News
Oil price increase to solve Buhari’s revenue problem, but two factors challenge cashflow
The drastic fall in oil price occasioned by the breakout of coronavirus in 2020 had depleted revenue generation of the Federal Government, with turnover on the commodity settling at N970.3 billion last year Q1 to Q3, against NEITI’s estimation for 2019’s N14.06 trillion (pre-COVID).
President Buhari had also admitted his administration’s challenge with declining oil revenue during his 2022 budget presentation to a joint session of the National Assembly in Abuja, last year fourth quarter.
But with the crude oil price hitting $88.4 per barrel on Tuesday – on the back of missile attacks on United Arab Emirates installations – President Buhari’s administration will have a robust revenue generation on its hands during the calendar year of 2022.
The $88.4 per barrel price is the market’s highest value in the last nine years. During the last year (2014) of President Goodluck Jonathan’s tenure, earnings from oil and gas was N22.40 trillion.
This is why borrowing rose in the face of revenue plummeting in recent years, causing the government to spend N4.20 trillion on debt service out of the N4.30 trillion recorded in nine months 2021.
But to tap into the strong recovery of the oil price to boost his administration’s revenue generation, President Buhari still has to face the Nigeria Labour Congress (NLC), pipeline sabotage and unavailability of the country’s refineries.
Factors challenging cashflow
$40.06 billion lost to theft: In 2019, the country lost $2.77 billion to oil theft, last year, this figure rose to $3.5 billion, while in ten years, Nigeria lost $40.06 billion to crude oil theft, according to NEITI, Nigeria’s oil industry auditor.
This is as a result of oil leaks, pipeline explosion that cut production output and prevents Nigeria from meeting its quota. Last year Royal Dutch Shell Plc had to suspend Bonny Oil Terminal export due to leakages.
Other production lines, Forcados also announced a force majeure, while at the end of Q3 into Q4 2021, Nembe Creek Trunk Line was damaged, allowing Libya surpass Nigeria as highest oil producer in Africa.
NLC faceoff preventing oil cash flow: With crude oil price leveling around $88.4 per barrel, the cost of fuel at retail filling stations should have gone past the current N162-N171 per litre.
Pump price should be above N212.6 per litre, however, the labour union are against the increment, threatening strike and nationwide protests if President Buhari’s administration go on to inflate fuel cost.
The president will have to settle to the demands of the labour if it plans to tap into the oil wealth, one of which is the demand for fully functioning refinery to prevent cost brought on by importation of refined oil.
News
Police arrest herbalist, step-brother over murder of 22yr old yahoo boy in Delta
Police detectives from Agbor Area Command have arrested a twenty year old herbalist, Amechi Okwuokenye and his elder step-brother over the alleged abduction and murder of a suspected internet fraudster, Friday Liberty, aged 22 years in his shrine at Owa-Alidima in Ika North East Local Government Area of Delta State.
The herbalist was arrested at his shrine on 23rd October 2025. He and his suspected accomplice are currently in police custody.
The Police also recovered the corpse of the deceased from the suspect’s shrine and deposited same in the mortuary.
Delta State Police Public Relations Officer, SP Bright Edafe confirmed the report in a statement sent to newsmen in Warri.
The statement said, “It was a case of the hunter becoming the hunted, when on the 30th of September 2025, Mr Friday Liberty, aged 22 years old, visited his herbalist, whom he had known for some time now, but this time, he never returned. The family, who initially didn’t know what had happened to their brother, started looking for him.”
“The girlfriend of the deceased then informed the family that she heard a conversation about the said Friday liberty and a certain herbalist, and advised that they should reach out to the said herbalist.
“The family contacted the herbalist, who denied seeing him but promised to do some spiritual incantations so their brother could return alive.
“Having spent money on the herbalist, and the result was not forthcoming, they then reported the matter at the Agbor Area command via a petition on 14th October 2025.
“And this decision proved to be the turning point in the case as the area command detectives embarked on an intelligence-led investigation.
