Nigeria and other members of the Oganisation of Petroleum Exporting Countries (OPEC) as well as the Non-OPEC members have agreed to cut production volumes to ensure global oil market stability.

The agreement was reached at the 35th Joint Ministerial Monitoring Committee (JMMC) meeting of OPEC held in Vienna, Austria on June 4.

Nigerian delegation was led by Amb.

Gabriel Aduda, Permanent Secretary, Ministry of Petroleum Resources, who was also confirmed OPEC Governor for Nigeria at the meeting in Vienna.

OPEC and its allies have agreed to cut global oil production by 1.

393 million barrels per day, reducing Nigeria’s oil production quota by 20.7 per cent.

Aduda said Nigeria, Congo and Angola agreed that the highest production volumes of the last Six months (November 2022 – April 2023) be used as the basis for the determination of their 2024 production quota.

“This is subject to a review in November at the second annual meeting of the JMMC.

“However, the current OPEC quota would be maintained till the end of 2023.

“This implies that Nigeria can ramp up its production up to its current quota of 1742 Thousand Barrels Per Day (KB/D) and subsequently be capped at 10 per cent less as its quota for 2024 subject to verification by independent secondary sources,” he said.

Aduda expressed confidence that the security intervention under the leadership of President Bola Tinubu, would enable the restoration of Nigeria’s production to the 1580KB/D crude oil only.

This, he said would be complimented by condensate of about 400KB/D ultimately upping Nigeria’s crude oil and condensate production to about Two Million Barrels per day in 2024. (NAN)

By Mathew Dadiya, Abuja

President Bola Ahmed Tinubu Friday in Abuja said improved livelihood for Nigerians remains a top priority of his administration, with more people-focused economic policies, assuring that the national minimum wage needs a review to reflect realities.

The President, who received members of the Progressive Governors Forum (PGF) led by the Chairman, Hope Uzodinma of Imo State, at the State House, said the national and sub-national governments will work together on the minimum wage, which already requires “soul searching.

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“We need to do some arithmetic and soul searching on the minimum wage,’’ he said.

“We will have to take a look at that together, and the revenue. We must strengthen the source and application of our revenue.’’

Tinubu urged the governors to seize the opportunity of being chosen among millions of citizens in their states to make a difference in the lives of people, adding that he will work for the benefit of Nigerians. 

“This meeting is not strange to me, and the content of the meeting is so valuable. The camaraderie is very stimulating. This is about the Nigerian project, not Bola Tinubu,’’ he said.

The President said that the multiple exchange rates will be streamlined, noting that governance was a continuum.

“I have inherited the assets and liabilities of my predecessor. This is the first time you entered the Council Chambers, and it is my first time too for a meeting.

“As progressives and thinkers under the umbrella of the All Progressives Congress (APC), you have a role to play in educating our people and making sure we manage ourselves,’’ the President told the governors.

Tinubu said it was a good and encouraging sign that the APC has a majority in the National Assembly and some Houses of Assembly, which will make it easier to develop policies that will directly impact the economy and the people.

“If we work together, the Nigeria of our dreams is not far away. Rest assured that we will not have multiple exchange rates anymore.  You asked for this meeting, and I had to set aside time to be here.

“We have a political party that we will need to manage, whichever way, we have inherited assets and liabilities, and we cannot complain,’’ he stated.

Tinubu said he would maintain an open-door policy, willing to entertain issues, deliberate, and collectively find solutions to the challenges facing the country, including security.

“It is in our hands, and I am ready to work and listen at any time,’’ he added.

In his remarks, the Vice President, Sen. Kashim Shettima, called on the governors to rally around the President as he tackles the challenges that stagnate the economy, like the oil subsidy and multiple exchange rates.

“Let us rally around the President and not bulge, there are vested interests that may want to resist the subsidy removal. Its removal will free resources for the development of your states,” he added.

Earlier, the Governor of Imo State pledged the support of the Progressive Governors to the President, noting that the initial decisions already foretell good intentions for the economy.

“We are here today as members of the APC to fraternize with you as our leader, and congratulate you on your election as President, and Commander-in-Chief.

“We are using this opportunity to express our support for you at this trying time in our history,’’ he said.

Uzodinma noted that the President had started well, by placing the economy and welfare of the people on a priority list, with honesty of purpose.

“We are aware of your capacity and excellent track record,’’ the PGF Chairman stated.

The Governor of Borno State, Prof. Babagana Umara Zulum, said the development of the national and sub-national economies remains interwoven, assuring that President Tinubu would receive their support to succeed.

Other governors present at the meeting were Chairman of Nigerian Governors Forum and Governor of Kwara State,  AbdulRahman AbdulRazaq, Yahaya Bello of Kogi, Babajide Sanwo-Olu of Lagos,  Dapo Abiodun of Ogun, Mai Mala Buni of Yobe, Muhammad Inuwa Yahaya of Gombe, and Dikko Radda of Katsina State.

