News

Over a billion barrels of oil found in northern Nigeria-Buhari

Published

4 years ago

November 22, 2022

The president says the country also found 500 billion cubic feet of gas within the Kolmani area of Gombe and Bauchi, and has attracted $3 billion investment already.

President Muhammadu Buhari on Tuesday flagged off the first crude oil drilling project in northern Nigeria, on the boundary of Bauchi and Gombe States.

The NNPC had in October 2019 announced the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North-eastern part of the country.

The commercial quantity discovery was the first in the region after several crude oil explorations in the Upper Benue Trough.

The oilfield will be developed by Sterling Global Oil, New Nigeria Development Commission (NNDC) and NNPC Ltd.

The discovery of oil and gas in commercial quantities in the Gongola Basin, according to NNPC, will attract foreign investment, generate employment for people to earn income and increase government revenues.

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During the flag-off in Bauchi on Tuesday, Mr Buhari said the successful discovery of the Kolmani Oil and Gas field by NNPC and her partners has finally broken a decades long jinx.

“This is indeed significant considering that efforts to find commercial oil and gas outside the established Niger Delta Basin were attempted for many years without the desired outcomes,” Mr Buhari said.

“This discovery had emanated from our charge to the NNPC to re-strategize and expand its oil and gas exploration footprints to the frontier basins of Anambra, Dahomey, Sokoto, Benue trough, Chad and Bida Basins. Similar activities across the other basins are currently actively ongoing.”

“We are pleased with the current discovery of over 1 billion barrels of oil reserves and 500 billion cubic feet of gas within the Kolmani area and the huge potential for more deposits as we intensify exploration efforts.

“As a fully integrated in-situ development project comprising upstream production, oil refining, power generation and fertilizer, the project promises many benefits for the nation. This includes but is not limited to Energy Security, Financial Security, Food security as well as overall socio-economic development for the country,” he said.

Mr Buhari noted that considering the landlocked location and the huge capital requirement, the economics of the project is a challenging proposition.

“Consequently, from the onset, I instructed NNPC Limited to utilize and leverage their vast asset portfolio across all corridors of its operations to de-risk the project to attract the much-needed investment. I have directed NNPC to continue along these lines.

“It is therefore to the credit of this administration that at a time when there is near zero appetite for investment in fossil energy, coupled with the location challenges, we are able to attract investment of over USD 3 billion to this project,” he said.

According to him, this will surely be a reference subject for favourable discussion in the industry as we pursue the energy transition program that will culminate in our country achieving Net-Zero position 1 by the year 2060.

“I have engaged the Governors of Bauchi and Gombe States, and both have given me assurances of their unwavering commitment and willingness to ensure support and cooperation in these localities as this activity affects the local populations,” he said.

He urged the NNPC Ltd, NNDC, and their Strategic partners to ensure all lessons learnt from our years of experience as an oil-producing nation are utilized to ensure harmonious relationships with the local communities.

Source : Premium Times

News

Rep. Abubakar Bichi Employs 100 New Islamic School Teachers in Bichi

Published

17 hours ago

September 29, 2026

Nigerian Tracker

The Federal lawmaker representing the Bichi Federal Constituency, Hon. Abubakar Kabir Abubakar Bichi, has inaugurated 100 new Islamic school teachers as part of efforts to strengthen Islamic education in the Bichi Local Government Area of Kano State.

The inauguration ceremony was held on Sunday, 27 September 2026, and marked the fourth batch of School Teachers employed under the lawmaker’s initiative bringing the total of number of teachers engaged through the programme to 600.

Before their employment, the 100 teachers underwent a special examination conducted at the directive of the lawmaker. Those who obtained the highest scores across the 11 wards of Bichi Local Government Area were selected for the teaching positions.

The lawmaker had previously supported the teachers by paying their monthly allowances as volunteers before formally employing them as full-time teachers in Islamic schools across the local government area.

Prominent Islamic scholars and dignitaries attended the inauguration ceremony, including Sheikh Habibu Dan Almajiri, Chairman of the Kano State Zakkah Commission; Dr. Nazifi Ishak, former Kano State Commissioner for Religious Affairs; Dr. Zahrau Muhammad Umar, former Commissioner for Women Affairs; and Sheikh Sanusi Sharif Bichi.

