Venezuela will be “turning over” 30 to 50 million barrels of sanctioned oil to the United States, President Donald Trump said on Tuesday in the aftermath of the toppling of Nicolas Maduro, who was seized from his country by U.S. forces over the weekend.

“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!” Trump said in a social media post.

Trump announced in a post on his social media platform, saying he has directed Energy Secretary Chris Wright to implement the plan immediately.

According to the president, the oil will be transported by storage ships directly to U.S. unloading docks, where it will be sold at prevailing market rates.

“This oil will be sold at its market price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States,” Trump wrote.

The announcement follows a dramatic shift in Venezuela’s political landscape after U.S. forces captured former Venezuelan President Nicolás Maduro earlier this week, significantly reshaping Washington’s engagement with Caracas.

In addition to the oil transfer plan, Trump’s administration is organizing an Oval Office meeting with executives from major U.S. oil companies, including ExxonMobil, Chevron, and ConocoPhillips, to discuss Venezuela’s energy sector and potential future cooperation.

Venezuela holds some of the world’s largest crude oil reserves, but years of underinvestment, sanctions, and declining production have limited output. Analysts say the logistics of ramping up Venezuelan oil exports remain complex, even as U.S. policy shifts open the door to expanded involvement by American energy firms.

The move has triggered mixed reactions globally, as markets and governments assess the implications for energy supplies, geopolitical relations, and long-term stability in the Western Hemisphere.

The tax laws that took effect last week will support sustainable development and rapid economic growth, Executive Chairman of the Nigeria Revenue Service (NRS), formerly Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, has said.

Speaking on a national television yesterday, Adedeji explained that while tax reform often attracts political commentary, the overriding objective remains the stability of the economy and the development of credible institutions capable of supporting long-term national progress.

He dismissed fears that the new tax reform framework could be used by the Federal Government to marginalise political opposition or target individuals based on political affiliation.

Adedeji said the reforms were driven by national interest and institutional accountability.

He responded to concerns that the new tax regime might be weaponised through selective enforcement or politically motivated scrutiny of tax compliance records.

He noted that such insinuations were misdirected, stressing that the administration’s approach to tax reform is guided by transparency, due process and a commitment to building strong and credible institutions.

Addressing a question on whether the reforms could be used to suppress opposition voices, Adedeji said: “We need to commend the courage of Mr President, that even though there is an election coming, he is courageous enough to continue on this path of statesmanship, not of that of politicians.”

He explained that it would have been easier politically for the government to avoid far-reaching fiscal and institutional reforms ahead of an election cycle, but the President chose to continue with measures aimed at strengthening the country’s fiscal foundation and improving economic governance.

According to him, the tax reform agenda is focused on correcting structural weaknesses in the system, improving fairness, and creating a simplified and predictable compliance environment that encourages voluntary participation rather than fear or coercion.

Adedeji said the scepticism expressed in some quarters is influenced by Nigeria’s historical concerns about how public institutions have previously been perceived.

He maintained that the new framework is being designed to reduce discretion in tax administration and ensure that processes are rule-based.

He said the NRS was working to institutionalise systems that promote accountability, automation and stronger governance safeguards, so that tax administration is guided by law rather than individual judgment or political influence.

The NRS Chairman added that the reform journey places strong emphasis on trust between government and taxpayers, noting that confidence grows when citizens are assured that tax policies are not shaped by partisan considerations.

He said the administration’s approach is centred on expanding growth opportunities, sustainably strengthening public finances and creating a system where citizens can clearly see the relationship between taxes paid and improvements in public services.

He said the ongoing implementation process will continue through structured phases, with the ultimate goal of building a tax environment that supports investment, protects vulnerable groups and strengthens confidence in public administration, while insulating tax processes from political interference.

A federal high court in Abuja has granted bail to Abubakar Malami, former Attorney-General of the Federation (AGF), in the sum of N500 million.

Delivering a ruling on Wednesday, Emeka Nwite, presiding judge, also granted bail to his son, Abubakar Abdulaziz Malami, and his wife, Bashir Asabe, on a N500 million bail bond each.

Each of the defendants must produce two sureties in like sum who must own landed property within Asokoro, Maitama or Gwarimpa areas in the FCT.

More to follow…