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Govt Should Update Public Service Rules – PSIN

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  • Govt Should Update Public Service Rules – PSIN

Most of the legislation presently in use in the country are outdated and should be reviewed, while the public service rules should be updated in line with modern contemporary needs and global best standards, the Public Service Institute of Nigeria has said.

This was part of the findings by senior civil servants after a weeklong benchmarking study tour of Malaysia and Singapore, which was led by the Head of Civil Service of the Federation, Winifred Oyo-Ita; with Heads of Service in the states as well as federal and state permanent secretaries also on the team.

The Administrator and Chief Executive Officer, PSIN, Dr Abdul-Ganiyu Obatoyinbo, according to a statement by the agency’s Head of Press and Public Relations, Ekaete Umoh, disclosed the findings of the team to journalists on arrival at the Nnamdi Azikiwe International Airport, Abuja.

He listed workers’ commitment, dedication and implementation of extant rules as part of measures, which should be taken into consideration to enhance the mandate of public service in the country.

According to him, there will be no other way to make the nation’s public service effective, except Nigerians see themselves as change agents and not leaving it to the government.

Obatoyinbo said, “We all have to support our leaders, be committed and believe in their country. We have to see ourselves as change agents.

“We discovered that most of our legislations are outdated and we have to review and update the public service rules. There are also some policies that need to be reviewed to meet the modern contemporary needs and challenges.”

He added, “There is also the need for periodic training and fine-tuning of the curriculum. Every civil servant must attend the training for at least seven days and it is compulsory under the nation’s law.

“This study tour will not be a jamboree as it has the consent of President Muhammadu Buhari. In addition, we have all the Heads of Service of all the states and we all see things for ourselves. We all need to imbibe the spirit of patriotism to fast-track the developmental processes.”

Oyo-Ita stated that the Federal Government was committed to repositioning the civil service for a better and more efficient service delivery in line with the change agenda of the present administration.

The Kogi State Head of Service, Deborah Ogunmola, said the civil service of Malaysia and Singapore developed because of the commitment of the workers.

“They love their country and are dedicated. We are going to our various states to impact what we learnt and it was good that all the heads of the service of various states were together,” she stated.

On her part, the Kaduna State Head of Service, Hajiya Bariatu Mohammed, said, “Nigeria has the best of laws but lacking implementation and compliance.”

She stated, “We saw lots of innovation in Malaysia and Singapore. Kaduna State has many innovations too. They have integrity units in both countries, especially in Singapore, which is very interesting. They (Singapore) have rules similar to ours but they complied with theirs.

“Our problem here in Nigeria is that we have one of the best rules but we do not comply with them. I will work to change the attitudes of civil servants to start complying with rules in the interest of the society.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

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Oil

Oil Dips Below $62 in New York Though Banks Say Rally Can Extend

Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.

Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.

The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.

Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.

“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.

PRICES

  • West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
  • Brent for April settlement fell 8 cents to $65.16

Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.

JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.

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Crude Oil

Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

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Oil Prices Rise With Storm-hit U.S. Output Set for Slow Return

Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.

Brent crude was up $1.38, or 2.2%, at $64.29 per barrel. West Texas Intermediate gained $1.38, or 2.33%, to trade at $60.62 per barrel.

Abnormally cold weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day (bpd) of crude production along with 21 billion cubic feet of natural gas output, analysts estimated.

Shale oil producers in the region could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output affected, sources said, as frozen pipes and power supply interruptions slow their recovery.

“With three-quarters of fracking crews standing down, the likelihood of a fast resumption is low,” ANZ Research said in a note.

For the first time since November, U.S. drilling companies cut the number of oil rigs operating due to the cold and snow enveloping Texas, New Mexico and other energy-producing centres.

OPEC+ oil producers are set to meet on March 4, with sources saying the group is likely to ease curbs on supply after April given a recovery in prices, although any increase in output will likely be modest given lingering uncertainty over the pandemic.

“Saudi Arabia is eager to pursue yet higher prices in order to cover its social break-even expenses at around $80 a barrel while Russia is strongly focused on unwinding current cuts and getting back to normal production,” said SEB chief commodity analyst Bjarne Schieldrop.

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Crude Oil

Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

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Crude Oil Rose Above $65 Per Barrel as US Production Drop Due to Texas Weather

Oil prices rose to $65.47 per barrel on Thursday as crude oil production dropped in the US due to frigid Texas weather.

The unusual weather has left millions in the dark and forced oil producers to shut down production. According to reports, at least the winter blast has claimed 24 lives.

Brent crude oil gained $2 to $65.47 on Thursday morning before pulling back to $64.62 per barrel around 11:00 am Nigerian time.

U.S. West Texas Intermediate (WTI) crude rose 2.3 percent to settle at $61.74 per barrel.

“This has just sent us to the next level,” said Bob Yawger, director of energy futures at Mizuho in New York. “Crude oil WTI will probably max out somewhere pretty close to $65.65, refinery utilization rate will probably slide to somewhere around 76%,” Yawger said.

However, the report that Saudi Arabia plans to increase production in the coming months weighed on crude oil as it can be seen in the chart below.

Prince Abdulaziz bin Salman, Saudi Arabian Energy Minister, warned that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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