₦airaland Forum

iwaeda:
Subsidy is gone. The deluded praise singers believed their daddy oyoyo, with NO critical thinking. Egbon duro collect your change.

OsunOriginal:
I keep asking what do Nigerian politicians mean by juicy appointments? What is juicy in a government appointment if not corruption?

Despite the numerous assurances by President Bola Ahmed Tinubu that the subsidy is gone, Daily Trust’s finding shows that the federal government paid N169.4 billion as subsidy in August to keep the pump price at N620 per litre.

There have been several reports suggesting that the current price stagnation despite the worsening exchange rate and international crude price crossing $95 a barrel suggests a return of subsidy.

A document by the Federal Account Allocation Committee (FAAC), sighted by our reporter yesterday, showed that in August 2023, the Nigerian Liquefied Natural Gas (NLNG) paid $275m as dividends to Nigeria via NNPC Limited. NNPC Limited used $220m (N169.4 billion at N770/$) out of the $275m to pay for the PMS subsidy. Then NNPC held back $55m, illegally.

The revelation by FAAC effectively indicates that the subsidy is back and NNPC is now taking NLNG dividends to pay the subsidy.

Former President Buhari left the country with the highest amount spent on subsidising petrol in Nigeria’s history.

According to oil and gas industry reports conducted by the Nigeria Extractive Industries Transparency Initiative (NEITI), the cost of petrol subsidy from 2015 to 2020 was N1.99 trillion.

Also reports by the Nigerian National Petroleum Corporation (NNPC) to the Federation Accounts Allocation Committee (FAAC), showed that petrol subsidy cost N1.57 trillion in 2021 alone and another N1.27 trillion from January to May 2022.

The government thereafter budgeted of N3 trillion to cover petrol subsidy costs from June 2022 to June 2023.

An aggregation of the entire costs showed that under President Buhari the government spent N7.83 trillion on petrol subsidies.

Global oil market dynamics

Brent crude crossed the $95 per barrel threshold as the value of the naira versus the US dollar hit a record low at the black market creating greater doubt about Nigeria’s elimination of petrol subsidies.

At the time this post was being written, U.S. West Texas Intermediate crude futures increased by more than 1% to $92.46 a barrel, while the international oil benchmark Brent crude futures crossed the $95 per barrel barrier.

The most recent increase in crude oil prices was expected to drive up the price of gasoline, but the FG’s decision to keep the energy product at N617/litre proved that the subsidy on Premium Motor Spirit had been quietly restored.

In addition to the rapid depreciation of the naira in Nigeria’s most accessible (black) FX market, the price cap on gasoline has made it difficult for marketers.

As of the last week of August, PMS was trading for $1,030.11 per metric tonne at the international market compared with the $859.25 it traded around July when NNPC increased the pump price to an average of N617 per litre. This shows an increase of 19.88 per cent.

The exchange rate in July was N820/$ but now N920/$, indicating a 12.19 per cent increase. The crude oil price in July was $78.50 per barrel, it traded for $88.50 per barrel in the last week of August. Yesterday, it hit the $95 mark.

Also, while the price per litre at the international market in July was $0.641, it stood at $0.792 in the last week of August. This means that the landing cost of PMS stands at about N728.64 per litre compared to the N529 it was in July.

The addition of freight costs, lightering costs (STS), distribution margin, ancillary costs by the Nigerian Midstream Downstream Regulatory Authority (NMDPRA), Nigerian Port Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA) as well as marketers’ margin stands at about N90 to N105.

MOMAN, which had regularly provided a pricing update, had suspended it. A source at the organisation said there is an instruction not to share the update because the government has said there would be no price increase.

How FG planned to sustain N620 per litre

The $3 billion crude repayment loan the Nigerian National Petroleum Corporation (NNPC) Limited announced it sealed with the African Export-Import (Afrexim) Bank was designed to equip the federal government with the necessary dollar liquidity to stabilise the Naira.

