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Oil hits $40, Nigeria cuts production by 216,000bpd
Oil hits $40, Nigeria cuts production by 216,000bpd
Global oil commodities gained in prices on Wednesday as Brent crude, the benchmark against which Nigeria’s crude is priced, rose to $40 per barrel for the first time since March.
Brent crude rose by 43 cents, or 1.1 per cent, to $40 per barrel, as of 02:52 GMT.
This came as the Minister of State for Petroleum Resources, Timipre Sylva, declared that Nigeria’s compliance to the crude oil production cut that was agreed by members and non-members of the Organisation of Petroleum Exporting Countries had reached 52 per cent.
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In a tweet via his official Twitter handle, Sylva said Nigeria joined its other OPEC+ counterparts in April 2020 to bring into effect the agreement to cut 9.7 million barrels of crude daily.
This, he said, was to ameliorate the current situation caused by the COVID-19 pandemic.
He said, “Nigeria has made concerted efforts to adhere to this commitment and will continue to do so unequivocally.
“Based on current NNPC data, Nigeria reduced its current production in May 2020 to 1.613kbd. The difference between its reference production of 1.829kbd with its May 2020 production figures is 216kbd.
“This represents compliance of about 52 per cent as opposed to the 19 per cent reported by Thompson Reuters.”
The minister added, “Pertinent to note is the figures reported by TR include Agbami and Akpo condensate streams which are classified as condensates and thus excluded for quota purposes.”
Sylva said the country’s current crude oil production had dipped, which was due to efforts in ensuring adequate compliance with the OPEC+ oil cut agreement.
He said, “It is worthy to note that current daily crude oil production is well below the period commitment level of 1.412 million barrels per day and will translate to full compliance by end of June 2020.
“Nigeria will continue to fully comply with the agreement and look forward to improving on its compliance levels for the lifespan of this historic intervention by OPEC+”
OPEC members and non-members had been working hard to ensure the cut in production in order to help shore up global crude oil prices.
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Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.
The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja
She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.
The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.
Read Also: FCTA Set to Implement Minimum Wage for FCT Workers
Author: Eunice Johnson, Abuja
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
Read Also: CBN Encourages Nigerians to Accept E-Naira
Author: Gift Wada, Abuja
The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.
This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.
Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.
Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.
Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.
Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.
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