.From Joseph Amedu, Lokoja, Attah Ede, Makurdi

Some of the students abducted by gunmen at the Confluence University of Science and Technology (CUSTECH), Osara have been rescued safely by local hunters and other security agents.Kogi Commissioner of Information and Communications, Kingsley Fanwo who disclosed this in a statement made available to journalists yesterday said the success story came hours after the governor of the state, Ahmed Usman Ododo visited the institution to assure parents of his commitment to rescuing the students.

According to the commissioner, “Local vigilante men and security agents engaged the kidnappers in a fierce shootout and the kidnappers succumbed to superior firepower and escaped with gun wounds, leaving the kidnapped students who also ran in different directions to avoid being caught up in the fire exchange”Many of the students’ kidnapped and even other people in captivity have been rescued and taken to medical facilities for proper attention, while many others were also rescued in the early hours of today (Sunday).”Security agents are currently combing the forests to ensure that all the kidnapped students are found and brought home safely.”In the sporadic gun battle to rescue our dear students, a local hunter and a DSS operative sustained injury and they are currently receiving medical attention”We commend our local hunters and all the conventional security agents for their bravery and gallantry.”Of special commendation is the DSS for acting on credible intelligence to coordinate a fearless confrontation on the outlaws.”The security agencies have once again demonstrated why Kogi State will remain an uncomfortable place for bandits, kidnappers and other criminal elements.”The success recorded so far is a clear testament of the readiness of Governor Ahmed Usman Ododo to ensure adequate and uncompromising security for the people of Kogi State.”We urge residents to report anyone with gun wounds found in their communities to law enforcement agents.”Similarly, hunters at the weekend uncovered a baby reportedly buried alive in a bush in Ashav Kusuv Community in Buruku LGA of Benue State.

A source from the area who simply identified himself as Terna told journalists on phone in Makurdi that it was sheer luck of the baby as hunters found her and brought her alive from the forest.”Some hunters on Saturday found a baby girl and said that they found her buried alive in a forest.”The baby is currently being taken care of at Ashav Kusuv community,” he explained.Details of how the baby got to the forest were yet to be established.However, Chairman of Buruku LGC, Iorkyaan Agber who confirmed the development on phone yesterday, told journalists that the baby was found in a forest by some hunters.”It’s true that some hunters found a baby in the forest but we are investigating to know who went and dropped a little baby in the forest and the reason for doing that,” he said.Efforts to get the reaction of the state command police public relations officer, Catherine Anene about the incident were not successful as her phone rang out and could not respond to text messages sent to her cellphone.

Data released by the Nigerian Upstream Regulatory Commission (NUPRC) has shown the nation’s crude oil production in the month of April, 2024, rose marginally by four percent to 1.28 million barrels per day compared to 1.23mbpd recorded in March.The lack of improvement in production came despite the Federal Government’s effort to boost oil production to meet the 1.

78mbpd target for funding the 2024 budget. When added to condensate oil, production was 1. 447 million barrels per day compared to 1.438mbpd recorded in the previous month. The production figures with condensate were 1.539 million barrels per and 1.643 million barrels per day in the months of February and January respectively.The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri had announced the government’s plan to hit two million barrels oil production by the end of 2024.He however, explained that drop in oil production in the last few months was caused by issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating in the country.Lokpobiri in a statement by his media aide, Nnemaka Okafor assured that measures were being taken to address the situation to, “not only restore production to previous levels, but to also increase it.”“The Minister is also pleased to announce that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days.“He anticipates that Nigeria’s oil production, including condensate, which was approximately 1.7 million barrels per day (bpd) prior to these developments, will soon be restored.“Furthermore, the Ministry of Petroleum Resources is actively engaged in policy evolution aimed at maximizing the utilization of all available wells in Nigeria. This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilize the nation’s foreign exchange reserves. The increased revenue will also empower the government to fulfill its commitments in providing essential infrastructure, as outlined in the 2024 budget,” she added.The government has also blamed oil theft and pipeline vandalism for the industry’s failure to the country’s OPEC quota of 1.5 million barrels per day.Lokpobiri explained, “the quickest way to solve our economic challenges is through the oil and gas sector. Today, oil sells for over $90 per barrel and if we ramp up production and we reduce the level of oil theft and pipeline vandalism, we will be able to raise the requisite money to be able to fund not only our budget, take care of our forex problems and then ensure that we stabilize our economy.“There is no country in the world that doesn’t prioritize security and investment in its oil assets. Part of our own objectives is to reduce pipeline vandalism and oil theft to the barest minimum. We cannot completely eliminate it but working together with you will be able to reduce it to the barest minimum. So that we will be able to benefit from the production of oil and gas that is going on.”

