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World Bank Predicts Crude Oil Price Increase

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L-R: Chief of Air Staff, AVM Sadique Abubakar, Chief of Naval Staff, Rear Adm. Ibok-Ete Ibas, Chief of Army Staff, Maj.-Gen. Tukur Buratai, and former Chief of Defence Staff, Air Chief Marshal Alex Badeh, during the handing over of the former  Chief of Defence Staff to his successor in Abuja, onTuesday

L-R: Chief of Air Staff, AVM Sadique Abubakar, Chief of Naval Staff, Rear Adm. Ibok-Ete Ibas, Chief of Army Staff, Maj.-Gen. Tukur Buratai, and former Chief of Defence Staff, Air Chief Marshal Alex Badeh, during the handing over of the former Chief of Defence Staff to his successor in Abuja, on Tuesday

The World Bank is nudging up its 2015 forecast for crude oil prices from 53 dollars in April to 57 dollars per barrel after oil prices rose 17 per cent in the April to June quarter.
The forecast is contained in the bank’s latest Commodity Markets Outlook released on Wednesday.
The bank said energy prices rose 12 per cent in the quarter, with the surge in oil offset by declines in natural gas and coal prices.
However, it said it expected energy prices to average 39 per cent below 2014 level.
“Natural gas prices are projected to decline across all three main markets including the United States, Europe and Asia.
“Coal prices are likely to fall 17 per cent”, it said.
Excluding energy, the bank reported a two per cent decline in prices for the quarter and forecast that non-energy prices would average 12 per cent below 2014 levels this year.
“Demand for crude oil was higher than expected in the second quarter. Despite the marginal increase in the price forecast for 2015.
“Large inventories and rising output from OPEC members suggest prices will likely remain weak in the medium-term,” said John Baffes, Senior Economist and lead author of the report.
The bank said Iran’s new nuclear agreement with the U.S. and other leading governments, if ratified, would ease sanctions, including restrictions on oil exports from Iran.
It said downside risks to the forecast included higher-than-expected non-OPEC production supported by falling production costs and continuing gains in OPEC output.
It also predicted possible upside pressures from closure of high-cost operations as the number of operational oil rigs in the U.S remains down 60 per cent since its November high.

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ECOWAS Parliament adopts $26m 2026 budget, announces 25th anniversary plans

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The ECOWAS Parliament has adopted a budget of 19,636,030 Units of Account (UA) (26 million dollars) for the 2026 fiscal year, and announced plans to commemorate its 25th anniversary in November.

The Speaker of the Parliament, Hadjia Memounatou Ibrahima, who announced this, said the development followed the recent conclusion of its 2025 Second Extraordinary Session in Port Harcourt, Nigeria.

She said the budget was adopted by the Parliament during plenary, stressing that, beyond being a mere accounting act, it was the engine of parliament’s commitment to West Africans.

”It will enable us to carry out our priority missions, including implementing the conclusions of the seminar on AI, while ensuring virtuous and transparent management of public funds entrusted to us.

”This budget represents a five per cent increase compared to the 2025 fiscal year budget, reflecting an upward adjustment of UA 939,233 from last year’s UA 18,996,897.

”Out of the budget of UA 19,636,030 for 2026, the sum of UA19, 368,394 representing 98.64 per cent is expected to be financed through the proceeds from the Community Levy, while UA257,636, equivalent to 1.36 per cent, will accrue from other sources,” Ibrahima said.

The News Agency of Nigeria (NAN) reports that the ECOWAS Community Levy is a mandatory 0.5 per cent tax imposed on goods imported into ECOWAS member states from non-ECOWAS countries.

Member states are under statutory obligation to pay the community levy, which is the main source of funding for ECOWAS institutions and their activities.

Ibrahima, however, expressed dismay that some members of the community were still defaulting on the payment of the levy, and warned that, going forward; such would be met with sanctions.

She also said that the commemoration of its 25th anniversary in November would highlight the ECOWAS Parliament’s achievements in deepening regional democracy, cooperation and growth, amid formidable challenges.

The Speaker described the forthcoming anniversary as “a chance to showcase resilience and chart a more innovative, youth-focused future for the community”.

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NIGERIA AT 65: FUBARA HARPS ON UNITY, PEACE

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The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.

Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.

Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.

According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”

He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.

 

The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.

 

Prayers were offered for Rivers State and Nigeria.

 

Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.

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Shettima departs New York for Germany after UNGA engagement

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Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.

In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.

The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.

“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.

“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”

Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”

“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.

“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”

The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.

The Tide source recalls that the VP departed Abuja, yesterday.

He led other Nigerian officials at the Assembly.

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