Nigeria’s foreign exchange (FX) reserves have dipped by about $505.68 million (1.37%) in August 2024.

This is according to the latest data on the reserves from the Central Bank of Nigeria (CBN).

The marginal decline in the country’s external reserves coincided with the Nigerian government’s issuance of a $500 million domestic dollar bond, which is expected to provide much-needed support to the external reserves.


The CBN reported a reduction of $505.68 million, bringing the reserves down from $36.827 billion on August 1 to $36.321 billion by August 29, 2024.
Data from the CBN indicate a consistent decline throughout August, with a notable dip in the final week.

The reserves, which stood at $36.827 billion at the beginning of the month, gradually decreased as the weeks progressed.

By August 8th, the reserves had decreased to $36.848 billion, and by mid-month, they had further dropped to $36.529 billion on August 15th.

The decline continued steadily, reaching $36.444 billion by August 22nd and then $36.321 billion by the month’s end.

First time in four months

The dip represents the steepest monthly decline in Nigeria’s forex reserves since April 2024.

This persistent decline comes after a four-month period of about $4 billion growth in the external reserves. It also means that the reserves have lost about 12.64% of its four-month gain in August 2024.


It further highlights the struggle faced by Nigeria’s financial authorities in maintaining reserve levels amidst ongoing economic pressures, including the need to meet import demands and debt obligations, as well as manage liquidity for the naira’s stability.

What you should know

In the first week of August, the Central Bank of Nigeria (CBN) sold $876.26 million at N1,495/$1 to 26 qualified banks in its latest Retail Dutch Auction.

According to a statement from the CBN, a total bid of $1.18 billion was received from 32 dealer banks. However, bids from six banks were disqualified, as four banks did not meet up with the deadline while two did not provide bids in their submitted templates.


Amid the decline in FX reserves, the Nigerian official foreign exchange (FX) market experienced a marked decline in turnover in August, despite the initial Retail Dutch Auction conducted by the CBN.

Data obtained from the FMDQ by Nairalytics, the research arm of Nairametrics, reveals a reduction of $1.08 billion, with total turnover falling to $3.25 billion, from $4.34 billion recorded in July 2024.

This decline of 25% highlights the ongoing challenges faced by the official FX market in terms of liquidity and stability.

The average daily FX turnover decreased from $189.42 million in July to $144.71 million in August, reflecting a 23.61% reduction. This decline suggests a significant drop in market activity, indicating increasing difficulties in accessing foreign currency.

On August 19, 2024, the federal government of Nigeria officially issued a $500 million domestic dollar bond.

This bond, part of the government’s financing initiatives, has a 9.75% per annum interest rate and is set to mature in 2029.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the $500m domestic dollar bond will enhance external reserves and help stabilize the foreign exchange situation in the country.

Pastor Adeboye’s Son, Adeolu Hadn’t Joined Ronchess As Director When Kaduna Contracts Were Awarded; He’s Allowed By Law To Execute Contracts, Says Company

Ronchess Global Resources Plc has denied that Adeolu Adeboye, son of Redeemed Christian Church of God's General Overseer, Pastor Enoch Adeboye, and one of its Board of Directors received over N8 billion from Kaduna State Government for a contract, but abandoned the project after 30% completion.

SaharaReporters reported on August 27, 2024, that Adeolu, who secured the contract through Ronchess Global Resources Plc during former Governor Nasir El-Rufai's administration, have been evading accountability for the diverted funds and unfinished project.

But Ronchess Global Resources Plc in a rejoinder to the report dated August 30, 2024 with Ref: A&C/RC/PUB-01/08/2024, and titled "Pastor Adeolu Adeboye was never awarded any contract by the Kaduna State Government," stating that the contract for the projects was awarded before Adeboye joined the company as a director.

The report was signed by Adesoji Adedoyin, Esq on behalf of Ronchess Global Resources Plc.

