The late sage, Chief Obafemi Awolowo, in his bestseller, The People’s Republic, said that “The primary responsibility of leadership is catering for and promoting its people to the end so that they may live a full and happy life.” This means a government should recognise the dignity of its citizens and work tirelessly to improve their lives

Currently, it seems Nigerians are far from living a full and happy life, given the hyperinflation, rising cost of living, and the embarrassing chaos in the oil and gas industry.

President Bola Tinubu assumed office with a promise of renewed hope. Nigerians supported him, even after the unceremonious declaration at Eagles Square on May 29, 2023, and the subsequent call for patience. Many questioned the rationale behind this call when the government showed no intent to reduce the cost of governance or stop the misuse of public funds on unnecessary activities.

Nigerians’ patience wore thin by August 1, 2024, leading to nationwide protests. But that was just the beginning. The situation could worsen if the government does not address the confusion in the petroleum industry. How can Nigerians pay over 1,000 naira for fuel and still struggle to obtain it? In Tinubu’s Nigeria, people spend hours queuing at filling stations and up to N50,000 for fuel, only to find themselves back on the queue after two days. This is unsustainable and unacceptable.

Nigerians are deeply frustrated. They feel that nothing is working and do not believe the problem rests solely with the president. Many believe that most of the president’s aides are either unfit for their roles or unwilling to perform them effectively.

Tinubu started by creating and renaming ministries, including appointing himself as minister of petroleum-the largest cabinet in the country’s history,. This is where the housecleaning should begin. The president needs to relieve himself of the role of minister of petroleum and appoint a competent individual to manage that role.

“I thank the cabinet members for their efforts, but I will relieve any of them of their duties anytime I feel that they are failing Nigerians,” the President had said in May.

It seems the Tinubu cabinet is in a race to failure. The national grid has collapsed a record five times this year alone, supply remains erratic, projects from previous administrations are abandoned, more contracts are awarded, food insecurity and malnutrition persist despite agricultural initiatives, and security is nearly non-existent. The list of needed improvements is extensive.

Reshuffling the cabinet is necessary, and the President may need to start with himself as minister of petroleum. Presidents should focus on their strategic administrative roles and avoid holding ministerial positions. The awkward norm began with former President Olusegun Obasanjo and continued with former President Muhammadu Buhari, and now, the current President, all due to the ‘sensitivity’ of the sectors.

Our petroleum industry is in disarray. The upstream sector, including exploration and production, is plagued by oil theft, undermining our OPEC quota and attacking our revenue base. The midstream sector, responsible for transportation and processing, is struggling with outdated facilities. The shocks in the downstream sector are evident in the current fuel crisis across the country. The Dangote Refinery, touted as a definitive solution to the country’s energy crisis, has been plagued by countervailing forces.

Ending the subsidy regime had potential benefits, but the increased federal allocation to states has left many more confused. The dividends have not trickled down to the common man.

The problem is immense and seems too great for a President who also chairs the Economic Community of West African States. Mr President should exit from the role and appoint an excellent technocrat to handle the petroleum sector comprehensively.

Obviously, there is a lot on the table on the president. Nigeria’s economy requires his full attention. As commander-in-chief of the armed forces of Nigeria, he needs to be on the driver’s seat to tackle the hydraheaded insecurity, banditry, terrorism and criminality in the country. Terrorists and bandits have grown bold, attacking monarchs and publicising their acts on social media.

Nigeria’s infrastructure is largely comatose. Hunger pervades the land, the Food and Agricultural Organization reports that over 26.5 million people are experiencing acute hunger this year, with predictions that between 82 million will face severe food insecurity by 2030.

The only way out of this stalemate is for the President to take decisive action against non-performing ministers, aides, and heads of agencies, starting with stepping down as minister of petroleum.

Lawal Dahiru Mamman writes from Abuja
Sponsored Stories

Source: https://punchng.com/Mr-President-relieve-yourself-of-petroleum-minister-role

ajiu124:

https://www.youtube.com/watch?v=P-8pT965K6I


https://www.youtube.com/watch?v=k2ggOJsSBpE



https://www.youtube.com/watch?v=avJKcaIYZb0

But what has these Videos got to do with the thread?
Some people are behaving like a baby.........

*“When I was military head of state, we ordered 19 new ships to be built for the Nigerian National Shipping Line (NNSL), which was owned by the federal government. We had about five at the time, and with 19, we were to have 24 ships. We took delivery of some before we left office. President Shehu Shagari took delivery of the remaining balance. When I returned after 20 years, the shipping line had been liquidated. Not one ship left. Let me tell you the story of one of the ships. They sold it for half a million dollars. Then, they started the Oron merchant navy school and needed a ship for training. They bought the ship they had sold for half a million dollars for $2 million and spent another $1.5 million to refit it so it could be seaworthy.*

*The ship went on the first voyage a week after I became president in 1999. One of the first things they brought to me was that the ship had been arrested for not being seaworthy and that I should bring $1 million to pay as fine for the ship that had been detained. I requested that they allow me time to look at the issues, and when I studied the issues, I told them to inform those who arrested the ship that I had gifted them the ship. The following day, the ship was released without Nigeria paying a dime. You can guess what happened there.”*

- *General Olusegun Obasanjo*

Source:

https://www./NigeriaLatest/permalink/10160744088758720/mibextid=rS40aB7S9Ucbxw6v

CodeTemplarr:
Quote the whole piece just to type one short sentence.

Abi o, E tire meo.........

BlackfireX:




Thunder fire ipob, thunder fire obident , thunder fire you.


Omo ale

Please, stop being abusive on the platform, there are ways you can present your grievances in a civil manners without explicitly using vulgar words.
Thanks!

Debt servicing costs incurred by 29 state governments consumed 80.7 per cent of their Internally Generated Revenue during the first six months of 2024, highlighting the significant financial burden the sub-nationals currently face, The PUNCH reports.

The dire situation also forced the governors to borrow a total sum of N446.29 billion within the same period despite a 40 per cent increase in its statutory allocation from the Federation Account.

The latest information is according to an analysis of data obtained by our correspondent using the budget implementation reports from each state’s website and Open Nigerian States. This BudgIT-backed website serves as a repository of government budget data.

The performance report is prepared quarterly and issued within four weeks from the end of each quarter.

This heavy burden underscores a critical issue in fiscal management, as the vast majority of the revenue that states could otherwise allocate to essential public services and development projects is being diverted to meet debt obligations.

It also reveals the severe constraints faced by state governments in managing their debt burdens inherited from previous administrations and addressing the needs of their residents.

Nigerians had hoped that with an increased statutory allocation of 40 per cent from the central government, state governors should have more than enough to fulfill their statutory obligations.

In 2023, state governors got the most FAAC allocations in at least seven years. The rise in FAAC allocations to the three tiers of government, especially states followed the petrol subsidy removal and currency reforms of the current administration.

The reforms have reportedly led to a 40 per cent boost in income. Experts believe the revenue increase should have reduced state governments’ appetite for more borrowing.

Instead, the sub nationals are spending a large chunk on repaying loans and taking more loans.

Recall that the PUNCH had reported that most of the Federal Accounts Allocation Committee funds for Osun, Ondo, Kaduna, and Cross Rivers states will be used in servicing debts this year.

This is because these states currently have a deficit of N10.94bn, N27.72bn, N15.83bn, N10.02bn respectively following debt servicing deductions by FAAC.

