Nigeria Eyes $2.8bn Income from OPEC’s New Production Deal Expects $15 per barrel price rebound, cuts output to 1.4mbd
Chineme Okafor and Emmanuel Addeh in Abuja
Nigeria says it expects to gain about $2.8 billion from its sale of crude oil in the coming months if the weakened
prices of the commodity gain an additional $15 per barrel after member-countries of the Organisation of Petroleum Exporting Countries (OPEC) and its allies agreed on fresh production cut to stabilise the
oil market. OPEC and its allies, led by the Russian Federation, agreed in a meeting on Thursday to cut output by 10 million barrels a day between May and June 2020, 8mbd between
July and December 2020 and 6mbd from January 2021 to April 2022, respectively. In line with the agreement, Minister of State for Petroleum Resource, Timipre Sylva, who spoke on the expected
$2.8 billion gain, said in a statement yesterday that the country agreed to limit its daily oil production to 1.412mbd, 1.495mbd and 1.579mbd within the period in compliance with the measures to rebalance and
stabilise the oil market. Sylva stated that the decision by OPEC and its partners was historic, but added that OPEC’s curtailment measures would not Continued on page 5
At Easter, Buhari Urges Christians to intensify Faith in Christ... Page 15 Saturday 11 April, 2020 Vol 25. No 9133
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WHO: 5G Not Responsible for COVID-19, Cases Now 305 Buhari meets with task force, mum on lockdown extension Osinbajo: We are concerned about keeping the economy stable, protecting jobs Discharged patients in Lagos rise to 46 FG moves to increase bed space for isolation Masari locks down Daura after 3 test positive Don’t lift lockdown, NMA tells states Cases in Africa rise to 11,900 Global death toll passes 100,000 Omololu Ogunmade, Onyebuchi Ezigbo and Olawale Ajimotokan in Abuja, Segun James in Lagos and Francis Sardauna in Katsina The World Health Organisation has debunked insinuations that 5G mobile network was responsible for the raging Coronavirus pandemic, insisting that “viruses cannot travel on radio waves or mobile networks.” On the same day, President Muhammadu Buhari expressed optimism that Nigeria would triumph over the Coronavirus when he met with members of the Presidential Task Force on COVID-19, led by the Secretary to the Government of the Federation, Boss Mustapha, but was silent on whether the lockdown in Lagos, Ogun and Abuja would be extended. Continued on page 5
UPDATING THE PRESIDENT... L-R: Director-General, Nigeria Centre for Disease Control (NCDC), Dr. Chikwe Ihekweazu; Chairman, Presidential Task Force on COVID-19/Secretary to the Government of the Federation, Boss Mustapha; President Muhammadu Buhari; Minister of Health, Dr. Osagie Ehanire; and the National Coordinator of the task force, Dr. Sani Aliyu, after briefing the President in Abuja…yesterday
Okonjo-Iweala Appointed into IMF’s External Advisory Group... Page 6