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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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BREAKING: INEC Declares Adeleke Winner of Osun Guber Election

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By Yusuf Danjuma Yunusa

The Independent National Electoral Commission (INEC) has declared incumbent Governor Ademola Adeleke the winner of the Osun State governorship election, defeating his closest rival, Bola Oyebamiji of the All Progressives Congress (APC).

Mr Adeleke, the Accord Party candidate, was announced winner by the state returning officer in the early hours of Sunday after a fiercely contested poll across the state’s 30 local government areas.

Mr Oyebamiji, the state’s former finance commissioner, came second, while the African Democratic Congress (ADC) candidate, Najeem Salaam, emerged as the second runner-up.

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A total of 15 political parties contested the election, with 1,906,390 permanent voter cards collected, according to the electoral umpire.

Mr Adeleke, who defected from the Peoples Democratic Party (PDP), under which he won his first election in 2022, had touted his achievements in the state’s economy, infrastructure, pension payments, the health sector, and digital transformation.

INEC announced on Sunday that Mr Adeleke won in local councils, including Oriade, Osogbo, Orolu, Ife Central, Ilesha-West, Ife-North, Ede South, Ifedayo, Boluwaduro, Iwo and Ifelodun.

Mr Oyebamiji won in Ilesha South, Boripe, Irepodun, Obokun, and Atakumosa West.

“Osun is no longer offline. Osun is awake—digitally and economically,” the governor said while highlighting his achievements recently. “We pay what is owed. We respect those who served. This is not politics. This is performance. This is leadership with results. Osun is rising—and we are not turning back.”

Before the election, he repeatedly alleged attempts to disrupt it. He had also vowed to constitute an independent commission of inquiry after Saturday’s governorship election to investigate all reported killings and acts of violence connected with the electioneering.

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Civilian Sponsors Were Indispensable to Every Successful Coup in Nigeria, Says Babangida

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General Ibrahim Badamasi Babangida

 

By Yusuf Danjuma Yunusa

Former military Head of State, General Ibrahim Badamasi Babangida (retd.), has asserted that every successful military coup in Nigeria’s history has depended on active support or sponsorship from civilians, challenging the long-held narrative that the country’s political upheavals were purely soldier-led affairs.

In an interview with Badeggi 90.1 FM in Minna, aired ahead of his 85th birthday on Monday, the former president stated that wealthy civilians have historically played instrumental roles in funding and facilitating military takeovers.

“No successful coup in Nigeria’s history had occurred without civilian involvement,” Babangida declared, according to a transcript of the interview cited by THISDAY.

The former leader used the occasion to offer a rare, personal reflection on the 1985 coup plot against his administration, which led to the trial and execution of his close friend and cabinet colleague, Major-General Mamman Vatsa, then Minister of the Federal Capital Territory.

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Babangida recounted that he initially struggled to believe intelligence reports linking Vatsa to the conspiracy, given their decades-long friendship. The two had grown up together, attended Bida Middle School, and enlisted in the military in the same year.

He said he summoned both Vatsa and General Mohammed Gado Nasko to his office after a senior officer implicated them. “When they arrived, I asked them about the reports that they had been mentioned in a plot to topple my government. Both of them denied any involvement,” Babangida recalled.

A military commission of inquiry was subsequently established. While Nasko was cleared, the panel found evidence against Vatsa. Babangida described himself as “shocked, devastated and deeply disappointed” by the findings but insisted that military law left him no room for clemency.

“There was nothing I could do to exonerate him from the consequences prescribed by military law. My hands were tied. That was how I lost my brother, General Mamman Vatsa,” he said. Vatsa was executed by firing squad in March 1986.

Turning to contemporary issues, Babangida urged Nigerians to remain patient and supportive of President Bola Tinubu’s administration amid ongoing economic hardships and security crises.

He expressed confidence that the government’s current policies would eventually yield positive results, calling for national hope and resilience during the challenging transition.

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Residents of Lokon Kango in Mandawari Area, Kano, Seek Government Intervention Over Poor Drainage

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Residents of Lokon Kango in the Mandawari area of Kano metropolis have called on the government to intervene over the deplorable state of drainage channels in their community, which they say has led to the collapse of two houses.

Mallam Anas Tanga, one of the coordinators of community sanitation efforts in the area, said residents have been doing their best to clear the drains, but their efforts are not enough.

“We are doing our best, alongside other youths. For years, we have been involved in clearing these drains,” he said. “But the extent of the damage is such that even after we do the work, it doesn’t take long before the problem returns.”

On his part, a community elder, Mallam Abubakar, told our reporter how the poor drainage system contributed to the collapse of at least two houses.

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“These houses you see here collapsed as a result of the lack of proper drainage,” he said. “Anytime there is heavy rain, especially at night, we live in fear.”

He appealed to relevant stakeholders to come to their aid.

Malama Ladidi, one of the residents whose home is flooded during the rainy season, also lamented her situation.

“The rainy season is terrible for us and our children,” she said. “We go through a lot of hardship. We don’t even sleep until we have drained the water that enters our rooms. This is a big problem. The youths are trying their best, but the government must step in.”

Finally, one of the youths in the community spoke about the role they played during elections, only to be neglected afterwards.

“All our neighboring areas have had this work done, except us. We are really suffering,” he said. “We helped bring this government to power. We contributed, but now we are not benefiting from anything.”

The residents said they had earlier reported the problem to authorities, particularly the Gwale Local Government, but nothing had been done.

In an effort to get the government’s side of the story, we visited the office of the Gwale Local Government Chairman, Hon. Abubakar Mu’azu Mojo. However, he was not available.

We also tried to reach him by phone and text message, but as of the time of filing this report, we had not received any response from him.

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