Business News Report October 2022
In this week's Business News Report - Nigeria loses its spot as Africa's largest oil manufacturer and is in the spotlight of fraudulent payroll cases as the NSA uncovered 54,000 entries in the country alone.
Nigeria is no longer the leading force in oil production in Africa
After 30 years, Nigeria has finally lost its spot as Africa's biggest oil manufacturer. According to a study by the Nigerian Petroleum Commission (NNPC), the country's production fell to 972,000 barrels per day (down from about 1.1 million barrels per day in July).
With that said, Angola is now considered Africa's biggest crude oil producer. Authorities blame rising cases of theft and sabotage at production sites. The Nigerian Petroleum Commission points out at least 200,000 barrels of crude oil being stolen per day.
With these thefts causing a major backlash to Nigeria's economy, the country is now in a precarious economic position. Authorities now aim at increasing its surveillance and improving security to mitigate any further loss.
The NSA revealed 54,000 fraudulent payroll entries in Nigeria
On September 9 in Abuja during the National Policy Dialogue on Corruption and Security organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the National Security Adviser (NSA) disclosed the amount of fraudulent payroll entries uncovered in its Integrated Personnel and Payroll Information System (IPPIS).
This event aimed at discussing the current flaws in security and how Nigeria's corruption is a considerate blight to the country. Authorities noted the implementation of the Treasury Single Account (TSA) in more than 90 per cent of all Ministries.
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