News
Fresh Oil Doom Beckons As Lockdowns In Europe Crash Oil Prices
It was another oil doom for Nigeria, yesterday, as oil prices fell 5-percent, with West Texas Intermediate (WTI) Crude sliding to $35 a barrel and Brent $36.89.
This happened as two major economies in Europe renewed lockdowns to fight the second wave of the Coronavirus.
For Nigeria, the new shutdown is bad news for the economy, as it reduces the flow of dollars.
Also the 2021 budget, under consideration at the National Assembly is based on a benchmark of $40 a barrel.
As of 10:07 a.m., WTI Crude plunged by 5.27 percent at $35.11, and Brent Crude was plummeting by 4.98 percent at $36.89.
The U.S. benchmark slid to its lowest level since June, while the international crude benchmark Brent dropped below $37 a barrel to its lowest price since May, this year.
According to oilprice.com, the sell-off in oil intensified this week with market sentiment souring by the day since the American Petroleum Institute (API) reported, last Tuesday, a bigger build than expected in crude oil inventories of 4.577 million barrels for the week ending October 23.
The build was confirmed, last Wednesday by the EIA, and oil prices dived five percent on concerns about oil demand with surging Covid-19 cases.
Brent prices had already slid below the $40 a barrel mark, last Wednesday, and yesterday, the rout extended with Brent prices slipping to $36—the lowest level since the middle of May.
The immediate trigger for this was the decision of two of Europe’s largest economies, Germany, and France, to impose a fresh round of lockdowns, to curb Coronavirus.
The move was largely unexpected.
From today in France, people will be allowed to go out only for shopping for essential items, for medical reasons, or for an hour-long exercise.
The measure will last until the end of November, French President, Mr Emmanuel Macron said.
Germany, the biggest economy in Europe, is also restoring a form of lockdown, although a partial one, for the month of November, restricting social gatherings and closing bars and restaurants except for takeaway.
News
Oji Clears Air On Appointment Of 15 Special Advisers By Fubara
The Special Adviser on Political Affairs to the Rivers State Governor, Dr. Darlington Oji, has disclosed that about 15 Special Advisers to the governor were duly approved by the Rivers State House of Assembly before the current political crisis in the State.
Oji made the disclosure in a Television programme in Port Harcourt, recently, while reacting to issues surrounding appointments, the impeachment moves against the governor and his deputy, and allegations of financial mismanagement.
He clarified that the appointment of Special Advisers was carried out in strict compliance with constitutional provisions, and received the approval of the Rivers State House of Assembly under the leadership of the Speaker, Martins Amaewhule, before the crisis began.
According to the Special Adviser, the appointments did not require any further screening, countering claims that the governor violated due process in constituting his advisory team.
On the impeachment proceedings against Governor Siminalayi Fubara, and his deputy, Professor Ngozi Odu, Oji described the process as unfounded and lacking constitutional backing.
He said that several lawmakers who initially supported the impeachment move were now reconsidering their stance after discovering that the process had no legal basis.
Oji also attributed the impeachment plot to personal and political ambitions, saying it is not motivated by the interest or welfare of the people of Rivers State.
Speaking on the financial position of the State after the Emergency Rule, the Special Adviser disclosed that the governor met about ?600 billion in the state’s coffers upon assumption of office.
He explained that the availability of funds enabled the administration to continue governance smoothly without the need for a supplementary budget.
The governor’s aide also refuted allegations of financial mismanagement against the governor, and stressed that all allocations to lawmakers and constituency projects were transparently handled.
He maintained that the Fubara administration remained focused on development, stability, and good governance despite the political distractions in the State.
Oji expressed confidence that the impeachment moves would eventually be abandoned as legislators and the public become more informed, adding that the governor’s leadership has continued to reassure citizens and sustain political stability in the State.
News
US – Nigeria Security Engagement Translating Into Tangible Operational Gains – NSA
The National Security Adviser (NSA), Malam Nuhu Ribadu said the US-Nigeria military and security cooperation has translated into tangible operational gains.
Ribadu said this in Abuja, yesterday at the inauguration of the US-Nigeria Joint Working Group.
“I would like to place firmly on record Nigeria’s appreciation for the depth, quality and impact of US-Nigeria military and security cooperation.
“Since the November 2025 engagements, this cooperation has translated into tangible operational gains.”
He listed some of the gains to include enhanced intelligence sharing, closer coordination between US AFRICOM and Nigeria’s Defence Headquarters, and sustained engagement across Nigeria security institutions.
“It has materially strengthened our counter-terrorism posture and situational awareness across multiple theatres of operation” Ribadu said.
The NSA said the engagements had moved decisively beyond dialogue to action and had supported improved target identification and operational fidelity.
He said the engagements had also strengthened joint planning, and enabled more effective disruption of terrorist networks and transnational criminal elements.
