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FG, OPEC Forge Ties To Ensure Global Oil Market Stability
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The Federal Government has given assurance of its readiness to support every move that will bring about stability in the global oil market.
This was reiterated at a visit by Dr Mohammad Barkindo, the Nigerian born Organisation of Petroleum Exporting Countries (OPEC) Scribe, to the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja.
They both expressed their readiness to work hand-in-hand to ensure stability of the global crude oil market.
Sylva said that Nigeria, as one of the leading oil and gas producing nations in Africa, would continue to abide by the Declaration of Cooperation (DOC) which has gone a long way in stabilising the market for the collective good of the producing and consuming nations.
On his part, Barkindo applauded Nigeria for the key role it has been playing in the global crude oil market, noting that the 50 years partnership between OPEC and Nigeria has impacted the crude oil market positively.
He presented a book entitled “Nigeria and OPEC: 50 years of Partnership,” to mark the golden anniversary of its membership in the Organization of Petroleum Exporting
Can The Biden Administration Meet Its Ambitious Offshore Wind Power Target?
Earlier this year, the Biden administration said it planned to build offshore wind power generation capacity to the tune of 30 GW by 2030, creating more than 44,000 direct jobs and close to 33,000 indirect ones. To date, the United States has wind power capacity of 118 GW. Of this, only 42 MW is offshore wind. And According to IHS Markit, the 30 GW additional capacity target will almost certainly be missed.
Last year, the United States set a record in wind power capacity additions, at 14.2 GW added during the pandemic year. That was a continuation of another strong year in 2019, which also set a record in wind power additions, according to data from the Energy Information Bureau.
However, the reason for this boom in wind power generation capacity was not a simple response to greater demand for wind power. In fact, the reason for the records set in both 2019 and 2020 was the looming phase-out of the production tax credit, which spurred the mass deployment of wind and solar installations.
In December, Congress extended the production tax credit, which provided wind farm operators with a credit of $0.025 per kWh, until the end of this year. There are other incentives available to the wind industry, too. The biggest is the investment tax credit, which covers between 12 and 30 percent of investment costs at the start of the project. As of December, Congress has established a 30-percent investment tax credit for projects that start construction by December 2025.
So, with so much government help for the wind power industry, the 30 GW target in offshore wind should be a no-brainer. Yet, there are other factors at play besides government incentives and it is these factors, according to IHS Markit, that would make hitting the 30 GW target impossible.
For starters, the permitting process for offshore wind projects is lengthy and complicated, IHS Markit’s Andre Utkin wrote in a recent analysis of the topic. Then, there are not enough manufacturing facilities for the turbines, blades, and other equipment that goes into a utility-scale wind farm. The installation process is also tricky: per U.S. legislation, only U.S.-flagged vessels can sail along the country’s coasts. And there are not enough U.S.-flagged wind turbine installation and service vessels, according to IHS’s Utkin.
Then there is the issue of transmission infrastructure. This is insufficient to accommodate an additional 30 GW of wind power capacity, according to the research firm. The transmission infrastructure problem is a global one, by the way. Earlier this year, IHS’s Utkin reported that global offshore wind power capacity was set to expand sixfold by 2030 thanks to technological advances, cost reductions, and government incentives. However, he added, “the industry needs to rapidly develop and invest in new infrastructure to achieve these ambitious plans.”
Finally, there is a regulatory hurdle, albeit not an insurmountable one. The Bureau of Ocean Energy Management tends to conduct lengthy investigations of the impacts of wind farm construction on the environment, which will also likely delay projects.
In all fairness, many of these challenges can be dealt with by legislators, a majority—although slim—of whom are clearly in favor of building the country’s offshore wind power capacity. Some, however, are trickier because they do not depend on favorable policies. One example is the cost of building the necessary transmission infrastructure.
The recent $550-billion bipartisan infrastructure deal struck between the Senate and the White House envisages $73 billion in funding for clean energy generation and transmission. Yet copper prices are rising, and the offshore wind takes massive amounts of copper for its infrastructure. The $73 billion might simply be not enough for that and modernizing the U.S. aging grid.
Slav writes for Oilprice.com
News
Police Rescue Kidnapped Victim, Recover Stolen Vehicle
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Operatives of the Edo State Police Command have rescued one Osazee Okugbowa from suspected kidnappers.
Moses Yamu, the command’s spokesperson, disclosed this in a statement yesterday, stating that the victim was rescued by operatives of Ologbo Division, Ikpoba-Okha Local Government Area, on Friday, 8th February 2025, at about 5 pm.
Yamu said the victim was kidnapped on 7th February, 2025 by five armed men from his residence in the presence of his family in the Power Line area of Owanoba community.
He stated that the victim had since been reunited with his family after receiving medical attention.
He, however, added that the command is on the trail of the suspects in a bid to arrest them.
Meanwhile, Yamu disclosed that the command has recovered a silver-coloured Toyota Yaris with registration number 535 DR, which was snatched from its owner at gunpoint at Upper Mission Road Extension in Benin City.
He said the car was recovered by operatives of the Okuaihe Division in Uhunmwonde Local Government Area, following a distress call received on 6th February 2025.