With such a large portion of revenue being used to service debt, it becomes increasingly challenging for states to achieve long-term economic stability and improve the quality of life for their residents.

Earlier this year, Kaduna State governor, Uba Sani had complained vehemently about the huge debt burden inherited from previous administrations, lamenting that it had stopped the prompt payment of salaries and more borrowings in the last nine months of his government.

The governor who made this known while addressing a Town Hall Meeting at the late Umaru Musa Yar’Adua Hall, stated that his administration inherited a total of $587m, N85bn, and 115 contract liabilities.

He said, “Despite the huge debt burden of $587m, N85bn, and 115 contractual liabilities sadly inherited from the previous administration, we remain resolute in steering Kaduna State towards progress and sustainable development. We have conducted a thorough assessment of our situation and are sharpening our focus accordingly.”

The PUNCH had reported that state governors faced an uphill task of stimulating the economies of their respective states after they inherited at least N2.1tn in domestic debts and $1.9bn in external debts from their predecessors.

This was as 22 states spent a total sum of N251.79bn to service debt borrowed by past administrations within nine months of assuming office (July 2023 and March 2024).

The situation also forced the state governments of Ekiti, Cross River, and Ogun to propose a suspension of their foreign debt repayments worth $501m due to severe foreign exchange volatility.

The request, though rejected by FAAC, was part of their efforts to mitigate the heightened debt service burdens, which state officials claimed has significantly hampered their ability to service existing debts.

Experts say the high debt servicing costs leave little room for investment in infrastructure, education, healthcare, and other key areas vital for economic growth and social welfare.

Meanwhile, an analysis of the budget implementation report showed that Akwa-Ibom, Borno, Cross Rivers, Edo, Katsina, and Niger spent between 60 and 80 per cent of their internally generated revenue to repay owed debts.

Also, states as Abia, Anambra, Bayelsa, Delta, Ebonyi, Ekiti, Jigawa, Enugu, Kebbi, Kwara, Ondo, Osun Zamfara, and Oyo disbursed between 13 and 58 per cent of their revenue for debt servicing

While the amount spent on debt servicing for nine states including Adamawa, Bauchi, Gombe, Imo, Kano, Kogi, Plateau, Taraba, and Yobe exceeded their revenue within the period.

Data for Benue, Nasarawa, Ogun, Rivers, Sokoto, and Kaduna states were not available when this report was filed. Only Lagos State recorded an impressive IGR of N603.71bn while it paid N201.49bn as debt charges.

A state-by-state breakdown indicated that Abia State under the leadership of Governor Alex Otti spent N4.83bn on servicing its debt, while it earned N15.6bn as revenue, representing a ratio of 31 per cent.

Adamawa spent N14.48bn on its debt but earned N5.75bn, recording a deficit of minus 252 per cent, Akwa-Ibom state spent N20.78bn on its servicing but got N31.74bn IGR indicating 65.4 per cent ratio.

Anambra serviced its debt with N4.8bn but got N18.61bn IGR at a ratio of 25.9 per cent. Bauchi got a debt service ratio of minus 42.9 per cent after it earned N3.92bn but spent N16.8bn on servicing. Bayelsa spent N17.84bn on servicing but earned N46.98bn as revenue, indicating a servicing ratio of 38 per cent.

Further analysis of the report indicated Borno spent N7.25bn on debt charges and earned N12.04bn, representing a ratio of 60.2 per cent, Cross Rivers had a debt service ratio of 60.7 per cent after it spent N12.05bn on loans and got N19.86bn IGR.

Delta State’s burden was 58.2 per cent after it spent N39.08bn on reducing its debt and earned N67.05bn within the review period. Ebonyi had a 48.6 per cent debt ratio due to its N5.05bn spending on debt and N10.39bn revenue collection. Edo State under the leadership of Governor Godwin Obaseki spent N22.66bn on servicing and collected N34.44bn as revenue, indicating a debt ratio of 65.8 per cent.

Ekiti had a debt service ratio of 47.9 per cent after it spent N7.85bn on loans and got N16.39bn IGR. Enugu spent N3.49bn on its debt but earned N16.39bn, indicating a 20.6 per cent ratio. Gombe spent N13.07bn on its debt but earned N9.6bn, recording a deficit of minus 136 per cent. Imo State also recorded a deficit of minus 1.10 per cent after it spent N10.68bn on servicing but got N9.69bn as revenue.

Also, Jigawa State spent N1.89bn on servicing while it earned N4.55bn as revenue, representing a ratio of 41.6 per cent. Kano recorded a deficit of minus 244.4 per cent due to N60.02bn expense on debt but collected N24.57bn as revenue.

Katsina had a 77.4 per cent debt ratio due to its N8.14bn spending on debt and N10.51bn revenue collection. Kebbi spent N1.99bn on its loan servicing while it earned N4.79bn as revenue, representing a ratio of 41.6 per cent. Kwara State recorded the lowest debt-to-revenue ratio of 13.9 per cent, and spent N4.87bn on debt charges but collected N35.1bn as revenue.

Kogi spent N12.79bn on servicing and collected N12.75bn as revenue, indicating a debt ratio of minus 1.06 per cent. Niger State recorded a debt ratio of 80.7 per cent due to debt charges of N11.88bn and revenue collection of N14.73bn.

Ondo State recorded a debt to revenue of 52.4 per cent, Osun (43.2 per cent), Oyo (57.2 per cent). Plateau State recorded the highest debt-to-revenue ratio of minus 550.76 per cent, spending N61.23bn on debt charges but collected N11.11bn as revenue. Taraba and Yobe states recorded a deficit of minus 283.5 per cent and 1.16 per cent respectively.

Experts have, however, attributed the significant increase in debt servicing cost partly to the devaluation of the naira, which drove up the cost of servicing foreign debt obligations as the nation grapples with the forex liquidity crisis and exchange rate volatility.

The Director/CEO of the Centre for Promotion of Private Enterprise, Dr Muda Yusuf, speaking in an exclusive interview on Sunday, stated that the significant debt servicing cost was adversely impacted by the depreciation of the naira, which caused a decline in its value relative to other currencies.

He noted that the enormous debt burden inherited by the current administration is also straining state finances and impacting its ability to meet major obligations.

Mr Muda said, “The point is that these states inherited a huge burden of debts. The figure mentioned may sound outrageous but is not much when calculated in dollar terms. Multilateral debts are also tied to infrastructural projects and developmental purposes. Borrowing is not in itself bad if it is used for developmental purposes but the burden of debt must not suffocate the state finances and affect its ability to fulfill major obligations.

“Also, those debts are foreign and once the naira depreciates, it affects the level of debt. As they struggle to service it, the level is still going up because of the exchange rate depreciation. With the depreciation of the currency, the burden of servicing those loans has become extremely very heavy. The exchange rate factor is a major challenge in the debt burden of many states.”

Government spending has come under increased scrutiny in recent times, particularly in light of the country’s worsening economic challenges.

At different fora, financial experts have also raised concerns about states’ spending on recurrent expenditure, highlighting the need to embrace financial innovations.

A professor of Economics at Babcock University, Segun Ajibola, stated that the enduring problem of high governance expenses had persisted at the state level, with inadequate oversight and accountability resulting in minimal economic benefits for grassroots citizens.

Ajibola, a former president of the Chartered Institute of Bankers, lamented that state assemblies had also abandoned their oversight duties, leaving the state governors to operate with no iota of transparency and accountability.