According to the Otegra Ogra, SSA to President Tinubu, the loan will assist NNPC Ltd. in settling taxes and royalties in advance.

“A strengthened naira as a result of this initiative will lead to a reduction in fuel costs. This means that if the naira appreciates in value, the cost of fuel will drop and further increases will be halted.

However, the loan has reportedly stalled as other lenders that were supposed to be a part of the syndicated transaction are said to have backed out.

“Afrexim was supposed to put down only $250 million which was to help bring on board other lenders as they are already heavily exposed to Nigeria and have obligor limits.

Daily Trust findings show that the Central Bank of Nigeria (CBN) gross reserves have not seen accretion to suggest the $3bn has been received. The FX reserve has been down 0.2% to $33.68 billion since the announcement was made on August 16.

Intrigue behind closed doors

Daily Trust investigation revealed that the move to make the payment of N169.4 billion has the blessings of the high level of government, a senior government official disclosed to our reporter.

“If that payment was not approved, the country would have been thrown into serious crises because it was clear that the public could not bear in further depreciation in pump price, so something had to give.”

Daily Trust investigation also revealed that a subtle deal had to be struck with oil marketers to keep the current price.

“Everything has been done to not offset the market balance until we are able to resolve the production with Dangote refinery as well as the loans, once this is settled, we should see some stability,’ the source said.

Experts react

National President, Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Benneth Korie, who had decried the prevailing development in the sector said, “Definitely the price of PMS will go up as much as the dollar price goes up. If you are exchanging $1 for N950, it will go up.”

Another expert, Dr Wisdom O. Mogbolu, said “I have said this repeatedly: we can’t think of removing subsidy without a functional refinery, without the stability of FX. For example, if the price of crude goes up, our petrol price must go up, now coupled with our volatile Fx, we must fix our system not kill the masses.”

The Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Ejigbo Satellite Depot, Mr Akin Akinrinade, said stabilising the naira in the short term would be important to achieve the promise of the FG.

“There are two things that the government can do. The immediate one is the stability of the naira because as the price of dollars goes up, the price of petrol will go up. The government should intervene to ensure the stability of the Naira,” he said.

GuruboiNaija:
https://.ng/2023/09/21/police-dismiss-officer-for-killing-father-of-three-in-rivers/

President Tinubu Giving Juicy Appointments To Only Yoruba; Ignoring Competent Individuals From Other Regions – APC Members Kick

Some members of the ruling All Progressives Congress (APC) have accused President Bola Tinubu of lopsided appointments in his administration.

The APC members under the banner of Progressive Change Ambassadors of Nigeria (PCAN) said that mainly people from the South West region are being appointed to top positions by the President.

In a statement by PCAN Executive Director, Alhaji Abdulkareem Ubaydah and Secretary, Muhammad Rabiu Awwal E, the group accused Tinubu of ignoring competent and qualified individuals from other ethnic groups in the country.

“Mr. President, we write to you today as concerned citizens of Nigeria and deeply troubled members of your party – the All Progressives Congress (APC) to express our deep concern about the perceived imbalance in your political appointments so far,” the statement read.

“We have observed that a significant majority of these appointments have been made from your southwest geopolitical zone and especially from your ethnic group – the Yorubas, to the exclusion of other qualified and competent individuals from other parts of the country.

“This has led to widespread feelings of alienation and resentment among Nigerians from other parts of the country. While we understand that you are entitled to appoint people you trust and believe in, we as stakeholders in the political party under which you assumed office as President of Nigeria, reserve the right to urge you to consider the importance of national unity and inclusiveness in your appointments.

“It is important to remember always that you are the President of all Nigerians, not just that of Yorubas of the southwest geopolitical zone.”

The APC group further urged the President to ensure balance in coming appointments.

“Your political appointments should therefore reflect the diversity of our nation and ensure that all Nigerians have a voice in your government,” the statement read.

“Unfortunately, your appointments to date have fallen far short of this standard. For instance, control of Nigeria’s economy has been ceded exclusively to South-west Yorubas as all appointments in that sector has been filled by them.

