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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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Good morning! Nigerian Newspapers Headlines: US Congressman Moore warns against emboldening Nigerian separatists

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1. US Congressman Riley M. Moore warned yesterday of the danger inherent in destabilising Nigeria.

Representative Moore who was actively involved in the  legislative campaign to address alleged violence against Christians in Nigeria said on his verified X account @RepRileyMoore that  “a destabilised Nigeria would embolden terrorists and make Christians less safe in Nigeria and across the continent. “

2. Vice President Kashim Shettima on Saturday led a Federal Government delegation to Kaiama Local Government Area of Kwara State to commiserate with residents of Nuku and Woro villages over Tuesday’s deadly terrorist attack, assuring that President Bola Ahmed Tinubu is determined to restore peace and tranquility to the area.

3. President Bola Tinubu will embark on a two-day state visit to the United Kingdom in March, according to Buckingham Palace. In a statement on Saturday, the royal communications team said the forthcoming visit is at the invitation of King Charles III.

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4. Federal Capital Territory, FCT, Minister, Nyesom Wike, on Saturday, said the people of Rivers State do not need a governor to mobilise support for President Bola Tinubu ahead of the 2027 election. Wike made the remark in Port Harcourt while commissioning the headquarters of the Rivers State Renewed Hope Ambassadors, which houses Majority FM 89.5, a situation room, office facilities and buses for the organisation.



5. At least two people have been reportedly killed by armed invaders in fresh attacks on two villages of Apa Local Government Area of Benue State. Residents said the assailants attacked Akpete community in Apa LGA on Friday at about 6pm, killing two persons identified as Matthew Ochanga and Isaac Adanu, while leaving many others injured.

6. Plateau State Government has confirmed an outbreak of Lassa fever in seven local government areas of the state, with four deaths recorded and the number of confirmed cases rising to 11. The Commissioner for Health, Dr Nicholas Baamlong, disclosed this during a press briefing in Jos on Saturday, where he provided an update on the outbreak and the state’s response measures.


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7. United States Congressman, Riley M. Moore has rejected claims that the United States supports any move to break up Nigeria, warning that pushing separatist agendas would worsen insecurity and place Christian communities at greater risk. Moore made the remarks in a statement posted on his X account after visiting Nigeria, where he held meetings with government officials, church leaders, aid organisations, and internally displaced persons.


8. Residents of Woro community in Kaiama Local Government Area of Kwara State have fled to neighbouring Niger State following a deadly terrorist attack that reportedly left over 176 people dead during the week. The attack, which occurred on Tuesday evening and lasted until Wednesday morning, forced families to abandon their homes, escaping with little or no personal belongings as fear spread across the community and adjoining villages.


9. Kebbi State Police Command, in collaboration with the military and other security agencies, has foiled a cattle-rustling attack by suspected Lakurawa bandits in Bunza Local Government Area of the state, neutralising one suspect in the process. The bandits reportedly invaded Tungan Babu Lada village, where they shot and killed a 35-year-old man, Usman Ferungu, before fleeing with rustled cattle.


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10. Some yet-to-be-identified gunmen, suspected to be cultists, have killed the President-General of Ogidi community in Idemili North Local Government Area of Anambra State, Ikwuka Okoye, also known as Anumili. It was gathered that the incident, which occurred late on Friday, was allegedly carried out by members of a rival cult group in revenge for the death of their leader, who was arrested and killed by local security operatives.

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Tinubu, governors present as Bello Matawalle’s 10 children wed in Abuja

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President Bola Tinubu,  President Carlos Manuel Vila Nova of the Democratic Republic of São Tomé and Príncipe and several governors were among the dignitaries who attended the wedding of the children of Bello Matawalle, minister of state for defence.

Matawalle celebrated the weddings of his ten children, five daughters and five sons, at the National Mosque, Abuja, on Friday.