He said, “The first issue is the perennial complaint about the high cost of governance in Nigeria and at all levels. When you look at these issues, attention is often concentrated on the Federal Government, so the searchlight is always more on the central government. Most often, nobody cares about what is happening in the states and local government, and that is where the problem is.

“There are so many institutional frameworks in place to look at what is happening at the federal level but who cares about the states? The cost of governance in relative terms is even much higher in states than the federal and that is why you hardly feel the impact of governance in most states.

“Only a few states can boost a significant presence in the lives of their people in our states. The state assemblies are expected to conduct oversight functions on the activities of the executives in their respective states, but in reality, how many states are doing that, leaving the executives to be all in all incurring high costs.”

Meanwhile, 20 state governments borrowed a total sum of N446.29bn collectively to address their budget deficits and to cover various expenses, including essential services, infrastructure projects, and operational costs.

Our correspondent’s findings also revealed that the majority of these loans were sourced from multilateral and international creditors, contrary to the Federal Government’s emphasis on borrowing from the domestic market.

Further analysis showed that Cross Rivers State was among the states that got the highest loan of N121.22bn between January and June. It was followed by Oyo State with N55.36bn loans. Third on the list is Kogi State with loans worth N41.22bn.

Katsina State also obtained loans worth N34.09bn from creditors within the quarter.

Other states including Niger got N34.03bn, Gombe (N32.38bn), Ondo (N20,82bn), Borno (N20.7bn), Bauchi (N19.28bn), Taraba (N20.23bn), Yobe (N10.17bn), Kwara (N10.06bn), Ekiti (N7.94bn), Ebonyi (N6.43bn), Kano (N6.15bn), Abia (N3.37bn), Enugu (N1.39bn).

[The states with the least borrowing include Edo (N633.73m), Osun (N250m), and Plateau state with N530.86m loan.

Source: https://punchng.com/20-govs-borrow-fresh-N446bn-as-revenues-tumble

PlayMaker14:
The husband na another "Erling Haaland" for bedroom.... Deadly striker.


Congratulations Ngozi

How you tey know.?
Maybe na own goal........

Shadomaan7:
The price of Dangote petrol is yet to be released. All the speculations are just noise.

Check the released press statement below!!!.....

The price of Premium Motor Spirit, popularly called petrol, produced by the Dangote Petroleum Refinery and released by the Nigerian National Petroleum Company Limited on Monday may justify the importation of the commodity into Nigeria, oil marketers have said.

Dealers also stated that vessels of imported petrol should start arriving in Nigeria from Tuesday (today) as they called for transparency in the pricing of the PMS produced by the Dangote refinery.

This came as the Organised Private Sector faulted the role of NNPC as the sole off-taker of petrol from the $20bn Lekki-based refinery. They called for competition in the space, adding that NNPC’s role as sole off-taker would not encourage this.

On Monday, NNPC announced that it would sell the petrol lifted from the Dangote refinery at a price above N1,000/litre in the far north.

Its spokesperson, Olufemi Soneye, in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’.

Soneye explained that the price may go for as high as N1,019/litre in Borno State and N999.22 in Abuja, Sokoto, Kano, and others.

In Oyo, Rivers and other areas in the South, it will be N960/litre. The lowest price, according to an info graphic released by the NNPC, is N950 in Lagos and its environs.

“The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained from the Dangote refinery) in its retail stations across the country.

“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government, but negotiated directly between parties at an arm’s length,” he stated.

The company explained that the product it loaded on Sunday was paid for in dollars.

“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as naira transactions will only commence on October 1, 2024.

“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100 per cent to the general public,” the statement added.

Soneye stated that the estimated pump prices of PMS were obtained from the Dangote refinery and would be across NNPC retail stations in Nigeria based on September 2024 pricing.

Recall that the Dangote Group had disagreed with NNPC on Sunday on the N898/litre PMS cost announced by NNPC as the price at which Dangote sold the commodity.


Petrol importation

Major oil marketers stated that the high price of the Dangote petrol released by NNPC would encourage the importation of the commodity, as they noted that some PMS vessels might arrive in Nigeria today (Tuesday).

“As it is now, I don’t know what magic they (NNPC and Dangote) are going to perform because a lot of companies are surely going to be involved in the importation of PMS. This is because whatever is going to come out of that place (Dangote refinery), it is either there will not be enough transparency in the allocation of the product, or there will be other issues.

“Also, some big players may not get enough quantity from the plant and they will have to complete this with imported products. Like I told you, all things being equal, from September 17 (today), PMS vessels by marketers, not NNPC, should start coming into the country,” a major marketer, who spoke on condition of anonymity due to lack of authorisation to speak on the matter, stated.

The source added, “Let me also state that as it is now, you will see PMS for N1,200/litre in some stations, this can also happen in Lagos because, at N950 and N1,019/litre, there will be a market for imported products. Yes, you will see a price of N950 here and in another location, you will get it at about N1,200. It now depends on the customers.

“Those who can queue may opt for the cheaper prices and wait in the queues, while people in haste will drive into stations that sell at higher rates to buy the product. So, the price by Dangote will encourage importation. And like I told you earlier, a lot of marketers are having their cargoes before the end of the month.”

IPMAN reacts

The Independent Petroleum Marketers Association of Nigeria raised concerns over the pricing of petrol from the Dangote refinery, urging NNPC to ensure that the product was not sold at a higher price than imported fuel.

IPMAN argued that such a disparity would be counterproductive to the nation’s drive for energy self-sufficiency and could negatively impact consumers and marketers alike.

According to IPMAN on Monday, the pricing strategy for locally refined petrol should reflect the advantages of domestic production, offering Nigerians a more affordable option.

The association emphasised that maintaining competitive pricing was crucial for the success of the Dangote refinery and for fostering a sustainable fuel market in the country.

IPMAN National Welfare Officer, John Kekeocha, stated this on Channels Television’s The Morning Brief breakfast programme on Monday.

“If NNPC can sell Dangote products higher than the imported products then it doesn’t make sense. What is the celebration we are having all these while then?” he queried.

The NNPC began loading the first batch of petrol from the Dangote Refinery on Sunday, saying it got petrol at N898 per litre from the private refinery.

Before lifting petrol from the Dangote Refinery on Sunday, NNPC retail outlets in Lagos sold petrol for around N855 but said a litre of Dangote petrol would sell for N950/litre in Lagos and N1,019 in Borno.

However, Dangote refinery denied selling petrol to NNPC at N898. A spokesman for the refinery Anthony Chiejina in a statement late Sunday described the claim by the NNPC as “misleading and mischievous.”

Terrifying price

Reacting to the price list released by NNPC, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, described it as “terrifying.”

He, however, noted that the breakdown of the prices by the national oil company was clear, adding that “NNPC did not even tell us if they are making any profit from the Dangote selling price.”

Gillis-Harry stated, “This is the kind of transparency that we are requesting that the industry should be inundated with. We need this transparency so that the public will understand what they are engaged in.

“However, whatever it is, the good news is that PMS will be rolling out into the tanks of commuters and that businesses will not be grounded to a halt due to scarcity. But as for the pricing, I believe there will be a stakeholder review about it and we will make our input known.”

The PETROAN president called for minimal importation of PMS while the country should try to stabilise the supply of products from the Dangote refinery.

He again pointed out this would be achieved when there was transparency, accurate and timely information from both NNPC and Dangote refinery.