He added that the operatives intercepted and pursued the car snatchers, who abandoned the vehicle at Iguomon Community along the Benin-Agbor Road.
Yamu said the car has been handed over to its owner while efforts are ongoing to identify and arrest the suspects.
News
Soludo Rebagged FG Rice Shared To APGA Members-APC
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The All Progressives Congress, APC, in Anambra State has protested the dominance of the Chukwuma Soludo-led All Progressives Grand Alliance, APGA, in the affairs of the President Bola Tinubu-led Federal Government.
The party chairman in the state, Mr Basil Ejidike while speaking at the weekend said the dominance of Soludo in affairs that concern Anambra even at the federal level has become a challenge to the state chapter of the APC.
He said all appointments coming to Anambra from the Federal Government had nominees from APGA, while even rice distributed to all states to cushion the effect of hardship had Anambra’s share rebagged with the picture of the governor and distributed to only APGA members last Christmas.
Appealing to Tinubu, Ejidike said, “Sir, may I seize this opportunity to draw your attention to some challenges confronting the APC in Anambra State, that require your kind intervention.
“The issue of appointments made by the Federal government without recourse to the party is inimical to the growth and success of the party in our state, as these appointees do not reckon with the party at the state level.
“Whereby, most of those who have made and are still making heavy sacrifices for the party have not been adequately rewarded and appreciated, many of those who have gotten juicy Federal Government appointments in the past were mainly non-party members, drawn especially from our rival All Progressives Grand Alliance (APGA).”
He said the trend has not served as a source of inspiration or motivation to party members, and is threatening its strength and enthusiasm of emerging victorious in the Anambra 2025 project.
“At the ward, local government and state levels, our members are being discriminated against, as APGA does not recognize or reckon with those who are not their members in the distribution and allocation of government appointments and incentives.
“More worrisome is the fact that what we as a state get from the federal government as incentives and palliatives are usually sent through the state government.
“Sequel to the above, non-APGA members are denied access to them. It is on record that bags of rice sent as palliatives by the federal government were repackaged, and Governor Soludo’s pictures and APGA logo embossed on those bags, thereby giving the impression that they were provided by the governor.
“This arrangement has continued to diminish our party’s influence and reach within the state, and we are terrified to say the least.
“APC in Anambra have come with a passionate appeal, asking that you (Ganduje) intervene and save our members in Anambra from neglect.
“Your kind intervention, Sir, will bolster the morale of our committed party men and women towards the task ahead,” he added.
News
2025 Budgets: I Hope Snake, Monkey Won’t Swallow This One-Atiku
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Former Vice President of Nigeria, Atiku Abubakar, has cautioned against the misappropriation of funds allocated to the health sector in the 2025 budget, referencing past bizarre claims of animals—such as snakes, termites, gorillas, and monkeys—being blamed for missing public funds. He stressed that such absurd incidents must not be allowed to happen with resources meant for healthcare.
Amid dwindling resources and reduced external support for healthcare services, Abubakar emphasised the need for transparency and accountability in the government’s $1.07 billion budgetary appropriation for the health sector. He called for mechanisms to ensure public audits and proper utilization of every kobo earmarked for healthcare.
The former vice president specifically questioned the government’s failure to provide a detailed breakdown of how it intends to spend over a billion dollars in the primary health sector. He noted that while investment in primary healthcare is crucial for providing Nigerians with accessible and affordable medical services, it would be unethical for the government to allocate such a significant sum without disclosing its intended use.
“The Federal Government has announced plans to spend a whopping $1.07 billion in the primary health sector, in addition to the N2.48 trillion initially proposed for healthcare in the budget,” Abubakar noted.
“What is even more concerning is that this additional funding is largely sourced from foreign loans, with a small portion coming from an international donor agency. Since these loans must be repaid, Nigerians have the right to know the full details and ensure that the expenditure is transparent and well-justified,” he added.
Abubakar further criticized the government for failing to commit to any physical infrastructure projects within the health sector, suggesting that this raises red flags about potential mismanagement or fraud.
According to the government, the funds will be used to improve governance in healthcare and strengthen primary health services nationwide, including recruitment, training, and retention of healthcare workers and teachers. However, Abubakar argued that the government has a poor track record in managing public funds, particularly in humanitarian services, and that Nigerians should not accept vague explanations without clear accountability mechanisms.
“It is difficult to trust this administration’s claims, especially given its history of misleading Nigerians about investments in social infrastructure,” he said.
He pointed out the government’s misleading statements about improvements in tertiary hospitals, despite the reality that many of these institutions lack basic amenities, such as stable electricity supply.
“The Tinubu administration has failed in the health sector due to poor funding. Major diseases in primary healthcare, including malaria, tuberculosis, and HIV/AIDS, remain critical challenges. If this government is truly committed to healthcare, it must clarify how it plans to use this intervention fund to tackle these diseases,” Abubakar stated.
He also criticized the government’s response to the recent withdrawal of American aid for HIV/AIDS treatment, noting that its proposed intervention of N5 billion is grossly inadequate.
“If the Tinubu administration does not present a clear framework for managing this significant health sector investment or subject it to proper legislative scrutiny, then it may be safe to conclude that this is yet another case of public funds being mismanaged under the guise of serving Nigerians,” Abubakar concluded.
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