NNPC Allocates 8 Million Barrels Monthly to Settle $8.8bn Debt Amid Oil Production Struggles

The Nigerian National Petroleum Company Limited (NNPCL) has pledged 272,500 barrels per day, totaling 8.17 million barrels monthly, to repay crude-for-loan agreements amounting to $8.86 billion. These agreements are part of various projects, including Project Panther, Bison, and Eagle Export Funding, aimed at settling debts and financing major initiatives.

The NNPCL has already repaid $2.61 billion, leaving $6.25 billion outstanding. However, ongoing issues like crude oil theft and operational inefficiencies continue to hinder Nigeria’s oil production, which remains far below its peak capacity. Additionally, the company faces pressure from the House of Representatives to halt further oil-backed loans as Nigeria grapples with declining oil output and fiscal challenges.

Lagos State to Ban ‘Pure Water’ and Single-Use Plastics by January 2025

Lagos Moves to Eliminate Single-Use Plastics
The Lagos State Government has announced its plan to ban the circulation of single-use plastics, including sachet water (commonly known as “pure water”), starting January 2025. This initiative, confirmed by the Commissioner for Environment and Water Resources, Tokunbo Wahab, aims to promote sustainable plastic waste management and protect the environment.

The state had already banned the use of Styrofoam in all government establishments and across Lagos in January 2024, due to growing concerns over plastic pollution and its harmful effects.

Call for Phased Implementation
Stakeholders, including the Association for Table Water Producers of Nigeria (ATWAP), have urged the government to implement the ban gradually to ensure smooth compliance. Mosaku Ololade, the Lagos ATWAP chairperson, emphasized that their association, which has over 2,000 members and 10,000 workers in Lagos, is committed to working with the government and ensuring the transition is manageable during the current economic challenges.

Iran Summons Envoys Amid Escalating Israel-Lebanon Conflict as Airstrikes Intensify

Beirut Bombarded by Israeli Forces
On Thursday, Israel intensified its military actions against Hezbollah, targeting their intelligence headquarters in Beirut, Lebanon. This marks the continuation of Israeli ground raids into southern Lebanon, a region heavily controlled by Hezbollah. Airstrikes and bombings have ravaged areas across the country, leaving over 1,000 dead, according to Lebanon’s health ministry, and displacing hundreds of thousands of people.

As the conflict widens, Israel’s focus has shifted from Gaza to securing its northern border, aiming to protect the return of more than 60,000 displaced citizens.

Tensions Rise Between Iran and Western Powers
In response to the ongoing hostilities, Iran summoned German and Austrian ambassadors following their governments’ criticism of Tehran’s missile attack on Israel. Iran has defended its actions as a “legitimate and responsible” retaliation against Israel’s aggression, particularly after the deaths of key figures like Hezbollah’s Hassan Nasrallah and Hamas’s Ismail Haniyeh.

International Condemnation
The attack has prompted strong international reactions. France condemned Israel’s decision to declare UN Secretary-General Antonio Guterres “persona non grata” after he failed to explicitly denounce Iran’s actions. Meanwhile, the European Union has urged caution, with its foreign affairs chief, Josep Borrell, defending Guterres and calling for a rejection of attacks on the UN leader.

Impact on Global Air Travel
As tensions in the region escalate, Iran temporarily grounded its domestic and international flights due to security concerns, although operations resumed later on Thursday. European carriers have been advised to avoid Iranian airspace until further notice, adding to the ongoing uncertainty.

Black Market Dollar to Naira Exchange Rate Today, October 4th, 2024

Dollar to Naira Exchange Rate on the Parallel Market
As of today, October 4th, 2024, the exchange rate for the dollar to naira in the black market (also known as the parallel market or Aboki fx) is available. Below are the exchange rates for buying and selling dollars:

  • Buying rate: N1665
  • Selling rate: N1680

These rates apply to the Lagos Parallel Market, as reported by sources from Bureau De Change (BDC). Please note, the Central Bank of Nigeria (CBN) does not recognize the black market for foreign exchange and advises individuals to approach their banks for legitimate Forex transactions.

CBN Rates Today

  • Buying rate: N1656
  • Selling rate: N1657

Note: The actual rates for buying or selling may vary slightly depending on your Forex provider.

Significant Drop in Petrol Imports by 3.58 Billion Litres – NBS Report

The National Bureau of Statistics (NBS) reports a substantial reduction in the importation of Premium Motor Spirit (PMS), commonly known as petrol, over the past year. According to their data, petrol imports declined by 13.77%, falling from 23.54 billion litres in 2022 to 20.30 billion litres in 2023.

The decrease was particularly notable in the second half of 2023, with only 8.36 billion litres imported compared to 11.94 billion litres in the first half, marking a 29.99% reduction.

Rising Cost of Beans Pushes Food Inflation Higher in Nigeria, Economist Rewane Predicts

Renowned economist Bismarck Rewane has warned that Nigeria’s food inflation is set to rise in the coming weeks, with the price of beans becoming increasingly unaffordable. Speaking on Channels Television on Thursday, Rewane explained that several factors are contributing to the rising cost of food, particularly beans.

