₦airaland Forum

hegu:
You can imagine the inflation rate when fuel hit 1k per litre

The steady increase in petrol prices commenced after the subsidy removal by President Bola Tinubu on May 29, 2023.

The National Bureau of Statistics (NBS) has reported that the average retail price of petrol in May 2024 was ₦769.62 per litre, with Jigawa State recording the highest price of ₦937.50 per litre.

This represents a significant increase of 223.21% compared to May 2023 (₦238.11) and a 9.75% rise from April 2024 (₦701.24).

The steady increase in petrol prices commenced after the subsidy removal by President Bola Tinubu on May 29, 2023.

Titled: "Premium Motor Spirit (Petrol) Price Watch (May 2024)," the NBS report stated on State by State profile analysis that Jigawa, had the highest average retail price for the commodity at ₦937.50, followed by Ondo and Benue States with ₦882.67 and N882.22, respectively.

On the other side, Lagos, Niger and Kwara States had the lowest average retail prices, at ₦636.80, ₦642.16 and ₦645.15 respectively.

Lastly, on the Zonal profile, the North-West Zone had the highest average retail price of ₦845.26, while the North Central Zone had the lowest price of ₦695.04.

According to NBS, with the removal of petrol subsidies, the inflation rate rose to as high as 33.95 per cent as of May, with food inflation as high as 40 per cent.

The National Bureau of Statistics (NBS) has reported that petrol prices are approaching ₦1,000 per litre in the Northern region, despite the Nigerian National Petroleum Company Limited (NNPCL) announcing that it will maintain its current prices at its retail outlets nationwide.

NNPCL's retail outlets currently sell petrol at around ₦568 per litre, which is a significant increase from the ₦238 per litre recorded in May 2023, according to NBS data.

Melagros:
COMRADES his life on earth was over
Rip

officialwdhtv:
"Someone stole $69 Billion USD and nothing was done about it" - Former Chairman of Presidential Panel for Recovery of Public Property (SPIP), Okoi Ofem Obono-Obla speaks on corruption in Nigerian government.

Take a listen!!!

#wetindeyhappentv


https://www.youtube.com/watch?v=BcPqlcCFov4

A former Chief of Defence Staff, Admiral Ibrahim Ogohi, has died after a brief illness.

Family sources said he had been clinically ill due to old aged related sickness for weeks before he died in his Abuja home in the early hours of Sunday.

“Admiral Ibrahim Ogohi passed on to glory a few minutes ago, early Sunday morning,” a family source said.

The late Admiral was Chief of Defence Staff between 1999 and 2003.

He was the first Naval officer to reach four star rank in the Nigerian military, including being the first chief of Defence Staff from Navy.

The late chief of Defence Staff hailed from Okura, Lafia in Dekina Local Government Area of Kogi State.

The Naira yesterday depreciated in the parallel market to N1,520 per dollar from N1,510 per dollar on Wednesday. Similarly, the Naira depreciated to N1,510.1 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,510.1 per dollar from N1,507.83 per dollar on Wednesday, indicating N2.27 depreciation for the naira. The volume of dollars traded (turnover) in the market rose by 62.8 percent to $287.21 million from $176.39 million traded Wednesday.

Consequently, the margin between the parallel market and NAFEM rates widened to N10 per dollar from N2.17 per dollar on Wednesday.

drololaaof:
FGN is economic with the truth, sometimes ago bad fuel was imported into Nigeria that spoilt many car engines some get knocked , they did mot apologise to Nigerians, yet they are telling us no bad fuel were imported. Dangote knows what he is talking, stop deceiving us sirs.

The Federal Government, on Tuesday, declared that there was no importation of dirty fuel into Nigeria, countering the recent position of an official of the Dangote Petroleum Refinery.

It declared this after meeting with oil marketers and local refiners of crude oil in Abuja, where parties at the meeting discussed issues about refined products’ pricing, issues of competition and the importation of products that are produced in Nigeria.

Also at the meeting, oil marketers stated that though local refineries were producing some of the refined products, this would not stop marketers from patronising other sources, while also buying products from the indigenous producers.

Speaking through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, while reacting to claims of dirty fuel importation to Nigeria, the government stated that refined petroleum products with high-sulphur contents were last imported in February, stressing that this had since been addressed by the regulator.

The Executive Director, Distribution Systems, Storage and Retailing Infrastructure, NMDPRA, Ogbugo Ukoha, disclosed this to journalists after the regulator concluded its meeting with the oil marketers and local crude oil refiners, which had officials from Dangote refinery and modular refineries.

“There is no dirty fuel that is being brought into Nigeria,” Ukoha declared when asked to react to the allegations levelled against the NMDPRA by a senior official of the Dangote refinery.

It was reported on Monday that the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority of granting licences indiscriminately to marketers to import dirty refined products into the country.