Also in attendance were the Chairman of Bichi Local Government Area, Alhaji Hamza Sule Maifata; the Director-General of the APC Campaign Council in Bichi, Alhaji Sani Mukaddas, and the Kano State APC Secretary, Prof. Yusuf Muhammad Sabo.

The Islamic scholars and other dignitaries commended Hon. Abubakar Kabir Abubakar Bichi for his efforts towards improving both Islamic and modern education in the Bichi Local Government Area.

Hon. Abubakar Kabir Abubakar has also previously engaged several youths in various sectors, including healthcare, environmental services, education and other community development activities, as part of his efforts to create opportunities for young people across Bichi Federal Constituency and Kano State.

The lawmaker, who serves as the Chairman of the House Committee on Appropriation, has consistently expressed his commitment to youth development and community empowerment through various initiatives across the constituency.

News

FG Seeks Fresh $1.5bn World Bank Loans As Nigeria’s Debt Hits N166.79tn

Published

1 day ago

September 28, 2026

Nigerian Tracker

By Yusuf Danjuma Yunusa

The Federal Government is in discussions with the World Bank for three new loans worth a combined $1.5 billion, even as Nigeria’s total public debt climbed to a record N166.79 trillion by June 2026.

The proposed facilities consist of three $500 million loans targeting climate resilience, social protection and early childhood development.

The first is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, which would increase its total financing to $1.2 billion. The funds are expected to support land restoration, flood and erosion control, irrigation, water management and other climate-resilience measures across northern Nigeria.

Another $500 million facility is proposed for the Household Prosperity and Empowerment-Social Protection (HOPE-SP) project. It is designed to support poor and vulnerable households through cash transfers, an improved social registry and stronger social protection systems.

The third $500 million loan would finance the Nigeria Early Childhood Development programme, covering all 36 states and the Federal Capital Territory. The programme aims to improve access to healthcare, nutrition, early learning, childcare, water and sanitation for children aged zero to five.

Meanwhile, figures from the Debt Management Office show that Nigeria’s public debt increased by N14.39 trillion , from N152.40 trillion in June 2025 to N166.79 trillion in June 2026. Domestic debt stood at N91.59 trillion, while external debt was N75.20 trillion.

Nigeria’s debt to the World Bank Group also rose to $20.73 billion by June 2026, accounting for about 38 per cent of the country’s $54.52 billion external debt.

Economist Adewale Abimbola said concessional loans could support development if properly structured and effectively utilised, stressing that the key issue was how the borrowed funds were deployed.

News

Report: Nigeria Records N166trn Public Debt

Published

3 days ago

September 26, 2026

Nigerian Tracker

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‎By Yusuf Danjuma Yunusa
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‎The Debt Management Office (DMO) says Nigeria’s total public debt rose to N166.79 trillion as of June 30, 2026.
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‎The DMO published the latest public debt portfolio report on Friday.
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‎The figure represents a 9.4 percent or N14.39 trillion increase from the N152.4 trillion recorded at the end of June 2025.
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‎It also represents an increase of N7.44 trillion or 4.7 percent compared with the N159.35 trillion recorded at the end of the first quarter (Q1) of 2026.
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‎According to the latest report, the debt stock comprises N91.59 trillion in domestic debt, which accounts for 54.91 percent of the total debt stock, and N75.2 trillion in external debt, representing 45.09 percent.
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‎The debt office said domestic debt increased by N11.04 trillion (13.7 percent) from N80.55 trillion recorded in June 2025.
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‎The office said external debt also rose by N3.35 trillion (4.7 percent) from N71.85 trillion in the same period.
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‎According to the DMO, the federal government accounted for N152.77 trillion of the total debt stock, comprising N86.99 trillion in domestic debt and N65.77 trillion in external debt.
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‎On the other hand, states and the Federal Capital Territory (FCT) accounted for the remaining N14.01 trillion — N4.59 trillion in domestic debt and N9.42 trillion in external debt.
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‎In dollar terms, the agency said Nigeria’s total public debt stood at $120.93 billion as of June 30, 2026 — up from $99.66 billion recorded in June 2025.
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‎The DMO said the Central Bank of Nigeria (CBN) official exchange rate of N1,379 per dollar as of June 30 was used to convert the external debt to naira.
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