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Crude oil production rises to 1.6m bpd, says Kyari

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The Nigerian National Petroleum Company (NNPC) Limited says Nigeria’s crude oil production level (including condensate) is currently at 1.67 million barrels per day (bpd).

Mele Kyari, group chief executive officer (GCEO) of NNPC, spoke at a press briefing in Abuja on Friday.

In July 2023, the country’s crude oil (and condensate) output fell to 1.29 million barrels per day (bpd), from 1.48 million bpd in the previous month.

Giving updates at the news conference, Kyari said oil production increased by over 300,000 bpd.

He said the oil and gas industry has a huge potential and the possibilities of providing all the foreign exchange (FX) requirements of the country.

“But you cannot do this except you are able to produce and also take it to the market, because we did have substantial challenges of security, which I also confirm this moment that Mr. President has re-engineered the security approach and we are already seeing very significant changes in our production environment,” he said.

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“May I also use this opportunity to say that I was just checking the data for Wednesday. The actual data for crude oil and condensate production is at 1.67 million barrels per day.

“This is substantial, if you look at the situation where we were almost going below a million barrels some months ago. This is quite substantial. And the connection of this to subsidy was that you cannot give what you do not have.”

‘NNPC FACED IMMINENT ILLIQUIDITY BEFORE TINUBU’S ADMINISTRATION’

Kyari said NNPC was at the point of default at the time President Bola Tinubu took over on May 29, 2023.

He said the national oil company “was facing imminent illiquidity”.

“This is because we keep carrying the subsidy burden, the federation, that is all the sub-nationals and federal government, are unable to pay their bills for the subsidy,” The NNPC boss said.

“That means NNPC was carrying the subsidy burden for the whole federation until it became very obvious by the time Mr. President took over that it is no longer possible to proceed because you do not have the cash to pay for it and NNPC could potentially go into negative cash flow. Another word for it is bankruptcy.

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“And it was impossible to continue. So it wasn’t really a matter of even preparedness. As the minister has said, it was no longer sustainable, that you cannot do what you cannot afford.

“You do not have and at that point in time, the subsidy burden was about N400 billion every month. And if the situation has continued, I can tell you in today’s market condition, pricing in the market and also the FX regime, we would have been dealing with close to N1 trillion of subsidy every month at this point in time.

“We simply don’t have those resources anymore. You are not just saving money, you are also passing realities around what you can’t afford. And as a result of that change, we saw demand go down by 30 percent,” he said.

This, he said, also means a 30 percent reduction in foreign exchange requirements.

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UK unveils programme for Tinubu’s state visit

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The United Kingdom government has unveiled the programme for the state visit of President Bola Tinubu, scheduled to take place from March 17 to 19. 

According to the itinerary, the visit will be hosted at Windsor Castle and will include bilateral meetings, ceremonial events and engagements with members of the Nigerian diaspora.

Preparations for the visit are scheduled for March 17, with security sweeps, road closures and procession rehearsals taking place ahead of the president’s arrival.

Tinubu will officially arrive the UK on March 18 and will be received by Prince William and Catherine, Princess of Wales.

A ceremonial welcome will follow on Datchet road, including the playing of national anthems and a guard inspection.

The president will then proceed in a carriage procession to Windsor Castle, where he will be received by King Charles III and Queen Camilla.

The schedule also includes a formal reception, a 21-gun salute and a state luncheon at St George’s Hall.

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Later in the day, Tinubu is expected to hold bilateral meetings with UK officials focusing on trade, security, migration and port development.

The day will conclude with a cultural exchange event showcasing Nigerian artefacts, followed by a state banquet hosted at Windsor Castle.

On March 19, the Nigerian president will hold a private breakfast with the king and queen before departing for London.

While in London, Tinubu is expected to lay a wreath at the The Cenotaph in Westminster.

He will also meet with Keir Starmer, UK prime minister, at 10 Downing Street, for bilateral discussions and a woking lunch.

Other engagements include a meeting with members of the Nigerian diaspora and the signing of bilateral agreements at Buckingham Palace.

The visit will conclude with Tinubu’s departure from RAF Northolt for Nigeria.

The trip marks Nigeria’s first full state visit to the UK in 57 years.

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Four dead, many injured as truck runs into fully-loaded commercial bus in Lagos

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Four passengers have died while many others are seriously injured following a road accident involving a truck and a commercial mini bus along the Lekki–Epe expressway.

The Lagos State Traffic Management Authority (LASTMA) said the accident occurred “over the weekend” opposite Beechwood in Shapati, inward Ajah.

In a statement issued by Adebayo Taofiq, spokesperson of the agency, the traffic agency said the crash involved a HOWO truck with registration number KNN 313 YL and a Suzuki commercial mini bus popularly known as ‘korope’.

According to the agency, preliminary findings indicated that the driver of the truck lost control of the vehicle which then veered across the road, crashing into the oncoming commercial bus conveying passengers.

LASTMA said the impact of the collision killed four male passengers instantly, while four other occupants — two males and two females — sustained severe injuries after getting trapped in the wreckage.

The agency said its personnel arrived at the scene promptly and rescued the injured victims from the mangled vehicle with the support of other emergency responders and passersby.

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The injured passengers were taken to Hamon Royal Hospital for medical treatment, while the bodies of the deceased were deposited at the Shency Hospital morgue by an ambulance belonging to the Federal Road Safety Corps.

Officers of the Nigeria police force attached to the Elemoro police division also secured the accident scene and managed traffic during the rescue operation.

LASTMA added that the driver of the truck and his motorboy fled the scene after the crash.

Olalekan Bakare-Oki, general manager of LASTMA, expressed condolences to the families of the victims and wished the injured speedy recovery.

He also urged motorists, particularly drivers of articulated vehicles, to adhere to traffic safety regulations and exercise caution to prevent road accidents.

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ADC faction fixes April 3 for national convention

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A faction of the African Democratic Congress (ADC) has announced April 3 to 5 as the date for the election of new members of the national working committee (NWC).

In a statement issued on Sunday, the ADC faction said party executives at the ward, LGA, state, and national congresses will be elected through consensus.

In a timetable outlining activities leading up to the national convention, the party said ward congresses will take place on March 19, followed by LGA congresses on March 24, and state congresses on March 28.

The group said the decision was taken to promote unity, inclusivity, and internal cohesion.

“This decision is taken in accordance with the party’s constitution and the Electoral Act 2026 (as amended), in furtherance of its commitment to promoting unity, cohesion, and inclusiveness within the party,” the statement reads.

“The BOT/NWC believes that the consensus approach will foster greater cooperation, understanding, and collective leadership, ultimately strengthening the party’s ability to achieve its goals and objectives.”

The ADC faction also announced the commencement of a membership registration exercise for new members, which will run from March 14 to 25.

The party said new members are expected to register at their respective ward offices and obtain membership cards through the party’s continuous membership registration committee (CMRC).

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“This exercise is strictly for new members; existing members are not required to renew their membership at this time,” the party said.

The group said issues arising from the various congresses would be addressed accordingly, with petitions from the national convention expected to be resolved between April 6 and 10.

The party faction distanced itself from the ongoing electronic membership mobilisation, registration, and revalidation exercise being conducted by the ADC coalition led by David Mark

The group said the exercise does not follow the procedures outlined in the party’s constitution, adding that the official online membership registration portal would be released later through the party’s authorised channels.

The statement was jointly signed by Nafi’u Bala, the factional national chairman, and Rufus Ikanmi, secretary of the board of trustees (BOT).

The ADC coalition, led by Mark, had earlier  scheduled April 14 for the election of the party’s national officers. 

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