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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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President Tinubu Names New Petroleum Institute After Late Gen Shehu Musa Yar’adua

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By Yusuf Danjuma Yunusa

President Bola Tinubu has approved the establishment of a new university in Kaduna State and named it after Late General Shehu Musa Yar’Adua, to the honour the former Chief of  Staff Supreme Headquarters (equivalent to Vice President)as part of activities marking Nigeria’s 2026 Democracy Day celebration on June 12.

The President announced the decision on Friday during his Democracy Day nationwide broadcast that the Federal Government had approved the revitalisation and renaming of the completed Institute of Petroleum Studies, Kaduna, as the General Shehu Musa Yar’Adua University of Geological Sciences and Engineering Technology.

Tinubu said the decision was taken in recognition of Yar’Adua’s contributions to Nigeria’s democratic development and his vision of national unity and partnership.

The late General Shehu Musa Yar’Adua, an older brother of late President Umaru Musa Yar’Adua, was one of the political gladiators in the aborted Third Republic and advocate of June 12, 1993 presidential election actualisation.

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“Among the architects of modern democratic Nigeria, we honour General Shehu Musa Yar’Adua for his vision of national partnership,” the President said.

“In recognition of his contributions, the Federal Government has approved the revitalisation and renaming of the completed Institute of Petroleum Studies, Kaduna, as the General Shehu Musa Yar’Adua University of Geological Sciences and Engineering Technology,” Tinubu declared.

The President paid tribute to other prominent figures, living and dead, who played significant roles in Nigeria’s struggle for democracy.

He described June 12 as a defining moment in Nigeria’s history and remembered several heroes of the democratic movement, including late Shehu Musa Yar’Adua, whom he said helped lay the foundation for the freedoms Nigerians enjoy today.

Tinubu noted that the country owed a debt of gratitude to patriots who endured persecution, imprisonment, exile and even death in the fight for democratic governance.

He also announced national honours for dozens of pro-democracy activists, journalists, lawyers, politicians and military officers who, according to him, suffered persecution and incarceration during the struggle to restore democratic rule in Nigeria.

Among those recognised were Arthur Nwankwo, Mrs Joe Okei-Odumakin, Richard Akinnola, Ishola Williams and several military officers who participated in the June 12 democratic struggle.

Tinubu said the full honours list would be released in the coming days.

Reflecting on Nigeria’s democratic journey, the President said the country has enjoyed 27 uninterrupted years of civilian rule since 1999, describing it as the longest stretch of democratic governance in the nation’s history.

He urged Nigerians to remain united and committed to strengthening democratic institutions, stressing that the sacrifices of the nation’s heroes must not be in vain.

“The generation of our founding fathers secured independence the generation of June 12 secured democracy. Our generation must secure prosperity,” Tinubu said.

The President expressed optimism about Nigeria’s future, saying democracy must translate into improved living standards, economic opportunities and security for all citizens.

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We Could Only Watch Helplessly’ — Kano Traders Recount Horror of Market Inferno

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A fire incident has destroyed a popular home appliances and office furniture market located along Murtala Mohammed Way in Kano, leaving traders counting losses running into millions of naira.

It was gathered that the fire broke out at about 10:00 p.m. on Thursday and rapidly spread across the market, engulfing shops and their contents before firefighters could bring the situation under control.

Eyewitnesses said the fire consumed a large section of the market, reducing valuable goods and property to ashes.

One of the affected traders, who spoke to newsmen, described the incident as a major disaster for business owners operating in the market.

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According to him, the fire completely gutted several shops, destroying goods worth millions of naira.

“The cause of the fire is yet to be determined. We could only watch helplessly as officials of the Kano State Fire Service battled to contain the inferno,” the trader said.

He further disclosed that the fire extended to a nearby building occupied by the international courier company, DHL, where part of the roof was damaged by the flames.

The affected market, located between the DHL office and First City Monument Bank (FCMB) along Murtala Mohammed Way, is widely known for the sale of household and office furnishing items, including furniture, carpets, air conditioners, refrigerators, mattresses, televisions and other interior decoration materials.

As of the time of filing this report, the exact cause of the fire had not been officially established, while authorities were yet to provide an estimate of the total value of property destroyed.

Traders affected by the incident have appealed to the government and relevant authorities for support as they begin to assess the extent of their losses and rebuild their businesses.

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Northern Youths Hail National Assembly’s Approval of State Police, Describe Move as Landmark Security Reform

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The Northern Youth Assembly (NYA) has commended the National Assembly for its approval of the constitutional amendment bill seeking to establish State Police across Nigeria, describing the development as a landmark step toward addressing the country’s persistent security challenges.

In a statement signed by its Secretary General, Abdulhafiz Garba, the group said the overwhelming support for the bill by federal lawmakers reflects a growing national consensus on the need to strengthen security through a more decentralized and community-focused policing system.

According to the assembly, the endorsement of the bill by 289 legislators, with only four voting against it, demonstrates the urgency attached to security reforms and the recognition that local communities must play a more active role in maintaining peace and order.

The group noted that insecurity has remained one of the most pressing concerns across Northern Nigeria, where communities have grappled with banditry, kidnapping, terrorism, cattle rustling, and communal conflicts. These challenges, it said, have disrupted economic activities, displaced families, and undermined social stability across the region.

The NYA argued that while officers of the Nigeria Police Force have continued to make sacrifices in the line of duty, the existing centralized policing structure has struggled to adequately respond to the country’s complex and evolving security threats due to Nigeria’s vast population and geographical size.

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It maintained that the creation of State Police would provide an additional layer of security by enabling state governments to establish law enforcement agencies capable of responding swiftly to local challenges while complementing federal security institutions.

The assembly highlighted intelligence gathering as one of the major advantages of the proposed reform. It explained that security personnel recruited from local communities would possess deeper knowledge of the language, culture, terrain, and social environment of their states, making it easier to detect criminal activities and prevent threats before they escalate.

The group further stated that decentralized policing would improve emergency response times, as state-controlled police formations would be able to act promptly without waiting for instructions from distant command structures.

Beyond security, the Northern Youth Assembly said the reform could create significant employment opportunities for young people. It noted that recruitment into state police services would provide jobs for thousands of youths while helping to reduce unemployment and strengthen community engagement.

According to the organization, improved security would also encourage investment, boost agricultural production, revive local economies, and facilitate safer movement of goods and people across Northern Nigeria.

The group pointed to several countries operating successful decentralized policing systems, including the United States, Canada, Australia, and Germany. It argued that these examples demonstrate that state-based policing structures can coexist with federal law enforcement agencies without undermining national unity.

Rather than weakening the federation, the assembly said decentralized policing has proven effective in enhancing accountability, improving public safety, and ensuring more responsive governance in many democratic nations.

Describing the passage of the bill as a historic moment, the NYA said the reform offers renewed hope for communities affected by insecurity and represents a significant step toward building a safer and more prosperous Nigeria.

The organization pledged its continued support for policies aimed at promoting peace, security, youth empowerment, economic development, and national unity, while urging relevant stakeholders to ensure the successful implementation of the proposed State Police framework once it becomes law.

 

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