Economy
How We Selected Beneficiaries of N5000 Monthly Stipends—FG
By Modupe Gbadeyanka
Details are emerging on how the Federal Government determined the beneficiaries of the Conditional Cash Transfer who are now receiving the N5000 monthly stipends across the nine pilot states.
According to the Senior Special Assistant on Media & Publicity in the Office of the Vice President, Mr Laolu Akande, the nine States are Bauchi, Borno, Cross Rivers, Ekiti, Kwara, Kogi, Niger, Osun and Oyo.
Mr Akande clarified that reference to Ogun, instead of Osun-among the pilot states- in his last press statement on the issue was a typo.
In his press update on the progress of the Buhari administration’s Social Investment Programmes, SIP, over the weekend, Mr Akande explained how the Community-Based Targeting, CBT model of the World Bank was used two years ago to identify most of the beneficiaries in the pilot States, as the World Bank is also an active agent in the entire process. But he added that the data collected belongs to Nigeria.
According to Mr Akande, ” there is no way anyone can describe the selection of the beneficiaries of the CCT as partisan as the beneficiaries from eight of the nine pilot States were picked even before this administration came into office.”
“First, the officials at Federal level, working with the State officials, identify the poorest Local Government Areas, using an existing poverty map for the State, then the LG officials identify the poorest communities in the LGAs and we send our teams there.
The first thing our team does after selection of the LGAs is to select members of the NOA, the LGA and community officials to form the CBT team. Then we train the selected officials on how to conduct Focus Group discussions at community level. These focus groups comprise of women, men, youth, as the community determines.
After training them, the CBT teams now go to each of their communities to sensitize the leaders, including traditional rulers, on the CBT process and the necessity for objectivity and openness in the process. At that meeting, they firm up a date to convene a community meeting at a designated location within the community.
On the set date, discussions are held in the local languages, using terminologies that resonate in that community. The CBT team will explain to the community the purpose of the gathering, i.e. to determine the parameters of poverty upon which persons can be described as poor and vulnerable within the context of that community.
The CBT teams will then engage each group (men, women and youth) in the conversation around the criteria and parameters for determining the poorest people. The groups would then be encouraged to identify those households that fall within the criteria that the community itself determines, and told that the information is required for government’s planning purposes.
(Various poverty criteria have been thrown up so far. In some cases, people have said it’s the number of times they eat, it’s the number of times the fumes of firewood go up from the house, the size of farmland or type of crops grown, etc.)
Then the groups resume in plenary and report back the criteria and parameters discussed.
The CBT team would then compile the criteria and parameters and ask each group to return to their break-out sessions and now begin to identify the households in the community that have been identified as fitting the criteria and parameters.
Once that is done at the groups, everybody comes together again with names compiled by each group. Now, when the same name is featured in at least two of the three groups, it is deemed qualified to be listed on the Social Register.
At this stage, we now enumerate the members of the household and open a bank account for each of the caregivers by capturing the biometric data of households identified as among the poorest and vulnerable.”
According to Mr Akande, in 8 of the nine pilot states, this process had taken place at least 2 years ago under a programme supported by the World Bank under an Agreement entered into directly with the state governments, on the YESSO project. The ninth state is Borno, which was added because of the IDP situation, with the list of the beneficiaries that has been verified by SEMA.
“This is an entirely fair and transparent process and short of mischief, there is no way you can describe this process as partisan. The President is President of the entire country and the SIPs are for all Nigerians as the case may be.”
In addition to the nine pilot states, and with the release of funds for the programmes, the CBT model has now commenced in other States.
The states have been updated on the requirements for the engagement by the Federal team and once the lists from States are enumerated, their details are uploaded onto a server at the Nigeria Inter-Bank Settlement System (NIBSS), which hosts the electronic platform that validates all the payments of the FG for the SIPs.
Banks have been informed that payments must be at community level, so those banks engaged for the pilot stage have in turn engaged several payment agents, to ensure cash-out to the beneficiaries in their places of residence which are distant to the bank locations.