OPS expresses concern

The President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Dele Oye, said NACCIMA members were concerned about NNPC’s role as the sole off-taker for the Dangote refinery.

He said, “The arrangement whereby NNPC is the sole buyer from the Dangote refinery does indeed create a monopolistic situation, which appears to contradict the principles of a deregulated market and is in conflict with the government’s current position that they have deregulated the sector. This raises concerns about the potential distortion of pricing mechanisms and the limited opportunities for other stakeholders to participate in the market.

“The conflicting statements between Dangote refinery and NNPC further underscore the need for clarity and transparency in the fuel pricing process. The public deserves a clear explanation of the rationale behind the pricing decisions to enhance trust and confidence in our energy sector. The recent price increase, while necessary, has had a significant impact on the already challenging inflationary situation, and has led to some businesses and even some state governments resorting to remote work arrangements.”

He asserted that the NNPC needed to open the market by allowing multiple buyers from Dangote refinery.

He added, “This would not only enhance competition but also ensure that prices reflected true market realities rather than being solely dictated by regulatory control.

“Furthermore, it is imperative that the NNPCL provide a clear timeline for the completion and commencement of operations at the Port Harcourt Refinery. This would introduce much-needed competition among the local refineries, thereby strengthening our energy security.

“The current uncertainty and perceived lack of transparency, as well as the perceived lack of demonstrated support for the Dangote Refinery, may send negative signals to potential foreign and existing local investors. This could undermine President Tinubu’s efforts to attract foreign direct investment and drive economic growth. It is essential that we address these issues promptly to build a more favourable investment climate that encourages sustainable development and prosperity for our nation.”

The President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, said NNPC could not prevent Dangote refinery from selling PMS to other marketers.

Idahosa noted that independent marketers had called on the NNPC to allow them decide whether they could afford to buy at whatever price Dangote would sell and then sell accordingly.

He said, “If we can sell at N900 and make a profit, that’s our problem. If we cannot sell, and we are forced to sell above N898, and there are Nigerian buyers in various parts of the country who are willing to buy because they are not ready to stay in long queues at NNPC stations that are selling at N898, so be it.”

Idahosa observed that while independent oil marketers were not restrained from buying Dangote’s PMS, they may be hesitant to compete with NNPC’s pump prices in the open market.

“What NNPC can do, and it has done, is to say whatever price we and Dangote have agreed to pay is a private treaty between the supplier Dangote and the buyer NNPC. And NNPC will sell to you and me at the pump at N898, which is the price they announced.

“So, they have yet to fix the price for Dangote to sell its products, but they have sealed the price that you and me can buy from the pump,” he continued.

The LCCI president noted that NNPC’s increase in pump price to a minimum of N898 following its purchase of PMS from the Dangote refinery came at a time when Nigerians were enmeshed in hardship and hunger worsened by declining average income levels

“It is difficult for the majority of Nigerians to afford it easily. That point is not in dispute,” Idahosa said. “The only point is, how do we gradually begin to see a reduction in the pump price of petrol?

“We have travelled through this road before (about) the high price of diesel and aviation fuel, but because the market was deregulated, it gradually and steadily came down. So, how can we see that for petrol? I think that is everyone’s primary concern,” Idahosa added.

Source: https://punchng.com/N950/litre-dangote-petrol-may-justify-more-importation-marketers

MrBrownJay1:
superstar among yeye player in a yeye league.

At least three Christian worshipers have been killed following an unprovoked attack by daredevil bandits in Bakinpah-Maro, a community in Kajuru Local Government Area of Kaduna State.

About 31 persons including a pastor were also kidnapped when the assailants launched the attack targeting ECWA and Catholic churches in the community.

DAILY POST learnt that the incident occurred on Sunday during church service.

According to LEADERSHIP, a former chairman of Kajuru LGA, Cafra Caino confirmed the unfortunate incident.

Caino said the bandits who arrived around 10 am in large numbers, shot sporadically targeting the two churches in the community.

He disclosed that a pastor of one of the churches Bernard Gajera, was among those kidnapped by the criminal elements.

Efforts by DAILY POST to reach the Kaduna State Police Public Relations Officer, ASP Munir Hassan, were unsuccessful.

Source: https://dailypost.ng/bandits-attack-Kaduna-churches-kill-3-kidnap-pastor-30-others

fergie001:


Shehu Sani

When he who pays d pipers, dictate the tunes.....

Bentacur007:
This man no gree die

OkCornel:
Miracle no reach that side?

It reach but it's on vacations when it happens......

Salewa97:
The entry of Dangote into the petrol market should end the scarcity of the products.

We are expecting the price to crash too

For scarcity, yes!
But for price to crash, I doubt it.
Cause according to https://dailytrust.com-NNPCL Tackles Dangote Refinery, Insists Paying N898 Per Litre

EyeCumInPeace:
This corn3 is like an old worn-out tyre - the more you patch the leakage, the more other leakages appear.

This might be the........

THE Federal Government’s announcement that Dangote Refinery will commence the distribution of petrol from Sunday partly clarifies the despair and confusion trailing the refiner’s entry into the energy market.

Nigeria has been enmeshed in petrol scarcity for over two months amid record prices and bewildering signals from the government, the NNPC Ltd and the refinery. This had dampened the initial excitement that followed Dangote’s September 2 announcement that it had started producing petrol.

The NNPC hiked petrol prices by 66 per cent the same day, citing its inability to continue footing the petrol subsidy bill that had drilled a N7.8 trillion hole in its books. NNPC stations increased pump prices from N568 and N617 per litre to N855 and N897/l, yet Nigerians are still queuing for petrol.

The inconvenience, productive man-hours lost, and further price escalation have worsened the arduous cost of living crises imposed by high petrol prices on Nigerians.

Food inflation has topped 40 per cent and manufacturers fear higher petrol prices would escalate production costs that could force many out of business.

Heineken Lokpobiri, Minister for State Petroleum Resources (Oil) said that the industry had been deregulated and that the government was not fixing prices. Days earlier, Aliko Dangote had said on September 2 that the Federal Executive Council was working on a new pricing arrangement for petrol produced from the refinery. He said that the NNPC would be the sole off-taker of petrol from the plant.

The NNPC, which holds a $1 billion stake in the refinery, went in the opposite direction. It said it would not buy Dangote fuel unless the price offered was lower than that in the international market. It stressed that Dangote was free to sell to any other entity on a willing-buyer, willing-seller basis. Dangote’s management, which had accused oil marketers of boycotting the refinery, said it would export products if it could not find buyers locally.

There were fears that the unseen forces that have conspired to ensure that Nigeria remains perpetually dependent on fuel imports appear to be winning in the obnoxious game of intrigues.

It therefore gives comfort that an agreement has now been reached between Dangote Refinery and the NNPC to begin petrol supply to a product-starved market with assurances of crude feedstock supply to the refiner by the national oil company. With this, petrol scarcity must stop.

Zacch Adedeji, executive chairman of the Federal Inland Revenue Service representing Wale Edun, the Minister of Finance, said loading of the first batch of petrol from the Dangote Refinery will commence on September 15.

The arrangement is that the NNPC will supply about 385,000 bpd to the Dangote Refinery starting from October 1 to be paid for in naira. In return, the Dangote Refinery will supply petrol and diesel of equivalent value to the domestic market, to be paid in naira. All associated regulatory costs to the Nigeria Ports Authority, Nigerian Maritime Administration and Safety Agency and others would also be paid for in naira.

