kodded:
most terrorist are from syria but do you see Syria president shouting that all Syrians are terrorist ?





op you are a criminal not me :- \

The amount of fuel imported into Nigeria increased to 645.64 million litres in October this year as the total crude oil processed by the country’s refineries in the same month was zero, data from the latest financial and operations report of the Nigerian National Petroleum Corporation have shown.

An analysis of the petroleum products supply and distribution as contained in the report showed that the importation of Premium Motor Spirit or petrol into Nigeria for October increased by 78.04 million litres when compared to the 567.6 million litres imported into the country in September.

Although the increase in volume of imported PMS in the month under review did not address fuel scarcity across the country, the NNPC, however, noted that the products were brought to the country through its Offshore Processing Agreements.



It also stated that the country’s refineries were dormant with respect to the processing of crude oil in October. This was despite the December performance target that was given the refineries by the Group Managing Director, NNPC, Dr. Ibe Kachikwu.

The NNPC noted that the supply of white products, which include petrol and dual purpose kerosene into Nigeria in October 2015 increased to 852.1 million, as against 763 million litres that were supplied in the preceding month.

The report said, “In October 2015, 852.1 million litres of white products were supplied into the country through the OPA arrangements compared with a volume of 763.90 million litres achieved in the prior month of September 2015.

“DPK receipt in October 2015 was 206.46 million litres compared with 196.3 million litres imported in the prior month of September. Similarly, the PMS supply in October 2015 was 645.64 million litres compared to September 2015 supply of 567.6 million litres.”

On refineries’ operations, the NNPC said, “Total crude processed by the three refineries in the month of October 2015 was zero. However, 92,332 metric tonnes of unfinished product was processed which translates to a combined yield efficiency of 78.93 per cent.”

The three refineries include Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company.

Outlining measures to be taken to ensure that petroleum products were refined in Nigeria, an industry expert, Mr. Dibu Aderibigbe, stated that the government should support the idea of modular refineries.

He noted that individuals and private organisations should be given approvals to refine specific amount of crude oil in order to complement the volume of refined products that were produced by the country’s refineries.

Aderibigbe, who is the National Treasurer, Independent Petroleum Marketers Association of Nigeria, said, “For local refineries to be developed, countries, organisations or individuals can begin to set up modular refineries where about 5,000 barrels of crude or less (or better still, more than that amount) could be refined.

“This will create jobs, have a lot of positive impact on the economy and will save our foreign exchange. Instead of going to import refined products, we will start producing these products locally and may export some to West African countries. But we cannot do that as long as there is subsidy policy that is not working.”

Aderibigbe also stated that the introduction of modular refineries would provide room for competition, adding that this would ensure price stability and create an opportunity for the Federal Government to stop subsidising petroleum products.

He said, “The business would then be run by the forces of demand and supply. When you have a lot of producers in the market, you cannot just jerk up your price. There are fundamental factors that determine price. One is the price of crude oil, the cost of transportation, the refinery cost, marketing cost and other issues.”

The President, Nigeria Association of Energy Economics, Prof. Adeola Adenikinju, told our correspondent that it was in the country’s best interest for the government to revamp the refineries.

He said, “Our refineries have been performing poorly for too long and I think this is the time to get them up and running, because it is in the interest of Nigeria to have the facilities functional now that there is paucity of funds, instead of paying billions as subsidy claims.”

The experts earlier called for the removal and complete halt in the payment of petrol subsidy to oil marketers by the Federal Government.

Adenikinju noted that since the price of crude oil had fallen to as low as $40 per barrel, it was the best time for government to remove subsidy.

The fall in price has provided government the best opportunity to remove the subsidy, he said.

The payment of subsidy by the government had been a contentious issue as stakeholders in the oil and gas sector on several occasions had called on the Federal Government to discontinue the practice, particularly when the country’s revenue was badly hit by the fall in crude oil prices.

However, according to Kachikwu, subsidy payment to oil marketers had continued as a result of President Muhammadu Buhari’s magnanimity.

cosby02:
I dont think i should read this based on where its coming from.

abagoro:
Its nearly impossible to find them now as they must have been used and married off to BH men. A handful might have died or brainwashed as well. Jonathan's inaction is to be blamed for all these. Had he taken it serious at least most of them would have been found..

GudluckIBB:
Emiefele can go if he likes.

He contributed to the our falling Naira by recapitalizing Bdc segment.The Economy was stable before he came about recapitalizing bdc's and immediately after that exercise dollar jumped to the detriment of the Naira which made them devalue.

It will be on record that it was in Emiefele's regime that CBN devalued the Naira twice.He has not made any pissitive impact since he came in.

If you want to quote me, first of all, ask those working in Zenith Bank and they will they you how clueless he was when he was the MD.

kkkp:
Dis dere governor is wicked o

dougivilla:


Everything is indeed calm and bright. Maybe God should put you or your family members in some of the conditions hereunder:

1. Over 60,000 Nigerians loose jobs in the construction sub sector, within the last four months. Vanguard, September 09, 2015
2. Zenith Bank sacks over 1,200 workers. Premium Times, September 10,2015
3. The Nigerian Naira in free fall against the Dollar and other major currencies. Businessday, September 10, 2015
4. Nigerian Economy Slumps in Quarter 2 - NBS. Vanguard, August 27, 2015.
5. China, Nigerias Biggest business partner, Snubs Nigeria over Buhari's romance with the US - http://uncova.com/china-snubs-nigeria-over-buhari-as-it-hol…
6. Investors Loose 1.6 trillion naira in three months. Vanguard, September 7, 2015.
7. Importation drops by over 74 Billion Naira (without any correspondent stop gap) - Lagos Chamber of Commerce and Industry, September 10, 2015.
8. Nigerian investors loose 311 billion naira in 24 hours. Daily Trust. September, 10, 2015.
9. JP Morgan Delists Nigeria from Government Bond index. Channels TV, September, 08, 2015.

We are not even talking about fulfilment of electoral campaign promises again oh!

I have said it before; Politics, Economics and Governance are three different, but interrelated aspects of any administration.
We can keep celebrating ''body language'' political achievements at the expense of the economy or good governance. Just in three to four months? See how well we have fared economically. I pray we would not use the first 4 years to fix the problems developed in the first 4 months of this PMB led Administratiom!! Meanwhile, lets hope his body language and the fear of Buhari would come to the rescue.

ajoskele:
Bros, calm down. Buhari has not made any move on the NPF or haven't you noticed that? He is working tirelessly to fix this country.
Let us give him the chance.

lanrehamd:

ECOTERRORS:
My beloved GEJ,

The day you will talk DAFTUS will shiver.



He peed in his panties when Tompolo called for meeting.


GEJ my HERO