Oil prices are near a five-month high, as coronavirus-induced lockdowns are eased around the world.
However, Nigeria is often listed as one of the countries that hasn’t fully complied with output cut agreements outlined by the Organisation of Petroleum Exporting Countries (OPEC).
Reuters reports that the OPEC+ group found that some members would need to cut output by 2.31 million barrels per day (bpd) to offset their recent oversupply.
Among OPEC members, Iraq and Nigeria have been the least compliant, according to Reuters.
The United Arab Emirates, which made additional voluntary cuts in June, overproduced by about 50,000 bpd over the May-July period.
The internal report also flagged demand risks, showing that OPEC+ expects oil demand in 2020 to fall by 9.1 million bpd, up 100,000 bpd from its previous forecast.
If a prolonged second wave of infections hits China, India, Europe and the United States in the second half of the year, 2020 demand could fall by 11.2 million bpd, the report added.
There’s been a slow recovery in fuel demand, with major producers seeking to limit supply and enforce output cuts.
Brent crude now trades for $44.63 a barrel.
U.S. West Texas Intermediate (WTI) now goes for $42.49 a barrel.
OPEC and allies, including Russia, are focused on ensuring that members comply with output cuts, just so there is no glut or an oversupply in the market.
A glut will lead to further crash in the price of oil.
774,000 jobs: Buhari directs CBN to pay N60,000 to each participantL
President Muhammadu Buhari has directed the Central Bank of Nigeria, CBN, to pay N60,000 stipend to participants of the Special Public Works programme of the federal government.
Festus Keyamo, the Minister of State for Labour and Employment, disclosed this on Saturday on his Twitter handle @fkeyamo, saying he had consequently directed the NDE to begin processing of the payments.
The programme was designed to employ 1,000 Nigerians from each of the 774 local government areas in the country.
It was initially scheduled for launch on October 1, 2020 but faced administrative delays.
“President Muhammadu Buhari has graciously directed a release of the funds for the payment of stipends to the 774,000 participants of the SPW programme.
“I have consequently directed the NDE to begin processing the payments and participants should begin to receive payments soon.
“In order to eliminate fraud and/or double payments, I have also directed that every payment to participants should be made using the BVN of their accounts so we can have an audit trail of every single payment. Those who registered with different names shouldn’t expect payments,” Mr Keyamo tweeted.
Governor grants financial autonomy to Nasarawa LGAs
Nasarawa State Deputy Governor, Dr Emmanuel Akabe says, the administration of Governor Abdullahi Sule has granted full financial autonomy to the 13 LGAs of the State.
He stated this yesterday while declaring open a two day training workshop, organized for members and staff of the Nasarawa State Independent Electoral Commission.
The deputy governor who represented the governor at the event assured that the state government will not interfere in the conduct of council elections, but will support the full independence of the commission and other assistance to conduct free, fair and credible council elections.
“In a society like ours, free, fair and credible election constitutes the basic principle of democracy. In this regards, electoral administrators are the drivers who ensure that the tenets of democracy are greatly enhanced through election” he said
Speaking earlier, chairman, Nasarawa State Independent Electoral Commission (NASIEC), Ayuba Wandai Usman, said the objective of the training was to boost the morale of staff of the commission
The objective of the training is to boost the morale of our staff, bring them in tune with recent developments in election management techniques and to introduce electoral best practices in the commission in line with the policy thrust of the Engr Abdullahi Sule administration.
According to him, the theme of the training workshop ‘conduct of credible election into local government councils,’ was carefully chosen because “it holistically covers our intention to put in place a modern day election management body.”
Recruitment: UBEC opens portal for Federal Teachers’ Scheme application
The Universal Basic Education Commission, UBEC, has opened an online application for recruitment into the Federal Teachers’ Scheme, FTS.
Dr Ossom Ossom, Public Relations Officer of the commission, confirmed this to News Agency of Nigeria on Monday in Abuja, following skepticism about the authenticity of the recruitment.
A document obtained by NAN from the UBEC Headquarters in Abuja, confirming the recruitment, noted that applications were currently being invited from eligible candidates for the 2020 and 2021 service periods.
The document stated that the FTS, a two-year intervention programme established by the Federal Government in 2006, was aimed at assisting states in addressing teacher shortage at the basic education level.
Part of the requirements for application are, Bachelor’s degree in Education or Bachelor’s degree with Postgraduate Diploma in Education (PGDE),
The qualification, according to the document, should not be lower than a Second Class (Lower Division) and not earned earlier than 2014.
The document further stated that applicants were also expected to have completed or been exempted from the National Youth Service Scheme (NYSC).
It said applicants with Nigeria Certificate in Education (NCE), with credit passes in Teaching Practice and the Teaching Subjects, also not earned earlier than 2014, were equally eligible.
The document noted that they were, however, expected to have specialisation in any of the following subjects: English Language, Mathematics, Integrated Science, Biology, Chemistry and Physics.
Other subjects are: Agricultural Science, Home Economics, Computer Science, Technical/Technology Education, Computer Science or Information Technology, Nigerian Languages, Physical and Health Education.
It said applicants were expected not to be more than 35 years of age and not currently employed or enrolled under the NYSC, N-Power or any other similar programme.
On the method of application, the document stated that applicants were expected to complete the application forms online, by visiting https://fts.admissions.clouds
”Applicants are also required to upload their credentials with their most recent passport photographs.
”The application portal would be opened for two weeks, from Sept. 10 to Sept. 24, with no extension.
Meanwhile, shortlisted candidates would be required to sit for the Computer-Based Test (CBT) on October 10, at designated centres in every state capital.
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