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OPEC Plans Increase In Oil Production …Considers Two Scenarios At Summit …As FIRS Posts N1.5trn In Q1, 2019
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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RSG Approves Full Rehabilitation of State Secretariat …Unveils Housing Scheme for Civil Servants, Honours Veterans
Rivers State Administrator, Vice Admiral Ibok-Eteh Ibas (Rtd), has approved the complete rehabilitation and modernization of the Rivers State Secretariat Complex to enhance efficiency and productivity in the civil service.
Ibas made the announcement at the 2025 Civil Service Week Gala and Awards Ceremony held at Banquet Hall, Government House, Port Harcourt, on Wednesday,.
He disclosed that “initiative is designed to transform the secretariat into a modern, efficient and conducive work environment, directly supporting the civil servants who form the backbone of the state’s governance.”
The Administrator also approved the provision of 106 housing units for civil servants in the State.
Ibas paid glowing tribute to retired Heads of Service and Permanent Secretaries, describing them as the bedrock of the state’s administration.
He stated that the awards ceremony was a symbol of deep appreciation for decades of sacrifice, resilience, and commitment.
“These interventions are designed to not only recognize your service, but also to improve your welfare in tangible and lasting ways,” the Administrator stated.
“We must build an administration that is efficient, effective, and truly citizen-centric,” he added.
The Administrator urged serving officers to draw inspiration from their predecessors and strive to make a meaningful impact in the lives of citizens.
He emphasized the importance of embracing innovation, technology, and continuous training to build a civil service equipped for the future.
The Acting Head of Rivers State Civil Service, Dr. (Mrs.) Inyingi Brown, in her welcome address, described the civil service as the “engine room of government” and expressed profound gratitude to the Administrator for his unwavering support and commitment to its modernization.“
“A society that does not honour its heroes is not worthy of emulation,” Dr. Brown remarked, lauding the retirees as torchbearers of discipline and loyalty.
She pledged to build on their legacy through reforms and innovation, projecting that the Rivers State Civil Service would become a model of efficiency and transparency by 2030.
Speaking on behalf of the retirees, President of the Association of Retired Permanent Secretaries, Sir Promise Njowhor,
expressed heartfelt appreciation for the historic recognition.
“For once, since the creation of the State, we are being honoured,” Njowhor said, adding, “Our morale has been lifted.”
He pledged the association’s continuous support for government programmes, describing the body of experienced retirees as a resource available to contribute to state development.
The rehabilitation of the State Secretariat and the new housing scheme represent a major investment in the infrastructure and dignity of public service in Rivers State, signaling a new era of support for the civil servants who drive the government’s policies and programmes.
The Tide reports that the Administrator also conferred awards of meritorious service on retired Heads of Service and Permanent Secretaries in the State
The All Progressives Congress (APC) has won 20 out of the 23 local government areas in the just concluded local government election in the State, while the Peoples Democratic Party (PDP) clinched three local governments.
According to the results released by the Rivers State independent Electoral Commission (RSIEC), yesterday, the APC won the chairmanship seats in Abua/Odual, Andoni, Opobo Nkoro, Ahoada East, Ahoada West, Okrika, Ogu/Bolo and Khana local government areas.
APC also won in Gokana, Tai, Oyigbo, Bonny, Eleme, Etche, Omuna, Akuku Toru, Asari Toru, Degema, Ikwerre and Emohua local government areas.
The Commission, however, said the PDP won in Port Harcourt City, Obio/Akpor, and Ogba Egbema Ndoni local government areas.
Chairman of the Commission, Dr Michael Odey, who announced the results at the Commission headquarters in Port Harcourt, said Ofori Owolabi of the APC scored 28,755 votes to emerge winner of the election for Abua Odual while Solomon Ochomma, also of the APC, emerged chairman elect for Ahoada East after scoring 54,509 votes.
Odey said Eugene Epelle also of the APC scored 84,125 votes to emerge winner in Ahoada West, while Bob Fubara was elected the chairman-elect for Akuku Toru after scoring 63,593 votes.
Similarly APC chairmanship candidate Lucky Otuo Promise emerged chairman-elect for Andoni after scoring a total of 126,181 votes, APC’s George Onengiyeofori emerged winner in Asari Toru after scoring 56,383 votes, while Pepple Blessing Abinye garnered 13,543 votes to emerge winner in Bonny Local Government Area.
Other APC candidates elected include Michael John Williams who scored 16,536 votes to emerge chairman-elect for Degema Local Government; Obarlllormate Ollor (77,452) for Eleme; Dr Chidi Julius Lloyd (114,380) for Emohua; Njoku Boniface (100,649) for Etche; Confidence Deekor (96,478) for Gokana, while Wobodo Charles got 62,746 votes to emerge winner in Ikwerre Local Government Area.
Other APC winners from the APC include Akuro Tobins (32,285 votes) for Okrika; Hon Obasi Uchechukwu (38,530) for Omuma; James A James (38,822) for Opobo Nkoro; Vincent Nemieboka (36,374) for Ogu/Bolo; Hon Mbakpone Okpe (70,080) for Tai LGA, while in Oyigbo, Okechukwu Akara scored 101,495 votes to emerge winner.
Meanwhile, the RSIEC chairman announced Dr Gift Worlu of the PDP with 328,823 votes to emerge winner in Obio Akpor; Shedrack Ogbogu, also of the PDP, scored 51,051 votes for Ogba Egbema Ndoni Local Government Area, while in Port Harcourt City, Sir Alwell Ihunda garnered 235,054 votes for PDP to emerge winner.
The APC also cleared the councillorship seats in Abua/Odual, Andoni, Ahoada East, Ahoada West, Okrika, Ogu/Bolo and Khana, Oyigbo, Bonny, Eleme, Etche,Tai, Khana Opobo/Nkoro and Degema local government areas.
Similarly APC councillorship candidates also emerged winners in Asari Toru, Degema, Akuku Toru, Gokana and Khana while PDP cleared the councillorship seats in Obio/Akpor, Port Harcourt city, and Ogba Egbema/ Ndoni Local Government Areas
Meanwhile, the Forum of State Independent Electoral Commissions has passed a vote of confidence on the just concluded local government election in the State.
National Chairman of the forum, Hon. Mamman Nda Eri, said this in an interview with newsmen in Port Harcourt.
Eri said all the chairmen across the country were in Port Harcourt to monitor the election as well as gain experience in an election under emergency rule.
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