The minister clarified that NNPC will be the sole off-taker of petrol for now while the refiner was free to sell diesel to other marketers contrary to NNPC’s earlier claim. Some reports suggested that the NNPC would sell fuel to marketers at N765.99/l and would import a shortfall of 15 million litres to meet Nigeria’s daily demand for petrol estimated at 40-50 million litres a day. The current prices might remain.

What was not addressed is the state of the NNPC’s four refineries and when they will start producing fuel after lying comatose for 28 years and over $20 billion spent to revamp them.

But the refiner’s potential must be harnessed to the maximum, especially in saving foreign exchange and catalysing economic growth.

Source: https://punchng.com/dangote-petrol-sale-must-end-scarcity

Telecommunications operators are expected to start disconnecting mobile telephone lines that are not linked to National Identification Numbers, following the expiration of the September 14 deadline set by the Nigerian Communications Commission.

The NCC said in a statement in August that it expected that no SIM card would remain active without a verified NIN from September 15.

The telecom regulator had encouraged subscribers who were yet to complete their NIN-SIM linkage or have faced issues due to verification mismatches to visit their service providers promptly to update their details before the deadline.

As of March 2024, data from the NCC showed 219 million active lines across mobile networks such as MTN, Glo, Airtel, and 9mobile, with 153 million already linked to NIN. This leaves approximately 66 million unlinked lines at risk of disconnection.

Between July 28 and 29, millions of lines were temporarily barred due to unverified NINs, causing widespread disruptions in the country. The NCC had reversed its decision, giving subscribers more time to comply. However, with the deadline now expired, disconnections will commence.

Speaking to The PUNCH, an NCC official, who requested anonymity as he was not authorised to comment on the matter, dismissed any possibility of an extension.

“We will disconnect anyone who refuses to comply; the grace period is over. The reason why we extended the last time was the misconception of Nigerians who claimed that the NCC wanted to frustrate the August 1 protest.”

The official clarified that the commission has no intention of deliberately disconnecting subscribers. “A significant number of Nigerians have opted not to link their SIMs to their NIN for various reasons.

“While there may be challenges at the Centres, it remains crucial to revisit and complete the process. Let me be clear—there will be no further extensions,” the official emphasised.

A few weeks ago, subscribers expressed frustration over the challenges they face in uploading their details on the National Identity Management Commission portal.

The President of the National Association of Telecommunications Subscribers, Adeolu Ogungbanjo, described the situation as “terrible” after visiting some telecom centres, including MTN and Airtel.

He told our correspondent earlier that the existing portal challenges are obstructing the timely completion of the NIN-SIM linkage, adding, “Without immediate action, subscribers will struggle to meet the deadline.”

He pleaded that the NCC should consider extending the deadline due to the technical issues that marred the process of registration last week.

“NCC must be commended after a series of extensions but I believe they can still do that for maybe one week,” he told Sunday PUNCH.

In March, the NIMC and NCC strengthened their partnership to streamline the NIN-SIM linkage process. Both agencies launched public awareness campaigns, stakeholder training, and the dissemination of accurate information to help citizens comply with the directives.

According to financial results from the first half of 2024, MTN Nigeria and Airtel Africa barred a combined 13.5 million lines for non-compliance with the NIN-SIM linkage directive.

MTN reported it had blocked 8.6 million lines, while Airtel stated that 8.7 million of its customers had completed verification.

The compulsory linkage of NIN with SIM cards began in December 2020, when the government ordered telcos to bar unregistered SIMs and those without NIN links.

Following multiple deadline extensions by the NCC since December 2023, April 15, 2024, was set as the final deadline for fully barring subscribers with four or fewer SIMs having unverified NIN details.

Source: https://punchng.com/telcos-begin-disconnection-of-phone-lines-not-linked-to-nin

yarimo:
But everyone can afford it in that area na , a place where everyone is either millionaire or billionaire

Many filling stations in Aba, the commercial nerve centre of Abia State, have shut down due to high cost of sourcing petroleum products from third party marketers other than the Nigerian National Petroleum Corporation.

Investigation reveals that some filling stations in the city that sell petrol to the people at prices between N1300 and N1350 were the ones that lifted the products at costs more than NNPC control prices.

In an interview, the Executive Chairman, Independent Petroleum Marketers Association of Nigeria, Aba branch, Mazi Oliver Okolo, said that the NNPC had not supplied petroleum products to their members in the past three months.

He said the NNPC had been selling the products to some suppliers, who indirectly sell the product to the IPMAN members at exorbitant prices.

Mazi Okolo said, “Our members now lift petrol at high costs and sell to motorists and other users at high cost,” adding that if the refineries were working, people would buy petrol at an affordable prices.

He therefore called on the federal government to make the 21 NNPC refineries in the country functional to reduce the sufferings of the people.

In his reactions, a member of the National Executive, Independent Petroleum Marketers Association of Nigeria, Chief Godfrey Chukwunyere, said NNPC sell petrol to mega stations, major marketers and the independent petroleum marketers at different high rates in addition to the inexperienced personnel handling the affairs of the corporation

Chief Chukwunyere who called for the total over haul of the petroleum sector, appealed to the federal government to prevail on the NNPC to sell the petroleum products at uniform prices to make things easier for the people.

Source: https://punchng.com/Fuel-stations-shut-down-in-Abia-over-high-prices

Former governor of Anambra State and 2023 presidential candidate of the Labour Party, Peter Obi, has said Nigeria is in a crisis with 38 million people on the verge of extreme hunger.

Obi berated the President Bola Tinubu-led All Progressives Congress administration for engaging in wasteful spending which, according to him, had further worsened the living conditions of Nigerians.

He listed some of the wasteful spending of government as the purchase of a new presidential jet at $100m, N21bn for the renovation of the vice president’s lodge, and N15bn for the construction of the National Assembly clinic.

“You cannot ask people to fast while you are feasting”, Obi added.

Obi, who spoke during an interview with News Central TV, said the Federal Government must use its lean resources to address issues in key development areas such as health, education, poverty alleviation, and security.

“From all records, Nigeria has 38 million people on the verge of extreme hunger; we are the poverty capital of the world. The two most critical areas that are giving us the crisis are human insecurity and food insecurity. To deal with this, we need to invest in agriculture to solve hunger, unemployment, and inflation,” Obi said.

He hinted at the possibility of a merger with other opposition parties to salvage Nigerians from hunger and widespread insecurity ahead of the 2027 presidential election.

Source: https://punchng.com/You-cant-feast-while-Nigerians-fast-Obi-slams-Tinubu

In the span of three months, the Federal Government spent approximately N701m to fund the foreign trips of the country’s First Lady, Remi Tinubu, to five countries, Saturday PUNCH can confirm.

Recall that in 2023, the Federal Government allocated N1.5bn for the procurement of vehicles for the Office of the First Lady.

This budgetary allocation was outlined in the N2.1tn supplementary budget for 2023 approved by the National Assembly.

A breakdown of the budget shows the government planned to spend N2.9bn on sport utility vehicles for the Presidential Villa and another N2.9bn to replace operational vehicles for the Presidency.

Former Chief Whip of the Senate, Ali Ndume, however, claimed that the N1.5bn budgeted for vehicles was for the Presidency and not for the First Lady’s office.

However, checks by our correspondent, using GovSpend, a civic tech platform that tracks and analyses Federal Government’s spending, showed that the government paid out the sum of N700,707,532 over three months for the First Lady’s foreign trips to five countries, including two African nations.

