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BREAKING NEWS: Oil Prices Fall on Venezuela Crisis Shortly After US Strikes, Intervene In Oil Affairs
Nigeria’s 2026 budget may be threatened following the US strike on Venezuela at the weekend. This is as a result of the ripple effect the action is having on the price of crude in the international market.....TAP TO CONTINUE READING
Yesterday, oil prices continued their decline with Brent dropping by 0.38 per cent to $60.56 a barrel. The United States(US) West Texas Intermediate (WTI) crude fell by 1.17 per cent to $56.46 a barrel as the market reacted to President Donald Trump’s announcement that the US had secured a deal to import up to $2 billion in Venezuelan crude.
Also, Trump said Venezuela will turn over between 30 million and 50 million barrels of oil to the US in two months.
With Nigeria’s 2026 federal budget of N58.18 trillion predicated on a “conservative” crude oil benchmark of $64.85 per barrel, experts reckon that should the decline continue, the revenue earnings of the country may be affected.
Just yesterday, US Energy Secretary Chris Wright further accentuated Trump’s plans for Venezuela’s oil, affirming that the plans to take long-term control of Venezuela’s oil industry, including overseeing crude sales and revenues, “indefinitely.”
Under the plan, Washington would sell Venezuelan oil directly on global markets, thus adding to the current glut being experienced in the global supply and delivery position.
Mayowa Sodipo, an oil and gas consultant, said continued involvement of America in Venezuelan oil will negatively affect Nigeria’s revenue projection for this year because the US has always been the world’s largest buyer of the country’s oil.
‘’The gains being recorded by the local currency, the Naira, may also be in jeopardy given that oil remains the largest source of foreign exchange for the country.
“Our forex may suffer if the price decline continues; it means reduced Forex inflow for the country, including affecting our external reserves, and this will put more pressure on the naira,” Sodipo said.
He warned that the effect will reverberate in the overall economy as major projects may be impacted negatively. “The government has embarked on huge projects; they may suffer funding should the price continue to decline,” Sodipo added.
This view was reechoed by former chairman of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, who warned that as one of Nigeria’s top oil buyers, any reduction in U.S. demand could have knock-on effects for export volumes and prices.
Ajibola said: “At the current price of about $60.8 per barrel compared with Tinubu’s proposed $64.85, the situation is already becoming stressed. If a price war ensues, as could be triggered by increased supply from Venezuela, it will affect Nigeria’s projections for 2026.”
On the contrary, an economist and Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, opined that the situation in Venezuela was unlikely to have any significant impact on the global oil market, particularly in the near term.
He based his argument on the present glut being experienced in the oil market and the insignificant contribution of Venezuela to the market.
Yusuf said: “Venezuela’s current oil output is extremely low, accounting for less than one per cent of global oil production. Years of underinvestment, operational inefficiencies, sanctions, and institutional collapse have severely weakened the country’s oil sector.
‘’As a result, Venezuela no longer plays a material role in influencing global oil supply dynamics. Importantly, the recent attack and the circumstances surrounding Maduro’s capture did not damage Venezuela’s oil production infrastructure. Consequently, oil output is expected to remain broadly unchanged in the short term.”
Beyond Venezuela’s limited production capacity, he further argued, the global oil market is presently experiencing a supply glut. This supply cushion means that even if Venezuela were to experience some level of production disruption, it would not translate into any meaningful impact on global oil prices. Current market fundamentals, he said, are therefore resilient enough to absorb any marginal shocks from Venezuela.
Yusuf, however, noted that the country remains strategically significant in the longer term as it holds one of the largest proven oil reserves in the world- about 18 per cent of global reserves, a resource base he argued, gives Venezuela substantial latent potential.
“If the current political developments do not escalate into prolonged instability, and if Donald Trump follows through on indications that American oil companies could re-enter the Venezuelan oil sector, the country’s oil output could gradually recover,” the economist said.
