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OPEC Plans Increase In Oil Production …Considers Two Scenarios At Summit …As FIRS Posts N1.5trn In Q1, 2019

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The Organisation of Petroleum Exporting Countries (OPEC) and its allies are set to debate at least two scenarios that would increase oil production beyond current levels, according to sources.
If the group ultimately chooses to increase production, there’s a hitch: The cartel’s internal simulations suggest the global crude market could experience a glut if producers relax their current curbs on production too quickly.
According to the Wall Street Journal, a group of key OPEC producers and Russia-led allies are set to hold a consultative meeting yesterday as rising tensions in the Middle East add to output outages in the region. No decision will be made at the summit.
Those gathered will merely debate the issues and make recommendations to be acted on at OPEC’s next full meeting in Vienna in June.
OPEC and its partners agreed in December to output cuts of 1.2 million barrels a day.
The curbs have led to a rebound in oil prices CLN19, -0.08% this year, but the agreement ends in June.
The officials gathering this weekend are looking for a way forward—for the second half of this year—that won’t upset oil markets.
One scenario, presented to delegates late Friday, assumes OPEC and non-OPEC countries are fully complying with their commitments through May and June, the people said.
Since some countries are currently cutting more than agreed, if all the countries reverted to the December agreed levels, their collective output would be the equivalent of an increase of 396,000 barrels a day for participating members of the cartel and 411,000 barrels a day for the Russia-led non-members from April levels, based on OPEC data.
Another scenario would allow individual producers to use as their baseline for cuts the maximum level they reached in one of the last four months of 2018—before they started a new round of cuts of 1.2 million barrels a day—throughout the second half, the people said.
The scenario of strict compliance to the December agreement would lead to a decline in inventories in the second half but the other simulation would lead to a new increase above the five-year average by the fourth quarter, the people said.
Meanwhile, The Federal Inland Revenue Service ((FIRS) generated N1.5 trillion revenue in the first quarter (Q1) of 2019, according to its Chairman, Mr Babatunde Fowler.
Fowler disclosed this to newsmen in New York at the weekend.
He said the amount included revenue from non-oil taxes that were 11 per cent higher than what the agency realised from that sector in Q1 of 2018.
“In the first quarter (of 2019), what I will say is that in the non-oil sector, we generated 11 per cent higher than what we generated in 2018.
“Basically, we have generated about N1.5 trillion,” Fowler told newsmen on the sidelines of a high-level meeting on illicit financial flows hosted by the United Nations General Assembly.
The 2019 amount is N330 billion or 28 per cent higher than the N1.17 trillion reported by FIRS in the same period of 2018.
Our correspondent reports that the Q1 figure also represents 18.7 per cent of the agency’s total revenue target of N8 trillion for 2019.
Fowler said the target, described by economy watchers as quite ambitious, was realistic with the cooperation of tax payers, among other factors.
He said, “It is quite realistic as long as we have the cooperation of tax payers in addition to deployment of technology.
“We have already started the enforcement of over 50,000 accounts that have banking turnover of 100 billion and above that have not filed their returns.”
The FIRS boss also spoke of plans by the agency to surpass the over N1 trillion it realised from Valued Added Tax (VAT) in 2018.
“We will get more people into the tax net and deploy more technology.
“We have what we call Auto VAT Collect, and that basically assists tax payers at the point of transaction, and the VAT portion is sent straight into the federation account.
“So, we know that there is more room for growth in the VAT sector,” he explained.
The N8.83 trillion proposed by President Muhammadu Buhari for spending by the Federal Government in 2019 was based on a revenue target of N6.97 trillion.
The expected income consisted of oil revenue estimated at N3.73 trillion and non-oil oil projected at N1.39 trillion.
To actualise this, the Federal Government in a January launched a ”Strategic Revenue Growth Plan” to be implemented by FIRS and other revenue generating agencies.
Fowler said all hands were on deck to actualise the plan, adding that that everything “seems to be on course”.

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No Child Should Be Denied Access to Education – Fubara

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The Rivers State Government has called on stakeholders, community leaders, parents and relevant education authorities to intensify efforts to identify and enrol out-of-school children across Nigeria, stressing that every child deserves access to quality and inclusive education.

