Barkindo: COVID-19 Pandemic Increased Global Debt by $24tn Opposition to PIB grows with Shell's rejection of proposals on gas sector Emmanuel Addeh in Abuja The Organisation of Petroleum Exporting Countries (OPEC) has said the impact of the COVID-19 pandemic increased global debt by $24 trillion,
taking it to $281 trillion during the crisis. Speaking at the 135th meeting of the Economic Commission Board (ECB) of OPEC, the cartel's SecretaryGeneral, Dr. Sanusi Barkindo,
urged member countries to be wary of the inflationary effect of their borrowings as the $24 trillion is more than the United States annual Gross Domestic Product (GDP). Barkindo spoke just as
the Petroleum Industry Bill (PIB) may, again, run into troubled waters this month as Shell Nigeria Exploration and Production Company (SNEPCo) yesterday opposed the passage of the proposed
legislation in its present state, seeking a review of its provisions on the gas sector. Barkindo also reiterated his earlier position that oil demand will hit pre-pandemic levels by the fourth quarter of 2021
to exceed 99 million barrels per day. The meeting of the ECB, the organisation’s statutory economic think-tank, which Continued on page 47
W’Bank Lists Measures for Nigeria to Boost Non-oil Revenue... Page 8 Friday 25 June, 2021 Vol 26. No 9573. Price: N250
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Delta Urges FG to Constitute NDDC Board
Kingsley Nwezeh in Abuja
IN MEMORIAL... L-R: CEO, Guaranty Trust Bank; Mr. Segun Agbaje; daughter of Co-founder of GTBank, Ms. Mode Aderinokun; former Governor of Ogun State, Senator Ibikunle Amosun; outgoing Chairman, Mrs. Osaretin Demuren; Minister of Mines and Steel Development, Mr. Olamilekan Adegbite; and Secretary to Ogun State Government, Mr. Tokunbo Talabi, at the inauguration of the new GTBank Training Complex in Abeokuta named Tayo’s Plaza in commemoration of the 10th memorial of the bank’s co-founder, Mr. Tayo Aderinokun’s, demise in Abeokuta…yesterday
The Delta State Government yesterday called for the speedy reconstitution of the board of the Niger Delta Development Commission (NDDC) to avert the 2016 experience when the resurgence of militancy plunged Nigeria into recession. The Deputy Governor, Dr. Kingsley Otuaro, while featuring yesterday on ‘The Morning Show,’ a programme on ARISE NEWS Channel, the broadcast arm of THISDAY Newspapers, described the non-constitution of the board as a flagrant abuse of the commission’s Act. He said the situation was doing more harm than good Continued on page 46
Nigeria will Soon Overcome its Security Challenges, Says Osinbajo UN: 350,000 killed in North-east insurgency Deji Elumoye and Michael Olugbode in Abuja Vice President Yemi Osinbajo has expressed optimism that
Nigeria will soon prevail over the current security challenges facing it. He anchored his optimism on various efforts by the
federal government to tackle insecurity, including the recent supplementary budget sent to the National Assembly for approval for the procurement
of military hardware for the use of the military and other security agencies. Osinbajo, while hosting the Oluyin of Iyin Ekiti, Oba
Adeola Ajakaiye, yesterday in Abuja rallied Nigerians to support the security agencies to ensure that Nigeria is safe. He said: "I can assure
you that soon, the issue of insecurity will be a thing of the past, and that we will all Continued on page 46
Lawan: N'Assembly will be Diligent in Approving Loan Requests... Page 5