News
FG ’s Budget Faces Crisis As OPEC Paints Gloomy Outlook For 2021

Despite the stability of oil prices at $50 per barrel in recent times, the Organisation of Petroleum Exporting Countries (OPEC) has painted a mixed oil market outlook for 2021.
In his opening remarks at the 47th Meeting of the Joint Technical Committee (JTC), yesterday, via videoconference, OPEC Secretary General, Mohammad Barkindo, said, “Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and there are still many downside risks to juggle. We are only beginning to emerge from a year of deep investment cuts, huge job losses and the worst crude oil demand destruction on record.
“Curbs on social and economic activity remain in place in a number of countries, and there is concern about the emergence of a pernicious new strain of the virus. Last night I saw on the news there are now about 30 countries that have reported this new strain.”
According to him, “Though the ongoing restrictions are necessary to combat the pandemic, they have chipped away at business sentiment and consumer confidence in some of the world’s biggest economies. It is too early to tell how quickly key sectors will bounce back to their pre-pandemic growth trajectories even if the vaccines defeat this terrible virus.
“Mr Chairman, sectorally, travel, tourism, leisure and hospitality continue to be affected. Our projections show that there will be rebound in the second half of 2021 with upside potential.
“However, it could be another a couple of years before these sectors bounce back to pre-Covid-19 levels, with corresponding lagging impact on oil demand.
“The Christmas Eve trade agreement between the United Kingdom (UK) and European Union (EU) is a promising development for the recovery process after months of very difficult and rancorous negotiations. Stimulus packages have clearly helped prevent deeper economic contractions and continue to lend crucial recovery support.
“The EU and US have now approved measures which, taken together, provide nearly $2trillion in additional support for those economies. It is worth noting that fiscal and monetary stimulus packages in the G20, including bank guarantees, have reached $25trillion, corresponding to more than 20 per cent of the global economy.”
Barkindo said, “Tomorrow, we begin a new chapter in the Declaration of Cooperation (DoC) with the start of monthly OPEC and non-OPEC Ministerial Meetings to evaluate the market. It was only one year ago that the DoC participating countries began to introduce adjustments of a then-astonishing 1.7million b/d, with additional voluntary contributions pushing that number to 2.1 million b/d.
“These adjustments, as agreed at the 7th OPEC and non-OPEC Ministerial Meeting in December 2019, were a pre-emptory response to support continued stability in 2020, actions that were welcomed widely as the market rang in a new and promising year. Looking back at the projections provided by the JTC, I don’t think anyone could have done a better job.
“In retrospect, those efforts taken at the end of 2019 pale in comparison to the scope and scale of the actions we have carried out since a series of ground-breaking Ministerial Meetings in April, June, and culminating in the visionary decisions taken at the last meeting one month ago today. The outcome of the December 3, Ministerial Meeting paved the way for a gradual return of 2million b/d to the market over the coming months, while the participating countries stand ready to adjust these levels depending on market conditions and developments.”
Barkindo said, “Collectively over the last nine months, we have delivered an unprecedented response to an unparalleled market shock and continue to lead the industry on the road to recovery. We are witnessing the very early stages of Covid-19 vaccinations and the progress so far has injected optimism into the economy. These promising developments, in parallel with the Declaration of Cooperation’s market leadership during the crisis, have contributed to a healthier oil market outlook for 2021.
“Following the last Ministerial Meetings, the price of Brent crude inched above $50 per barrel for the first time since early March, while Brent crude and US West Texas Intermediate experienced their longest stretch of advances since June. After the unprecedented shock experienced last year, the economic forecast calls for brighter days ahead.
“Our analysts expect the global economy to grow by 4.4 per cent in 2021 compared to a sharp contraction of around 4.2 per cent last year. The Covid-19 vaccinations provide upside potential for the economic outlook and may help usher in a strong rebound in the second half of 2021.