It admitted that the projects were left, but said they were stopped because the Kaduna State Government failed to pay for the projects executed/completed amounting to N1,391,782, 486.45 (N1.39 billion).

While the firm admitted that Pastor Adeolu Adeboye is a member of the board of Ronchess Global Resources Plc, it, however, said he was not part of the company when the contracts were awarded.

The firm said Adeolu joined in 2021.

It said, "In fact, Pastor Adeolu Adeboye was not even instrumental to the award of the contracts. He (Pastor Adeolu) was neither a Board member nor a Shareholder of Ronchess at the time the Contract was awarded to Ronchess.”

The rejoinder partly reads: "Based on the execution of the above contracts and after the successful execution of the Sokoto Bank road that went viral, the Government of Kaduna State in year, 2020, again awarded the following road contracts to Ronchess: Kaduna Road Projects under Kaduna Urban Renewal Road Component.

"The Isa Kaita Road; The Sultan Road; The Waziri-Maccido; The PAN Drive Road; The Katuru-Badarawa road; Zaria Road Projects under Zaria Urban Renewal Road Component; The Kofar Doka Bridge and Wusasa Dan Magaji-Nagoyi-River Galma Bridge Road with Clover Interchange.

"Due to the inflation and additional works to be done which were not contemplated in the original contract agreement, the Kaduna Roads Projects Contract sum were (sic) revised from N10, 962, 393, 459. 76 to N15, 393, 429, 595. 10 while the Zaria Roads Projects sum were (sic) revised from N8, 739, 403, 114. 74 to N17, 262, 790. 888. 60. At all material times relevant to the bidding and award of the contracts which occurred in year 2020, Pastor Adeolu Adeboye was never a Board Member of the Company. Pastor Adeolu became a Board Member of the Company in 2021.

"In executing these projects, the mobilization fee was given with Advance Payment Guarantee (APG) provided by Ronchess and after utilizing the APG. The APG was duly discharged by the Kaduna State Government after the certification of work done by the Kaduna State Government Consultants. This led to the issuance of Certificate Valuation which enable the contractors to apply for further payment in execution of the ongoing projects upon milestones of work done.

A resident of Ushafa Community in Bwari Area Council of the Federal Capital Territory (FCT) has been shot dead.

The man was killed when bandits invaded his residence on Thursday night.

A police source confirmed the incident, but did not go into details.

The invaders were said to have kidnapped the deceased’s wife and children.

Ushafa is one of the communities that have come under attacks in the ongoing widespread insecurity in Nigeria.

SP Josephine Adeh, Police Public Relations Officer in FCT, could not be reached for comments as her phone line rang out repeatedly at the time of filing this report.

The development comes after SBM Intelligence, an Africa-focused market/security intel gathering consulting firm, said Nigerians paid N1.048 billion as ransom to kidnappers between July 2023 and June 2024.

In a report, titled ‘Grim Reaping’, the firm said FCT has the highest ransom demands in the country, with Lagos and Kaduna closely trailing.

It highlighted the complex security situation and the rise in kidnapping for ransom in Nigeria.

According to the report, though abductors demanded N11 billion as ransom within the period, only N1.048bn was paid.

The report also blamed the rising kidnapping for ransom on economic stagnation, noting that kidnappers increasingly target a broader range of people, starting with high ransom demands that are eventually lowered to what families or social organisations can afford.

Halliru Liman, Divisional Police Officer (DPO) of Wasagu Division of the police in Kebbi state, is dead.

Liman died when he was reportedly shot dead by a soldier at a checkpoint in Zamfara.

According to ASP Yazid Abubakar, spokesman of the Zamfara State Police Command, the deceased police officer was on his way to Birnin Kebbi in Kebbi State to attend a meeting when he was stopped on the way at Danmarke area in Bukkuyum Local Government Area of Zamfara by military personnel attached to Operation Dadarin Daji.

