benchmarks, including Brent and the OPEC Reference Basket.

While the oil sector struggled, Nigeria’s economy recorded a GDP growth of 3.46% in Q3 2024, up from 3.19% in the previous quarter. This growth was largely driven by the non-oil sector, which contributed 3.18 percentage points to overall GDP growth.

The oil sector’s year-on-year growth slowed to 5.17%, down from 10.15% in the previous quarter, as operational challenges and declining crude prices continued to weigh on performance.

The fiscal implications were substantial, with federally collected revenue falling 23.71% short of the budget benchmark, despite a 7.48% quarter-on-quarter increase. The fiscal deficit narrowed by 22.51% compared to Q2 but widened by 43.88% relative to the quarterly target, underscoring persistent fiscal pressures.

The report concluded that Nigeria’s target of achieving 2 million barrels per day (mbpd) of oil production by the end of 2024 remains at risk due to these ongoing challenges.

Former Indian Prime Minister Manmohan Singh has reportedly passed away at the age of 92 after battling an illness.

According to reports, Singh, whose economic reforms were pivotal in transforming India into a global economic powerhouse, died on Thursday.

Serving as Prime Minister from 2004 to 2014, he is credited with overseeing a period of remarkable economic growth during his first term.

However, his second term was marred by a slowdown in growth, which somewhat overshadowed his earlier achievements.

The All India Institute of Medical Sciences reported that Singh was rushed to a hospital in New Delhi after collapsing at his residence on Thursday. Despite medical efforts, he could not be revived and was pronounced dead.

India is mourning the loss of one of its most respected leaders. Current Prime Minister Narendra Modi expressed his condolences on X (formerly Twitter), saying, “India grieves the loss of one of its most esteemed leaders. As our Prime Minister, he made extensive efforts to improve people’s lives.”

Opposition Congress leader Rahul Gandhi, reflecting on Singh’s legacy, said, “I have lost a mentor and guide. He led India with immense wisdom and integrity. Millions of us who admired him will remember him with the utmost pride.” Gandhi, a prominent challenger to Modi and a member of the Nehru-Gandhi dynasty, praised Singh’s leadership and influence.

Mallikarjun Kharge, opposition leader in the upper house of parliament, described Singh as “a visionary statesman, a leader of unimpeachable integrity, and an economist of unparalleled stature.”

President Droupadi Murmu also paid tribute, writing on X that Singh would “always be remembered for his service to the nation, his unblemished political life, and his utmost humility.”

Singh’s passing marks the end of an era for India, leaving behind a legacy of economic reforms and leadership defined by wisdom, humility, and a steadfast commitment to the nation.

Elon Musk has revived global interest in the concept of a transatlantic tunnel, suggesting that his company, The Boring Company, could undertake the ambitious project of constructing an undersea connection between New York City and London for $20 billion.

Once dismissed due to exorbitant costs and significant technical challenges, the idea has regained attention as Musk integrates advancements in tunneling technology with his groundbreaking Hyperloop transportation system.

The proposed tunnel, spanning more than 3,000 miles (4,800 kilometers) beneath the Atlantic Ocean, aims to enable high-speed travel between the United States and the United Kingdom in less than an hour— a dramatic improvement compared to the eight-hour duration of a typical flight.

Elon Musk has proposed an ambitious $20 billion Hyperloop tunnel that could connect New York to London in just 20 minutes. This groundbreaking undersea transportation concept would revolutionize transatlantic travel, drastically reducing the journey time between the two cities.

At the heart of Musk’s proposal is Hyperloop technology, an advanced transportation system that utilizes vacuum-sealed tunnels and magnetic levitation (maglev) to propel pods at speeds over 3,000 mph. This innovation promises to significantly cut travel times and transform intercontinental connectivity.

Although Musk’s vision has sparked enthusiasm, experts approach the project’s feasibility with caution. Constructing a 3,000-mile tunnel beneath the Atlantic Ocean poses considerable engineering, financial, and environmental challenges, with key concerns including:

• Technical Challenges: Addressing oceanic pressure, seismic risks, and extreme underwater conditions.
• Cost Concerns: Musk’s $20 billion estimate is considered highly optimistic, with experts anticipating significant funding hurdles.
• Technological Maturity: Hyperloop technology remains largely experimental and untested on such a vast scale.
• Environmental Impact: Potential disruptions to marine ecosystems and carbon emissions during construction require careful assessment.
• Regulatory Complexity: Managing a project of this magnitude across multiple governments and international agencies presents significant challenges.

Drama breaks out on a plane as two women struggle over overhead storage area of the airplane.

The video was shared by a netizen identified as Nani Chehore and has gained traction going viral on social media.

It was gathered that the lady were fighting over the overhead bin (the storage area directly over their seats).

In the Netizen’s narration of the event, the woman in yellow had arrived late and began removing the items of those in the overhead bin, claiming that her sit was there.

However, the lady in black was also booked for the seat besides hers on the plane and didn’t agree with her throwing her bag out.

Nani Chehore wrote …

“You ddn’t get entertainment like this in first class

But the lady in yellow just came late and started removing everyone bags from the overhead, saying she entitled to the space since her seat is directly below the overhead storage. Lady in black wasn’t having none of it., Her seat was also directly below the overhead storage. Tensions were already high because flight was delayed for 5/6 hours.”

Reactions have followed …

@Karki said: “Where are the cabin crews ?😂”

@Praise wire said: “So we don carry our bus attitude enter plane abi na train ona Dey 🙄🙄”

@preciousbella 💕 wrote: “I think say who enter plane escape drama
😂😂”

@Thirty-VI°👩🏾‍🍳 observed: “Omo the lady in black has pure determination on her eyes😭”