Business
NNPCL Reaches 1.8m Barrels Per Day Crude Oil Production

The Nigerian National Petroleum Company Limited (NNPCL) says it has reached the mark of 1.8 million barrels per day of crude oil production.
The state-owned oil company which made the announcement on Thursday, also stated that it is set to hit the two million barrels per day target set by President Bola Tinubu by December 2024.
The company also revealed that it is now producing 7.4 million standard cubic feet of gas to power the gas infrastructure especially the AKK. This is an improvement from 6.1 mmscf earlier in the year.
The NNPCL noted that the accomplishment which aligns with the government’s budget, reflects the dedication of all of its teams over the past weeks.
During an interactive session with the Senate Committee on Finance at the National Assembly in December last year, the Group Chief Executive Officer (GCEO) of the Company, Mr. Mele Kyari, had assured that the projections on crude oil production and price benchmark for the 2024 Budget were realistic and realizable.
Speaking on the dynamics of the market in relation to the projected budget benchmark price of $77.96 per barrel, Kyari said: “With what we see in the market today and potentially in the year 2024 and even beyond the next two years, it is very unlikely to see $70 per barrel oil in the market.
The oscillation we are seeing, sometimes you do see prices coming down to $75 to the barrel and sometimes it goes above it, overall, benchmarks are averages. We think that the proposal by Mr. President around the $77.96 is still realisable in 2024.”
On the crude oil production projection, Kyari had stated: “The number we have is 1.785mbpd.
This is cumulative of all oil produced in the country. This figure is inclusive of all production including crude oil and condensate.
“I need to make this clarification because of the reports in the media that our OPEC quota is 1.5million barrels per day.
The OPEC quota is related only to crude oil. We also do between 250,000 to 300,000 barrels per day of condensate in our production. When you combine the two, the 1.78mbpd is realistic and realisable.”
Business
Nigeria First Policy: Customs Championing Made-in-Nigeria Vehicles Procurements
In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

The Comptroller-General of Customs (CGC), Adewale Adeniyi has assured members of the Nigeria Automotive Manufacturers Association (NAMA) that the Service would champion the procurements of locally assembled vehicles from the auto manufacturers inline with the government’s Nigeria First Policy Directive.
CGC Adeniyi gave the assurance when he inspected vehicles produced by members of the Nigeria Automotive Manufacturers Association (NAMA) at the Service’s headquarters, Maitama, Abuja.
After the inspection, the CGC commended the association for turning up in full strength and expressed satisfaction with the quality of the vehicles.
He remarked, “In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”
“What gives me joy is that in all the vehicles I have seen today, there is an imprint of Nigeria, which shows that they are fully assembled here. It gives me joy that Mr President’s policy is on the right course,” he added.
He further praised President Bola Tinubu’s Renewed Hope Nigeria First policy initiative in the automobile industry.
He pledged that the Nigeria Customs Service would continue to patronise and support the sector for the growth and well-being of the nation’s industrial economy.
In response, Ilekuba Anslem Chairman, Chief Executive Officer of Cedric Masters Group, commended the CGC for his unwavering support for the automobile industry.
Also, Oluwatobi Ajayi, Chairman and Chief Executive Officer of Nord Automobile Limited, praised the CGC.
“Even before this policy was announced, you had been championing made-in-Nigeria vehicles.
With Mr President’s announcement, we are confident that you will be the first CEO of a government parastatal to fully champion this policy,” he said.
He assured the CGC that the company would not abandon its vehicles after sales.Similarly, Jonas Ojukwu, a Director at Innoson Vehicle Manufacturing Company Limited (IVM), assured the Nigeria Customs Service of the company’s commitment to delivering the best to the Service.
Other stakeholders who spoke at the event included representatives from Mikano Motors Nigeria and Stallion Motors Nigeria.
Business
Lagos Marks 39 Building in Lekki Axis for Demolition
Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.

Lagos State government has marked no fewer than 39 buildings located in two highbrow estates for demolition for building on the Right of Way, RoW, of Ikota River, at Eti-Osa Local Government Area. Ikota is part of the Maroko Okun Alfa Ward in the Lekki axis.
This is coming as the state government issued indefinite quit notices to affected occupants to enable them move their properties and families before the demolition exercise commences.
The affected buildings, located at Oral Extension Estate, Westend and Megamound Estate, Eti-Osa, LGA, include 20 buildings to be totally removed, eight marked for partial removal, while 13 buildings are to go down at Westend Estate.
Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.
Wahab said: “We had several complaints. We have been on this for a while now, and we found out at the ministry level that while we are engaging to find a win-win solution that will mitigate the negative impact on the environment and they don’t affect the people so much. Some developments were also going on to further push back the RoW, and the alignment of the Ikota River.
Business
Senate Constitutes Abdullahi Yahaya Tax Harmonisation Committee
Altogether, the four Tax Reform bills were Executive Bills transmitted by President Bola Ahmed Tinubu to the two chambers of the National Assembly in November last year.

The Senate on Thursday constituted a committee saddled with the responsibility of harmonizing its amendments to the tax reform bills with the House of Representatives version for final transmission to President Bola Ahmed Tinubu.
Senate President, Godswill Akpabio, announced this during plenary after the passage of the bills.
Akpabio named senator Abdullahi Yahaya (Kebbi North) as chairman of the committee.
The members of the committee as announced by the Senate President are Senate Minority Leader, Abba Moro (PDP, Benue South), Chief Whip, Tahir Mongumo (APC, Borno North), Enyinnaya Abaribe (Abia South), Abdulaziz Yari (Zamfara), and Solomon Adeola (APC, Ogun West).
Earlier, the remaining two Tax Reform Bills — the Nigeria Tax Bill 2025 and the Joint Revenue Board (Establishment) Bill, 2025.
This was in addition to passage of the Nigeria Revenue Service (Establishment) Bill, 2025, and the Nigerian Tax Administration Bill, 2025.
Altogether, the four Tax Reform bills were Executive Bills transmitted by President Bola Ahmed Tinubu to the two chambers of the National Assembly in November last year.
The passage of the bills was sequel to the consideration and adoption of a report of the Senate Committee on Finance presented by its Chairman, Senator Sani Musa (APC, Niger East).
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