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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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The Federal Ministry of Works has outlined plans to allocate more than N500 million for programmes aimed at training hairdressers and make-up artists, distributing grinding machines, motorcycles, mini-vans, and conducting anti-drug abuse awareness campaigns across selected states in Nigeria.....TAP TO CONTINUE READING
Details of the proposed spending are outlined in the 2026 Appropriation Bill, which was uploaded on the Budget Office’s website and accessed on Thursday.
Analysis of the budget shows that these items and initiatives are distributed across various geopolitical zones of the country.
According to the document, under budget item code ERGP 12234747, the ministry intends to spend N35 million on providing an unspecified number of grinding machines to women in Ndokwa/Ukwani Federal Constituency, located in the South-South zone.
Similarly, another N35 million has been set aside to train and empower women in hairdressing, make-up, and soap production in Mikang/Shandam/Qua’an Pan Federal Constituency of Plateau State in the North-Central zone.
The budget also includes a proposal to allocate N70 million for skill acquisition and trade equipment provision to youths, women, and seven retirees in Inyamaltu/Deba area of Gombe State in the North-East.
Additionally, the ministry plans to spend N70 million on supplying mini pick-up vans, mini shuttle buses, and motorcycles to constituents in Abakaliki Federal Constituency, Ebonyi State, in the South-East.
Another component involves training, sensitisation, advocacy, and youth empowerment programmes against drug abuse in Zamfara State, which falls in the North-West, among several other constituency-level projects outlined in the budget.
The inclusion of these empowerment initiatives in the Federal Ministry of Works’ 2026 budget has sparked debate and raised questions about the appropriateness of such allocations within the ministry’s mandate.
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Breaking News
Edo Protest Saga: Finally Detained Ambrose Alli University AAU Students Regain Freedom
Students of Ambrose Alli University, Ekpoma, who were arrested and remanded at the Ubiaja Correctional Centre over a recent protest, have been released alongside other detainees.....TAP TO CONTINUE READING
The release was confirmed in a statement released on Thursday by the Chief Press Secretary to Edo State Governor, Monday Okpebholo, Patrick Ebojele.
The students were among 52 persons remanded by a Benin High Court on charges bordering on malicious damage and armed robbery.
They were arrested after a peaceful protest against insecurity in Ekpoma last Saturday turned violent.
Hoodlums reportedly hijacked the protest, attacking traders, setting tyres ablaze and blocking roads, scenes which were captured in viral videos on social media.
Okpebholo met with the released students and other affected persons during a stakeholders’ engagement at the Banquet Hall of Government House, Benin, where he assured them of his administration’s commitment to dialogue, reforms and the development of Ambrose Alli University.
The governor said he was deeply pained by the violence, especially given his resolve to revive the university.
The governor said, “I was highly in pain when I saw what was happening in my place. The day I was sworn in, I said I was going to revive Ambrose Alli University.
“They were paying light bills, water, printing, salaries and everything from ₦41 million, which was not enough for anything at all. But on record, one consultant was receiving ₦59 million under the last administration, while the entire university community was receiving ₦41 million.”
He added that his administration increased the subvention to ₦500m as part of efforts to reposition the institution.
He said, “Since then, it has been about how to revive the school, how to move the school forward and how to reposition it again.”
The governor also disclosed that outstanding salary and wage arrears owed to AAU staff stood at about ₦41bn, noting that plans were underway to gradually offset the debt.
He cautioned students against allowing themselves to be used by criminal elements, urging them to focus on their studies and pursue peaceful engagement.
He said, “Somebody said he is a student, and he protests. What are you protesting for? Don’t allow yourself to be used. Read your books so that you can be like us.”
Okpebholo acknowledged the security challenges facing Ekpoma and other parts of the country, describing insecurity as a collective problem.
He, however, said investigations revealed that many criminal activities around Ekpoma were carried out by locals.
The governor condemned the destruction of shops and looting during the protest, describing such actions as counterproductive.
He said, “The same way you are afraid of your life, is the same way I am afraid of my life. Kidnappers do not know the status of anybody, and so it’s a common problem we all have.”
He assured residents and students that criminals would not be allowed to find safe haven in Edo State.
Commissioner for Education, Dr Paddy Iyamu, praised the governor for facilitating the release of the students and choosing dialogue over force.
Other speakers at the meeting also commended the governor’s intervention and commitment to education and peace.
The meeting was attended by the Deputy Governor, Dennis Idahosa; the Chief of Staff, Gani Audu; the Minister of Youth; the Senior Special Assistant to President Bola Tinubu on Youth Engagement; and other top government officials.
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Breaking News
Drama as man catches girlfriend with another man, removes her belongings from apartment
A dramatic scene unfolded after a man paid an unannounced visit to his girlfriend’s residence and caught her with another man inside the apartment.....TAP TO CONTINUE READING
According to accounts circulating online, the boyfriend, who was said to have rented the apartment for the woman, arrived without prior notice and discovered the situation, leading to a heated confrontation.
Following the incident, the man reportedly decided to remove the woman’s belongings from the apartment, insisting that he had the right to do so since he was the one who paid for and secured the accommodation.
One netizen, @dammiedammie35 said:
“Her boyfriend visited without informing her and caught her with another guy inside her room. Then the boyfriend decided to take her things out of the apartment since he was the one that rented the apartment for her”
Check out reactions …
@queenie_baybe said: “Women don’t learn
Never collect a rented house, bought phone and the rest
Tell him you already have some money that needs completing, run the process yourself”
@RealMoses17 wrote: “Na my fear be this. My bae even say ma help her rent house n pay her skul fees. Make una advice me”
@QingBankse said: “this’s exactly what did to one mumu wey call her self my girlfriend in 2022, omo na dyna bus i use come pack everything send am to village asap, ontop foam wey i buy, you go dey there dey fu??ck another man pr..eek wetin do the guy house, god dey punish you, lol i even park the onec wey no be me buy self”
Watch video below …
Her boyfriend visited without informing her and caught her with another guy inside her room. Then the boyfriend decided to take her things out of the apartment since he was the one that rented the apartment for her🧎🏻♂️➡️ pic.twitter.com/PCDWuV5vt1
— Oyindamola🙄 (@dammiedammie35) January 15, 2026
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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940
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