Governor Siminalayi Fubara made the call, yesterday, during the regional campaign on engaging community structures to promote the enrolment of out-of-school children and the regional flag-off of the 2026/2027 enrolment drive for southern states, held in Port Harcourt.

Represented by the Secretary to the State Government, Dr Dagogo Wokoma, Governor Fubara reaffirmed that education remains a fundamental pillar of sustainable development and emphasised the need to ensure that no child is left behind because of economic hardship, social background or other barriers to schooling.

He noted that expanding access to education was essential to promoting sustainable development, social inclusion and equal opportunities, enabling children to reach their full potential and contribute meaningfully to society.

The governor urged participating states and communities to translate their commitments into concrete and measurable actions by reaching vulnerable children, strengthening community engagement and encouraging parents and guardians to make their children’s education a priority.

He reiterated the state government’s commitment to initiatives aimed at expanding access to education, particularly for children excluded from formal schooling.

“Rivers State remains committed to supporting initiatives that expand access to inclusive and quality education, particularly for vulnerable children who may have missed the opportunity to attend formal schools,” Fubara stressed.

Also speaking, the Executive Secretary of the Universal Basic Education Commission (UBEC), Aisha Garba, described the growing number of out-of-school children as one of the major challenges confronting the education sector.

She called for a collective and collaborative approach among governments, communities, parents and other stakeholders to address the problem, stressing the need to ensure that no Nigerian child is denied the fundamental right to education.

The programme was organised by the Universal Basic Education Commission in collaboration with the Rivers State Government, as part of efforts to strengthen community participation and promote school enrolment across the southern states for the 2026/2027 academic session.

 

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FAAC: FG, States, LGs Share N2.428trn For September

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The Federation Account Allocation Committee (FAAC) has shared the sum of N2.428 trillion among the Federal Government, 36 states government and the 774 Local Government Councils (LGCs) as revenue for the month of September.

The Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa, said this in a statement in Abuja, yesterday.

Mokwa said the allocation was approved by FAAC at its October meeting held in Abuja.

He said the N2.428 trillion distributable revenue comprised of statutory revenue of N1.672 trillion, distributable Value Added Tax (VAT) revenue of N756.587 billion.

Mokwa quoted the FAAC communiqué as saying that total gross revenue of N3.913 trillion was available in the month of September 2026.

He said a total deduction for cost of collection was N131.758 billion while total transfers, refunds and savings of N1.352 trillion.

According to him, a gross statutory revenue of N3.096 trillion was received for the month of September 2026.

“This was higher than the sum of N2.850 trillion received in the preceeding month by N246.384 billion.

“Gross revenue of N816.872 billion was available from the Value Added Tax (VAT) in September 2026.

“This was lower than the N834.843 billion available in the month of August 2026 by N17.972 billion,” he said.

Mokwa explained that the Federal Government received N832.242 billion and the state governments received the sum of N799.872 billion.

He said the LGCs received N560.660 billion, while the sum of N236.049 billion (13% of mineral revenue) was shared to the benefiting state as derivation revenue.

Mokwa said in the N1.672 billion distributable statutory revenue, the Federal Government received N756.583 billion and the State Governments received N383.749 billion.

He said the LGCs received N295.855 billion and the sum of N236.049 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

The director said from the N756.587 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N75.659 billion, the State Governments received N416.123 billion and the LGCs received N264.805 billion.

“In September 2026, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Petroleum Royalties, Import Duty, CET Levies and Excise Duty increased significantly.

“Also, Companies Income Tax (CIT), CGT & SDT, Value Added Tax (VTA), Mineral Royalties, and Gas Flared Penalty, Rental Gas Flared Fee and Misc. Oil Revenue decreased considerably,” he said.

 

 

 

 

 

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NLC Gives FG Two-Week Ultimatum To Reduce Petrol Price …Begins Minimum Wage Talks

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The Nigeria Labour Congress (NLC) has given the Federal Government a two-week ultimatum to reduce the price of petrol, commence renegotiation of the national minimum wage and implement outstanding agreements with workers.

The ultimatum followed a joint meeting of the National Executive Council and Central Working Committee of the NLC held at the Olaitan Oyerinde Hall, Labour House, Abuja.

In a communiqué signed by the NLC President, Joe Ajaero, and made available to newsmen, yesterday, the union said the two-week ultimatum would commence on Friday, October 9, 2026.

It warned that failure by the government to meet its demands would compel the Congress to take further action.