The minister gave away his daughters—Maryam, Safiyya, Farida, Nana Firdausi, and Aisha—while his sons—Ibrahim, Abdul Jalal, Surajo, Bello, and Fahad—also tied the knot.

The Islamic ceremony was officiated by Imam Luqman Zakariyah, who prayed for Allah’s blessings on the marriages and for success in the couples’ future lives.

Tinubu received the brides on behalf of the Matawalle family, welcoming them into their new homes.

The high-profile wedding attracted the crème de la crème of Nigerian politics.

Notable dignitaries in attendance included Deputy Senate President Barau Jibrin and Ibrahim Masari, Senior Special Assistant on Political Affairs.

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Several governors were also present, including Ahmad Aliyu of Sokoto, Umar Namadi of Jigawa, and Nasir Idris of Kebbi.

In a post via X, Matawalle expressed his deep gratitude to Tinubu and Vila Nova for attending the ceremony, describing their presence as a rare and honourable privilege.

He further appreciated all dignitaries, family, friends, and well-wishers who joined physically or in prayers, wishing them safe journeys back to their destinations.

“Today, I am deeply honoured and profoundly grateful to His Excellency, President Bola Ahmed Tinubu, GCFR, for graciously serving as Wali at the wedding Fātiḥa of my children, held at the National Mosque, Abuja. I remain sincerely honoured by this rare privilege,” he wrote.”

“In addition, the presence of the President of the Democratic Republic of São Tomé and Príncipe, His Excellency President Carlos Vila Nova, added immense meaning to this joyous occasion, and I deeply appreciated it.

“I also wish to extend my heartfelt appreciation to everyone who joined us physically and in prayers to share in our joy. Your presence, prayers, and goodwill are truly cherished and deeply appreciated.

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“To my esteemed colleagues in the Federal Executive Council, Governors, members of the National Assembly, friends, family members, and well-wishers from across the nation, I am eternally grateful for the overwhelming love and kindness shown to me and my family.

“I also pray that Allah rewards abundantly all those who travelled from far and near to celebrate with us, and I ask Allah to grant you a safe and peaceful journey back to your respective destinations.”

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APC is my natural home, says Iyabo Obasanjo

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Iyabo Obasanjo, daughter of ex-President Olusegun Obasanjo, has confirmed her membership in the All Progressives Congress (APC) in Ogun state.

Iyabo spoke on Saturday during an interactive programme on Eagle7 Sports Radio 103.7 FM, anchored by Segun Odegbami.

Explaining her return to politics, Iyabo said the decision was driven by sustained pressure from supporters.

“Like I told you, a group of people who I did not bring together, I did not form them into a group, have been working, I think, for two years now,” she said.

“And then they started talking to me about a year ago, saying, ‘Look, we think you are the best candidate. We want you back.’”

She said she could not return to the Peoples Democratic Party (PDP), where she previously contested elections, citing internal crises.

“I could not go back to the PDP because of all kinds of turmoil,” she said.

Iyabo disclosed that she also considered the African Democratic Congress (ADC), but said the party was not yet fully organised.

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“The ADC was another option, but they don’t have their ducks in a row yet; they’re still working on it,” she said.

According to her, those who encouraged her return to politics are now members of the APC, a factor that influenced her decision after wide consultations.

“So, I think APC is my natural home. I don’t have any animosity towards any individual or any group within the APC,” she said.

“I feel more comfortable with all the actors I know within the APC… I feel more comfortable, actually, than with some of the actors I know in the PDP, and some of them are now in the ADC.

“So I think it’s my natural home. I feel quite confident and happy to have made that decision.

“I have an absolute 100% feeling it’s my natural home.”

Iyabo represented the Ogun central senatorial district between 2007 and 2011. She lost her re-election bid in 2011 to Gbenga Obadara of the then Action Congress of Nigeria (ACN).

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She later relocated to the United States, where she pursued an academic career and rose to the rank of professor. She is also a former commissioner for health in Ogun.

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