News

Oil prices increase as Israel plans to attack Iran

Published

1 month ago

October 22, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Oil prices climbed early on Monday in the global commodities market over report that Israel plans major attack on Iran.

The geopolitical tensions in the Middle East has brought Iran into play with latest missile slam on Israel earlier in October.

Due to US government interest in energy, Israel has allayed fear of potential attack on Iranian oil facility, aiming at the country military infrastructure instead.

Brent crude climbed to $73.13 per barrel while the US benchmark West Texas Intermediate also rose by 0.5% to $69.09 per barrel.

According to Israeli state television KAN, an Israeli official whose name was not disclosed revealed that Prime Minister, Benjamin Netanyahu and Defense Minister, Yoav Gallant will decide when and how the attack will take place in a security cabinet later in the day.

Also, the US obtained leaked classified documents about Israel’s retaliation plans against Iran.

US President, Joe Biden, said Friday that he knows how and when Israel will carry out its attack on Iran as Tehran warns it will respond ‘decisively.’

According to Organization of Petroleum Exporting Countries’ (OPEC) monthly report, Iran increased its oil production by 21,000 barrels per day to 3.31 million barrels, which was the highest increase amid OPEC members in September.

The possibility of Israel attacking the country supported the upward price movement, feeding the supply concerns amid market players. In addition, analysts expect the contraction in the real estate sector and housing market in China, the world’s biggest oil importer, to lessen.

China announced a 25 basis point reduction for 1 and 5-year loan interest rates, which serve as the benchmark interest for corporate loans and real estate loans.

The interest rate decision aims to revive the real estate and credit markets against the contraction in the real estate sector and to ease the burden on individuals and businesses.

The decision is expected to increase optimism regarding future incentive measures in the country and support the recovery of oil demand in China.

News

Reps Urge FG To Make Available Reliable Data On Housing Deficit

Published

1 hour ago

November 26, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has called on the Federal Government to provide scientific, verifiable data on the housing deficit and improve access to affordable housing in the Nigeria.

This resolution was sequel to the adopting of a motion by Rep. Emmanuel Ukpong-Udo, member representing Ikono/Ini Federal Constituency of Akwa Ibom State, on the “Provision of affordable housing in Nigeria,” Tuesday at plenary.

Rep. Ukpong-Udo who noted that data is considered an important factor in the planning and execution of projects across all tiers of government, said the housing sector in Nigeria, with a huge deficit, lacks veritable data for planning and execution of housing policies and strategies.

He stated: “The House is aware that according to the world population review, over 24 million people in Nigeria are homeless, with no appropriate access to proper dwelling with some basic social amenities.

“The House is worried that Nigeria is among the top 10 countries with homeless populations, leading with 24 million, followed by Pakistan, Egypt, Syria, and Congo.”

The House also expressed displeasure that the country relies on the World Bank report for housing data, and that for a nation to grow and enjoy stability, there is the need to have its housing data as well as a market that works efficiently and provides decent shelter for its citizens.

The House unanimously adopted the motion and mandated its Committee on Housing and Habitat to liaise with the Federal Ministry of Housing and Urban Development to address the lack of credible, scientific, and verifiable data on the state of housing in the country and ensure access to decent and affordable housing.

News

Provide Adequate Security For Transmission Towers Across Nigeria – Reps Tell FG

Published

1 hour ago

November 26, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has charge the Federal Government through the Ministry of Interior, to urgently provide adequate security for Transmission Towers across the country to avoid future occurrences of vandalism.

This was sequel to the adoption of a motion of urgent public importance by Rep Oboku Oforji, lawmaker representing Yenagoa/Kolokoma-Opokuma federal constituency of Bayelsa State on Tuesday at plenary.

In his lead debate, Rep. Oforji noted that on July 29, 2024, residents of Yenagoa and Bayelsa State in general woke up to a total blackout occasioned by the collapse of a Transmission Station between Emezhi and Mbaima in Ahoada East Local Government Area of Rivers State and three others between Igbogene and Nedugo Agbia in Yenagoa Local Government Area of Bayelsa State.

According to him, the Bayelsa State Government in collaboration with the Transmission Company of Nigeria, swiftly swung into action to address the challenges that has culminated in dwindling of socio-economic activities in the state.

He further noted that saddened that on the 19th of November, 2024, just as the work was nearing completion, at Ula-Akpata, in Ahoada East Local Government Area of Rivers State, some hoodlums went and vandalised a section of the lines.

The motion reads in part: “By this development, the woes of the residents of Bayelsa State still subsist for one or two days, because as we speak the people of the State are in total blackout, this has been the situation for over 4 months.

“The efforts of the Bayelsa State Government in mobilizing financial and material resources to support the Transmission Company of Nigeria (TCN) is highly commended. However, proactive measures must be taken to forestall future occurrences of vandalism of these Transmission Towers.

“As a representative of my people this brings to mind the provisions of Chapter II of the 1999 Constitution of Nigeria (as amended) which talks about our economic and social rights as citizens, which I believe should not be taken for granted by the government”.

The House adopted the motion and mandated its Committees on Interior and Power to ensure compliance.

News

JUST IN: Tinubu Heading For France

Published

3 hours ago

November 26, 2024

Naijablitznews

President Bola Ahmed Tinubu will depart Abuja on Wednesday for a state visit to France.

According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, President Emmanuel Macron invited his Nigerian counterpart to the European country.

Onanuga said the three-day visit will focus “on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation among others”.

“President Tinubu who will be traveling with the First Lady Sen. Oluremi Tinubu, will be received on Thursday at the 350-year-old French military museum, Les Invalides and Palais de l’Élysée, by Macron and his spouse, Brigitte, for initial ceremonies that will dovetail into bilateral meetings.”

“During the visit, President Tinubu and President Macron will harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.

“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication. They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.

“Brigitte and Nigeria’s First Lady will discuss the latter’s passion for empowering women, children, and the most vulnerable through the Renewed Hope Initiative,” the statement read.

Tinubu and his wife who will be hosted to a state dinner by the French leader before their departure, will be accompanied by top government officials.