On November 17, 2023, the government, through the State House headquarters transit account, released the sum of N77,659,888 for the purchase of foreign exchange ($94,314) for the First Lady’s trip to the United States.

On February 24, 2024, the government, through the State House headquarters transit account, paid the sum of N149,794,284 for the purchase of foreign exchange ($152,831) for the First Lady’s trip to France on January 4, 2024.

On March 15, 2024, the sum of N202,386,198 was also paid by the government through the State House account for the purchase of foreign exchange ($126,834) for the First Lady’s trip to Mozambique that month.

On the same day, the government paid N144,571,785 for the purchase of foreign exchange ($96,118) for the First Lady’s trip to Addis Ababa, Ethiopia, on February 9, 2024.

The government, through the same State House account, paid out the sum of N126,295,377 for the purchase of foreign exchange ($83,967) for the First Lady’s trip to London that month.

Additionally, the government spent a total sum of N314,231,472 on six programmes of the First Lady within four months.

On May 24, 2024, Rock of Ages Total Events Centre Ltd received the sum of N131,921,786 for full-scale decoration of State House events for the First Lady’s programmes for women, youth, and children.

On May 29, 2024, the State House paid N107,630,000 to Makeway Nigeria Limited for the provision of multimedia and related services during the First Lady’s programmes for women, youth, and children.

This indicates that a total sum of N1,014,939,004 has been spent by the government on the First Lady’s trips and programmes over seven months altogether.

Reacting, the Centre for Anti-Corruption and Open Leadership said it was out of place to spend such a humongous amount on the First Lady’s office, which isn’t recognised by the constitution

In an interview with Saturday PUNCH, the Executive Director of CACOL, Debo Adeniran, said the complacency of the National Assembly has criminally empowered the executive to spend the national treasury on frivolities, and the only way Nigerians can stop the ugly trend is to consistently speak out against it.

He said, “It is more than profligacy. It is actually a misappropriation of funds because the office of the First Lady doesn’t exist in our constitution and is not supposed to be appropriated for. So, every appropriation that is made for that office is illegal. It is just because our National Assembly is complacent. They are not performing their oversight functions the way they should.

“Otherwise, everybody who dips his or her hand into the national coffers to fund any project that is not in accordance with the dictates of our constitution has committed an offence. If it is elected government personnel, it is an impeachable offence. So, it is out of place for such a humongous amount.”

He noted that the frivolous spending by the government has given the masses no reason to believe the numerous promises of lifting them out of the current hardship.

“Nigerians cannot reason with the government because they (the government) have not set their priorities right. They spend on frivolities rather than on things that will improve the lives of the people. So, no matter how genuine the government’s intention is in redeeming the economy, they are not showing us those signals as of now. Nigerians should begin to agitate in the right direction, and constitutionality must be a sine qua non in everything the government does,” he added.

Also reacting, the Director of the Centre for Social Justice, Eze Onyekper, said there is no law in the country that supports the First Lady’s office, and it is grossly illegal for the Federal Government to deploy scarce national resources for any activity related to the office.

He said, “The first question you should ask is whether the money is provided in the budget and whether it is proper to make provisions for a purported office that is not recognized in the constitution or any law of Nigeria. I am not aware of any constitutional provision creating the office of the First Lady, nor am I aware of any law creating the office. So, what they are doing is clearly illegal. It is an abuse of office, especially if it is funded from the public treasury unless she brings the money from her private purse. But if it is from taxpayers’ money, it is an abuse of office.”

Source: https://punchng.com/N701m-spent-on-Remi-Tinubus-foreign-trips-in-three-months-Report

The Lagos State Government has increased boarding fees in all secondary schools across the state from N35,000 to N100,000 per term.

A letter to all boarding school principals signed by the Director, Basic Education Services, Lagos State Ministry of Basic and Secondary Education, Olufemi Asaolu, and sighted by our correspondent on Friday, read, “I have the directive of the Honourable Commissioner to inform all Public Boarding House schools in Lagos State that the State Government has approved the review of the Boarding fee payable in all Public Boarding House schools in Lagos State. The newly approved fee is N100,000 Only.”

The letter titled, ‘Review of boarding fees in all public secondary schools in Lagos State for 2024/2025 session,’ added that no additional fee of any form should be collected by the schools, saying the resumption date was now September 15, 2024.

“I am further directed to inform you that no additional fee of any form should be collected by the schools.
“Kindly note that the resumption date remains 15th September 2024.”

A parent, Mrs Ayo Ogunse confirmed that the last fee was N35,000, saying parents had paid this fee last week before the new fee circular was posted on Friday afternoon.

“We were surprised to receive this new fee of N100,000 after paying N35,000 last week,” she said.

Source: https://punchng.com/Breaking-Lagos-raises-boarding-fees-from-N35,000-to-N100,000-per-term

richmond500:
sell your phone for at least 30k, that's like 30million to you.
Start selling petty things like fruits and do something for ur life, stop begging

You are on point........

ebuk4real:


Before I say anything, let me curse all APC supporters: may thunder fire you all.

The fire that the country will experience will consume you all

Ah!!!! Take it easy ooooo......

President Bola Tinubu has expressed confidence in the reforms introduced by his administration, stating that they will create a more robust economy and usher in a new era of prosperity for Nigerians.

The president noted that the report by the National Bureau of Statistics (NBS), which announced that the country’s trade balance recorded a trade surplus of N6.95 trillion in the second quarter of 2024, underscores the positive shifts in the economy over the past year.

This was disclosed in a statement issued by Onanuga, Special Adviser to the President on Information and Strategy, on Thursday.

Onanuga stated that Tinubu welcomed the NBS report, which came days after the country recorded almost 100% oversubscription of its first $500 million domestic bond and half-year revenue of N9.1 trillion.

Tinubu assured that his government will continue to consolidate the gains of the reforms as more fiscal and tax policy measures come to fruition.

According to the statement, the NBS report reflects the country’s strong export performance in the second quarter.

Onanuga cited the NBS report, noting that “although total merchandise trade in Q2 2024 stood at N31.89 trillion, a 3.76% decline compared to the preceding quarter (Q1 2024), it marked a 150.39% rise from the corresponding period in 2023.”

The NBS reported that the Q2 surplus was primarily driven by exports to Europe, the United States, and Asia.

Total exports stood at N19.42 trillion, accounting for 60.89% of the country’s total trade.

This represents a 1.31% increase from N19.17 trillion in the first quarter and a 201.76% surge from the N6.44 trillion recorded in Q2 2023.

The dominance of crude oil exports remains a key factor in this performance, contributing N14.56 trillion, or 74.98%, of total exports.

Non-crude oil exports, valued at N4.86 trillion, comprised 25.02% of the total export value, with non-oil products contributing N1.94 trillion.

The strong export performance, particularly in crude oil, ensured that Nigeria maintained a favourable trade balance.

In Q2 2024, European and American countries dominated Nigeria’s top export destinations. Spain emerged as the largest export partner, receiving goods valued at N2.01 trillion, accounting for 10.34% of Nigeria’s total exports.

The United States followed closely with N1.86 trillion (9.56%), while France imported N1.82 trillion of Nigerian goods, representing 9.37% of total exports.

Nigeria’s other major export partners include India (N1.65 trillion or 8.50%) and the Netherlands (N1.38 trillion).