“During the course of the investigation, the detectives uncovered the last person whom Friday Liberty contacted, and found out it was the same herbalist who denied knowing his whereabouts.
Surveillance was laid around his shrine at Owa-Alidima in Ika North East LGA, for days, until he was arrested on 23rd October 2025, in his shrine while hiding inside a refrigerator.
“Upon his arrest of the herbalist Amechi Okwuokenye, aged 20 years, confessed that both he and his brother Smart Okwuokenye, aged 26years, kidnapped the victim liberty Friday and the motorcycle rider identified as Isioma Ugbeje, who carried him to the shrine.
“They further stated that Friday Liberty has been his long-time customer who frequently visits him to hypnotise clients so they could give him money easily( in his words, ‘to tie clients ‘).
“The herbalist said his elder brother approached him that he needed money and advised him to lure any of his clients so they could kidnap him and ask for ransom, and the unlucky person they could lure was Liberty Friday.
“They kidnapped him and the Okada Rider and demanded a ransom of N10,000,000. When they noticed that the plan was not working, they murdered him and the motorcycle rider and dumped their bodies in a soak away pit by the shrine.”
SP Edafe stated that the suspects are in custody, and the remains of the victims have been evacuated and deposited at the mortuary for autopsy.”
He added that, “The commissioner of Police, Delta State, CP Olufemi Abaniwonda assures the public that the command will ensure that justice is served in this case.”
News
Lagos police arrest Chinese national over Ikeja CCTV shop explosion
The Lagos State Police Command has arrested a Chinese national in connection with the recent improvised explosive device (IED) blast that rocked a CCTV camera shop on Kodesho Street, Ikeja.
Sources told Zagazola Makama that detectives from the State Criminal Investigation Department (SCID), Yaba, picked up the suspect, identified as Joe Gu, around 1:00 p.m. on Saturday, October 25, at his residence, No. A11, Bila Vista, Banana Island, Ikoyi.
According to the sources, the arrest followed ongoing discreet investigations into the explosion, after the complainant named the Chinese businessman as a possible mastermind of the attack.
Preliminary findings indicated that the suspect and the complainant had a prior business relationship that deteriorated in 2013 after a disagreement.
“It was further gathered that during the fallout, the suspect allegedly threatened to disrupt the complainant’s business operations,” the source revealed.
The police confirmed that the suspect is currently in custody as investigations continue to establish his role and possible motive.
The command assured that updates on the case would be made public as soon as new information emerges, reaffirming its commitment to uncovering the truth behind the explosion.
News
Tompolo denies issuing 21-Day ultimatum to FG over Kanu release
High Chief Government Ekpemupolo, popularly known as Tompolo, has disowned a social media publication claiming he gave the Federal Government 21 days to release Nnamdi Kanu.
In a statement signed by his Media Consultant, Paul Bebenimibo, Tompolo said he has nothing to do with the matter and described the publication as false and mischievous, alleging it was the handiwork of his enemies determined to discredit him over his ongoing fight against illegal crude oil activities in the Niger Delta region.
The statement further reaffirmed Tompolo’s loyalty to President Bola Ahmed Tinubu and his support for the President’s renewed hope agenda. It added that Tompolo remains committed to the total eradication of illegal oil activities and stands firmly behind President Tinubu’s administration and second-term ambition.
“The Federal Government and the general public should disregard the said publication in its entirety. High Chief Government Ekpemupolo has nothing to do with the issue of Nnamdi Kanu and remains focused on his duties in protecting the nation’s oil assets.”
The statement concludes by urging Nigerians to ignore fake news aimed at causing division or mischief within the Niger Delta region
THN reported that the self-proclaimed leader of the proscribed separatist group Indigenous People of Biafra, Nnamdi Kanu, was unable to begin his defence on Friday in his ongoing terrorism trial at the Federal High Court in Abuja.
Kanu told the court he could not proceed because he had not been given access to the case file, which he said is necessary for him to adequately prepare his defence.
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