According to Rewane, floods that have devastated key farming regions such as Borno, Bauchi, and Sokoto, combined with the high cost of transporting goods from farms to markets, and the recent surge in petrol prices—from ₦600 to around ₦1,000 per liter—are all driving up the cost of food products across the country.

While some food items, including onions and rice, have seen slight reductions in prices, beans has experienced a sharp increase, making it inaccessible for many Nigerians. “Onions have dropped to ₦115,000, and rice is down to ₦110,000 from a high of ₦120,000. But beans has gone out of storage and out of reach,” Rewane said, attributing the price hike to the widespread damage caused by flooding in major agricultural states.

Despite the current challenges, Rewane expressed cautious optimism, noting that the federal government’s introduction of duty waivers on imported food items could help moderate prices in the long term. However, he predicted that food inflation will continue to rise in the short term, with headline inflation potentially reaching 34%.

“When the imported commodities benefiting from duty waivers arrive, we expect prices to start declining,” Rewane stated, emphasizing that the current inflationary pressure is temporary but significant.

NABTEB Releases 2024 Examination Results, Shows 65% Success Rate in Core Subjects

The National Business and Technical Examinations Board (NABTEB) has officially announced the results of the 2024 In-School National Business Certificate (NBC) and National Technical Certificate (NTC) examinations. Speaking in Benin, Edo State, Dr. Nnasia Ndareke Asanga, the acting Registrar of NABTEB, disclosed that 44,000 out of the 67,751 candidates who took the exams achieved five credits or more, including both Mathematics and English Language. This represents 65.35% of the total candidates.

Additionally, 62,235 candidates, or 92.42%, earned five credits or more with or without passing Mathematics and English Language.

A total of 67,751 candidates registered for the exams, which were held in 1,708 centers nationwide. Dr. Asanga highlighted several challenges affecting technical education in Nigeria, including limited funding, inadequate support, and insufficient recognition of Technical and Vocational Education and Training (TVET) programs by industries and communities.

“Improving technical education in Nigeria will require appropriate legislation, capacity building for educators, increased funding, better equipment, and the establishment of more technical colleges,” Asanga stated. He also emphasized that TVET could play a critical role in bridging the gap between education and unemployment in today’s innovation-driven economy.

This year’s results, however, reflected a slight decline in performance compared to 2023. The report also revealed that 349 candidates were involved in examination malpractice. Dr. Asanga condemned such practices, stressing that they undermine both educators and students by robbing learners of essential skills like critical thinking and problem-solving.

NABTEB, he reiterated, is committed to conducting examinations and skill-based assessments that lead to the awarding of Business, Vocational, and Technical Certificates at both Ordinary and Advanced levels.

Barcelona Eyes Neymar’s Return While Manchester United Plans Maguire Contract Extension


Barcelona is reportedly considering a move to re-sign Brazilian superstar Neymar as an alternative to their primary target, Erling Haaland, for the summer of 2025. According to Spanish publication Sport, the Catalan club views Neymar as a viable option should their attempts to secure Haaland from Manchester City fall short.

Currently with Al Hilal, the 32-year-old Neymar will become a free agent when his contract expires next summer, allowing him the flexibility to choose his next club without incurring any transfer fees. A return to Barcelona could serve as an ideal platform for Neymar to maintain his match fitness ahead of Brazil’s 2026 FIFA World Cup squad selection.

In related news, Manchester United is taking proactive steps to extend the contract of defender Harry Maguire. Football Insider reports that the club is preparing to offer the 31-year-old center-back a one-year extension. Maguire, who joined United for a hefty £80 million from Leicester in 2018, has seen his playing time decrease in recent seasons.

The England international was close to a move to West Ham for £30 million last summer, but the transfer fell through. To avoid losing him for free at the end of the current season, United is looking to trigger an extension to his contract.

Police Capture Four Infamous Kidnappers in Abuja Following Intense Surveillance

The Anti-Kidnapping Unit of the Federal Capital Territory (FCT) Police Command has successfully apprehended four notorious kidnappers who have been wreaking havoc in Abuja and surrounding areas.

According to Naija News, Police Public Relations Officer SP Josephine Adeh announced that the kidnappers were tracked down and arrested on October 1, 2024, after the command acted on reliable intelligence.

The suspects—identified as Yau Sani, a.k.a. Baba (an ex-convict), Nuhu, a.k.a. Giwa, Kabiru Mohammed, and Yusuf Hassan—were found at their criminal hideouts in Sauka, Abuja. They confessed to being involved in multiple kidnappings of unsuspecting residents in the FCT and had plans to target government institutions and estates in the area.

The police reiterated their commitment to eradicating crime within the FCT and urged the public to report any suspicious activities through the police emergency lines: 08032003913, 08028940883, 08061581938, and 07057337653.

In the statement, authorities revealed that this gang had previously attacked locations such as Dakwa, Dawaki, Aco estate, Dupe Village, Zuma rock, Kuchiko village, and several areas in Niger and Kaduna. They also led police to another hideout in Gauraka Forest, Suleja, Niger State, where four AK-47 rifles, thirteen magazines, and 162 rounds of live ammunition were recovered.