Onanuga added, “President Tinubu is determined to confront the challenges that have stunted the growth and development necessary to unlock the country’s full potential.”

Source: https://dailypost.ng/N6.95-trillion-trade-surplus-record-shows-Nigerias-economy-doing-well-Presidency

Kingsempires:
am a Christian but you see this one I no support am

God bless you!!!!

The Nigerian National Petroleum Company Limited and the Dangote Petroleum Refinery are wrapping up discussions on crude oil sales by NNPC to the Dangote refinery in naira and the buy-back of refined petroleum products from the $20bn plant in naira.

Parties in the deal may conclude discussions next week, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, declared on Thursday during a space session organised by Nairametrics on X.

The Dangote official also revealed that oil marketers had continued to boycott the diesel and aviation fuel produced by the Lekki-based plant, stressing that they had also reported the refinery to President Bola Tinubu that the plant’s low-priced diesel was counter-productive to oil marketers’ businesses.

Edwin further revealed that NNPC had demanded to oversee the production of refined products at the Dangote refinery, based on the fact that the national oil company would supply crude to the plant.

In August 2024, The PUNCH reported that the Federal Government disclosed that the sales of crude oil to Dangote refinery and other local refineries would commence on October 1, 2024.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this during a meeting with the Implementation Committee established to implement the decision.

“The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today led the Implementation Committee meeting on the transition to crude oil sales in naira.

“The meeting reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024,” the finance ministry had stated in a post on its official X handle in August.

It also stated that the Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Chairman of the Technical Sub-Committee reported that “The first PMS delivery from Dangote is expected next month (September) under existing agreements.”

Providing updates on this during the space session on Thursday, the Vice President at Dangote Industries, Edwin, noted that discussions were advancing on naira transactions for crude purchase and product buy-back.

Naira transactions

Edwin said, “Now we are still discussing with the government to give us the crude in naira. The discussions have been going on. It has not yet been concluded. When we buy the crude from them in naira, they will take the products back from us in naira, that’s where we are. We are still in discussions.

“So now whatever we are producing, they will buy back from us. In fact, NNPC has told us they will have a team of six to 10 people permanently stationed inside our refinery. They even told us we should give them office space because they are going to give the crude.

“They are going to monitor the production and then they will buy it back in naira. So, this is where we are and we are waiting for the conclusion of the discussions. Hopefully, by next week, if it gets concluded, we can kick off.”

Edwin stated that the President of Dangote Group, Alhaji Aliko Dangote, was the one who insisted on dealing with the Nigerian government in naira because of the foreign exchange challenges confronting the country.

“When it came to petrol, we told the Presidency that if we were going to continue to import crude, our cost of production would be high and of course, our quality is very high. So, we will continue to export and manage the business. Then they sat with us and said, ‘Okay, we will try and give you crude allocation and you please produce and sell to us the products which you are producing out of the crude’. We said, yes.

“Then they said, can you sell it in naira? We said, no, we are a free zone company. We will be normally selling in dollars. They said, no, the country is in acute scarcity of dollars. So, please, we will supply the crude to you in naira. Sell the product to us in naira. Though internally, including me, some of us objected to the idea. My president clearly said we are going to accept this because the country is badly in need of foreign exchange.

“The currency value is dropping every day. Yes, I know I am going to take a loss because by the time we sell it in naira and convert it to dollars, (we are not even getting the dollars). By the time we convert, the currency may become weaker. So, we know he (Dangote) is going to lose. He said, I’m willing to take the loss in the interest of the country. I don’t mind, but the country is in bad shape. Somebody has to take certain risks. I’m willing to face the loss to whatever extent it is. So, that is how we agreed,” Edwin explained.

Marketers boycott plant

He also revealed that importers of petroleum products and marketers reported the Dangote refinery to President Tinubu after the refinery crashed the price of diesel.

According to him, over 95 per cent of petroleum product importers in Nigeria are not buying products from the Dangote refinery.

He said the refinery struggles to sell about 29 tankers of diesel per day due to low patronage from local petroleum product importers.

As a result of poor local patronage, the refinery, he said, exports most of its diesel and aviation fuel.

He said the Dangote refinery has imported around 57 shiploads of crude, as local supply from the NNPC remains limited.

“Petroleum product marketers in Nigeria have written to President Bola Tinubu, complaining that the refinery’s local diesel prices, which have dropped from N1,200 to N1,000 and now to N900 per litre, are negatively impacting their businesses,” Edwin stated.

However, he maintained that despite the challenges, 44 per cent of the refinery’s petrol production capacity is sufficient to meet Nigeria’s local demand.

He said, “You can come to the refinery and see, I can load 2,900 tankers daily. The whole country is empty, not one tanker. Whereas, where I can load 2,900 a day, not one tanker is being loaded. So they want to continue to import. So they are just blockading us.

“Number two, they (marketers) even wrote to His Excellency, the President. I have a copy I can share with all of you, where they wrote to the President, ‘Oh, Dangote Group came in and started producing diesel. They dropped the price the first time, they dropped the price the second time, and it is disturbing us.’

“So the interest of the refinery was to produce locally and try to supply at a reasonable price. So, we gave a reasonable price, we dropped and then we dropped the second time and they wrote to His Excellency, the President saying we are dropping the price and disturbing the market. So, they refused to buy from us.”

Currently, the official revealed that around 29 tankers are lifting fuel from the depot of other importers daily, neglecting local production.

Earlier, while speaking on the Brekete Family live show on Monday, Edwin said the Dangote petrol will be exported if the NNPC and other petroleum dealers in the country refuse to patronise it.

Asked if the petrol would be sold locally, Edwin replied, “There has been a kind of a blockade from lifting our products within the country. The traders have been trying to blockade, and so now we have been exporting our petroleum products. PMS, we are ready to pump in as much as possible to the country.

“But if the traders or NNPC are not buying the product we will end up exporting the PMS as we are doing with the aviation jet and diesel,” he declared.

Edwin expressed surprise that the company started facing different challenges it never expected when the refinery was set to commence operations.

He recalled that the philosophy initially was to add value to the raw materials available in the country, regretting that Nigeria is still exporting crude and importing refined petroleum products after over three decades.

Despite having a gantry that can load 2,900 tankers per day, Edwin disclosed that the refinery has not loaded up to five per cent of the gantry’s capacity owing to low local patronage.

“Go and see our product gantry, we can load 86 tankers at any given time. We can load 2,900 tankers of petroleum products every day, but we are not even loading five per cent, because those who are interested in the trading business, feel that probably this local production is going to affect their established interest, so they are not allowing our products to be sold locally. They are not coming to lift our products. So, what are we doing? We are exporting the products.

“Yes, the refinery can survive, we can import the crude, we can export petroleum products, and we can survive. But is that why he invested in the refinery?” he queried.

NNPC tackles lawmaker

In another development, the spokesperson of NNPC Olufemi Soneye, tackled Dr Muiz Banire, SAN, and former Commissioner of Transport and Environment, Lagos State, for contending in his column in a newspaper publication (not The PUNCH) that NNPC is the black hole of Nigeria.

“At this critical intersection, the task for all well-meaning Nigerians should be how to find lasting solutions to the mischiefs in the oil sector and not to look for scapegoats, as Dr Banire has done.

“According to Banire, Nigeria has been experiencing fuel scarcity since 1973 on the back of fuel subsidy and the NNPC Ltd is responsible for it. The assertion that the NNPC is responsible for this state of affairs is moot. The policy of fuel subsidy is not the preserve of the NNPC.

