NUPRC Moves to Optimise Production of Nigeria’s 1.6bn Barrels Heavy Crude Reserves Meets stakeholders on way forward, says only 5% currently developed
Emmanuel Addeh in Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
yesterday met with industry operators and service providers on ways to harness Nigeria’s 1.6 billion heavy crude oil reserves, out of which it
said only 5 per cent is currently developed. Typically, there are light, medium and heavy crude oils, with heavy
crude being highly viscous and cannot easily flow from production wells under normal reservoir conditions. Speaking during an industry-wide
workshop in Abuja organised by the commission, the Chief Executive of the NUPRC, Mr Gbenga Komolafe, noted that given the current dynamics
in the sector, Nigeria needs a paradigm shift from traditional, ‘siloed’ Continued on page 12
Kenyan President Backs Down on Tax Hikes after 23 Protesters Die... Page 41 Thursday 27 June, 2024 Vol 29. No 10669. Price: N400
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Fubara: Wike’s Supporters Tried to Bomb Rivers’ Hotel to Justify State of Emergency Shames detractors as Kalu urges FCT minister to sheathe sword, call his devotees to order APC chief condemns guerilla warfare in state
Blessing Ibunge in Port Harcourt
Rivers State Governor, Siminalayi Fubara, yesterday, accused supporters of the Minister of the FCT, Nyesom
Wike, of attempt to bomb a popular hotel in Port Harcourt, State capital, Presidential Hotel, as part of plans to justify their call for a state of emergency.
Fubara spoke when he received a delegation of the Senate Committee on Privatisation and Commercialisation, led by its Chairman, Senator Orji Uzo Kalu, to the Government
House in Port Harcourt. The governor, who also clarified that he was not fighting anybody, claimed that he was only defending the state against predators, and
protecting supporters of the interest of Rivers against those whom he said felt they owned the life of others. He however, shamed his detractors, just as Kalu, urged Wike to
sheath his sword and call his supporters to order in the collective interest of the state. Continued on page 12
Cardoso: Nigeria Doesn't Require Funding Support from IMF to Close Liquidity Gap, for Now Says FX inflows hit $24bn in Q1 Declares recapitalisation will boost banks' resilience, support for economy Voids price verification system for import and export transactions effective July 1
Emmanuel Addeh and James Emejo in Abuja Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said the country currently does not need any concessionary funding intervention from the International Monetary Fund (IMF), as it has "access to enough exposures from different areas that should be able to see us through".
Cardoso, in a 20-minute interview with Bloomberg, also disclosed that the country’s total foreign exchange (FX) inflow hit $24 billion in the first quarter of the year. He said the problems with Nigeria were only temporary, adding that recent policy efforts by the fiscal authorities are adequate to increase revenues and tax to Gross Domestic Continued on page 12
Ahead NEC Today, Governors Discuss Minimum Wage, Council Autonomy, Taxes...
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Condolence visit from the President...
L-R: Minister of Transport, Senator Sa'idu Ahmed Alkali; Minister of Budget and National Planning, Senator Atiku Bagudu; Chief of Staff to the President, Honourable, Femi Gbajabiamila; Governor Abba Kabir Yusuf of Kano State; and Vice President Kashim Shettima, during President Tinubu's delegation's condolence visit to the Vice President on the passing of his mother-in-law in Kano .... yesterday