"Additionally, of 20 presidential aides appointed by you, 15 are from your geopolitical zone and ethnicity. Also, in the recent appointments of presidential Senior Special Assistants and Special Assistants, 8 are Yorubas from the South-West! Also worthy of note are the facts that the Inspector-general of Police, Controller-generals of Nigeria Customs and Immigration Services respectively, as well as the Chief of Army Staff are all members of your ethnic group.

“This is clear imbalance which sends a message that you are not committed to building a united and inclusive Nigeria. We need not remind you Mr. President, of the circumstances surrounding your election victory as the South-West, propagandized by divisive, faith-based political rhetoric of the opposition, seemingly abandoned you to your fate leaving the other geopolitical zones, especially the North-West and North-Central to do the heavy lifting needed, votes-wise, for your victory.

“Shunning them for those who stood by and did pitifully little is not how to reward their tremendous labour of love on behalf of your successful aspiration. We urge you to reconsider your approach to political appointments and to make a concerted effort to include people from all geopolitical zones in your government. This is essential for building trust and ensuring that all Nigerians feel represented in their government.

“This is the only way to ensure that all Nigerians have a fair chance to contribute to the development of our country and to live in a united and prosperous nation. One of the duties of the President is to ensure that the government is representative of the people. By appointing people from all geopolitical zones, you will be fulfilling this duty and living up to the oath you took as President.

“This is the only way to ensure that all Nigerians have a fair chance to contribute to the development of our country and to live in a united and prosperous nation. We hope you will give our concerns raised in this letter serious consideration and take action to address them.”

dre11:
•Threaten to invoke parliamentary powers against Customs Comptroller General, others




https://tribuneonlineng.com/drama-as-reps-uncover-nimasa-sells-82-vehicles-for-n5-8m-in-12-years/

igwebuike01:
Teaching Igbos a lesson

gidgiddy:
Insecurity in Nigeria has long gone beyond what military force can solve. That armed bandits can be controlling villages, even local governments, is something unimaginable

The only way out is dialogue

Racoon:
https://guardian.ng/news/nigerians-bear-n1tr-metering-burden-as-cbn-wbank-backpedal/?utm_term=Autofeed&echobox=twitter_post&utm_medium=Social&utm_source=Twitter#Echobox=1695100967

The Kebbi State Government, on Monday, distributed relief materials to victims of bandits’ attacks from seven villages of Sokoto and Kebbi states.

The News Agency of Nigeria (NAN) reports that two villages were attacked in Kebbi and five in Sokoto State.

Those displaced sought refuge in Jarkuka village, Arewa Local Government Area of Kebbi.

The Commissioner for Information and Culture, Alhaji Yakubu Ahmed-BK said the affected villages were on the borders of the two states.

“We are in this village on behalf of His Excellency, Gov. Nasir Idris, to distribute relief materials to displaced victims of bandits’ attacks.

“The Governor, upon receiving the news of the attack around this axis of border villages between Kebbi and Sokoto state, swung into action.

“We have a situation where thousands of displaced persons from the attacked areas trooped into this village and other surrounding villages for safety,” Ahmed-BK said.

He said the “relief materials include thousands bags of millet, rice and beans as well as mats, detergents, buckets, and seasoning among others, as emergency measures to ameliorate the suffering of these people.”

Ahmed-BK said though the victims were largely from Sokoto State, “yet, as government of the people, by the people and for the people, the Governor directed that all the affected victims be treated equally”.

The commissioner said that they were in the village to ensure equitable distribution of the relief materials.

Nemere2020:
Source: Wasiu Sobowale



Source: Wasiu Sobowale



Source: Wasiu Sobowale



Source: OgbeniGugu



Source: Muyiwa Adejobi (Public Relations Office, Force HQs)

Jessyjeff:
This is not even hidden. Without subsidy, Nigerians would have been paying about 750 - 770 Naira for 1 litr e of petrol since August, when Naira dipped against the USD and crude oil prices started rising.