The suspects admitted to plotting further attacks on government institutions and estates within the FCT, which the police have successfully prevented. For complaints, members of the public can reach the Police Complaint Bureau at 09022222352 or the Crime Reporting Unit at 08107314192.

NBTE Advocates for Upgrade to National Polytechnic Commission

The National Board for Technical Education (NBTE) has called for its transformation into the National Polytechnic Commission, emphasizing the need for collaboration with the House Committee on Polytechnics to realize this goal. This plea was made by the NBTE Executive Secretary, Prof. Idris Bugaje, during a recent presentation to the House Committee, led by Chairman Fuad Laguda, during their oversight visit to the board in Kaduna.

Importance of Collaboration

Bugaje welcomed the committee’s visit, expressing optimism for greater collaboration to advance the technical education sector. He highlighted the ongoing struggle to upgrade the NBTE, asserting that the support of the House Committee is crucial to achieving this ambition.

Established by Decree No. 8 of 1977 and revised in 1985 and 1992, the NBTE oversees and regulates more than 700 Technical and Vocational Education and Training (TVET) institutions across Nigeria. Bugaje underscored the vital role that TVET plays in addressing the nation’s skills gap, particularly in the realm of infrastructure development.

Addressing Skill Gaps

“No economy can grow without infrastructure,” Bugaje stated, referencing major national projects like the AKK Gas Pipeline and Dangote Refinery. He lamented that many of these projects rely on skilled labor imported from Asia, leaving Nigerian youth unemployed.

Bugaje emphasized the importance of utilizing existing Skills Development Centres within polytechnics to train local youth effectively. He also pointed out significant challenges facing TVET institutions, including insufficient funding, outdated curricula, lack of modern equipment, and the stigmatization of TVET graduates.

Budget Concerns and the NSQF

In discussing the budget, Bugaje described the 2024 budget as particularly challenging due to substantial cuts made by the National Assembly. He stressed the need for adequate funding to revise the National Diploma and Higher National Diploma curricula within a five-year timeframe.

Additionally, he raised concerns about the National Skills Qualification Framework (NSQF), which was approved in 2013 and implemented in 2017. Bugaje warned that the NSQF is threatened by the recent ITF Amendment Act 2024 and stressed the importance of protecting this framework to align Nigeria’s skill development with global standards.

Land Dispute and Corruption Issues

Bugaje also addressed a longstanding land dispute in Abuja, where a portion of NBTE’s allocated land has been occupied unlawfully. He called for the Tinubu Administration’s investigation into this issue, alongside nine other critical cases of inherited corruption.

Commitment from House Committee

In response, the House Committee Chairman assured the NBTE of their commitment to supporting the organization. He pledged to collaborate closely with the NBTE to tackle the challenges facing TVET institutions and ensure that Nigeria’s skill development meets international standards. The meeting included various stakeholders from the education sector, indicating a broad interest in improving technical education in Nigeria.

FRSC Implements Town Hall Meetings to Address Road Traffic Crashes

The Federal Road Safety Corps (FRSC) has introduced new strategies aimed at reducing Road Traffic Crashes (RTCs) by shifting from traditional motor park rallies to community-based initiatives. This move was announced by the Corps Public Education Officer, Assistant Corps Marshal Olusegun Ogungbemide, in a statement released in Abuja on Thursday.

Key Changes in Strategy

Ogungbemide highlighted concerns regarding the decreasing effectiveness of motor park rallies, which had been the primary method of engaging drivers and the public in road safety education. He noted that the rallies often failed to reach their target audience effectively, as many drivers, particularly in the commercial sector, were not present during these events.

To address this, the FRSC has adopted town hall meetings and press conferences as alternative strategies to communicate road safety messages. This approach aims to better engage communities and ensure that crucial safety information reaches drivers and commuters where they are most likely to gather.

Focus on Community Engagement

The FRSC’s new method emphasizes:

  • Interactive Communication: Town hall meetings and press conferences will allow for more direct and engaging discussions about road safety, involving various stakeholders within the community.
  • Broader Reach: The use of mosques, churches, and other community settings will facilitate outreach to a wider audience, ensuring that road safety education is accessible to all segments of the population.
  • Addressing Lawlessness: With rising incidents of reckless driving and road traffic fatalities, the FRSC aims to address these issues directly through more effective public engagement.

Commitment to Safety

Ogungbemide reiterated the commitment of the Corps Marshal, Shehu Mohammed, to eradicating road traffic crashes by enhancing communication methods. The new strategy will also include special yearly campaigns during the ember months, a period typically associated with increased traffic and road safety risks.

He encouraged the public to actively participate in the new campaign methods, emphasizing the need for communal ownership of road safety initiatives. Engaging the public, particularly vulnerable commuters, is vital to averting the social and economic losses caused by RTCs.

The FRSC remains the leading agency in road traffic management and safety, dedicated to using clinical and enforcement strategies to foster safer road environments across the country.