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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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Political War Erupts as Kwankwaso Rubbishes Marafa’s Call to Sack Matawalle

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The Director of Finance and Administration of the Hadejia–Jama’are River Basin Authority, Hon. Musa Iliyasu Kwankwaso, has dismissed as futile the call by former Senator Kabiru Marafa for the removal of Dr. Bello Matawalle as Minister of Defence, insisting that President Bola Ahmed Tinubu remains fully satisfied with Matawalle’s performance.

Kwankwaso made the remark while addressing journalists at a press briefing in Abuja, describing Marafa’s demand as unfortunate, baseless and driven by personal bitterness, and stressing that it would not influence the President’s decision.

He said it was disturbing that a politician from the same state as the minister, Zamfara, would publicly attack Matawalle despite the minister’s commitment to national service.

“I was truly shocked when I heard the comments of former Senator Kabiru Marafa calling for the removal of the Minister of Defence, Dr. Bello Matawalle, even going as far as fabricating lies and false allegations against him. These statements are clearly driven by confusion and jealousy, and Mr. President will never accept them from enemies hiding behind criticism,” Kwankwaso said.

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Hon. Kwankwaso further argued that Marafa lacks the moral standing to speak on security matters, citing a controversial traditional title allegedly linked to criminal elements within Marafa’s immediate circle.

“Besides jealousy and bitterness, Marafa has no justification to speak on security issues. A close relative of his senior brother was said to have been involved in helping to confer a traditional leadership title on the notorious bandit leader, Ado Aliero, in Yandoto. It was during Dr. Bello Matawalle’s tenure as governor that the title was subsequently suspended. So I ask: if he truly has a conscience, does he really have the right to speak on security?” he queried.

 

Kwankwaso also recalled past political comments credited to Marafa, in which the former senator reportedly vowed to defeat President Tinubu politically, questioning the sincerity of his present demand.

“Not long ago, Marafa openly said he would defeat Tinubu and cause him a one-million-vote loss. Now the same person who once wished the President’s failure is calling on the President to remove someone who is working for the success of his administration. That contradiction exposes the real motive behind these attacks,” he added.

 

He maintained that President Tinubu’s confidence in Dr. Matawalle remains firm, noting that no amount of pressure, manipulation or political jealousy would force the President to act against his judgment.

In his concluding remarks, Kwankwaso cautioned Northerners against what he described as a growing culture of destructive rivalry and bitterness, where individuals seek the downfall of others simply because they have lost political relevance.

He warned that those currently calling for Matawalle’s removal might be the same people who would later accuse the President of marginalising the North should he appoint someone else from outside the region.

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New Defense Minister GC Musa Takes Oath of Office

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By Yusuf Danjuma Yunusa

President Bola Tinubu has sworn in General Christopher Musa (retd.) as the new Minister of Defence.

Musa, a former Chief of Defence Staff, took the oath of office on Thursday at the State House, Abuja.

Nigerian Tracker News had reported that the Senate on Wednesday confirmed Musa as Minister of Defence following a rigorous five-hour screening.

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During the session, the former CDS was grilled over recent security lapses, including the controversial withdrawal of troops from Government Comprehensive Girls Secondary School, Maga, in Kebbi State, shortly before schoolgirls were abducted on November 17.

He told lawmakers he would “immediately set up a full-scale investigation” into the troop withdrawal once he assumes duty.

Musa also vowed to probe the killing of Brigade Commander Brig-Gen. Musa Uba in Borno State, along with other attacks on senior military officers.

Musa’s nomination followed the resignation of former Defence Minister, Mohammed Badaru, reportedly on health grounds.

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KANSIEC Appoints Adhoc Staff for Ward Bye-Elections

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Prof Sani Lawal Malumfashi KANSIEC Chairman

 

The Chairman of the Kano State Independent Electoral Commission (KANSIEC), Professor Sani Lawal Malumfashi, has issued appointment letters to adhoc staff for the upcoming ward bye-elections in three local government areas of the state.

During the presentation of the appointment letters, Professor Malumfashi urged the adhoc staff to justify the trust and confidence the commission has reposed in them.

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He expressed his confidence in their ability to discharge their duties based on their level of education, experience, and track record of honesty and dedication.

The adhoc positions include 3 Returning Officers, 3 Electoral Officers, and 3 Assistant Electoral Officers for Dala (Kofar Mazugal), Dogowa (Maraku), and Ghari (Matan Fata) wards.

In a statement signed by Bashir Habib Yahaya media aid to the executive chairman said the Chairman appreciated security agencies, politicians, and the general public for their support and cooperation. The bye-elections are scheduled to hold on December 13, 2025.

 

 

 

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