News
Reps to partner with Navy to fish out crude oil thieves
By Francesca Hangeior
The House of Representatives Special Committee on Crude Oil Theft and Losses has appealed to the Nigerian Navy to assist it with relevant information to unravel those behind the perennial stealing of the country’s crude oil.
Rep. Alhassan Ado Doguwa, the Chairman of the Committee, said in a statement made available to newsmen on Sunday in Abuja after its engagement with the Chief of Naval Staff, Vice Adm. Emmanuel Ogala.
He assured Ogala that information obtained confidentially by the committee would be handled with the utmost care.
According to him, crude oil theft is a major concern for the economy of our country, Nigeria, and on that note, we feel we have to extend our hands of fellowship to the relevant security stakeholders.
“The parliament budgeted about N28.77 trillion for the year 2024 based on the crude oil benchmark of $77.96 per barrel and the production of 1.78 million barrels per day.
“In January 2024, Nigerian oil production rose to about 1.42 million barrels per day; this represents an increase of about 6.85 per cent compared to the production figure of 1.39 million barrels per day in December 2023.
He said there seemed to be a gradual improvement in oil production, but added that the country was still below the OPEC quota of 1.58 million barrels per day in the 2024 budget benchmark.
Doguwa said that the major reason the country was not meeting its production targets was largely attributed to crude oil theft.
“This theft is being carried out in collusion, which not only threatens the economy of the country but has even precipitated a crisis concerning national security.”
The statement quoted the Chief of Naval Staff, who agreed that oil theft remained a major challenge to the country’s economy, stressing the recent report by NNPC Ltd. of the rise of crude oil production to about 1.78 million bpd.
This, he said, was the highest in the last three years, adding that it was still below Nigeria’s OPEC quota while ensuring that the Navy would work in collaboration with others to ensure the quota was met.
He, however, lamented the shortage of personnel in the face of the vastness of the country’s waterways, which he said were over 1/10th of Nigeria’s land.
He said the Navy had less than 30,000 personnel to man the vast sea space with the operational guidelines of policing, enforcing, and assisting in coordinating enforcement.
By Kayode Sanni-Arewa
The Independent National Electoral Commission (INEC) has fixed the date for the Anambra governorship election.
Addressing representatives of political parties at the INEC headquarters in Abuja on Thursday, October 17, INEC national chairman, Prof Mahmood Yakubu said the election will be held on Saturday 8th November 2025.
Hear him: “As you are aware, the last governorship election in Anambra State was held on 6th November 2021. By the effluxion of time, the governorship election is due next year.
In compliance with the mandatory requirement of 360 days, the formal notice for the election will be published on 13th November 2024. Party primaries will be held from 20th March 2025 to 10th April 2025.
“The candidate nomination portal will open at 9.00 am on 18th April 2025 and close at 6.00 pm on 12th May 2025. The final list of candidates will be published on 9th June 2025.
“Campaign in public by political parties will commence on 11th June 2025 and end at midnight of Thursday 6th November 2025. Voting will take place in all the 5,720 Polling Units across the State on Saturday 8th November 2025.
In compliance with the mandatory requirement of 360 days, the formal notice for the election will be published on 13th November 2024. Party primaries will be held from 20th March 2025 to 10th April 2025.
“The candidate nomination portal will open at 9.00 am on 18th April 2025 and close at 6.00 pm on 12th May 2025. The final list of candidates will be published on 9th June 2025.
“Campaign in public by political parties will commence on 11th June 2025 and end at midnight of Thursday 6th November 2025. Voting will take place in all the 5,720 Polling Units across the State on Saturday 8th November 2025.
The candidate nomination portal will open at 9.00 am on 18th April 2025 and close at 6.00 pm on 12th May 2025. The final list of candidates will be published on 9th June 2025.
“Campaign in public by political parties will commence on 11th June 2025 and end at midnight of Thursday 6th November 2025. Voting will take place in all the 5,720 Polling Units across the State on Saturday 8th November 2025.
“In the coming weeks, the Commission will provide details of other electoral activities, including the registration of new voters, transfer of voters and the replacement of lost or damaged PVCs.
“The detailed Timetable and Schedule of Activities for the 2025 Anambra State Governorship election will be uploaded to our website and social media platforms before the end of this meeting.”
News
Despite heavy hunger, World Bank Tells Nigerians Not To Oppose, Reverse Tinubu’s Economic Reforms
By Kayode Sanni-Arewa
Despite hunger, World Bank has urged Nigerians to support the ongoing economic reforms, warning that opposing or reversing them could have serious negative consequences for the country.
Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja, the World Bank Country Director for Nigeria, Dr. Ndiame Diop, emphasized that while the reforms may be challenging, they are crucial for the nation’s long-term stability.
Dr. Diop cautioned that rolling back these reforms would be detrimental, saying, “Reversing the reforms would spell doom for Nigeria.”
In the same vein, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reiterated the importance of staying committed to the reforms. He stated, “Any effort that is not sustained will be a waste. Together with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, we’ve been discussing how to stay on course.”
Edun further explained that the government’s focus is on reducing inflation while ensuring investments flow into critical sectors such as industry, where jobs can be created. “We are prioritizing market pricing and sat down with labor unions to explain why we cannot afford to let this opportunity slip.”
On the removal of subsidies, Edun noted, “Every day without subsidies means more funds available for education, healthcare, and other essential expenditures.”
Also speaking, Central Bank Governor Mr. Olayemi Cardoso highlighted the importance of promoting exports in light of the exchange rate adjustments. “The moderation in the FX rate should make our goods more competitive for export and discourage the importation of unnecessary goods,” he said
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