A financial expert, Mr Okechukwu Unegbu, has advised the Federal Government to consider pricing the country’s crude oil in Naira in order to strengthen the local currency.Unegbu, a past president of the Chartered Institute of Bankers of Nigeria (CIBN), said this in an interview with newsmen on Sunday in Abuja.

According to him, the country’s crude oil, bonny light, is of the highest quality and most sought after in the international market. He said that the government could afford to ignore OPEC regulations and start pricing its crude oil independently in Naira, adding that it would not reduce patronage. “Floating the Naira was a major error that has exacerbated the inflationary trend and caused the people so much pain.“Nigeria should do something about pricing its oil in Naira. We should leave the regulations of the Organisation of Petroleum Exporting Countries (OPEC), and price our oil independently,” he said.Unegbu also advised the government to ignore most economic prescriptions by the Bretton Woods institutions and produce indigenous solutions to the nation’s economic challenges.Also, an economist and a past president of Abuja Chamber of Commerce and Industry, Dr Chijioke Ekechukwu, said that the Naira could be strengthened if the country could earn substantial foreign exchange revenue on a daily basis.Ekechukwu urged the Federal Government to use every possible avenue to increase the country’s export base to earn more forex.He advised the government to ensure that the country’s crude oil sales met the OPEC quota of 1.8 million barrels per day.He said that the government should ensure that the revenue from crude oil sales came in on a daily basis through the Central Bank of Nigeria (CBN).“If we sell our exports on a daily basis, we must get the revenue on a daily basis.“The revenue must come through the CBN, and the apex bank must receive and distribute such revenue almost immediately.“But if we have inflow coming in as revenue and the CBN is not seeing it, the NNPC is selling but we do not know where the money is going to, there will be shortage of forex.“We need a situation where we earn forex on a daily basis, and we have excess of it in the market for both the banks and the Bureaux De Change.“Until we have such a situation and we are able to meet all the demands of importers, the exchange rates will not come down in a hurry,” he said.

According to a renowned economist, Prof. Ken Ife, if inflation can be addressed; if we produce more food, things will improve. It will also address the issue of “dollarisation’’ of the economy.Ike said that the importation section required four billion dollars monthly to import goods and services into the country.“But because we have excess liquidity in the system, speculators are simply keeping the dollar as a store of value. Excess liquidity is a major challenge to the Nigerian economy.“People with so much Naira go looking for dollars. They are now betting on the Naira, and the forward bet on the Naira is that it will continue to go down.“Everybody keeps holding the dollar and using the dollar to trade with the expectation that the Naira will continue to fall.“If the expectation is that the Naira will appreciate, people will quickly sell their dollars,’’ he said.The Naira experienced a free fall after Tinubu unified the dual exchange rates and floated the currency in 2023.The policy, coupled with the prevailing dollar illiquidity had seen the Naira exchanging for as high as N1,900 to the dollar in February.

However, the currency started gradual appreciation in March, peaking at N1, 100 to the dollar at the parallel market in early April.This was as a result of the monetary policy tightening by the CBN, and attempt to improve dollar liquidity by selling some treasury bills to foreign portfolio investors,The Naira, again, started losing steam and becoming weak towards the end of April, and now exchanges at N1,400 to the dollar.