Governors Abdullahi Sule of Nasarawa, Hyacinth Alia of Benue, Umar Bago of Niger, Nasir Idris of Kebbi, Uba Sani of Kaduna, Umar Namadi of Jigawa, Nwifuru Francis Ogbonna of Ebonyi , Ahmed Aliyu of Sokoto, and Bassey Otu of Cross-River State were also present.

At the meeting, the President announced the appointment of Femi Gbajabiamila as Chief of Staff, Sen. Ibrahim Hassan Hadejia as Deputy Chief of Staff, and George Akume as Secretary to the Government of the Federation.

The Progressive Governors’ Forum (PGF), threw its weight behind the federal government on the decision to remove petrol subsidy.

The governors, who were elected on the platform of the ruling All Progressives Congress (APC), expressed their support during a courtesy call on President Bola Tinubu at the Presidential Villa, Abuja.

However, the governors also voiced their concern over the sudden hike in petrol prices following the president’s inaugural speech. 

The PGF Chairman, told State House Correspondents after the meeting with the President, owever, condemned the price increase on what he describes as “old stuck” and called on Nigerians to rally behind the government’s decision to remove the subsidy. 

By Mathew Dadiya, Abuja

President Bola Tinubu, yesterday met with the Service Chiefs and heads of security and intelligence agencies and told them that he would change the security architecture of the country to blend with his philosophy to address the insecurity challenges across the federation.

The President also said as far as he is concerned, ‘Nigeria should not go on her knees as a result of security challenges while other countries are working, moving forward and recording tremendous achievements.

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Tinubu stated this in his maiden official meeting with Security and intelligence heads led by the Chief of Defence Staff, General Lucky Irabor at the Presidential Villa, Abuja as the the National Security Adviser, NSA, Major Gen.

Babagana Monguno (retd), who briefed State House correspondents after the meeting that lasted two hours, said the President has directed heads of security agencies to come out with their blue prints.

He ordered the security agencies to crush anyone involved in oil theft, stressing that his administration will not tolerate such menace.

“He is going to embark on a lot of reforms in terms of our security architecture, he is going to take a closer look at our misfortunes in the maritime domain, focusing particularly on the issues of oil theft, that as far as he is concerned, he is not going to tolerate oil theft wherever the problem is coming from it must be crushed as soon as possible,” he stated.

He has already mandated the security agencies to come up with a blueprint as far as he knows and as far as he concerned, he doesn’t have the luxury of time; and whatever changes will be made have to be done as soon as possible.

“The President also has decided that whatever ventures the armed forces are going to be engaged in, they must carry along those operatives in the theatre. They must be well fed, well kitted, motivated and given all that they require.

He said it was an appraisal meeting for the President to get briefing on the activities of the different security formations and for him to tell them his own philosophy and what he expects from the security heads.

“The President and Commander in Chief of the armed forces has just concluded a meeting of the general security appraisal committee consisting of the Chief of Staff, Service Chiefs, Inspector General of Police, and heads of the intelligence agencies.

“This is the very first meeting he’s had with the heads of the security agencies. The meeting lasted for two hours.

“Having been briefed by the participants of the meeting, Mr. President, addressed prevailing issues confronting the nation in terms of insecurity and also mentioned his own philosophy towards dealing with national security issues.

“First and foremost, he appreciated the armed forces and intelligence agencies and the wider paramilitary agencies for the work they have been doing in the past couple of years. Their sacrifice, their loyalty, and he also paid tribute to those who died in defending this country, from the great big menace of terrorism, insurgency banditry, oil theft, sea robbery, piracy, etc.

“The President has made it very clear that he’s determined to build on whatever gains that have been made and to reverse misfortunes and turn the tide in our favour.

“As far as he’s concerned, this country should not be on its knees struggling while other countries are working and achieving greater heights,” he said.

President Tinubu said in moving the country forward he needs the security agencies to redouble their efforts, stressing that his own philosophy is one of contemporary security measures dealing with the requirements of the time.

“He has made it very clear that he will not accept a situation in which our fortunes keep declining. And his own trajectory is that national security has to be coordinated, there has to be whatever…whether it is a basket system, but there must be a clearing house.

“All agencies must work to achieve one single purpose. Working at cross purposes and colliding with each other is not something that he will condone. He has made it very, very clear that all the security agencies must comply with the demands of coordination, with the demands of frequent consultations and also timely reports which must be acted on.

“President has said clearly that he will do whatever is within his powers to enable the operational elements but the intelligence agencies must also make their work easy for them by providing the type of intelligence that they require to carry out the assignment,” the NSA said.

President Bola Ahmed Tinubu has mandated his security chiefs to draw up a fresh blueprint that would guide security operations in the country.

Tinubu, who met with the security chiefs in the country for the first time since assuming office, yesterday, said he had a personal philosophy about how security issues should be handled for effective results.