Since early August, only NNPCL has been importing fuel to Nigeria. Those in government can call it any cosmetic name ( under- recovery, etc), it is still subsidy.

This is why people shouldn't believe what the federal government has been saying. The government is still paying subsidy on fuel and also fixes fuel price; the market is not deregulated for fuel.

Nigerians have been told to expect another hike in the pump price of petrol.

This is as a result of the rise in the cost of crude oil, coupled with the depreciation of the naira against the United States dollar.

Oil marketers explained that the cost of crude oil and the exchange rate of the dollar accounted for over 80 per cent of the cost of PMS.

Brent crude, the global benchmark for oil, rose to $94/barrel on Sunday, the highest figure in 2023.

Oil had started the year at about $82/barrel, dipped to $70/barrel in June, but traded above $92/barrel in the past week.

Although the Federal Government and its Nigerian National Petroleum Company Limited had insisted that subsidy on petrol had ended, following the deregulation of the downstream oil sector, operators insisted on Sunday that the government was implementing quasi-subsidy.

They explained that with the latest rise in crude oil price, the cost of petrol was meant to increase, stressing that if the government insists on leaving the commodity at N617/litre, then subsidy on PMS had been returned quietly.

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, in a statement on Sunday said, “The Group Chief Executive Officer of NNPC, in one of his statements, had pointed out that as long as the dollar continues to rise, Nigerians should not expect petroleum products prices to be pegged.

“The cost of crude oil is also on the rise and it impacts on petrol price, because PMS is derived from crude.

“So in this price deregulation regime, once the dollar increases, automatically it means that the cost of importing petroleum products will also increase. And the cost of every other related service will rise.

“So the fuel we are buying today at N617 or N596 depending on where you buy it and based on the nearness to depots, is actually below what the price should really be, going by the rise in dollar and crude oil price.

“I said earlier that what we are experiencing now is quasi-deregulation. The rise in crude oil price has both positive and negative effects on Nigeria. It is positive because it increases our generation of dollars when we sell the crude.

“But it is negative in the sense that we still use that dollar that we have got to import the finished products of crude. That is the problem. For if Nigeria is refining products, then there will be a windfall, but since we import with the dollar that we make, then it makes no sense.

“The gap is becoming too much. Also, the exchange rate gap between the official and parallel markets is widening. And these gaps have to be filled by the government through quasi-subsidy on petrol.

“You also know that most of the investors who tried to import products when it was announced that the subsidy on petrol had been removed, are now finding it very difficult to do so.

“This is because after buying the dollar in the parallel market, they cannot recoup what they have invested. So the government must be transparent with this subsidy removal thing. It should apply it to the fullest, so that competition can set it.”

The National Bureau of Statistics has said prices of food items such as beef, tomatoes, beans, and yams witnessed increases in July.

It made the declaration in its Selected Food Prices Watch Report for July 2023 issued in Abuja on Friday.

The report stated that the average price of 1kg of boneless beef increased by 30.17 per cent from N2,118.84 recorded in July 2022 to N2,758.13 in July 2023.

“On a month-on-month basis, 1kg of boneless beef increased by 3.96 per cent per cent in July from the N2,653.02 recorded in June 2023.”


It said the average price of 1kg of tomato on a year-on-year basis rose by 24.88 per cent from N446.81 in July 2022 to N557.96 in July 2023.

“On a month-on-month basis, 1kg of tomato increased by 1.95 per cent in July from the N547.28 recorded in June 2023.”

Similarly, the report stated that the average price of 1kg of Brown Beans (sold loose) increased by 19.73 per cent on a year-on-year basis from N562.55 in July 2022 to N673.53 in July 2023.

“On a month-on-month basis, the price increased by 3.44 per cent from the N651.12 recorded in June 2023.”

The NBS said the average price of 1kg of Onion bulb rose by 26.65 per cent on a year-on-year basis from N396.96 in July 2022 to N502.73 in July 2023.

“On a month-on-month basis, the price increased by 2.38 per cent in July from the N491.04 recorded in June 2023,” the NBS added.