According to him, these efforts have resulted in the neutralisation of many terrorists, the destruction of logistics hubs, and the interception of key facilitators and logisticians.
He commended the US commitment to the timely delivery of outstanding articles of war such as drones, helicopters, platforms, spare parts, and associated support systems procured over the past five years.
Ribadu said the cooperation had been conducted with respect for Nigeria’s sovereignty, within agreed frameworks, and with a clear emphasis on joint operations, accountability and the protection of civilians.
He said the Federal Government had taken deliberate and decisive steps to confront insecurity with the formal declaration of security emergencies in vulnerable and high risk areas by President Bola Tinubu.
The NSA said the president had authorised intensified joint operations, and directed the sustained deployment of security forces to priority locations, particularly those communities experiencing recurrent attacks on civilians and religious groups.
“These directives have been matched with concrete action.
“Nigeria is expanding early-warning and rapid-response mechanisms, developing a national database to serve as a single, authoritative source of accurate and verifiable data on deaths and casualties arising from violence.
“This effort will strengthen evidence-based decision-making, accountability, and the effectiveness of security responses,” he said.
Ribadu said investigations and prosecutions relating to attacks on religious communities had been intensified to ensure that violence was met not only with force, but with justice and accountability.
According to him, Nigeria is a deeply plural society, and the protection of all citizens, Christians, Muslims, and those of other beliefs is non-negotiable.
The Minister of Information and National Orientation, Mohammed Idris, said the current engagement represented the third high-level engagement by senior U.S. government leadership since Nigeria’s delegation visit in November 2025.
He said the bilateral engagement was a reflection of not only a shared commitment to religious freedom and civilian protection, but also a mature strategic relationship grounded in trust, candour, and shared responsibility.
According to him, we want Nigerians to know that this partnership is working and yielding tangible gains, and to please bear with us.
In her remark, Under Secretary for Political Affairs, Allison Hooker, said the US partnership with Nigeria was built on shared interest in investment, security, energy and regional security.
She said the focus of the meeting was to work together to deter violence against communities, prioritizing countering terrorism and insecurity, investigating attacks and holding perpetrators accountable.
Hooker said the idea was to reduce the number of killings, forced displacements, and abductions in parts of the country.
“We appreciate Nigeria’s close cooperation with the US on degrading terrorists’ capabilities to perpetrate violence against communities.
“The Dec. 25 airstrikes were closely coordinated with Nigeria and we will continue to work with them to defeat these heinous groups,” she said.
News
Situation Room Decries Senate’s Delay On Electoral Act, Demands Immediate Action
A CSO, Nigeria Civil Society Situation Room, has decried what it called delay by the Senate to conclude passage of the Electoral Act (Amendment) Bill in 2025.
Convener of the group, Yunusa Ya’u, who stated this at a news conference in Abuja, yesterday noted that the bill had earlier been passed by House of Representatives.
Ya’u called on the upper chamber to prioritise the bill and pass it upon resumption on Jan. 27 without further delay.
According to him, the delay in the passage of the bill threatens Nigeria’s electoral reform process and undermines timely preparations for the 2027 general elections.
“The House of Representatives passed the Electoral Act (Amendment) Bill at its third reading on Dec. 23, 2025 after extensive deliberations.
“The bill seeks to address key weaknesses observed in recent elections, including clearer legal backing for electronic transmission of results, early voting and tougher sanctions for electoral offences.
“However, the senate has failed to discharge its constitutional responsibility on this priority legislation.
“Although the bill passed second reading in senate on Oct. 22, 2025, it was stepped down over procedural issues and never returned for final consideration before the senate adjourned for its end-of-year recess.
“This is in spite of a public commitment by the Joint Committees on Electoral Matters of both chambers in October 2025 to ensure passage of the bill before the end of the year,” he said.
Ya’u, who described the delay as inexcusable, said that the electoral reform was not a routine legislation but a time-sensitive national obligation.
“The senate’s failure to conclude action on a bill already passed by the House reflects poor prioritisation, weak inter-chamber coordination and a troubling disregard for Nigeria’s electoral timelines,” he said.
According to him, the Independent National Electoral Commission (INEC) is legally required to issue the notice of election in February.
“Situation Room stresses that for INEC to plan, implement and sensitise stakeholders under a revised legal framework, the Electoral Act (Amendment) Bill must be passed and assented to well before then.
The convener also stated that any further delay could place the entire 2027 election cycle at risk.
“The group notes that the delay repeats a dangerous historical pattern.
“The National Assembly has previously acknowledged that the 2022 Electoral Act Amendment Bill failed to receive presidential assent in time because it was transmitted late to the presidency.
“It is unacceptable that the same mistake is now being repeated, in spite of the clear lessons from the past,” Ya’u said.
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