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Hope rises for FG’s N26trn budget as oil price rises to $81.11

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With a few days to the commencement of the 2024 fiscal year, hope appears rekindled in the revenue horizon as the price of Nigeria’s Bonny Light, rose to $81.11 per barrel, from $78 per barrel it closed last week, indicating an excess of $3.15 per barrel against the 2024 budget reference price of $77.96 per barrel.

 

The nation’s N26 trillion 2024 budget, benchmarked on $77.96 per barrel and 1.78 million barrels per day, bpd was threatened in the past two weeks when the oil price became unstable trending down to the budget benchmark price.

 

Price of Bonny Light rose to $81.11 per barrel on the Red Sea attacks that culminated in shipping disruptions, thus fuelling the speculation in favour of high prices.

 

However, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, indicated that oil output fell by 7.4 percent to 1.25 million barrels per day in the month of November 2023, compared to 1.35bpd in September 2023.

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This means the pressure point has shifted to output level as this may undermine the realization of the targeted revenue if it persists into 2024.

 

But the newly appointed board and management team for the Nigerian National Petroleum Company Ltd (NNPCL) has pledged to produce two million barrels of crude oil daily from 2024.

 

The Chairman of NNPCL, Pius Akinyelure, stated: “We have just concluded our inauguration ceremony by Mr President and we have assured him of our collective efforts to turn around the fortune of the Oil and Gas.

 

”And to make it a company that we will all be proud of and a company that will help sustain the economy and make sure we create some element of prosperity for Nigerians. He (President) has assured us of his support and on our own part too, we have given him our one 100 per cent assurance.

 

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“We will do the best we can to make sure that the key performance in the oil and gas industry in Nigeria probably will become number one in Africa and probably compete with the leading oil and gas industry around the world.

 

“It is not an easy task but we know we had the challenge of oil stealing, vandalisation of our pipelines. Our commitment is to produce at the rate of two million barrels per day anytime from next year’’.

 

On his part, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, said that oil production in the country would surpass the 2024 budget target of 1.7 million barrels per day.

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29 Generals retire from Nigerian Army

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Twenty-nine generals of the Infantry Corps of the Nigerian Army have retired from active military service.

 

Of the 29 retired infantry officers who pulled out of active service at the Jaji Military Cantonment in Kaduna State on Friday, 19 were major generals, and 10 were brigadiers general.

 

Among them is Major General Victor Ezugwu, who spoke on behalf of the retirees. He said the war against terrorism banditry will end if the proposed establishment of army aviation succeeds and the night fighting capabilities of the army infantry corps are improved.

 

As the threats to Nigeria’s sovereignty are becoming asymmetric in time and space, Ezugwu admonished serving officers and soldiers to be proactively way ahead of the enemies in all aspects of unfolding combat scenarios.

He also urged their successors to not only sustain the modest strategic, operational, and tactical achievements made but also to surpass them.

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“The frontline is expanding and the Nigerian Army is becoming increasingly committed with the eyes of the nation and the world on it,” he said.

“Our Infantry Corps must therefore not relent or rest on her oars as the entire Nigerian Army depends largely on the Infantry Corps to achieve its core mandate and mission.

 

“I admonish the Infantry that as the threats to Nigeria’s sovereignty are becoming asymmetric in time and space, you must be proactively way ahead of our adversaries in all aspects of the unfolding combat scenarios,” he added.

 

While calling on the Infantry Corps to review some of its tactical and operational strategies in the areas of night fighting capabilities, and frontline intelligence gathering on enemy activities, Ezeugu advised the corps to strengthen basic field crafts training in the areas of aggressive fighting patrols to dominate at least 5 km radius of their locations, ambushes, listening and observation posts as well as all levels of battle drills.

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Tinubu’s tax reforms not to frustrate Nigerians — Shettima

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Vice President Kashim Shettima says Nigeria’s tax reforms under the administration of President Bola Tinubu is targeted at improving the system for the overall benefit of all Nigerians.

He said contrary to speculations in some quarters, “we are not here to frustrate any sector of our economy but to create an administrative system that ensures the benefits of a thriving tax system for all our citizens.”