“Furthermore, we continue to see upward momentum in Asia, especially China, which remains on course for positive growth in 2020 – a singular achievement among the world’s biggest economies. China’s broad-based recovery forecast stands at about 6.9 per cent for 2021 and provides a beacon of hope for other economies, in the region and beyond. Our analysts in the Secretariat anticipate that crude oil demand will shift from reverse to forward gear and rise to 95.9million b/d this year, a gain of 5.9million b/d from 2020. The non-OECD will be in the driver’s seat with growth of around 3.3million b/d”, Barkindo added.
News
Fubara Reassures Rivers People Of Completion Of PH Ring Road Project

Rivers State Governor, Sir Siminalayi Fubara, has reaffirmed his administration’s commitment to the completion of the 62.650km Port Harcourt Ring Road project, despite the setbacks that have slowed its progress.
The Governor gave the assurance during an on-site inspection tour of the project on Monday, where he emphasised that the state government remains resolute in its determination to deliver the massive infrastructure for public use.
Addressing journalists at the Eneka Flyover axis of the project, Governor Fubara stated that his visit was to verify the level of compliance and commitment shown by the construction firm, Julius Berger Nigeria Plc.
Governor Fubara noted that discussions with the contractor had been ongoing to ensure that work resumes at full capacity after a period of financial challenges that affected the project’s continuity.
“You are aware that this project was, I won’t say abandoned, but somehow, for lack of funds, the contractor withdrew from the site. We have been discussing with them, and they gave me their word that although we have not finished all the discussions, they have already moved back to site, and I’m here to confirm that.”
The Governor described the Port Harcourt Ring Road project, which traverses six local government areas, as one of the most significant infrastructure undertakings in the state’s history, noting that its completion would not only ease traffic congestion in the capital city but also stimulate economic activities across multiple local government areas.
Governor Fubara reiterated his administration’s resolve to continue prioritising infrastructure development as a foundation for economic growth and social progress.
“I want to make this promise to our good people of Rivers State,” the Governor declared. “This project that we started, by the special grace of God, we are going to complete it. We owe our people a responsibility to deliver on our commitments, and this project will not be an exception,” he added.
News
Use Service Year To Build Capacity, Fubara Urges Corp Members

The Governor of Rivers State, Sir Siminalayi Fubara, has charged the 2025 Batch B, Stream II National Youth Service Corps (NYSC) members deployed to the State, to use the NYSC skill acquisition training programme to build capacity.
Governor Fubara gave the charge on Tuesday when he declared closed, the 2025 Batch B Stream II orientation exercise in the State.
Represented by the newly sworn-in Secretary to the State Government and Chairman NYSC State Governing Board, Hon. Benibo Anabraba, Governor Fubara enjoined the Corps members to embrace skill acquisition wholeheartedly in order to elevate themselves as wealth creators and employers of labour.
“Take Rivers State as your home. Be assured of the warmth, hospitality, and accommodating disposition of the good of our people at all times.
“Take the skill acquisition and entrepreneurship development post camp training very seriously and equip yourselves with the capacity to compete favourably in the nation’s huge economic space,” he stressed.
The Governor called on the Corps members to see their mobilization into the NYSC Scheme as a fundamental way to provide humanitarian services.
“Remember that you owe it to yourself, family, and the nation, the responsibility to serve selflessly and honourably,” he admonished.
In his farewell address, the State Coordinator of NYSC, Mr. Moses Oleghe appealed to the Corps members to use the opportunity of the service year to discover their true purpose.
He further encouraged them to embody selfless service and empathy in serving the people.
The colourful ceremony witnessed a vibrant parade.
News
First Lady Charges RHI Beneficiaries To Build Foundation For Food-Secure Nigeria …As 800 Rivers Farmers Receive Agric Empowerment Support

Nigeria’s First Lady and National Coordinator of the Renewed Hope Initiative (RHI), Senator Oluremi Tinubu, has called on farmers in Rivers State to take full advantage of the agricultural empowerment support programme by growing their seedlings, nurturing livestock, and producing high yields to help build a food-secured Nigeria.