He had stated that even though Dangote was producing and bringing diesel into the market, complying with the regulations of the Economic Community of West African States, “licences are being issued, in large quantities, to traders who are buying the extremely high sulphur diesel from Russia and dumping it in the Nigerian market.”

Edwin had explained, “Since the US, European Union and the United Kingdom imposed a price cap scheme from February 5, 2023, on Russian petroleum products, a large number of vessels are waiting near Togo with Russian ultra-high sulphur diesel and they are being purchased and dumped into the Nigerian market.

“Some of the European countries were so alarmed about the carcinogenic effect of the extra high sulphur diesel being dumped into the Nigerian market that countries like Belgium and the Netherlands imposed a ban on such fuel being exported from its country, into West Africa recently. Sadly, the country is giving import licences for such dirty diesel to be imported into Nigeria when we have more than adequate petroleum refining capacity locally.”

But responding to this on Tuesday, the Federal Government’s agency insisted that it had adopted all the stipulated procedures required for the importation of refined petroleum products into Nigeria to halt the inflow of dirty fuels.

It further stated that refineries in Nigeria were also taking steps to see that the refined products that they produce conformed with the standards approved by ECOWAS for the region.

Ukoha said, “NMDPRA takes very seriously its statutory mandates to ensure that only quality petroleum products are supplied and consumed in Nigeria. A lot of people do not know the backgrounds that I’m to provide now.

“The ECOWAS heads of states in 2020 endorsed a declaration adopting a fuel roadmap that requires that certain products should have as a minimum 50 parts per million litres of sulphur. Whilst it encouraged almost immediate enforcement against imports to comply with standards, the same treaty deferred enforcements for local refiners up to December 31, 2024.

“Now the PIA (Petroleum Industry Act), when it was passed in 2021, section 317 also captured and upheld these ECOWAS treaties. So as an authority, what have we done since we came into being? We started by engendering compliance. We saw a downward trend up to 2022 till December 2023.

“However, in December 2023 and January this year, we noticed a spike in the sulphur contents of products being imported and we again began strong enforcement from February 1. But I am happy to tell Nigerians that up until June, and till now as we speak, the average sulphur content in every AGO that is brought into Nigeria is below the 50ppm position in the law.”

With the local refiners, Ukoha stated that the declaration deferred it, adding, “So they continue to produce at a higher level, but we are not very anxious about that because even the new refineries that are coming in have within the design of their plants, the sulphurisation units that will see in the nearest future that sulphur goes down to as low as 10ppm.


“And so I would like to assure Nigerians that this is a mandate that the authority takes very seriously and that we are here to guarantee the wellbeing and health of Nigerians, and there is no dirty fuel that we will encourage to come into Nigeria.”

Asked to specifically react to claims that the NMDPRA had been dishing out fuel importation licences, leading to dirty fuel importation, despite the production of refined products from the Dangote refinery, Ukoha insisted that no dirty fuel would be allowed into Nigeria.

“I have answered that question; I said there is no dirty fuel being brought in, and I have given you the statistics for June and that what we have on the average from imports has continued to go down from 200ppm on the average.

“And now we have it far below the 50ppm that is in the law. And then with the refineries, there is no need to enforce that until the end of this year. But they are taking steps to see that that is also guaranteed.”

Earlier during the meeting with oil marketers and local refiners, Ukoha explained that the meeting was a continuation of engagements which the parties had been having in the last weeks.

“The NMDPRA today engaged with select marketers who are involved in the importation of AGO (diesel), ATK (aviation fuel) and PMS (petrol), as well as refiners of these products. The singular objective is to continue to collaborate in a manner that guarantees energy security within the country,” he stated.

He said discussions at the meeting covered issues of pricing and competition, adding that the agency would continue to engage with operators “to see that we land at a place where it is ultimately beneficial to Nigerians.”

He added, “On May 14, 2024, the authority hosted a meeting with marketers. We also had an engagement with refiners separately. What is different today is that both refiners and marketers are around the table, and the singular objective of today’s meeting was to continue to deliberate on how we will guarantee fuel supply stability within a fairly priced market.

“There are several issues that came with that, such as pricing issues, competition, quality, etc. Some of these issues will be ongoing, but all it requires will be continuous engagements and consultations.”

Responding to claims that the government was trying to force marketers to buy products from a refinery in Nigeria, the NMDPRA official said, “What we have in Nigeria is a deregulated market that remains open.

“The law that governs us, which is the PIA, makes several provisions and the authority continues to work towards operationalising all of them. So that’s the guarantee we give, that in the fullness of time, all aspects of the PIA will be operationalised.”

