By Adedapo Adesanya

Oil prices settled largely unchanged on Wednesday amid a build in American crude stockpile and the threat to oil supply from potential military conflict between the US and Iran.

Brent futures chalked up 8 cents to trade at $70.85 a barrel, while the US West Texas Intermediate (WTI) futures settled lost 21 cents to close at $65.42 per barrel.

Crude oil inventories in the US increased by 16 million barrels during the week ending February 20, according to new data from the US Energy Information Administration (EIA) released on Wednesday.

The decrease brings commercial stockpiles to 435.8 million barrels according to government data, which is still 3% below the five-year average for this time of year.

The EIA’s data release follows figures by the American Petroleum Institute (API) that were released a day earlier, which reported that crude oil inventories rose by a massive 11.4 million barrels in the period.

The market continued to weigh the possibility extended conflict could disrupt supplies from Iran, the third-biggest crude producer in the Organisation of the Petroleum Exporting Countries (OPEC) and other countries in the Middle East.

US President Donald Trump verbally attacked Iran, saying he would not allow a country he described as the world’s biggest sponsor of terrorism to have a nuclear weapon.

This comes as US envoys are due to meet an Iranian delegation for a third round of talks on Thursday in Geneva, Switzerland.

Reuters reported that OPEC+ is considering raising its oil output by 137,000 barrels per day for April to end a three-month pause in production increases. This is as the group prepares for peak summer demand and tensions between the US and Iran boost prices.

Eight OPEC+ producers – Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman – meet on March 1.

An increase of 137,000 barrels per day for April would be the same as those agreed for December, November and October last year.

In a separate development, Saudi Arabia has activated a plan for a short-term oil output and export surge in case a US strike on Iran disrupts flows from the Middle East, said two sources familiar with the Saudi plan.

Tariff uncertainty also further worried investors after President Trump’s temporary global tariff of 10 per cent took effect on Tuesday after the Supreme Court’s sweeping ruling last week. He later said the levy would be 15 per cent, but it was unclear when and if it would apply.

By Modupe Gbadeyanka

All individual taxpayers in Lagos State have been advised to file their annual tax returns ahead of the March 31 deadline.

This appeal was made by the Lagos State Internal Revenue Service (LIRS) in a statement issued by its Head of Corporate Communications, Mrs Monsurat Amasa-Oyelude.

The notice quoted the chairman of LIRS, Mr Ayodele Subair, as saying that timely filing remains both a constitutional and statutory obligation as well as a civic responsibility.

The statutory filing requirement applies to all taxable persons, including self-employed individuals, business owners, professionals, persons in the informal sector, and employees under the Pay-As-You-Earn (PAYE) scheme.

In accordance with Section 24(f) of the 1999 Constitution of the Federal Republic of Nigeria, Sections 13 &14(3) of the Nigeria Tax Administration Act 2025 (NTAA), every individual with taxable income is required to submit a true and correct return of total income from all sources for the preceding year (January 1 to December 31, 2025) within 90 days of the commencement of a new assessment year.

“Filing of annual tax returns is not optional. It is a legal requirement under the Nigeria Tax Administration Act 2025. We encourage all Lagos residents earning taxable income to file early and accurately.

“Early and accurate filing not only ensures full adherence with statutory requirements, but supports effective monitoring and forecasting, which are critical to Lagos State’s fiscal planning and long-term sustainability,” Mr Subair stated.

He further noted that failure to file returns by the statutory deadline attracts administrative penalties, interest, and other enforcement measures as prescribed by law.

To enhance convenience and efficiency, all individual tax returns must be submitted electronically via the LIRS eTax portal at https://etax.lirs.net. The platform enables taxpayers to register, file returns, upload supporting documents, and manage their tax profiles securely from anywhere.

In keeping with global best practices, Mr Subair reiterated that LIRS continues to prioritise digital tax administration and taxpayer support services. He affirmed that the LIRS eTax platform is secure and accessible worldwide. Taxpayers requiring assistance may visit any of the LIRS offices or other channels.

By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited has said the Gas Master Plan 2026 targets over 230 per cent scale-up of Liquefied Petroleum Gas (LPG) supply from 1.5 million tonnes per annum (MTPA) to 5 MTPA this year.

The Executive Vice President for Gas, Power and New Energy at NNPC, Mr Olalekan Ogunleye, unveiled the strategic direction of the NNPC Gas Master Plan 2026, outlining an aggressive expansion drive to position Nigeria as a regional and global gas powerhouse.

Mr Ogunleye delivered the keynote address at the 2026 Lagos Energy Week, organised by the Society of Petroleum Engineers (SPE), where he detailed plans to accelerate gas development, deepen infrastructure and significantly scale domestic supply.

According to him, the Gas Master Plan targets a scale-up of LPG or cooking gas supply from 1.5 MTPA to 5 MTPA, alongside expanded feedstock for Mini-LNG and Compressed Natural Gas (CNG) projects.

“The NNPC Gas Master Plan 2026 is a blueprint to unlock Nigeria’s vast gas potential and translate it into tangible economic value,” Mr Ogunleye said.

He added that the strategy would also drive exponential growth in Gas-Based Industries, GBIs, strengthening local manufacturing, fertiliser production and power generation.

“Our renewed focus is on turning abundant gas resources into inclusive economic growth and improved quality of life for Nigerians,” he stated.

Mr Ogunleye said the plan aligns with the Federal Government’s Decade of Gas initiative and the presidential production targets of achieving 10 billion cubic feet per day by 2027 and 12 BCF/D by 2030.

Industry leaders at the event, including executives from Chevron Corporation, Esso Exploration and Production Nigeria Limited, Midwestern Oil and Gas Company Limited, Abuja Gas Processing Company and Shell Nigeria Gas, commended the plan and praised Ogunleye’s leadership in driving implementation excellence.

The new blueprint signals NNPC’s determination to anchor Nigeria’s energy transition on gas, leveraging infrastructure expansion and domestic utilisation to consolidate the country’s status as Africa’s largest gas reserve holder.