Abubakar said the officer was murdered on the spot by the military personnel, despite identifying himself as a police officer.

In a statement issued to newsmen on Thursday, the command’s spokesperson demanded a thorough investigation into the circumstances surrounding the incident so as to ensure those responsible are brought to book.

“On August 28, 2024, at approximately 1030 hours, SP Liman was brutally murdered by military personnel led by one Hassan, attached to OPHD Sector 6, Dan Marke area of Bukkuyum, Zamfara State.

“The circumstances surrounding this heinous crime are alarming and unacceptable.

“SP Liman, who was on his way to attend a monthly conference in Birnin Kebbi, was stopped by military personnel despite identifying himself as a police officer.

“In a shocking display of aggression, Hassan pointed his gun at SP Liman and shot him in the head, resulting in his instant death. We condemn this unprovoked attack in the strongest possible terms and demand a thorough investigation into the circumstances surrounding this incident”

“The military’s actions are a clear violation of the rules of engagement and the principles of inter-agency cooperation. We urge the relevant authorities to take immediate action to address this egregious incident and ensure that those responsible are held accountable”.

“The police and military must work together to maintain peace and security, not engage in violent confrontations that undermine public trust. We extend our deepest condolences to the family and colleagues of SP Halliru Liman and assure them that we will do everything in our power to ensure justice is served.”

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has been appointed as the patron of the Ecumenical Synod of Bishops, Archbishops, and Senior Clergy Inc. (ESBAASC).

His appointment was announced during the group’s international conference, held from August 22–25 at Emmanuel Park, RCCG Redemption Camp, reports Church Times Monday.

The theme of the conference is “Religious Tolerance in Nigeria and Across the Nations of the World.”

The conference x-rayed what religious tolerance is, its challenges and how to achieve it.

PUNCH Online reports that ESBAASC is a group likely including leaders from different Christian denominations who come together to discuss issues of mutual concern, such as promoting religious tolerance and unity.

Ecumenical efforts are initiatives that aim to bridge divides between different Christian groups, encouraging them to collaborate rather than remain isolated in their specific traditions.

Adeboye’s appointment
During the event, Archbishop Prof. Kehinde Olubunmi, the International Prelate and Chief Host, nominated Pastor Enoch Adeboye as Patron and Archbishop Prof. Mary Ajisafe as Matron of ESBAASC.

Ajisafe is the Overseer of Peace of God Ministry in Lagos, PUNCH Online reports.

According to the agency, the appointments were unanimously endorsed with a standing ovation.

Olubunmi highlighted ESBAASC’s ongoing collaboration with global organisations to promote religious tolerance in Nigeria, emphasising that once this culture is ingrained, it will naturally extend to other parts of Africa.

Represented by RCCG National Overseer Emeritus, Pastor Joseph Obayemi, Adeboye lamented the current state of Nigeria compared to the past.

He reflected on his youth, when he fasted during Ramadan, shared meals with Muslims, and lived harmoniously among Christians, Muslims, and followers of traditional religions.

Religious tolerance
Giving insight into what religious tolerance is, he said, “It is also a practice that helps to promote mutual understanding, peaceful co-existence, unity and peace among people of diverse cultures like Nigeria and the world.”

He noted, however, that the religious diversity of Nigeria had always given it a unique identity and commendation in the past.

Most religious and sectarian violence, according to him, are “politically motivated to the advantage of the politicians,” mostly when some feel that they are at a disadvantage economically and otherwise, compared to others.

Adeboye noted that the lack of religious tolerance in Nigeria and globally stems from factors such as religious divisions, sectarian violence at the slightest provocation, misguided beliefs about the sanctity of human life, a lack of meaningful dialogue and collaboration, and the tendency to label other faiths as inferior.

He urged conference participants to advocate for religious tolerance, emphasising that true believers in the Creator God will choose to love and preserve life rather than react with violence.

