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NNPC Says Crude Oil Production, Price Benchmark for 2024 Budget Realistic

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The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has assured that the projections on crude oil production and price benchmark for the 2024 Budget were realistic and realizable.

The Group Chief Executive Officer (GCEO) of the Company, Mr. Mele Kyari, gave the assurance during an interactive session with the Senate Committee on Finance at the National Assembly, Abuja, on Wednesday.

Speaking on the dynamics of the market in relation to the projected budget benchmark price of $77.96 per barrel, Kyari said: “With what we see in the market today and potentially in the year 2024 and even beyond the next two years, it is very unlikely to see $70 per barrel oil in the market. The oscillation we are seeing, sometimes you do see prices coming down to $75 to the barrel and sometimes it goes above it, overall, benchmarks are averages. We think that the proposal by Mr. President around the $77.96 is still realisable in 2024.”.

On the crude oil production projection, he stated: “The number we have is 1.785mbpd. This is cumulative of all oil produced in the country. This figure is inclusive of all production including crude oil and condensate. I need to make this clarification because of the reports in the media that our OPEC quota is 1.5million barrels per day. The OPEC quota is related only to crude oil. We also do between 250,000 to 300,000 barrels per day of condensate in our production. When you combine the two, the 1.78mbpd is realistic and realisable.”

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He expressed optimism that though there were challenges such as security and force majeure, the measures being deployed by the Federal Government would be able to take care of them to guarantee the projected level of production.

The GCEO also assured that NNPC Ltd. will maintain the level of dividends remittance to the Federation Account as stated in the Medium-Term Expenditure Framework, adding that the projected dividends from the Nigeria Liquefied Natural Gas Ltd. was also realizable and would be flowed directly into the Federation Account as stipulated by the law.

While answering a question on the Company’s Road Tax Credit Scheme, Kyari explained that all the roads being undertaken under the scheme would be duly completed, adding that the scheme was anchored by the Ministry of Works while the Federal Inland Revenue Service and NNPC Ltd. were only playing supervisory roles to ensure that value is delivered for every kobo paid.
Speaking earlier, the Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa, said the purpose of the interactive session was to deepen conversations on the projections in the 2024 Appropriation Bill to help the lawmakers determine what and where to adjust.

He expressed satisfaction with the explanations offered by the NNPC Ltd.’s helmsman.

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Federal University Gusau Denies Allegations of Lawmakers’ Extortion in Budget Approval

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The Vice Chancellor of Federal University Gusau, Prof. M.G. Abubakar, has vehemently denied allegations made by Premium Times that Nigerian lawmakers demanded N480 million from universities to approve their 2025 budgets. The allegations were published in an article by Bakare Majeed on January 25, 2025, which claimed that lawmakers were using intimidation and threats to force university heads to pay N8 million each for budget approval.

The article specifically targeted Prof. Muazu Gusau, the Vice Chancellor of Federal University Gusau, alleging that he had become a target for lawmakers due to his refusal to comply with their demands. The report claimed that during a meeting on January 16, lawmakers threatened to “deal with Mr. Gusau for being stubborn.”

Initially, the university intended to ignore the publication, but upon further reflection, they deemed it necessary to respond to prevent any misleading and vexatious insinuations from being taken as truth by members of the National Assembly and the public.

In an official statement, Prof. M.G. Abubakar clarified that he was represented at the university’s 2025 budget defense by a team led by the Deputy Vice Chancellor, Administration, Dr. Lawal Sa’adu. He emphasized that the session with the lawmakers was robust, friendly, and convivial, and no member of the university team was party to the information concocted by Premium Times.

“We urge you, Mr. Chairman and members of your Honourable Committee, to discountenance the malicious and mischievous write-up from the stable of Premium Times, which has a proclivity towards sensational headlines and destructive journalism,” Prof. Abubakar stated.

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The Vice Chancellor, along with the Governing Council, Management, and Senate of Federal University Gusau, openly acknowledged the praiseworthy support of the House Committee on Tertiary Education and pledged to work assiduously to further cement the relationship in the interest of the overall development of the university and the advancement of tertiary education in Nigeria.

 

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State Legal Counsel to Uphold High Standards of Professionalism in Justice Execution

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Kano State Governor, Alhaji Abba Kabir Yusuf, has directed members of the State Legal Community to exhibit the spirit of professionalism and uphold the rule of law.

