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December 18, 2023 December Timeline Sacrosanct – NNPCL

December Timeline Sacrosanct – NNPCL

The December timeline for completion of the Port Harcourt Refinery Company (PHRC) remains sacrosanct, says the Nigerian National Petroleum Company Limited (NNPCL).

We have said from time that by the end of December, the mechanical completion of the refinery will be completed. Yes, we are still maintaining that. Nothing has changed,” NNPC Chief Communications Officer Olufemi Soneye told Journalists  yesterday.

Soneye had on November 6, 2023, assured that the NNPCL was optimistic about the completion of the rehabilitation this month.

He said that owing to the assurance the contractors gave the oil giant, nothing had so far altered the completion date.

He added: “What they (contractors) said is that all things working well, the refineries will be working in December and January.

Minister of State for Petroleum (Oil) Heineken Lokpobiri while inspecting the rehabilitation, said that the NNPCL should be accountable if the December end timeline was not met.

The rehabilitation of the 110,000 barrels per day Kaduna Refinery and Petrochemicals Company Limited (KRPC) is expected to be completed between October and December 2024. The work was awarded last February to a South Korean firm, Daewoo E&C at $740.6 million.

December 18, 2023 Simon Lalong Quits FEC, to Resume at Senate

Simon Lalong Quits FEC, to Resume at Senate

The immediate Governor of Plateau State and Minister of Labour and Employment Simon Lalong has left President Bola Ahmed Tinubu’s cabinet, over the weekend to take the Plateau South Senatorial seat which he won.

He is due to be sworn in this week by Senate President Godswill Akpabio.

Lalong, the Director-General of the Tinubu Campaign Organisation in the rundown to the February Presidential poll, was declared loser of the election by the Independent National Electoral Commission (INEC).

He challenged the result, and victory was given to him by the Court of Appeal

Lalong, a lawyer and two-term Speaker of Plateau State House of Assembly, tendered his resignation after Wednesday’s FEC meeting, in preparation for resumption at the Red Chamber of the National Assembly.

A presidential aide Imran Muhammad in his X handle last night wrote “President Tinubu has accepted Minister of Labour and Employment, Simon Lalong’s resignation from the cabinet. His valedictory will hold at the next FEC meeting.

Also the spokesman for APC in Plateau State, Sylvanus Namang also confirmed Lalong’s resignation from FEC.

Lalong received his Certificate of Return last month.

The Court of Appeal ordered the electoral commission to issue him the certificate of return, following the nullification of the election of Air Vice Marshall Napoleon Bali of the Peoples Democratic Party (PDP), who has now vacated the seat.

Lalong was accompanied to the INEC Headquarters by his wife, Regina, and children as well as former Deputy Speaker of House of Representatives Idris Wase; member representing QuanPan, Shendam, Mikang Federal Constituency John Dafaan; APC Deputy National Secretary Festus Fuanter; Minority leader of Plateau House of Assembly Joe Bukar and some members of the Plateau Assembly; former Majority Leader Naalong; some former Plateau Commissioners; former Head of Service Sunday Hyat, some serving local government chairmen and other supporters.

Also last month, the President and other party leaders held consultations with Lalong after he received the certificate of return on his replacement in FEC.

At the meeting, he was given an opportunity to recommend four names as possible replacement in FEC.

Party leaders also believe that his experience as a two-term House of Assembly Speaker will come in handy as he will unofficially enjoy the status of a ranking senator.

December 15, 2023 Inflation and Exchange Rate to Improve in 2024

Inflation and Exchange Rate to Improve in 2024

Central Bank of Nigeria (CBN) has reassured Nigerians that the soaring inflation and exchange rates would drastically reduce in 2024. The apex bank expects less revenue from oil exports in the fiscal year, just as it puts the total trade from Nigerian Foreign Exchange Market (NFEM) at N18.804 billion in the third quarter of this year.

The CBN governor, Olayemi Cardoso, gave the assurance and breakdown when he appeared before the National Assembly Joint Committee on Banking, Insurance and other Financial Institutions in Abuja.

He told the lawmakers that the outlook for the domestic economy next year was very positive, as both the inflation and exchange rates would withstand fluctuating pressures, and stabilise thereafter.

Cardoso explained that unification of the exchange rate windows in June this year has ushered in a new approach to management geared at reducing arbitrage, rent-seeking behaviour and speculation in the market.

He added that due to prevailing factors, less revenue would be earned from oil exports in 2024. His words: “We expect less revenue from oil exports due to the production limit of 1.78mbpd in 2024. OPEC approved quota for Nigeria is 1.8mbpd, which is higher than the 2024 budget assumption.

“However, the country’s production has been below these thresholds. The budget benchmark for 2023 was 1.69mbpd, but the highest level of production during the year was about 1.35mbpd in Q3 of 2023.

“The reasons for the underperformance of the oil production target include crude oil theft and pipeline vandalisation, production shut-ins and divestments by major oil companies.”

December 15, 2023 Rivers Political Crisis Deepens as 6 Commissioner Resign

Rivers Political Crisis Deepens as 6 Commissioner Resign

The Rivers State political crisis deepened further on Thursday as six commissioners loyal to ex-governor Nyesom Wike resigned from the cabinet of Governor Siminalayi Fubara.

This was as the two factions of the split state House of Assembly held separate sittings on Thursday.

The commissioners, who tendered their resignation were the Attorney General and Commissioner for Justice,  Prof. Zacchaeus Adangor (SAN); Commissioner for Works, Dr Des George-Kelly; Commissioner for Special Duties, Emeka Woke; Commissioner for Social Welfare and Rehabilitation, Mrs Inime Aguma;  the Commissioner for Finance, Isaac Kamalu; and the  Commissioner for Education, Prof. Chinedu Mmom.

Of the six commissioners, five served under Wike’s administration in the same capacity, while Woke was Wike’s Chief of Staff for eight years.

There are reports of more resignations that can not be confirmed yet, but the next few days surely will be more interesting in Rivers State.

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