Citing various scriptures, he stressed that achieving tolerance requires the cooperation of international organisations, governments, and civil societies. This collective effort, he argued, would foster an environment where freedom of religion and diverse beliefs could flourish.

Killing for religion
Earlier at the conference, Imam Abdul-Azeez Onike, a Muslim cleric, Chief Missioner, Sharia Adviser, and researcher at the University of Science, Malaysia, emphasised the importance of tolerance.

He warned that Nigeria, with its large population, cannot afford the devastation of a religious war.

Onike referenced historical events, such as the Holocaust under Adolf Hitler and the 9/11 attacks orchestrated by al-Qaeda leader Osama bin Laden, as tragic examples of the consequences of intolerance and misguided motives.

Guest Speaker at the event, the Chairman of Ogun State PFN/CPFN, Apostle A.B. Otaru, said religious tolerance is a corollary of “the understanding of the concept of humanity in God.”

Otaru pointed out that a lack of understanding and love for the Creator, along with the failures of religious leaders, are key contributors to religious intolerance.

He expressed his belief that if all nations, including Nigeria, demonstrated genuine love for God, it would lead to peace, unity, and widespread happiness under the guidance of God Almighty.

Gambian delegate
The leader of the Gambian delegates at the conference, Bishop Dr Samuel Akinola, shared that in Gambia, the unpopular government of Yahya Jammeh was successfully overthrown when Christians united and cooperated with the Muslim majority, despite the strong backing Jammeh had from the UN Security Council.

He urged Nigeria to genuinely embrace religious tolerance, cautioning against merely appeasing those who are quick to resort to violence over minor provocations.

Akinola noted, “In Christianity, many have attacked Jesus Christ without any single Christian fighting back.”

The International Secretary and Director of Administration of ESBAASC, Archbishop Prof. Williams Ozazie, who was dubbed the moderator of the event, submitted that “God is not in violence. He is not in any zeal that is in the wrong direction.”

He referenced the Biblical story of Elijah, who single-handedly defeated 400 worshippers of Baal but later fled from the wrath of King Ahab’s wife, Jezebel.

Williams noted that when Elijah was in solitude, God sent a strong wind that broke rocks, followed by earthquakes and fire, yet the Lord was not in any of these. This, he explained, was to show Elijah and the world that God is a God of peace who desires reconciliation with humanity.

Chaplaincy
The Chaplaincy of ESBAASC added colour to the three-day event with rigorous military performance, while many were decorated with the insignia of their new ranks as sub-ltnt; Major General, General, Brigadier General., etc.

The Chaplain General and the Commandant Gen. of ESBAASC Bishop Dr. David K. Agboola, in a separate interview, called for religious violence

In his address, he said he used the forum to commend the Nigerian Army, Armed Forces, Police, and heads of other organisations for their roles in combating sectarian violence that has engulfed Nigeria in recent years.

Meanwhile, Olubunmi gave a vote of thanks, noting that a communiqué will be issued and sent to the appropriate quarter in due course.

The Catholic Bishops Conference of Nigeria on Sunday described as worrisome the state of the nation, noting that Nigeria is presently “sitting on a ticking time bomb” under President Bola Tinubu.

The Catholic body of Bishops also said that as long as the issues of poverty, hardship and corruption continue to be the lots of Nigerians, the nation should be ready to contend with more protests.

They also expressed grave concern about the nation’s growing debt burden adding that “servicing huge debts to international monetary agencies and sourcing for funds internally to balance budget deficit led to the economic reforms of Mr President, consisting mainly in the withdrawal of fuel subsidies and the floating of naira.

President of the Catholic body, who is the Archbishop of Owerri, and the President of the Catholic Bishop Conference of Nigeria, Most Rev. Lucius Ugorji, stated this in his welcome address at the opening Session of the 2024 second Plenary Assembly of the CBCN taking place in Auchi, Etsako West Local Government Area of Edo State.

