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President Tinubu Seeks Industry Collaboration To Achieve 1m BPD Crude Oil Production

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has urged industry stakeholders to collaborate with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to achieve the one million barrels of crude oil per day (1MBOPD) initiative.

Tinubu spoke on Monday during the inauguration of the project 1MBOPD initiative, which also marked the third anniversary of the NUPRC under the Petroleum Industry Act (PIA 2021), in Abuja.

The project is an NUPRC collaborative initiative to evolve alternative funding mechanisms to unlock incremental oil production in the short-to-medium term with expanded opportunities for all industry stakeholder groups.

Represented by George Akume, Secretary to the Government of the Federation, Tinubu urged key industry stakeholders to work alongside the NUPRC to achieve the outlined targets for increasing oil production within set deadlines.

He stated that the shared responsibility would require cooperation from government agencies, major producers, service providers, financiers, host communities, and other stakeholders.

The president said it would “boost government revenue, eliminate poverty, and contribute to an increase in gross domestic product (GDP) through a balanced, shared prosperity.”

“These commitments will be critical in ensuring that we achieve an incremental production in the next 12 months. Growing not just production levels, but also increasing efficiency and competitiveness of our industries,” Tinubu said.

  • “Policy Reforms Producing Positive Results”

Tinubu said upon taking office, his administration implemented policy reforms and interventions aimed at stability, growth, and sustainability, which have now started to produce positive results.

The president said his administration remains committed to decarbonisation strategies in the oil and gas sector, while maintaining a renewed focus on economic diversification, the utilisation of oil and gas resources, and industrial development.

He expressed satisfaction that the sector has witnessed significant financial and investment decisions across the value chain since the reforms were introduced.

“To this end, we must work more subtly to grow production, meet domestic energy security needs and shore up foreign exchange gains,” the president said.

“I congratulate all active oil and gas industry players for the modest gains in oil production which rose to 1.6 million barrels per day.

“I am pleased that the NUPRC, working with industrial stakeholders has transformed that executive charge into a tangible measure set as progress to one million barrels per day in oil and gas production.

“By enhancing domestic energy security and supporting growing vibrancy, this initiative will ensure that Nigeria remains a crucial player in the global energy asset and means of worldwide energy transition.

“Increased oil production will mean more job opportunities, increased revenue for the government, and more stable energy supply for the assets.”

Tinubu also commended the Ministers of State for Petroleum Resources (oil and gas), NUPRC, the Nigerian National Petroleum Company (NNPC), industry leaders, and oil producers for their efforts in addressing contemporary challenges and driving development in the sector.

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BREAKING: Bobrisky Transferred To FCID, Spent Night In Police Cell

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Controversial crossdresser, Okuneye Idris, otherwise known as Bobrisky, is currently in detention at the Force Criminal Investigation Department Annex, Alagbon, Lagos State, where he spent the night in a cell at the police facility.

A source confirmed the development, stating that further directives were being awaited regarding Okuneye’s case. He was taken to the FCID for safekeeping following his arrest by officials of the Nigeria Immigration Service during his attempt to exit the country through the Seme border.

“Bobrisky was brought to the FCID, Alagbon, around 10 p.m. on Monday. Immigration arrested him at Seme Boarder and brought him for safekeeping. “He is in detention at the FCID, Alagbon. He was arrested on Sunday, detained overnight, and taken to the FCID, Alagbon, around 10 pm on Monday. He is still at the FCID.”

Confirming Okuneye’s detention, the spokesperson for the FCID, Lagos, Mayegun Aminat, said, “He is detained at FCID Alagbon. He is with us and we are to get a remand to keep him in custody today.”

It was earlier reported that the spokesperson for the NIS, Kenneth Udo, described Okuneye as a person of interest over recent issues of public concern.

“In keeping with its commitment to securing the borders, Nigeria Immigration Service intercepted Okuneye Idris Olanrewaju, otherwise known as Bobrisky at the Seme Border over an attempt to exit the country. “He is undergoing interrogation and will be handed over to the appropriate authorities for further action. The Service assures the public that it will continue to be civil and professional in its statutory responsibility of manning the country’s borders,” Udo said.