“Various administrations over the years have thought it wise to subsidize the cost of petroleum products for citizens. They came up with different methods of doing that. The role of NNPC Ltd has been to implement the policy as decided by the government. At a point when the various administrations felt that the fuel subsidy policy had become a burden that should be done away with, they made it known. NNPC Ltd, as the national oil company, implemented it.

“This was the case in 2012 when the nation went up in protest against the government’s decision to remove fuel subsidies. The same scenario repeated itself in 2019 when the then-administration came up with the policy to remove fuel subsidies. NNPC Ltd is neither responsible for the policy of fuel subsidy nor its removal,” Soneye stated.

Source: https://punchng.com/NNPC-Dangote-eye-crude-sale-product-buy-back-deal

Marketers of petroleum products in Nigeria have reportedly written to President Bola Tinubu to complain that the drop in price of Dangote Refinery’s diesel to N900 per litre, is negatively affecting their businesses.

Devakumar Edwin, Vice President, Dangote Industries Limited, disclosed this on a Twitter Spaces session organized by Nairametrics.

“Petroleum product marketers in Nigeria have written to President Bola Tinubu to complain that the refinery local prices which have dropped from N1,200 to N1,000 and now N900 per litre are impacting their businesses negatively,” he said.

Edwin highlighted some of the challenges facing the Dangote Refinery and its impact on Nigeria’s fuel supply and prices.

According to him, the refinery, located in the Lekki Free Zone near Lagos, struggles to sell about 29 tankers of diesel per day due to low patronage from local petroleum product importers.

“As a result of this poor local patronage, the refinery exports most of its diesel and aviation fuel,” he said.

Edwin had earlier said Dangote Refinery products would be exported if the Nigerian National Petroleum Company Limited and other petroleum dealers in the country refuse to patronise it.

“We have been exporting aviation fuel, we have been producing kerosene, we have been producing diesel, but yesterday, we started the production of PMS. So, that was the last stage. The only thing now left out is petrochemicals.”

“So, the good news for the country is we have started producing PMS from our refinery,” he had said on a radio programme.

Asked if the petrol would be sold locally, Edwin replied, “Well, I explained how there has been a kind of a blockade from lifting our products within the country. The traders have been trying to block (it), and so now we have been exporting our petroleum products. PMS, we are ready to pump in as much as possible to the country.

“But if the traders or NNPC are not buying the product, obviously, we will end up exporting the PMS as we are doing with the aviation jet and diesel,” he declared.

Edwin expressed surprise that the company started facing different challenges it never expected when the refinery was set to commence operations.

He recalled that the philosophy initially was to add value to the raw materials available in the country, regretting that Nigeria is still exporting crude and importing refined petroleum products after over three decades.

“The philosophy is to take the crude, and instead of exporting the crude, refine it, add value; export the finished products, and supply the finished products locally. But unfortunately for us, we started facing challenges with the crude supply.

“What is happening today? We are struggling to get the crude. We are now importing the crude from the US, we are importing from Brazil, and from other parts of the world. So, the whole philosophy has gone upside down. After all these decades, we are exporting crude, importing products,” he added.

“The same thing is continuing. We are not getting enough crude allocation, and the crude is still being exported. We are forced to import crude from outside. Yes, we are getting some crude locally, but it’s not adequate.”

Daily Trust reports that the Dangote Refinery, with a capacity of 650,000 barrels per day, started naphtha exports in March, low-sulphur straight run fuel oil (LSSR) exports in May, and began selling diesel and jet fuel domestically in April.

In June, it started exporting diesel fuel meeting European specifications.

Source: https://dailytrust.com/Petrol-marketers-complained-to-Tinubu-that-our-diesel-price-is-too-cheap-Dangote-Refinery

pongwa:
i want to japa by force don japada

Yeeeeeeee.........

No fewer than 4,000 Kano civil servants benefiting from tenure elongation granted by the administration of former Governor Abdullahi Ganduje are expected to retire by December 1, 2024.

The state government has completed an investigation, screening, and data assessment of the affected civil servants who were enjoying the tenure elongation after 35 years of service or reaching 60 years of age.

Ganduje had introduced a civil service tenure extension beyond the standard rule, allowing civil servants to remain in office for an additional five years beyond the statutory retirement age.

Upon assuming office on May 29, 2023, Governor Abba Yusuf abolished the pension law that allowed for tenure elongation and directed that service years revert to the standard 35 years or 60 years of age.

Speaking to journalists on Wednesday, the state Head of Service, Abdullahi Musa, said that following the abrogation of the pension law, a Senior Civil Servants Committee was established to determine the actual number of affected individuals.

“Our committee, after thorough investigation, found that about 4,000 individuals are affected and are expected to retire by December 1, 2024. This means that by the end of this September, they will need to submit their retirement notices,” he said.

Musa added that the government had made preparations to address the vacancies created by the retirement of these senior officers.

“Don’t forget that at the end of former Governor Ganduje’s administration, he employed 13,000 civil servants. When this government came into power, Governor Yusuf chose not to sack them. Instead, we screened the 13,000 civil servants, fully engaging 10,000 on a permanent and pensionable basis, while the remaining 3,000 were dismissed. Among those dismissed were National Youth Service Corps members, undergraduates still in school, those underage (13 years and below), and those overage,” Musa explained.

He further stated that issues of truancy among civil servants had been addressed, with workers now required to resume office at 8:00 a.m.

Source: https://punchng.com/Kano-reverses-Gandujes-service-extension-for-4,000-workers

Vice-President Kashim Shettima has tasked Nigerians to recognize that change is a painful process, assuring them that with the efforts of the present administration, Nigeria will soon get out of hardship and be on the path of sustained growth.

The Vice President also assured that the federal government will integrate technology into the nation’s educational infrastructure to address human capacity and resource challenges to improve learning outcomes.

He said this during a meeting with the World Bank Nigeria team at the Presidential Villa Abuja, on Wednesday.

He said: “Be rest assured that where there is a will, there is always a way. Change is a very painful percolation process. But I know we will get out of this very soon and be on the path of sustained growth.”

Shettima referenced India’s success in using KYAN smart class solutions to teach students in rural areas, suggesting that similar innovations could revolutionise Nigeria’s education system.

“In India, Kyan technology is used to teach 50,000 pupils in rural and impoverished areas. I believe technology will help us upgrade our education system significantly,” he noted.

He also called for a holistic approach to education reform, including improving infrastructure, teacher training, and the implementation of technology.

“We need a comprehensive plan to address the gaps in our education system as quickly as possible. We must not allow these challenges to persist. The federal government is committed to making the necessary changes, but we need the cooperation of all stakeholders, including state governors, to drive this transformation forward,” he said.

Earlier during their presentation on Opportunities for Prosperity and Equity in Nigeria’s Human Capital, leader of the team and World Bank’s Country Director for Nigeria, Dr. Ndiamé Diop, outlined the focus on improving governance, health, and education across the 36 states of the federation and the Federal Capital Territory (FCT).

The projects, HOPE – Governance, HOPE Primary Health Care and HOPE Basic Education, are part of a broader push to reform governance processes, primary healthcare and education, with an emphasis on human capital development.

“We are working to reinvigorate governance, primary healthcare, and education facilities across the country,” Diop said.

Source: https://dailytrust.com/Change-is-a-painful-process-Shettima-tells-Nigerians