While declaring the Conference open, Ugorji said the future of the nation depends on how the challenges bedevilling the nation are tackled, expressing optimism that trust in God would transform the country.

On the state of the nation, he said, “On August 4th, President Bola Tinubu enumerated the achievements of his administration. While we recognise that notable progress has been made in some sectors of our national life, we cannot fail to admit that the present state of the nation is worrisome. Even though insecurity remains one of our major challenges.

“As our national economy continues to decline, the Nigerian youths embarked on a nationwide protest tagged # EndbadGovernance from 1 to 10th August 2024.


“The protest was aimed at publicly voicing their disappointment and frustration on the ills bedevilling the nation. Although Nigeria has the constitutional right to express its grievances through peaceful protests, there was widespread concern it could be hijacked by miscreants.

“Likewise, we condemn in strong terms the killing of some protesting youths by security operatives. We pray for the repose of the dead, the speedy recovery of the injured and the consolation of the bereaved.

“We wish to stress that as long as the nation is afflicted with poverty, hardship and corruption, and as long as the future of youths in our nation remains bleak, we continue to experience protest. Rather than address the ill, trying to drown the nation, some government officials are busy passing the buck and looking for a scapegoat.

“We are indeed sitting on a ticking time bomb as security operatives try to crack down on some of those involved in the protest and their sponsors on trumped-up charges.

“This raises concerns about whether they are trying to strip citizens of their democratic rights and freedoms to protest or give the impression that everything in the country is fine and there was really no need for the protest. This is delusional and condemnable.”

Christians Are Some Of People You Can Kill In Northern Nigeria Without Consequences – Bishop Kukah Laments

The Catholic Bishop of Sokoto Diocese, Most Rev Matthew Kukah, has decried the unjust treatment of Christian faith in Nigeria, with the unimaginable persecution of Christians in the North.

Kukah spoke on Friday in Lagos virtually at the Silver Jubilee Anniversary of the Order of the Knights of St Mulumba Nigeria Eko Subordinate Council.

"If you look at our country – Nigeria, the issue is that, in Northern Nigeria, Christians constitute some of the groups that you can kill without consequences. You can ask yourself; has anybody ever been charged for burning churches or for destroying Christian properties," he questioned.

"The perpetrators are allowed to move freely without facing punishment."

With the themed: ‘Christian Martyrdom in Nigeria…a Building Block or Stumbling Block to Salvation or Patriotism,’ he lamented that despite all the atrocities committed against Christians in the Northern Nigeria, not a single individual had been charged to court for the incidents.

"A pastor was slaughtered openly in Adamawa. People, priests were killed in Benue. Priests have been killed in Kaduna.

“It seems as if killing Christians is the only thing the world can do without consequences. That means that if you are serious as Christians, Catholics, what happens to the church in Ikwerre, what happens to the church in Sokoto, what happens to the church in Onitsha, what happens to the church everywhere in this country should affect us. Tragically, you know, Christianity has become largely subordinated to ethnicity.

“Many people today still have a caliphate mentality that those who are not part of us must be against us. And this is the fate of Christians and Christianity in many parts of Northern Nigeria today, where Christianity is being tolerated. Christians are being denied lands to build churches, and it is not seen as a problem. In a place like Kenya, I have a problem of that nature right now as we talk," he said as quoted by Vanguard.

He maintained that whether people listened or not the gospel must be preached.

“We must preach the gospel, welcome or unwelcome. Preaching the gospel has no political and ethnic boundaries. It is not about friendship. If it is about friendship, Jesus would have said to Peter, get behind me. When we are confronted, martyrdom is not just about being killed. Because, of course, in the end, you are killed for speaking the truth. I remember in the days of Abacha, many times people used to say to me, oh Bishop, if you don’t keep quiet, you will be killed for nothing.

“I am saying so because we now need to come to terms with the essence that every day of our lives as Christians, we are challenged to martyrdom. Martyrdom because a sword is dangling before us.