He added that such a turnaround would occur only in the medium to long term. Yusuf also noted that rebuilding production capacity would require significant capital investment, technical expertise, regulatory clarity, and time. Therefore, any supply boost from Venezuela would not be immediate and should not be factored into short-term oil market expectations.
“In summary, while Venezuela’s political developments are geopolitically notable, they do not pose a short-term risk to global oil supply or prices. Any meaningful impact would depend on long-term political stability and sustained reinvestment in the country’s oil industry,” Yusuf said.
However, in the medium to long term, the economist argued that there may be a significant increase in output, which may lead to a significant increase in supply and which may affect the global oil price.
“But that is in the medium to long term because for now, Venezuela will be experiencing some instability. Even the investors that Trump was talking about will also be very cautious in returning to Venezuela to produce.
“So, it will take some time for them to have that level of confidence to go to Venezuela and invest. I mean, it will also take some time, a minimum of a year. These are investors who have left the place for some time. These are investors who also want to watch the political environment and the security environment in the place. So, investors will also take their time before they go there to begin to invest in oil production; these are private investors. These are not government investors.
However, the Organisation of Petroleum Exporting Countries (OPEC+) appears to be girding its loins. At its January 4 meeting, OPEC+ agreed to keep output steady, despite internal tensions, reinforcing expectations that 2026 will be marked by oversupply. With inventories comfortable and alternative barrels available, traders see little reason to panic. On that narrow view, oil’s muted reaction looks rational.
Yet markets are rarely adept at pricing geopolitical risk in real time. President Trump’s threats, not only against Venezuela but also Colombia, Mexico and even Greenland, inject a level of headline risk that is hard to model but difficult to underestimate. History suggests that investors’ instinct to “keep calm and carry on” often holds until it suddenly does not.
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Federal Government of Nigeria Finally Commissions CNG Station to Boost Domestic Supply
The Federal Government has commissioned an integrated Compressed Natural Gas, CNG, refueling station at Obafemi Awolowo University, Ile-Ife, Osun State, as part of efforts to strengthen domestic gas supply and promote cleaner energy alternatives.....TAP TO CONTINUE READING
Speaking at the inauguration, the Executive Director of the Midstream and Downstream Gas Infrastructure Fund, Oluwole Adama, described the move as a major step toward advancing Nigeria’s gas-powered energy transition.
He noted that the facility goes beyond being just a refueling station, adding that it reflects progress, collaboration, and commitment to expanding domestic gas utilization in line with national energy goals.
“This project represents more than the commissioning of a refueling station. It symbolizes progress, partnership, and purpose in advancing Nigeria’s energy transition, promoting cleaner fuels, and deepening domestic gas utilization in line with national energy objectives,” Adama stated.
On his part, the Vice-Chancellor of Obafemi Awolowo University, Prof. Adebayo Simeon Bamire, praised the initiative, saying the facility will serve both the university community and residents of the surrounding area.
He added that the project would create opportunities for research, hands-on learning, and innovation in alternative energy solutions.
DAILY POST gathered that the federal government-backed initiative forms part of broader efforts to drive renewable energy adoption and support Nigeria’s transition to cleaner fuel sources.
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MTN Nigeria said it invested N1tn in 2025 to expand fibre infrastructure, roll out additional base stations and strengthen network capacity nationwide, as the country’s biggest telco returned to profitability after a choking financial year marked by foreign exchange pressures and negative equity.....TAP TO CONTINUE READING
The capital expenditure, more than double the prior year’s spending, formed part of a broader recovery that saw the company post a profit after tax of N1.1tn for the year ended December 31, 2025. The rebound followed a difficult 2024 in which MTN suspended dividend payments and grappled with balance sheet strain.
Chief Executive Officer Dr Karl Toriola described 2025 as a defining year for the company, linking the improved earnings position to renewed long-term infrastructure investment.
“During the year, we invested N1tn in network expansion and modernisation, more than double the prior year’s capital expenditure. This investment translates to additional base stations, deeper fibre rollout, expanded capacity and improved network resilience across the country because sustaining critical digital infrastructure requires disciplined capital allocation and a deliberate long-term approach,” the executive said.
