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Wednesday, 07 August 2024 04:53

Crude oil output rises on improved security - Navy chief

Nigeria's oil output has risen to between 1.6 million and 1.7 million barrels per day after the government beefed up security to curb crude theft, Chief of Naval Staff Emmanuel Ikechukwu Ogalla said on Tuesday. Crude production in Nigeria, a member of the Organization of the Petroleum Exporting Countries (OPEC), stood at 1.2 million barrels per day in February, Ogalla said. Oil major Shell has exited the country. "We have stepped up surveillance and enforcement in the oil producing areas," the naval chief said. "Right now, as we speak, the Nigerian Navy has 12 vessels on the sea to protect…

Tuesday, 06 August 2024 04:42

#EndBadGovernance: Here’s all that happened on Day 5

Key Developments 1. Protests Continue Despite Presidential Address Despite President Bola Tinubu's national broadcast on Sunday calling for protesters to suspend their actions and engage in dialogue, demonstrations continued across several Nigerian states on Monday. The protests, now in their fifth day, are focused on demanding economic and political reforms to address the rising cost of living and other governance issues. 2. Arrest of Protest Leader in Abuja Michael Lenin, a prominent organizer of the #EndBadGovernance protests, was reportedly arrested by the Department of State Services (DSS) in Abuja around 2 am on Monday. However, the DSS later denied having…

Tuesday, 06 August 2024 04:41

NNPC produces new crude oil grade, exports first shipment to Spain

The Nigerian National Petroleum Company (NNPC) Limited has launched the Utapate crude oil blend, a new grade of crude oil, into the international market. According to a statement released on Monday by NNPC spokesperson Femi Soneye, the first cargo of this new blend departed for Spain in July. The Utapate crude oil blend is sourced from Oil Mining Lease (OML) 13, which is fully operated by NNPC Exploration and Production Limited (NEPL), the upstream subsidiary of NNPC. Located offshore Akwa Ibom State, Nigeria, the Utapate blend currently produces 28,000 barrels per day, with potential to increase to 50,000 barrels per…

Tuesday, 06 August 2024 04:40

Obasanjo: Fuel importers will attempt to frustrate Dangote Refinery

Former President Olusegun Obasanjo has warned that those profiting from fuel importation will likely try to undermine the Dangote Petroleum Refinery. This statement comes in response to allegations by Aliko Dangote, President of the Dangote Group, about efforts by certain "mafias" to sabotage the $20 billion refinery project. In an interview with the Financial Times, Obasanjo highlighted the significance of the Dangote refinery, describing it as a venture that should inspire investment in Nigeria from both locals and foreigners. “Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria. If those…

Tuesday, 06 August 2024 04:40

National grid collapses yet again, fifth time this year

Nigeria has suffered another nationwide blackout – the fifth time in 2024. According to various distribution companies (DisCos), their feeders became inactive, resulting in widespread blackouts across the country. Data from the Transmission Company of Nigeria’s (TCN’s) generation trend showed that the grid collapsed at about 1:30 pm on Monday and dropped from 3,241 megawatts (MW) to 1,255MW in an hour. As at the time of this report, out of 21 plants connected to the grid, five generation companies (GenCos) are down while 17 are generating power. The TCN is yet to give reasons for the collapse. Confirming the incident,…

Monday, 05 August 2024 04:51

#EndBadGovernance: Here’s all that happened on Day 4

As the nationwide #EndBadGovernance protests in Nigeria entered their fourth day, tensions continued to escalate across multiple states, with demonstrators defying government appeals and curfews to voice their frustration over economic hardship and poor governance. Key Developments: 1. Continued Protests Despite Presidential Address: - President Bola Tinubu delivered a nationwide broadcast on Sunday, acknowledging protesters' concerns and calling for an end to demonstrations. - Despite this, protesters in several states, including Kano and Lagos, vowed to continue their actions. - In Kano, hundreds of protesters took to the streets, some carrying Russian flags and chanting anti-government slogans. 2. Government Response:…

Sunday, 04 August 2024 06:39

In address to the nation, Tinubu calls for end of protests, asks for dialogue

President Bola Tinubu has urged an immediate end to the nationwide protests that have been ongoing since Thursday. In his address, he emphasized the government's willingness to listen and address the concerns of the protesters, calling for a suspension of further demonstrations to make room for dialogue. He acknowledged the grievances of the protesters, particularly regarding the rising cost of living, and assured them that their voices have been heard. Condolences and Condemnation of Violence The President expressed his condolences to the families of those who lost their lives during the protests and to those who suffered property losses due…