"Martyrdom because we have a country, we have a society, we have a world that is so morally broken that every day the whole question of what is right and what is wrong has been circumscribed by the circumstances in which we find ourselves. When martyrdom comes to us, we embrace it, we are not in retreat.

“The challenge, therefore, is for us to come to terms with these realities and how they can be addressed. Here in Sokoto, for example, I have lost a seminarian, I have lost a priest, my priests have been kidnapped, not once, not twice. But my immediate reaction is that in all of this, we are only inspired.

"People look at me and they say to me, why are you going back to Sokoto? I remember when Deborah was killed, I was out of Sokoto. People were saying to me, how are you going back to Sokoto? When my seminarian, my priest, was kidnapped and released last month, people asked if I was still going back to Sokoto.”

Since President Bola Tinubu assumed office in May 2023, Nigeria has seen significant increases in the prices of various essential goods and services, affecting the cost of living for millions.

These hikes, attributed by the government to necessary economic reforms, have sparked widespread debate and concern.

While the government argues that these increases are necessary for economic reforms and sustainability, they have undeniably contributed to the rising cost of living.

PUNCH Online highlights a list of major items and services that have seen price hikes during Tinubu’s administration.

1.⁠ ⁠Fuel price surge

One of the most significant and controversial price hikes has been in fuel. Following the removal of the fuel subsidy in May 2023, the price of Premium Motor Spirit, commonly known as petrol, soared. The pump price jumped from around ₦185 per litre to over ₦500 per litre, with reports of prices reaching ₦700 per litre in some areas. This surge has had a ripple effect on transportation costs, food prices, and overall inflation.

2.⁠ ⁠Electricity tariffs increase

Electricity tariffs also saw a sharp rise. The Nigerian Electricity Regulatory Commission approved a tariff increase for Distribution Companies (DisCos), raising the tariff for Band A customers from ₦68/kWh to ₦225/kWh, a staggering 240% increase. According to the government, this move, which took effect in April 2024, aims to save the government ₦1.5 trillion by removing subsidies on electricity for this customer category. However, the hike has significantly added pressure on household expenses.

3.⁠ ⁠Passport fee hike

The Federal Government approved an upward review of passport fees, effective from September 1, 2024. According to a statement by the Nigeria Immigration Service (NIS), the cost of a 32-page passport booklet with five-year validity increased from ₦35,000 to ₦50,000, while the 64-page booklet with ten-year validity rose from ₦70,000 to ₦100,000. The NIS stated that the hike was necessary to maintain the quality and integrity of the Nigerian passport.

4.⁠ ⁠Rising cooking gas prices

Cooking gas prices have continued to climb. As of March 2024, the average cost to refill a 5kg cylinder of Liquefied Petroleum Gas (LPG) increased by 7.10% from February, reaching ₦6,591.62. Year-on-year, this marks a 42.97% increase from ₦4,610.48 in March 2023. The National Bureau of Statistics attributed this rise to various economic factors, including higher import costs.

5.⁠ ⁠Higher transportation costs

Transportation costs have significantly increased, largely driven by the fuel price hike. Public transportation fares in cities like Lagos and Abuja have doubled or even tripled. For example, the average bus fare from Berger to Mowe increased from ₦300 in March 2023 to ₦500 by August 2024. This surge has made commuting and intercity travel considerably more expensive for Nigerians.

6.⁠ ⁠Food price inflation

Food prices, already on the rise due to inflation and insecurity, have been further exacerbated by the removal of the fuel subsidy. The increased transportation costs have directly impacted the prices of staples such as rice, beans, and maize, placing additional strain on household budgets across the country.

7.⁠ ⁠Tuition fee increase

Tuition fees in several federal universities have also been hiked. For instance, the University of Lagos raised its tuition fees from around ₦19,000 to ₦190,250 for medical students and ₦140,250 for other courses. This substantial increase, announced in July 2023, has sparked protests among students and concerns over access to affordable education.