 

More to come…

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BIG STORY

Road To 2027: Pro-Wike PDP Bigwigs Comb North For Makinde’s Running Mate

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There’s a new development in the Peoples Democratic Party (PDP) that suggests top leaders may be turning their backs on former Vice President Atiku Abubakar in favor of Oyo State Governor Seyi Makinde.

This move comes just a week after PDP governors brokered peace among party factions. Despite calls to maintain the status quo, Nyesom Wike’s loyalists on the PDP National Working Committee are now backing Makinde for the 2027 presidential election.

It appears that Wike and other party chieftains are still unhappy with Atiku’s candidacy, citing concerns about his ability to win and his handling of party dynamics.

The logic, according to multiple sources, is to truncate the ambition of Atiku and stop the party from conceding the ticket to the former VP, who they complained has become a ‘serial contestant.’

According to The Punch, some party chieftains who spoke under anonymity admitted that they were yet to forgive the former PDP presidential candidate for bungling their biggest chance to return to power in 2023.

Wike and Makinde, alongside Samuel Ortom, Ifeanyi Ugwuanyi and Okezie Ikpeazu, former governors of Benue, Enugu and Abia states respectively, had worked against Atiku’s election in 2023.

A few members of the NWC, who did not want to be identified, also felt Atiku was always seeking to experiment with the PDP and had not shown enough zeal to win it.

They also feared that he may no longer be a sellable candidate in 2027 because of his age, hence the need for a younger and more vibrant candidate like Makinde.

Makinde has openly declared that he is qualified to contest and would push for the 2027 presidential election agenda when the time is right.

The governor stated that “he is old enough to speak for himself on any issue without fear or intimidation,” adding that he would do so publicly if he had anything to say about his political future.

The governor also cautioned Nigerians against allowing the country to slide into a one-party state.

Efforts to get the reaction of the PDP National Publicity Secretary, Debo Ologunagba and the deputy spokesman, Abdullahi Ibrahim, were unsuccessful.

When contacted, Atiku’s Media Adviser, Paul Ibe, declined to comment on the intrigue.

But the former VP’s Special Assistant on Public Communication, Phrank Shaibu, said that they were not under any form of pressure over the choice of Makinde as was being speculated.

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Air Peace Increases Lagos-Abuja Ticket To N200,000

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A one-way flight ticket from Lagos to Abuja on Air Peace is to hit N200,000 from November 1, 2024.

The current economic situation has been affecting the aviation business causing airlines to increase their fares amid lamentations from passengers.

This development has forced some Nigerians to abandon flights for road transport.

It was gathered that the airfares of airlines on Monday showed that Air Peace increased its fares to N200,000 from November, the highest among the domestic airlines.

While Air Peace has N200,000 and above on its website for a one-way trip between Lagos and Abuja, Aero is charging N94,000 to over N109,000; Arik Air has between N104,405 to N139,292; and Ibom Air ranges between N124,000 to over N133,000.

The high airfares have left many passengers stranded at airports in recent times, as they could not secure flights to their destinations.

The busiest routes, Lagos-Abuja and Abuja-Lagos, are more impacted as many passengers find it tough to secure seats.

An official of Air Peace who does not want her name in print confirmed the development, tying the increment to the present Nigeria’s worsening economic challenges.

“If you buy a ticket and see the breakdown, you will discover that we are bleeding as an aviation company and even the prices of running the business are almost getting out of control.

“Just as we all know, all these killing taxes go to the government, and businesses especially airlines have been left with no choice other than to do this, it is what it is.”

Also, efforts to get the Chief Operating Officer of the company, Toyin Olajide, were unfruitful as she ignored both calls and text messages of enquiry put across to her phone.

A businessman, Adeleke Aina, who told our correspondent that he has been travelling by air for years added that with the rates at which “airfares are skyrocketing by the day without any clear explanation other than economy this, economy that, I will be left with no other option than take road transport as my new meanings of movement.

“This is killing everything, fuel has turned into what it is and the Federal seems unconcerned with this abnormality. I fear for this country.”

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