Sunday, 04 August 2024 03:24

#EndBadGovernance protests: Here’s all that happened after Day 3

The third day of nationwide protests in Nigeria, part of the #EndBadGovernance demonstration, has been marked by escalating tensions between protesters and security forces. The protests, which began on Thursday, are focused on demands for better governance, economic relief, and policy reversals. Key developments on Day 3 include: 1. Violent Dispersal of Protesters in Abuja: - State Security Services (SSS) and police officers used live ammunition and tear gas to disperse peaceful protesters at the MKO Abiola Stadium in Abuja. - Journalists covering the event were also targeted, with reports of bullets damaging vehicles. - The Deputy Commissioner of Police,…

Saturday, 03 August 2024 04:44

#EndBadGovernance protests: Here’s all that happened after Day 2

The nationwide protests against economic hardship and government policies in Nigeria continued for a second day on Friday, August 2, 2024, with escalating tensions between demonstrators and security forces in several parts of the country. Key Developments: 1. Abuja Protests: - Thousands of protesters shut down Abuja's Central Business District, marching towards Eagle Square. - Police dispersed protesters near the National Hospital using tear gas and live ammunition, injuring some demonstrators. - Defiant protesters regrouped at Berger Roundabout despite police actions. 2. Military Warning: - The Chief of Defence Staff, Christopher Musa, threatened military intervention if violence escalates. - He…

Friday, 02 August 2024 04:43

#EndBadGovernance protests: Day 1 summary across Nigeria

FCT Abuja: The protests in Abuja were marked by roadblocks on major roads, particularly the Zuba-Kubwa expressway, where protesters restricted access except for vehicles with leaves. Security forces struggled to disperse the groups, which kept regrouping. In Asokoro, protesters defied gunshots and teargas, marching towards the seat of power and causing significant disruptions. A PREMIUM TIMES journalist was attacked and injured by police while covering the protests. Lagos State: Protests in Lagos saw police dispersing crowds with teargas at the Lekki tollgate, a site of significance from the 2020 anti-police brutality protests. Demonstrations occurred in Ikeja, Ojota, and Lekki despite…

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Friday, 02 August 2024 04:41

Currency in circulation crosses the N4trn mark as cash transactions surge - Report

Recent data from the Central Bank of Nigeria (CBN) has unveiled a striking milestone in the nation’s financial landscape. As of June 2024, the currency in circulation (CIC) reached an unprecedented N4.05 trillion, marking a dramatic 56 per cent increase from N2.6 trillion in the same month the previous year. This figure represents the highest level of CIC ever recorded in Nigeria. The CIC encompasses both the currency held outside the banking system and the vault cash maintained by banks. Notably, this surge represents a 2 per cent month-on-month growth from May 2024, when the CIC was N3.65 trillion. The…

Thursday, 01 August 2024 04:57

Opposition reps walk out of plenary over bill to further raise ways and means advances to FG

There was chaos at the house of representatives on Wednesday over a bill seeking to raise the ways and means advances from 5 percent to 10 percent of the previous year’s revenue of the federal government. Ways and means is a loan facility through which the Central Bank of Nigeria (CBN) finances the federal government’s budget shortfalls. The CBN law stipulates advances by the apex bank must not exceed 5 percent of the previous year’s revenue of the federal government — but this has been observed in breach over the years. During the plenary, opposition parties staged a walk out…

Thursday, 01 August 2024 04:56

‘You can protest, but we’ll be eating’, Akpabio mocks Nigerians protesting hunger

The Senate President, Godswill Akpabio, has mocked Nigerians who plan to take part in the nationwide protest against economic hardship, saying he and other members of the National Assembly would be “eating” while they (Nigerians) protest. Akpabio stated this on Tuesday at the Niger Delta Ethnic Nationalities, Youths and Women Group Sensitisation Conference in Port Harcourt, Rivers State. The event, organised by the Niger Delta Development Commission (NDDC), was broadcast live on Arise TV. A video clip of Akpabio making the remark has also gone viral on social media. Akpabio’s remark During the event, the Managing Director of the NDDC,…

Wednesday, 31 July 2024 04:52

#EndBadGovernanceInNigeria: We’ll not be confined to designated areas, protest leaders tell IGP

Organisers of the planned August 1 nationwide protests have rejected the proposal by Kayode Egbetokun, the inspector-general of police (IGP), that the demonstration should be conducted in confined spaces. The organisers insisted that the protest would be a public march across the country. On Tuesday, there was a meeting between the IGP, Femi Falana, a human rights lawyer, and Ebun-Olu Adegboruwa, the lawyer representing the Take-It-Back Movement. The meeting was convened following a letter from Adegboruwa on behalf of the Take-It-Back Movement to the IGP seeking police protection during the protest. During the meeting, which was conducted via Zoom, Egbetokun…

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