Dr. Tayo Aduloju, the Chief Executive Officer of the Nigeria Economic Summit Group (NESG), has recommended that the Federal Government sustain crude oil production at a level of 2.2 million barrels per day (bpd) to ensure the feasibility of the 2025 budget.

During a media engagement in Abuja, where NESG presented its strategic vision for 2025 along with a macroeconomic outlook for the private sector, Aduloju emphasized the importance of maintaining this production level amidst historical fluctuations in Nigeria’s crude oil output. He highlighted three significant production benchmarks: 1.1 million bpd, 2.2 million bpd, and 2.8 million bpd, and their respective impacts on the national economy.

Aduloju remarked that achieving a production level of 2.2 million bpd is a realistic target, stating, “Reaching 2.2 million bpd, regardless of crude oil prices, is essential for a viable budget.” He noted that the government had successfully increased production from 1.1 million bpd to 2.2 million bpd and even to 2.8 million bpd, demonstrating that incremental growth in daily oil production is achievable.

Unveiling “The Arc of the Possible,” NESG’s strategic framework aimed at fostering Nigeria’s economic development, Aduloju reiterated that targeting 2.2 million bpd is realistic and within reach. This strategy emphasizes actionable solutions that promote growth and prosperity across key sectors in the short to medium term.

Achieving this production target, he explained, would positively influence the economy by stabilizing the foreign exchange market and increasing foreign earnings. This would also enhance government initiatives on deregulation, liberalization of the downstream sector, and effective regulatory governance.

However, Aduloju stressed the necessity of political stability for sustaining production levels. He called for immediate action to restore stability in Rivers State and continued funding for government security enhancement plans due to their critical role in national oil production and overall economic health.

He stated, “Effective implementation of stabilization reforms could potentially accelerate Nigeria’s Gross Domestic Product (GDP) growth to 5.5 percent by 2025.”

The NESG report, titled “Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond,” acknowledges the government’s efforts in addressing cross-sector challenges. It highlights the expected positive impacts of improved electricity supply and fuel availability, which are anticipated to reduce business disruptions, particularly for Nano, Micro, Small, and Medium Enterprises (NMSMEs), thereby enhancing productivity and economic performance.

Improved foreign exchange availability is expected to support operations in the manufacturing sector, which relies heavily on imported raw materials and intermediate inputs. In agriculture, addressing issues related to financing, storage, warehousing, and logistics will enhance sector performance.

Aduloju emphasized that the oil and gas sector remains vital for economic growth, contributing significantly to foreign exchange inflows, external balance resilience, and government revenue. He projected that the manufacturing sector would benefit from stabilization policies aimed at addressing power supply challenges and lowering input costs.

The NESG report forecasts a decline in inflation to 24.7 percent under optimal stabilization efforts, signaling improvement in the country’s macroeconomic stability. Effective coordination of fiscal and monetary policies is identified as crucial for achieving the anticipated reduction in inflation.

Aduloju noted that a relatively stable foreign exchange market, bolstered by increased supply and diminished speculative demand, will be key in curbing inflation. He highlighted that enhanced productivity across critical sectors, especially agriculture, is expected to significantly alleviate inflationary pressures in 2025.

“Increased agricultural output will enhance food supply, mitigate scarcity, and ease food price inflation, a major contributor to overall inflation in the country. Moreover, improved security in food-producing regions will facilitate better access to farmlands and supply chains, further stabilizing food prices,” he concluded.

A courtroom drama unfolded at the Federal High Court in Abuja as Justice Ekwo openly dismissed the legitimacy of Barrister Pius Sunday Okeoma, who was representing the petitioner in the case involving former Minister of Special Duties, Kabir Tanimu Turaki, SAN.

During a court session, Justice Ekwo declared that Okeoma had no recognised standing in the case, as he had neither filed an appearance nor signed any documents related to the proceedings.

The judge’s remarks followed Okeoma’s previous attempt on 24 March to have the case transferred from its initial court, citing a lack of confidence in the judiciary.

On 28 March, Justice Ekwo firmly addressed Okeoma, stating, “As far as I am concerned, we do not know you in this court, and you have never appeared or filed any case here. This makes it illegal for you to be present.”

The judge subsequently referred the lawyer to the Legal Practitioners Disciplinary Committee for further action.

The case has drawn significant public attention, particularly from the Arewa Renaissance Group, which has raised concerns about the investigation’s integrity.

The group alleged possible collusion between investigating police officers and the petitioner, questioning the rapid pace at which the case was handled and the apparent lack of a fair hearing.

In a further twist, the father of the petitioner, Hadiza, publicly disowned Okeoma’s involvement, stating that his signature had been used in legal filings without his consent. He has since demanded that the lawyer withdraw from the case.

The Arewa Renaissance Group, through its coordinator, Usman Abba, has urged the Inspector General of Police to take decisive action.

The group has called for the immediate removal of the Deputy Commissioner of Police (DCP) in charge of the gender unit at the Force Criminal Investigation Department, citing poor investigative procedures, conspiracy, and defiance of an earlier directive from the IGP.

The directive had instructed that the case be transferred to the Department of Force Intelligence, a move that was allegedly ignored.

The unfolding controversy continues to generate debate over the handling of high-profile cases and the transparency of Nigeria’s judicial process.

Members of the Islamic Movement in Nigeria (IMN), popularly known as Shiites, clashed with security operatives during a protest in Abuja on Friday.

The demonstration, which took place around Banex Junction in Wuse 2, saw protesters waving Palestinian flags and chanting slogans such as “Freedom for Palestine”.

Tensions escalated when some protesters reportedly began throwing stones at security operatives. In response, security personnel fired shots to disperse the crowd. The exact number of casualties remains unclear.

Some videos circulating on social media show the protesters marching through Wuse 2, while eyewitnesses reported chaotic scenes as security operatives moved in to break up the gathering.

Efforts to reach Josephine Adeh, spokesperson for the federal capital territory (FCT) police command, for comment were unsuccessful.

However, a statement by Sidi Munir Sokoto, spokesperson for the IMN, described the security response as “abuse of power”.

He claimed that as many as five protesters may have been killed, though the exact number of casualties and arrests remains unverified.

“This is yet another tragic incident where security forces have abused their power by targeting innocent civilians who were merely exercising their right to peaceful assembly,” the statement reads.

“As at the time of writing this article, we could not confirm the exact number of those killed, injured and arrested, however from the information we reliably obtained from eyewitnesses the figure of those killed is around 5 people or thereabout. Nevertheless, we will update the public in due course.

“We call on relevant authorities to investigate this incident and ensure that the rights of citizens are protected. The freedom to peaceful assembly is an inalienable constitutional right that must not be violated.”

The IMN has held several demonstrations in Nigeria, often met with resistance from security operatives.

The latest protest adds to a series of confrontations between the group and law enforcement agencies.

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