The Governor made the disclosure today while declaring open a 2-day retreat to strengthen the capacity of the State Legal Counsel on the use of technology in the administration of justice, using multiple software for virtual court hearings. The event was organized by the State Ministry of Justice and held at Triumphant International Hotel, Kaduna.

The Governor, represented by the Head of Civil Service of the State, Alhaji Abdullahi Musa, described the workshop as timely and impactful. He highlighted that the role of legal counsel within the legal framework of the state is indispensable in the administration of justice. “You were entrusted with upholding the rule of law and safeguarding the rights of the citizens of our dear state,” he stated.

Alhaji Abdullahi Musa said the workshop is a strategic initiative designed to equip participants with the requisite knowledge and skills to navigate the evolving complexities of contemporary legal practices, addressing current emerging trends in the administration of justice in Kano State.

He said the State government will incentivise excellence in
State Legal Counsel profession by considering the Highest Caseload among the benchmark in Career Advancement.

He urges the State Legal Counsel to be vigilant and desist from all forms of corruption In the discharge of their duties.

 

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NAHCON Chairman Seeks Removal of 2% Charge on Pilgrims’ Funds by CBN

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Professor Abdallah Sale Usman,Chairman NAHCON

 

By Nura Ahmed Dakata

The Chairman of the National Hajj Commission of Nigeria (NAHCON), Professor Abdullahi Saleh Usman, has appealed to the Central Bank of Nigeria (CBN) to waive the 2% charge imposed on pilgrims’ funds, emphasizing that its removal would significantly reduce Hajj fares for Nigerian pilgrims.

Speaking in an interview with Hajj Chronicles in Abuja, Professor Saleh reiterated his commitment to ensuring that the Commission fulfills its mandate of enhancing the welfare of Nigerian pilgrims. He stated that one of his major priorities since assuming office was to reduce the cost of Hajj, making it more affordable for Muslims across the country.

“I am confident that lowering Hajj fares will bring relief to our pilgrims, leaders, and the entire Muslim Ummah,” he said.

To achieve this goal, Professor Saleh explained that he had engaged key Hajj service providers, including airliners, Masha’ir service providers, accommodation providers, and transportation companies, in collaboration with the Forum of State Pilgrims Welfare Agencies.

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He highlighted that these negotiations had already yielded significant reductions in various service costs:

Masha’ir Services: Last year, pilgrims were charged 4,770 Saudi Riyals, but following discussions, NAHCON secured a reduction of over 700 Saudi Riyals per pilgrim.

Accommodation in Madinah: The cost per bed space was 5,000 Riyals last year, but a reduction of 200 Riyals per pilgrim has been achieved.

Transportation: Last year’s transportation cost stood at 1,300 Riyals per pilgrim, but this year, NAHCON successfully negotiated a 130 Riyal reduction per pilgrim.

Airfare: Given Nigeria’s geographical diversity, airfare costs vary across regions. However, under Professor Saleh’s leadership, NAHCON was able to secure a $399 reduction per pilgrim.

“These reductions have significantly impacted the overall Hajj fare, and we are still expecting further adjustments,” he added.

While noting that NAHCON is not requesting government subsidies, Professor Saleh appealed to authorities to consider selling dollars to the Commission at the official government exchange rate. He stated that this measure, if approved, would further lower Hajj fares.

“We have estimated the dollar exchange rate at ₦1,550, ₦1,600, and ₦1,650, but given the fluctuations, we settled on a moderate rate. If we secure a reduction in forex rates, we will refund any savings to the pilgrims,” he assured.

Professor Saleh also called on State Governors to support their respective State Pilgrims Welfare Agencies by providing loans that would enable them to settle payments with NAHCON before the final payment deadline set by Saudi authoritie

On the deadline for Hajj fare payments, the NAHCON Chairman clarified that the Commission has no control over the deadline but can only appeal to the Saudi Ministry of Hajj for an extension if necessary. He urged intending pilgrims to complete their payments promptly to avoid any last-minute issues.

Professor Saleh also called on State Pilgrims Welfare Agencies and stakeholders to intensify public enlightenment campaigns, ensuring that intending pilgrims understand the importance of timely payment and proper preparation for a successful Hajj pilgrimage.

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