Asked to state the refined product that was considered by parties at the meeting, Ukoha said, “Currently, the refiners locally are producing substantial volumes of AGO (diesel), ATK (aviation fuel) and we have assurances that shortly PMS will also kick in. There are also other intermediate products being produced.”

The Group Managing Director, RainOil Ltd, Gabriel Ogbeche, said marketers were free to source products anywhere, but noted that local refiners were being patronised.

“One of the things we’ve agreed is that there’s going to continually be a level playing field between the marketers and refiners. We will continue to collaborate for the best interest of the industry,” he said.

Asked to state the challenges faced by marketers operating in the downstream sector which they would want the government to address, Ogbeche replied, “Up till today we have options and I can assure you that all the major marketers have been patronising the local refineries and we will continue. We also have the option of getting products from other sources and to the best of our knowledge that has not changed, even though conversations around that are ongoing.”

On his part, the Group Chief Commercial Officer, of Dangote Group, Rabiu Umar, said, “It was a very production meeting. We believe that this meeting is just one of many to come that will move this industry in the right direction.”

There have been concerns lately that oil marketers were boycotting the Dangote refinery by importing diesel into Nigeria, despite its massive production locally by the $20bn refinery located in Lagos.

Paraman:
.


https://punchng.com/faan-unveils-armed-security-unit-to-tackle-touting-others-at-airports/?utm_source=telegram&utm_medium=social

The Naira yesterday depreciated in the parallel market to N1,505 per dollar from N1,495 per dollar last weekend. Similarly, the Naira depreciated to N1,490.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,490.2 per dollar from N1,485.53 per dollar last weekend, indicating N4.67 depreciation for the naira. The volume of dollars traded (turnover) in the market fell by 21.4 per cent to $152 million from $193.5 million traded last week Friday.

I

Consequently, the margin between the parallel market and NAFEM rates widened to N14.8 per dollar from N9.47 per dollar last weekend.

Revolution That Will Consume Tinubu Government Over Hardship Will Start From Northern Nigeria –Dele Farotimi

Human rights lawyer, Dele Farotimi has said that the current Nigerian system is not sustainable and that the revolution and problem that will destroy President Bola Tinubu’s government will come from the Northern region of the country.

In an interview making the rounds on social media, Farotimi said that revolution against the suffering created by President Tinubu’s government will not start in Eastern Nigeria.

According to him, an average Igbo person has learnt not to depend on the government so it is easier for them to survive on their own.

He said, “Long ago, I predicted that the Nigerian revolution would start in Northern Nigeria. The only reason I said so at the time is because the North had always been the reason we could not find a common purpose to fight the evil.

“But now that the person in power in the presidency is not a northerner, and he is at best, a nominal Muslim, and the suffering has now been fully democratised, the Northern streets, not Northern elites, has no interest in forbearing and continuing to suffer.

“Why is it that all of a sudden, everything they tolerated in all the years of Muhammadu Buhari is no longer tolerable?”

“I don't know how long it is going to take but if this mess continues, the problem that will consume this government will start in Northern Nigeria. It is not going to start in the East. It might seem like nothing is going to happen but something will definitely happen. This system is not sustainable,” he said.

Justifying his point in detail, the activist said, “You will rarely find an Igbo man applying to civil service or looking for a salary job. The average ones, even the ones that went to the university, still attach themselves with somebody in the market and learn a trade.

“They learnt to do without the government. They learnt to discount the government completely. Which means that the Igbo man is better equipped than any other Nigerian to cope with our current circumstances where the government has completely become useless.

“The Igbo man was already prepared for the uselessness of the government. Now that he is prepared for it and everyone wants to stigmatise him, I can't blame the Igbo man for turning around and saying, 'it is none of my business, enjoy your government.’”

He added, “He didn't enjoy anything from the beginning. I'm talking about average Igbo man, not about the Orji Uzor Kalus or the Okorochas of this world who have always fed on the grievances of the Igbo people and have made money by appeasement of the government and presume to speak on behalf of the Igbos.

“Average Igbo man on the street grew up believing that he has no portion in Nigeria, which was what fed the Biafran spirit and demand for Biafra even 50 years after the civil war.

“The average Igbo man in Igbo land, in Alaba International Market, in Ladipo, have always lived with the mentality of being victims of the system.”

I have received several complaints about the menace of begging and extortion at our International airports by a few unscrupulous persons who give all of us a bad image. My phones are beeping every minute with messages about this from well-meaning Nigerians.

Just to set the records straight, most of the agencies involved in this menace are not under the control of the Aviation Ministry, though they are stationed at our airports. However, I have been working closely with other Ministers, arms of government and agencies who are responsible for these agencies and a solution is in sight soon.

We are all working under the coordination of the National Security Adviser who called a meeting a few days ago on this issue and we shall soon unveil practical steps being taken to stem this ugly tide. We thank Nigerians for their eternal vigilance on this issue