OPEC Plus Attains 87 Percent Compliance Level in the Month of May
The Organisation of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC Plus, attained 87 percent compliance level in the month of April, a Reuters report stated.
The report, which quoted a familiar source with OPEC plus data, said the level stated was same as the Russia’s TASS news agency report.
This is coming barely a week after OPEC plus agreed to extend 9.7 million barrels per day production cuts to July in order to further stabilise global oil market and support low oil prices.
The cartel had warned that members who failed to abide by the agreed quota will be forced to cut in the subsequent months following reports that Nigeria and Iraq are struggling to cut production given their economic needs in the face of COVID-19 pandemic.
Meanwhile, oil prices rebounded with other assets on Tuesday after the US Federal Reserve announced additional stimulus to further pump money into the economy.
The central bank had announced it would extend debt buying to corporate organisations in a move seen by many experts as ‘do whatever it takes.’
Charalambos Pissouros, a senior market analyst at JFD Bank, said the announcement would make investors eager for additional economic support from the apex bank and further restore confidence in the stock market.
“However, following yesterday’s announcement over corporate bonds, investors may be eager to find out whether the Fed remains willing to do more in order to support economic activity hit by the pandemic,” Pissouros said in a note Tuesday.
“If so, equities and risk-linked currencies are likely to continue their journey north, as investors keep diverting their capital out of safe havens, the likes of the U.S. dollar, the yen and the (Swiss) franc.”
The Brent crude oil, against which Nigerian oil, is measured rose above $40 a barrel on Tuesday during the Asian trading session.
Prepaid Meter is Free, Buhari Warns DisCos, Agents
President Muhammadu Buhari once again warned Power Distributing Companies (DisCos) and their agents selling prepaid meters to electricity customers against the Federal Government directive that meter is free.
Ahmed Rufai Zakar, the Special Adviser to the President on Infrastructure, who represented Buhari at the FGN/NLC-TUC ad-hoc committee on electricity tariff stakeholders held in Ibadan, Oyo State on Wednesday, said President Buhari understood people’s concerns on issues surrounding electricity and was determined to curb and deal with unscrupulous individuals in the power sector.
He said, “We have made it very clear through the regulators direct order as well as intervention from the Ministry of Power that the meters are to be provided to Nigerians at no cost.
“Even for meters that were paid for, there is the directive from the regulator to the discos that they would need to find a way to reimburse those citizens over time.
“In cases where we find any disco or disco representative selling the meters or exploiting Nigerians to be able to get meters by paying, we would take the full measures of the law.
“The President has mandated that these meters must be free. We have also said that they must come from local manufacturers.
“This would create jobs and revive our industry.”
Nigeria’s Real Estate Sector Shrinks by 8.06% in the Third Quarter -NBS
Economic uncertainty plunged Nigeria’s real estate sector by 8.06 percent in the third quarter of the year, according to the National Bureau of Statistics (NBS).
Nigeria’s statistics office said “In nominal terms, real estate services recorded a growth rate of –8.06 per cent in the third quarter of 2020, indicating a decline of –11.78 per cent points compared to the growth rate at the same period in 2019, and by 9.12 per cent points when compared to the preceding quarter.
“Quarter-on-quarter, the sector growth rate was 18.92 per cent.
“Real GDP growth recorded in the sector in Q3 2020 stood at -13.40 per cent, lower than the growth recorded in third quarter of 2019 by –11.09 per cent points, but higher relative to Q2 2020 by 8.59 per cent points.
“Quarter-on-quarter, the sector grew by 17.15 per cent in the third quarter of 2020.
“It contributed 5.58 per cent to real GDP in Q3, 2020, lower than the 6.21 per cent it recorded in the corresponding quarter of 2019.”
Nigeria’s economy contracted by 2.48 percent in the first nine months following a 6.10 percent and 3.62 percent contraction in the second and third quarters respectively.
Nigeria Requires N400 Billion Annually to Maintain Federal Roads -Senator Bassey
The Chairman of the Senate Committee on road maintenance, Senator Gersome Bassey, on Friday said Nigeria requires about N400 billion annually to maintain federal roads across the country.
The Senator, therefore, described the N38 billion budgeted for road repairs in the 2021 proposed Budget as grossly inadequate. According to him, nothing meaningful could be achieved by the Federal Roads Maintenance Agency (FERMA) with such an amount.
He said, “For the 35 kilometres federal roads in the country to be motorable at all times, the sum of N400bn is required on yearly basis for maintenance.”
Bassey “What the committee submitted to the Appropriation Committee in the 2021 fiscal year is the N38bn proposed for it by the executive which cannot cover up to one quarter of the entire length of deplorable roads in the country.
“Unfortunately, despite having the power of appropriation, we cannot as a committee jerk up the sum since we are not in a position to carry out the estimation of work to be done on each of the specific portion of the road.
“Doing that without proposals to that effect from the executive, may lead to project insertion or padding as often alleged in the media.”
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