Represented by the wife of the Rivers State Governor, Lady Valerie Siminalayi Fubara, Senator Tinubu made the call during the distribution of agricultural support materials to 800 pre-selected farmers at the Government House Field in Port Harcourt on Tuesday.
The event was organised by the Renewed Hope Initiative in collaboration with the Federal Ministry of Agriculture and Food Security, the Rivers State Government, and the Young Farmers’ Club of Nigeria.
Delivering the First Lady’s message, Lady Valerie Fubara urged beneficiaries to take responsibility for their farms and contribute to national food production.
“Grow these seedlings, nurture these livestock, and turn them into good yields,” she said. “As you do that, you will also reawaken the entrepreneurial spirit that we are known for.”
Lady Valerie Fubara described the initiative as a practical effort to revive Nigeria’s agricultural potential, drawing lessons from past government programmes such as Operation Feed the Nation and the Green Revolution.
She noted that with the commitment to empowering Nigerians, the initiative reflects genuine love and dedication to the nation’s progress.
“This support programme is not just assistance, it is an investment that will lead to food surplus and help combat scarcity,” she added.
She also emphasised that the Rivers State Government, under Governor Siminalayi Fubara, is complementing the initiative with additional support for 400 farmers, which include 100 young and 300 older farmers, bringing the total number of beneficiaries to 800.
“The First Lady of Nigeria is trusting you to make the best use of this opportunity,” Lady Valerie Fubara said. “The Rivers State Government believes in your ability, do not let us down,” she added.
Rivers State Deputy Governor, Prof. Ngozi Odu, praised the programme as a platform that promotes inclusivity and bridges socio-economic gaps.
“This initiative embodies the Federal Government’s commitment to improving lives through sustainable and inclusive development,” she said.
She also commended Lady Valerie Fubara for her leadership and passion in localising the Renewed Hope Initiative in the state.
“Beyond the immediate benefits,” she added, “this programme lays the foundation for a more prosperous and self-reliant Rivers State,” she said.
The Head of the Rivers State Civil Service, Dr. Inyingi Brown, described the programme as timely and impactful. She urged the beneficiaries to become catalysts for sustaining the initiative, and appealed for future inclusion of civil servants.
“You are the first set of beneficiaries, please, show example so that the programme will be replicated. Let it not die in your hands,” she said.
The Supervising Commissioner for Agriculture, Engr. Victor Kii, commended the First Lady’s vision, describing the initiative as a key step toward food security, job creation, and inclusive economic growth.
He praised Lady Valerie Fubara for her role in ensuring the programme’s success in Rivers State, noting that it “uplifts women, creates jobs, and secures a sustainable economic future.”
In her welcome remarks, Rivers State Coordinator of RHI, Mrs. Tonye Briggs Oniyide, said that RHI pre-selected 400 farmers drawn from across the three senatorial districts, including members of the Female Farmers’ Association, the Young Farmers’ Club, and non-indigenes.
The beneficiaries received farm implements, seedlings, fingerlings, livestock, and starter packs, all aimed at boosting food production and encouraging youth participation in agriculture.
-
Oil & Energy4 days ago
NUPRC Unveils Gas Development Roadmap, Attracts $4.9 billion CAPEX investments
-
Sports4 days ago
Lagos Assembly hosts ‘Unity Games’ to mark Obasa’s 10th anniversary
-
News5 hours ago
First Lady Charges RHI Beneficiaries To Build Foundation For Food-Secure Nigeria …As 800 Rivers Farmers Receive Agric Empowerment Support
-
Rivers4 days ago
NLNG Champions African Role In Global Energy Market
-
Business4 days ago
NIMASA Marks 2025 Customer Week, Pledges Service Excellence
-
News4 days ago
RIVERS FIRST LADY ATTENDS FUNERAL SERVICE OF OBIANDU OHOCHUKWU
-
Sports4 days ago
2026 WCQ: Nigeria, Benin to play without key players
-
Nation7 hours ago
Cancer Care: Expert Seeks Hospice In UPTH