The Vice President, represented by the Special Adviser to the President on General Duties (Office of The Vice President), Aliyu Moddibo Umar, spoke on Saturday at the close-out retreat of the Presidential Fiscal Policy and Tax Reforms Committee held at the Transcorp Hilton, Abuja.

According to a statement by his spokesman Stanley Nkwocha, the Vice President explained that the policy thrust of the Tinubu administration’s tax reforms, pointing out that the dynamics of the nation’s fiscal landscape prompted the Tinubu administration to pause and reconsider the direction it was going.

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“Our aim remains the revitalisation of revenue generation in Nigeria while sustaining an investment-friendly and globally competitive business environment,” he noted.

 

While expressing confidence in the ability of the committee to deliver on the mandate, the Vice President emphasised the significance of the task ahead, noting that “we are gathered today because we are transitioning from the phase of proposal in the operations of this committee’s work to the phase of implementation.

 

“I am confident that both the federal and state governments stand ready to ensure the effective implementation of your reform proposals, and we shall provide the institutional framework to guarantee the adoption of the consensuses of this committee, aligning them with our economic agenda,” he added.

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Good Morning! Here Are Some Major News Headlines In The Newspapers Today: Saboteurs switched off CCTV cameras during Kogi varsity invasion – Ododo

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1. Kogi State Governor, Usman Ododo, has blamed internal saboteurs for Thursday’s abduction of students of Confluence University of Science and Technology, Osara. The governor said preliminary investigation revealed that all the CCTV cameras installed in the school were switched off during the attack.

 

2. A medium range aircraft, Embraer 145, belonging to a premium services provider, Xejet Airlines, skidded off the runway and plunged into the grass areas of Runway 18Left of Lagos Airport on Saturday. The aircraft with 52 passengers and the crew members on board departed Abuja Airport before the incident at the runway of Lagos Airport.

 

3. Federal Capital Territory, FCT, Minister, Nyesom Wike, stormed Rivers State yesterday with a warning to his political opponents that their illegal acts stand no chance of success in the ongoing crisis in the state. Wike, the immediate past governor of the state, is currently in a stand-off with his successor and estranged godson, Siminalayi Fubara.

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4. The federal government has said that the introduction of Compressed Natural Gas, CNG, buses under the Presidential CNG Initiative, PCNGI, will lead to a substantial reduction in transportation costs, ultimately helping to curb inflation. Finance Minister and Coordinating Minister of the Economy, Mr. Olawale Edun, expressed this view in Lagos on Saturday.

 

5. Foreign Affairs Minister, Yusuf Tuggar has written all the foreign missions in the country to comply with the directive of the Economic and Financial Crimes Commission, EFCC, to charge payment for visa and consular services in naira instead of dollar. Tuggar has already met with a few envoys who sought more clarifications on the EFCC’s advisory.

 

6. Authorities of the Nigerian Army have launched a probe into how some soldiers kept in guard rooms (detention) for various offences broke the facility located at the 8 Division Garrison, Sokoto. It also said it would go ahead to implement the directive of the Chief of Army Staff, Lt.-Gen. Taoreed Lagbaja, to look into the state of all Nigerian Army detention facilities.

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7. President Bola Tinubu has asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review. This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

 

8. Former National Chairman of the Peoples Democratic Party, PDP, Prince Uche Secondus, has accused the Minister of the Federal Capital Territory, Nyesom Wike, of being the mastermind of the current charged political atmosphere in Rivers State. He alleged that Wike had instructed his aides and political associates to continuously malign and sabotage the peace, progress, and prosperity of Rivers State.

 

9. The Federal Government is poised to receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25bn on June 13, 2024. The funding will be received via two major development projects. The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, which is set to receive $1.5bn.

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10. No fewer than 17 persons were on Saturday injured in multiple road crashes on Ota-Idiroko Road. It was learnt that 15, out of the 32 persons involved in the accident which occurred at 8:55 am around Iju Bridge, managed to escape unhurt.

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