The NLC specifically demanded that the government reduce the price of Premium Motor Spirit to the level it was when the current national minimum wage was signed into law in 2024.

It also demanded the immediate commencement of negotiations for a new minimum wage, implementation of the February 5, 2026, Terms of Settlement reached with the Joint Health Sector Unions and Assembly of Healthcare Professionals, and action on the demands of the Joint Public Sector Negotiating Council.

The Congress further demanded tax relief and immediate wage awards for workers, arguing that the measures were necessary to cushion the impact of rising living costs.

The NLC said, “The current national minimum wage has been rendered worthless by the relentless depreciation of the naira and the astronomical rise in the cost of living.”

It added that workers could no longer meet basic needs, including food, shelter, healthcare, transportation and education, on their current earnings.

The labour body, therefore, demanded that the Federal Government commence renegotiation of the national minimum wage before the end of October.

“NEC-in-session demands that the Federal Government commence the renegotiation of the national minimum wage before the end of this month,” the communiqué stated.

The Congress also linked the erosion of workers’ purchasing power to the high cost of petrol, saying the price of the commodity had continued to drive up transportation costs and the prices of other essential goods.

“The exorbitant pump price of petrol has had a cascading effect on the cost of transportation, food, and other essential goods, further deepening the hardship of workers and the masses,” it said.

The NLC further demanded that the government grant tax relief to workers and immediately introduce wage awards, describing the measures as “the bare minimum required to alleviate the suffering of Nigerian workers and restore a measure of dignity to their lives.”

The latest ultimatum escalates the labour movement’s pressure on the Federal Government after public-sector workers under the Joint National Public Service Negotiating Council embarked on a three-day warning strike earlier in October over rising living costs, petrol prices, wage awards and minimum wage negotiations.

The workers had demanded, among other measures, a reduction in petrol prices and the commencement of negotiations for a new minimum wage.

The NLC had also raised concerns in September over the declining purchasing power of workers, with Ajaero arguing that the N70,000 minimum wage had been overtaken by increases in the cost of food, transportation, housing, education and other essential expenses.

The current minimum wage was approved by President Bola Tinubu in July 2024 after negotiations involving the government, organised labour and the private sector.

Tinubu increased the Federal Government’s offer from N62,000 to N70,000 and agreed that the wage should be reviewed after three years rather than five years.

The NLC’s latest demand comes as the Federal Government announced fresh measures aimed at containing petrol-price pressures.

Yesterday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the government was negotiating a ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol, with monthly reviews, as part of measures to reduce price volatility.

The proposed ceiling does not mean petrol would necessarily sell at N1,350 per litre at filling stations.

The government also announced a 30-day discount on petrol dispensed by the Nigerian National Petroleum Company Limited (NNPCL), with priority given to public transporters.

Oyedele said the arrangement was not a return to subsidy but an effort to sell the product at cost.

However, the NLC is seeking a more substantial reduction, insisting that petrol should return to the price level that prevailed when the N70,000 minimum wage was enacted in 2024.

The Congress also called for the implementation of the agreement reached with JOHESU in February, as well as the demands presented by the Joint Public Sector Negotiating Council.

It warned that failure to respond within the two-week period would have consequences.

“Failure of which the NLC will be compelled to take remedial steps as would be directed by the relevant organs,” the communiqué said.

The union consequently directed its affiliates and allies to remain prepared for further action.

“NEC-in-session reaffirms the historical responsibility of the NLC to resist all forms of exploitation and oppression,” it stated, urging its affiliates to remain “on high alert and fully prepared to engage in decisive efforts against all anti-people policies.”

The development also comes amid fresh labour tensions in Abuja, where the FCT Council of the NLC commenced an indefinite strike on Wednesday over disputes with the FCT Administration concerning teachers’ promotion policies.

The council directed workers across public and private establishments to withdraw their services after the expiration of a seven-day ultimatum.

The latest NLC ultimatum puts renewed pressure on the Federal Government to address wage and fuel-price concerns as both sides grapple with disagreements over the implementation of previous labour agreements and measures to cushion the impact of economic reforms.

The NLC said its demands were aimed at protecting workers and the wider population from further deterioration in their standard of living, insisting that Nigerian workers must remain “resolute, organised, and uncompromising” in the struggle for improved living conditions.

 

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