The report stated that the average price of 1kg yam tuber increased by 38.40 per cent on a year-on-year basis from N389.75 in July 2022 to N539.41 in July 2023.

“On a month-on-month basis, 1kg yam tuber increased by 5.61 per cent from the N510.77 recorded in June 2023.”

It said that the average price of 1 litre of Palm Oil increased by 35.70 per cent on a year-on-year basis, from N890.67 in July 2022 to N1208.62 in July 2023.


“On a month-on-month basis, it increased by 2.93 per cent in July from the N1174.20 recorded in June 2023. ”

On state profile analysis, the report showed that the highest average price of 1kg of boneless beef was recorded in Anambra at N3,500.84, while the lowest was recorded in Kogi state at N1,812.44.

It stated that Akwa Ibom recorded the highest price of 1kg of Tomato at N1,001.73, while the lowest price was recorded in Kogi at N220.00

The report stated that Ebonyi recorded the highest price of 1kg of
beans brown (sold loose) at N1,022.45, while the lowest price was recorded in Katsina at N474.99.

The NBS said the highest average price of 1kg of Onion bulb was recorded in Abia at N819.00, while the lowest price was recorded in Kano at N297.41.

In addition, the highest average price of 1kg of Yam tuber was recorded in Akwa Ibom at N999.61, while the lowest was recorded in Adamawa at N281.33.

The report stated that Ogun recorded the highest average price of 1 litre of Palm oil at N1,480 while Kogi recorded the lowest price at N890.22.

Analysis by zone showed that the average price of 1kg of boneless beef was highest in the South-East at N3,390.38, followed by the South-South at N2,805.91, while the lowest price was recorded in the North-East at N2,418.44.

The South-South and South-East recorded the highest average price of 1kg of Tomato at N917.63 and N735.96 respectively, while the lowest price was recorded in the North-East at N353.37.

The report stated that the South-East recorded the highest average price of 1kg of brown Beans (sold loose) at N921.54, followed by the South-West at N731.48.

“North-Central recorded the lowest price at N550.10,” the NBS stated.

The naira fell further to the dollar on Wednesday after closing at 950/$ at the parallel market.

Bureau de Change operators who spoke to The PUNCH, said the naira which had earlier closed at 930/$ at the close of operations on Tuesday, was bought and sold at 935/$ and 950/$ on Wednesday.

At the Investor & Exporter forex window, the naira closed at 758.12/$ on Wednesday, from 742.10 on Tuesday, according to figures obtained from the FMDQ, the official trading platform.

A BDC operator, Yusuf Kareem, who spoke to The PUNCH said, “We commenced trading at 930/$ in the morning and it closed at 950/$ in the evening. The naira has been scarce; we don’t know what is happening.”


Another BDC operator, Sanusi Ibrahim, said, the naira was bought and sold at 935/$ and 950/$ today. We don’t know what will happen tomorrow.”

External reserves fall by $915m after naira float
The Association of Bureaux De Change Operators of Nigeria, recently, urged the Central Bank of Nigeria to grant Bureaux De Change operators digital autonomy to achieve exchange rate convergence.

In a statement, the President, ABCON Dr. Aminu Gwadabe, called on the apex bank to grant a no objection approval for the BDCs to fully go digital on all their operational correspondences.

He said the move would promote rate convergence, curb volatility in the market and promote economic growth.

ABCON had in the past, led its members to achieve rate convergence in 2006, 2009, 2018 to 2020 before the outbreak of COVID-19 in 2020, he said.

Granting digital autonomy to the operators, he noted, would lead to a true market rate discovery, enhance the achievement of the Federal Government harmonised foreign exchange rate policies, and promote effective monitoring of BDCs’ transactions for statutory and regulatory requirement.

Jcoleworld911:
Bighead9🤣🤣🤣🤣
Come see yoruba Muslims in action🤭

Ladyclara002:
Nawa o

Creamypie:
Oluomo don land abuja