The claim by the Nigerian government that the country’s recent exit from recession was a direct result of its fiscal policies and the renewed threat of the Niger Delta militants to destroy all the Federal government’s infrastructure in Lagos and Abuja over alleged marginalization of the region are some of the leading stories in Nigerian newspapers on Thursday.
The Vanguard reports that the Nigerian government said yesterday the country’s recent exit from recession was a direct result of its fiscal policies.
The government insisted that sustained implementation of good fiscal monetary policies as well as economic sustainability plan by President Muhammadu Buhari led to the country’s exit from the recession which is the shortest exit so far.The Minister of Finance, Mrs. Zainab Ahmed, who briefed State House correspondents, alongside Ministers of Information and Culture, Lai Mohamed, and FCT, Mohammed Bello, at the end of the Federal Executive Council, FEC, meeting, presided over by President Buhari, said the quick exit showed that government’s economic diversification efforts were yielding positive outcomes.
The minister explained that the Vice President, Prof. Yemi Osinbajo-led Economic Sustainability Plan (ESP) approved by council last June, was being carefully implemented
She said: “At the Federal Executive Council, we had the opportunity to brief Council on the National Bureau of Statistics recently published fourth quarter GDP report estimates, which measure the economic growth of our country.
“Nigeria’s GDP in the fourth quarter of 2020 grew by 0.11 percent and in real terms in the fourth quarter of 2020. This follows, if you recall, two consecutive negative growth in the third quarter and the second quarter of 2020, which saw us as a country going into recession. As a result of this fourth quarter positive growth, the total growth for the year 2020 is -1.92 percent.
The newspaper says that the Niger Delta militants on Tuesday threatened to destroy all the Federal government infrastructures in Lagos and Abuja over alleged marginalization of the region and failing to deliver on the amnesty programme.
Disclosing this in a video posted on Africa Independent Television (AIT) Twitter handle, the Supreme Egbesu Liberation Fighters complained bitterly against the Federal Government, noting that: “After accepting the amnesty pact, till date, there are no schools, no potable water, no light, no hospital and access roads for our people to enjoy.”
Reading through a book, the supposed leader with mask opined: ”The military that ought to protect properties has turned themselves into militaries of killing, raping and maiming innocent individuals and rending our youths jobless.
“So many others have decided to treat us in the same manner. Don’t worry because we are coming to destroy all your infrastructures in Abuja and Lagos. Even to the oil companies operating in our region that have decided to undermine our people, be rest assured that your days would soon catch up with you.
The Punch says that Nigeria is currently losing an average of 200,000 barrels of crude oil daily, the Nigerian National Petroleum Corporation stated on Wednesday.
Brent, the oil against which Nigeria’s crude is priced, was $66.75 per barrel on Wednesday, while the official exchange rate of the dollar stood at 379/$.
From the above figures, it showed that the country was losing about N151.79bn in 30 days, going by the 200,000 barrels of crude oil being lost daily, as revealed by NNPC. Group Managing Director, NNPC, Mele Kyari, disclosed the volume of crude oil lost daily in Nigeria while speaking at a meeting with the Chief of Defence Staff, Major General Lucky Irabor.
The NNPC boss was quoted in a statement issued in Abuja by the corporation’s spokesperson, Kennie Obateru, as saying,
“We have two sets of losses, one coming from our products and the other coming from crude oil. “In terms of crude losses, it is still going on. On the average, we are losing 200,000 barrels of crude every day.” On his part, Irabor promised to galvanise the military to provide maximum security for the nation’s oil and gas assets.
He said, “I am delighted that you made this effort, and I tell you that the Armed Forces of Nigeria will collaborate with you to protect NNPC’s assets.”
The newspaper reports that the international oil benchmark, Brent crude, rose further on Wednesday to $67 per barrel, compared to Nigeria’s budget benchmark of $40 per barrel.
For Nigeria, which relies on crude oil for about 50 per cent of government revenues and over 90 per cent of export earnings, rising oil price means increased revenue. On the other hand, rising oil price also translates to increased cost of petroleum products as the country depends heavily on imports due to a lack of domestic refining.
Brent crude, against which Nigeria’s oil is priced, rose by $1.77 to $67.14 per barrel as of 8.52pm Nigerian time on Wednesday, trading more than $27 higher than the Federal Government’s benchmark for the 2021 budget.
The 2021 budget, which was signed by the President, Major General Muhammadu Buhari (retd.), on December 31, was based on an oil price benchmark of $40 per barrel and a production level of 1.86 million barrels per day.
According to the budget, 30 per cent (N2.01tn) of projected revenues is to come from oil-related sources while 70 per cent is to be earned from non-oil sources.
ThisDay says that members of the Senate and House of Representatives have said they are working round the clock to ensure the eventual passage of the Petroleum Industry Bill (PIB) this year, assuring Nigerians that nothing can stop the passage of the legislation.
The two chambers of the National Assembly also expressed their support for the deregulation of the downstream sector of the Nigerian oil and gas industry, particularly the pricing of petrol. Members of the National Assembly Joint Committees on PIB led by their Chairmen, Senator Sabo Mohammed (Senate) and Hon Mohammed Monguno (House of Representatives), respectively, who toured the Dangote Refinery, yesterday in Lagos, equally pledged the support of the legislature to the Dangote Group to ensure the successful completion of the refinery.
Speaking to journalists after the tour, the Chairman, Senate Committee on Petroleum (Upstream) and member of the PIB Committee, Senator Albert Bassey, said no challenge would make them not to pass the bill as planned.
He said the executive and the legislative arms as well as other stakeholders in the bill were all on the same page, adding that the legislature was engaging with the operators under the aegis of the Oil Producers Trade Section (OPTS) to make them come to terms with the need to have a good law for the industry.
GIK/APA