By Adedapo Adesanya
Brent crude prices fell by $3.05 or 3.37 per cent to $87.33 per barrel on Friday, the lowest level since early March, triggered by expectations of an imminent peace agreement between the United States and Iran.
Also, the US West Texas Intermediate (WTI) crude finished at $84.88 a barrel after it gave up $2.83 or 3.23 per cent. It was its lowest level since April 17.
Reuters reported that a memorandum between the US and Iran to halt the war in the Gulf could be signed as soon as Sunday, citing sources.
The sources indicate that the US would immediately begin releasing billions of Dollars in frozen Iranian assets and waive sanctions on its oil exports, in return for Iran opening the strait.
The proposals also include discussion of possible war reparations for Iran and dropping longstanding US demands for limits on Iran’s missile program, the sources were quoted as saying.
Meanwhile, Iranian Foreign Minister Abbas Araqchi said on Friday that a memorandum of understanding had not yet been signed and could still change.
He also said that management of the Strait of Hormuz would not return to the pre-war era, that sovereignty over the strait belonged to Iran and Oman, and that Iran would secure safe passage for ships through it.
US President Donald Trump called off threatened air strikes against Iran on Thursday, while it was reported that final negotiations on the memorandum would focus on nuclear and economic issues but would exclude discussions about Iran’s missile programme.
On Thursday, Iran announced a complete closure of the Strait of Hormuz, saying it would fire on any ship trying to pass through.
Traffic through the strait, which normally carries a fifth of global oil and liquefied natural gas shipments, has been extremely limited as a result of the war.
The US military, however, said on social media that commercial ships continued to transit the waterway.
Goldman Sachs lowered its 2027 average Brent forecast to $80 a barrel on higher supply and lower demand, but expects prices to exceed the 2025 average on stockpiling of OECD commercial oil stocks and a security premium for disruptions.
The Organisation of the Petroleum Exporting Countries (OPEC) on Thursday lowered its forecast for 2026 world oil demand growth to 970,000 barrels per day from a previous 1.17 million barrels per day, its second straight downward revision.
By Modupe Gbadeyanka
The Lagos-based Dangote Petroleum Refinery has been described by Standard Bank Group as a transformational industrial project with far-reaching implications for Nigeria and Africa.
The company, which is Africa’s largest financial institution, gave this description after a tour of the facility recently.
Standard Bank, the parent company of Stanbic IBTC Holdings, has promised to support the planned listing of the 650,000 barrels per day refinery and expressed readiness to finance future expansion projects across the continent.
The chief executive of the lender, Mr Sim Tshabalala, said, “We are here because the Dangote Group is a large and important global player and a significant force on the African continent.”
“Standard Bank is the largest financial institution in Africa, and we have partnered with Dangote on a variety of initiatives. We are here to lend support, to see this magnificent refinery and to discuss Vision 2030 and how we can continue supporting the Group’s growth ambitions,” he added.
Mr Tshabalala disclosed that Standard Bank intends to play a leading role in the refinery’s planned Initial Public Offering and future growth initiatives.
“As Dangote lists, there is an IPO coming up, and we are a leading player in that process,” he said, adding that, “As the group continues to expand in Nigeria and across Africa, there will be opportunities for financial advisory services and balance sheet support, and we stand ready to provide both.”
He further described the refinery as “a wonder of the world,” noting that its impact is already being felt through stronger foreign exchange earnings, improved balance-of-payments performance and enhanced energy security.
“This is a wonder to behold. It is massive, productive and transformative. It is already making a significant contribution to Nigeria’s economy through its impact on foreign reserves, the balance of payments and the lives of ordinary Nigerians,” he said.
The Group Vice President for Oil and Gas at Dangote Industries Limited, Mr Devakumar Edwin, said the visit represented a significant milestone in a partnership that began during the refinery’s construction phase.
“The bank visited us during construction and understood the scale of what we were building,” Mr Edwin said. “Today, the refinery is fully operational, and they can see what their support has helped to create. It is like nurturing a tree and eventually seeing it bear fruit.”
He added that both organisations are exploring opportunities to deepen collaboration as Dangote expands its industrial footprint across Africa.
