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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.”

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.

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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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2027: Pro-Fubara protesters want suspended Gov to run as Atiku’s VP

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Pro-Fubara protesters in Rivers State are demanding that suspended Governor Siminalayi Fubara, should not be coerce into joining any party even as they called on him to run as Atiku Abubakar’s vice presidential candidate in 2027.

In a trending video online posted on Facebook by some supporters of Gov. Fubara, a lady in black an ardent supporter of suspended Gov Fubara, alongside other protesters apparently registering their anger in the clip declared that:

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“We want Fubara returned as Governor. We’re waiting for our own northern collaboration, what we want is for our Governor, to run as vice president with Atiku Abubakar.

“Yesterday (Wednesday) our Governor met with Wike and he was told to support Tinubu, what kind of arrangement is that, we’re not in support of that.

The group’s leader apparently exhibited the position of Fubara as their support is for Atiku/Fubara ticket.

There is no smoke without fire as 2027 macabre dance by Fubara got exposed.

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APC Using Money, EFCC Threats To Weaken PDP Through Defections-Bugaje

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Former member of the House of Representatives and ex-presidential adviser Dr. Usman Bugaje has accused Nigeria’s ruling party, the All Progressives Congress (APC), of systematically using money to induce defections from the opposition Peoples Democratic Party (PDP).

Speaking in an interview with Arise News, Bugaje claimed that the APC has been aggressively targeting opposition figures, leveraging both financial incentives and potential legal threats.

His words: “Well, for what I know—and I don’t claim to know everything—the APC is basically using money to buy off PDP.

“Some say it’s a carrot and stick approach. The money is the carrot. What’s the stick? Possibly the EFCC. They might do these kinds of things. This has been the practice since the time of President Obasanjo.”

Bugaje argued that the root cause of the ongoing wave of defections is money, warning that such practices pose a grave threat to Nigeria’s democratic system.

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He said: “For me, this is a very serious issue. This should be the center of our political discourse. As long as money remains the determining factor, then that’s the end of democracy and the end of politics.”

His comments come in the wake of a major political shake-up in Delta State, where Governor Sheriff Oborevwori and former Governor Ifeanyi Okowa, who was also the PDP’s 2023 vice-presidential candidate, defected to the APC. They were joined by members of the National Assembly, State Assembly, and several local government chairmen.

Bugaje stated that he is skeptical about the PDP’s ability to function as an effective opposition.

“There has not been real opposition since the moment Nyesom Wike did what he did,” Bugaje said.

“The PDP missed its chance to be a viable opposition party. Just look at their conduct on major national issues—from emergency rule debates to budget discussions. They failed to act like an opposition,” he added.

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Saraki: No Cause for Alarm, PDP Will Rebuild and Reposition Despite Delta Defections

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Former Senate President, Dr. Abubakar Bukola Saraki, has urged members of the Peoples Democratic Party (PDP) not to be discouraged by recent defections in the party, particularly in Delta State, assuring them that the PDP will emerge stronger and more united ahead of the 2027 general elections.

In a statement posted on his verified Facebook page, Saraki addressed concerns raised by party supporters and youth following the defection of top party figures, including Delta State Governor Sheriff Oborevwori, to the ruling All Progressives Congress (APC).

*”My view is that those who want to leave the PDP should leave now and let the rest of us who want to stay concentrate on rebuilding the party and refocusing it to play the role of a viable opposition that will provide a better alternative for the good people of Nigeria,”* Saraki wrote.

He emphasized the critical role of the opposition in a multi-ethnic democracy like Nigeria and warned against any attempts to impose a one-party state, describing such an idea as “dangerous” to the country’s diversity and democratic future.

It is in the interest of Nigeria and the survival of our democracy for the opposition to be vibrant and strong enough with the capacity to replace the ruling party at any point,”* he added, insisting that recent events should not demoralize PDP loyalists.

Reacting to what he described as “insincere leadership” among some PDP figures, Saraki said the current situation vindicated his earlier decision to observe events in silence. He pointed out that internal disloyalty had eroded trust within the party’s leadership ranks.

This development has vindicated the stance of people like me who have decided to remain silent and watch events unfold. I have seen that there was no sincerity with supposed leaders of the opposition,”* he said.

The former governor of Kwara State urged PDP members to view democracy as a long-term project rather than a “knock-out match,” encouraging patience, resilience, and renewed commitment to the party’s values.

“The sustenance of democracy is not a sprint. Rather, it is a marathon… 24 hours is a long time in politics and nobody can predict how the dynamics will evolve in the coming weeks and months,”* Saraki noted.

Addressing the defection of Delta State’s governor and his allies, including the 2023 PDP presidential running mate, Saraki said such moves reflect the declining ethical standards in Nigerian politics. He called for a shift from personal loyalty to strengthening political institutions.

“Yes, it is unbecoming and shocking for the running mate to the standard bearer of a leading party to abandon ship to join the ruling party. This is unprecedented… The country is experiencing a collapse of leadership values,”* he stated.

Despite the setbacks, Saraki expressed confidence in PDP’s prospects, stressing that party strength is measured not by numbers alone but by the dedication and integrity of its members. He called on youths and women to take leadership in the party’s rebuilding efforts.

“The PDP is better with fewer members who are loyal, sincere, determined, and committed to its ideals than with many who flirt with the ruling party in the shadows,”* he declared.

He concluded by assuring supporters that PDP leadership organs will convene to strategize, noting that there is still ample time to reposition the party for success in 2027.

“There is no cause for alarm. Our party members should not lose focus, hope, or determination. We should see the current development as a challenge to rebuild and refocus. Tomorrow is very bright,”* Saraki concluded.

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