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
Victory Over Insurgency Certain, Tinubu Assures
President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.
The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.
He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.
Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.
“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.
“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.
The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.
Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.
He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.
“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”
The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.
The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.
Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.
News
US Embassy, Lagos Consulate Close Today For President’s Day
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
News
Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.
-
Sports2 days ago2026 WC: Nigeria, DR Congo Awaits FIFA Verdict Today
-
Featured5 days agoINEC Proposes N873.78bn For 2027 Elections, N171bn For 2026 Operations
-
News5 days agoFubara Tasks Nigeria’s Surveyor-General On C of O …Says Surveyors’ Role Pivotal In Governance
-
Featured5 days agoFubara Dissolves Rivers Executive Council
-
Environment2 days agoOxfam, partners celebrate 5 years of climate governance programmes in Nigeria
-
Politics2 days ago
ADC, PDP, LP Missing As INEC Set For By- Elections In Rivers
-
Politics2 days ago
FG’s Economic Policies Not Working – APC Chieftain
-
News5 days agoAfrican Leaders Should Be Under 50 -Jonathan