Also speaking, the chief executive of Dangote Petroleum Refinery, Mr David Bird, said the visit highlighted the importance of long-term partnerships in delivering large-scale industrial projects.
“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group.
“This visit was an opportunity to demonstrate what that support has enabled. Seeing is believing, and it allows our partners to appreciate the scale of what has been achieved,” Mr Bird stated.
The visit also coincided with a major operational milestone for the refinery, which has now exceeded its original design capacity.
Mr Bird disclosed that the refinery recently completed performance test runs at 700,000 barrels per day, above its nameplate capacity of 650,000 barrels per day.
“We have always believed there was engineering flexibility built into the design,” he said. “Achieving sustained production of 700,000 barrels per day is a testament to the technical capability of our people and the strength of the systems we have built.”
By Adedapo Adesanya
Nigeria produced about 1.530 million barrels of crude oil per day in May 2026, beating its Organisation of Petroleum Exporting Countries (OPEC) quota by 42,000 barrels per day. In the preceding month, the country only produced 1.489 million barrels per day.
In the latest OPEC’s Monthly Oil Market Report (MOMR), it was also revealed that Iraq in April supplied 1.494 million barrels per day while in May, it produced 1.759 million barrels per day, an increase 265,000 barrels per day; Saudi Arabia, 6.879 million barrels per day in April, 7.010 million barrels per day in May, an increase of 131,000 barrels per day; United Arab Emirate (UAE), 2.021 million barrels per day in April and in May 2.111 million barrels per day, an increase of 90,000 barrels per day while Venezuela, 1.136 million barrels per day in April and 1.179 million barrels per day in May, an increase of 43,000 barrels per day.
Using secondary sources, Nigeria’s production decreased from 1.520 million barrels per day in April to 1.519 million barrels per day; Saudi Arabia, 6.755 million barrels per day in April and 6.912 million barrels per day in May; UAE, 2.023 million barrels per day in April, 2.110 million barrels per day in May; and Venezuela, 1.036 million barrels per day in April and 1.072 million barrels per day in May.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in a statement by its Head, Media and Corporate Communications, Mr Eniola Akinkuotu, confirmed that Nigeria, in May, met 102 per cent of OPEC quota as production hit an 11-month high.
According to it, Nigeria’s oil production witnessed an upswing in May 2026, averaging 1,530,354 barrels of crude oil and 170,446 barrels of condensates per day, bringing the total combined production to 1, 700, 800 barrels per day and consolidating Nigeria’s position as Africa’s largest oil producer.
It stated that the average crude oil production recorded in May represents 102 per cent of Nigeria’s 1.5mbpd of production quota allocated by OPEC.
It explained that production performance during the review period remained robust, with combined crude oil and condensate output ranging between a low of 1.51 million barrels per day and a peak of 1.86 million barrels per day.
The organisation added that the May 2026 production figures represented the highest recorded by Nigeria since July 2025, when output surged to 1,712,282.
NUPRC said: “In strict crude oil terms (excluding condensates), the 1.53 million barrels recorded in May 2026 represents the highest Nigeria has witnessed since January 2025 when crude oil production hit 1.538 mbpd.”
“On a month-on-month basis, production rose by 2.77 per cent in May 2026 as against 1.48mbpd in April. The broader production trend over the last five months has also remained positive.
“Combined crude oil and condensate output increased from 1.48 mbpd in February to 1.54 mbpd in March, 1.66 mbpd in April, and then 1.7 mbpd in May, underscoring sustained growth in Nigeria’s hydrocarbon production levels.
“Among production streams, Bonny Terminal led the pack with a total blend of 293,870 bpd, closely followed by Forcados Terminal at 289,900 bpd. Qua Iboe ranked third with 173,360 bpd, while Escravos Oil Terminal contributed 135,470 bpd. Odudu (Amenam Blend) completed the top five production streams, accounting for 63,250 bpd during the month under review.”
The commission attributed the rise in production to a sustained positive momentum as operations remained stable throughout the reporting period with no significant pipeline or facility outages recorded.
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