The telcos’ total subscriber base increased to 87.3 million, up 7.9 per cent, while active data subscribers rose to 53.2 million. Data traffic grew by 34 per cent during the year. These figures reflect sustained demand for digital services across the country and underscore the need for continued investment in network capacity and resilience.
“We are mindful that in a period of economic pressure, expectations from customers are heightened. When Nigerians purchase data or rely on our network for work, education, financial services or daily communication, they expect reliability, fairness and continuous improvement. That expectation is both legitimate and central to our responsibility, Toriola noted.
MTN’s service revenue rose 55.1 per cent to N5.2tn in 2025, while earnings before interest, tax, depreciation and amortisation more than doubled to N2.7tn. Earnings per share improved to N53.07 from a negative N19.05 a year earlier, reflecting the sharp turnaround in operational performance.
Chief Financial Officer Modupe Kadiri said the company’s financial recovery was built on deliberate balance sheet repair, disciplined capital allocation and reduced foreign exchange exposure.
“A year ago, MTN Nigeria was in negative equity. Today, we are declaring a N20 total dividend for the 2025 financial year,” Kadiri stated.
The board approved a final dividend of N15 per share, subject to shareholder approval at the annual general meeting, bringing the total dividend for the year to N20 per share, including an interim dividend of N5 already paid in the fourth quarter.
According to its report, MTN generated N1.2tn in free cash flow during the year and rebuilt shareholders’ equity to N548.7bn, with retained earnings standing at N400.4bn at year-end, signalling restored financial stability after the previous year’s market volatility.
Toriola said profitability would continue to underpin infrastructure expansion, noting that profit enables sustained reinvestment in network quality and broader coverage rather than serving as an end in itself.
“Profit, in our context, is not an end in itself. It is the mechanism that enables continued investment in network quality, broader coverage and enhanced customer experience. As Nigeria’s digital ecosystem continues to expand across fintech, small businesses, education and public services, resilient and future-ready telecommunications infrastructure remains foundational to national development,” he added.
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Nigeria Civil Aviation Authority, NCAA orders airline to refund passengers charged VAT before January 1
The Nigeria Civil Aviation Authority has directed Overland Airways to refund passengers who were wrongly charged Value Added Tax on flight tickets purchased before January 1, 2026.....TAP TO CONTINUE READING
The directive followed clarification issued by the Nigeria Revenue Service on the implementation of the new tax regime affecting airline tickets.
Passengers had complained to the regulators after an elderly woman was forced to pay the new tax in 2025, a fee that was expected to take effect on January 1, 2026.
The Director of Public Affairs and Consumer Protection at the NCAA, Michael Achimugu, in a statement on Saturday, disclosed that the matter had been resolved after regulatory engagement with the airline and the Nigeria Revenue Service.
“As directed by the NCAA, the operator, Overland Airways, has reverted with clarification from the Nigeria Revenue Service,” Achimugu said.
He clarified that passengers who bought tickets before the new tax laws came into force should never have been subjected to additional charges.
“Tickets purchased before January 1, 2026 were not affected by the new tax laws,” he said, adding that passengers who bought tickets in 2025 but were later made to pay VAT at check-in in 2026 were not supposed to have been charged.
According to the NCAA, the airline had initially implemented the VAT requirement based on its interpretation of the new fiscal policy, prompting complaints from affected travellers.
Achimugu explained that regulatory clarification became necessary to determine the correct application of the tax.
“The onus was on the NRS to clarify, which they have now done,” he said, noting that the aviation regulator had earlier communicated its position to the airline.
Following the clarification, Overland Airways agreed to correct the situation.
“The airline has committed to redress the situation by initiating a refund for affected passengers,” Achimugu added.
The controversy arose after several passengers complained that they were compelled to pay additional VAT charges at airport counters despite purchasing their tickets months before the tax provisions took effect.
Travellers described the development as unexpected and financially burdensome, especially during peak travel periods in December.
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