Four military personnel lost their lives when troops of Operation Hadarin Daji were ambushed by terrorists in Bachaka Kurya Forest, Gudu Local Government Area, Sokoto State.

Major General Edward Buba, Director of Defence Media Operations, confirmed the incident in a statement released in Abuja on Monday.

The ambush took place near the Nigeria-Niger border.

The military authorities said in the ensuing firefight, several terrorists were killed, and troops recovered weapons and ammunition.

The statement added, “The corpses of the killed terrorist reveal that it was perpetrated by a terror group from Niger Republic known a Lakurawa. Sadly, 4 of own personnel were killed in the encounter.

“The remaining of the terror group escaped into Niger Republic. Troops are however in pursuit to find and destroy the terrorist.”

Fuel queues have resurfaced in several parts of Lagos as scarcity of petroleum hit Nigeria’s commercial centre.

Channels Television observed that in some areas of the state, motorists were spotted in the queues that snaked into the streets. The development caused gridlock around filling stations.

A litre of the product now sells for between N800-N1,000 in some filling stations, a move that has resulted in an increase in the cost of transportation

Some filling stations are not selling the product while black marketers have taken advantage of the situation to do brisk business.

The situation is not limited to Lagos. Some states in the northern region have experienced persistent scarcity of the product.


FG Reads Riot Act
But in a bid to tackle the situation, the Federal Government through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) threatened to withdraw licenses of filling stations hoarding fuel.

“NMDPRA embarks on a war against the illegal sale of petroleum products, especially PMS in jerrycans. Filling stations are advised to desist from servicing illegal peddlers; failure to do so would result in the suspension of retail licences,” the agency said in a tweet on its handle.

The Nigeria National Petroleum Company Limited (NNPCL) last month blamed the scarcity of petroleum on a hitch in the discharge operations of a couple of vessels.

“The NNPC Ltd wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the FCT is a result of a hitch in the discharge operations of a couple of vessels,” the NNPCL spokesman Olufemi Soneye said.

But he assured Nigerians that the NNPCL is working to resolve the situation.

“Similarly, the development was compounded by consequential flooding of truck routes, which has constrained the movement of PMS from the coastal corridors to the Federal Capital, Abuja,” it said.

LASTMA Deploy More Officers

AFuel queues have resurfaced in several parts of Lagos as scarcity of petroleum hit Nigeria’s commercial centre.

Channels Television observed that in some areas of the state, motorists were spotted in the queues that snaked into the streets. The development caused gridlock around filling stations.

A litre of the product now sells for between N800-N1,000 in some filling stations, a move that has resulted in an increase in the cost of transportation

Some filling stations are not selling the product while black marketers have taken advantage of the situation to do brisk business.

The situation is not limited to Lagos. Some states in the northern region have experienced persistent scarcity of the product.

FG Reads Riot Act
But in a bid to tackle the situation, the Federal Government through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) threatened to withdraw licenses of filling stations hoarding fuel.

“NMDPRA embarks on a war against the illegal sale of petroleum products, especially PMS in jerrycans. Filling stations are advised to desist from servicing illegal peddlers; failure to do so would result in the suspension of retail licences,” the agency said in a tweet on its handle.

The Nigeria National Petroleum Company Limited (NNPCL) last month blamed the scarcity of petroleum on a hitch in the discharge operations of a couple of vessels.

“The NNPC Ltd wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the FCT is a result of a hitch in the discharge operations of a couple of vessels,” the NNPCL spokesman Olufemi Soneye said.

But he assured Nigerians that the NNPCL is working to resolve the situation.

“Similarly, the development was compounded by consequential flooding of truck routes, which has constrained the movement of PMS from the coastal corridors to the Federal Capital, Abuja,” it said.

LASTMA Deploy More Officers

Meanwhile, the Lagos State Traffic Management Authority (LASTMA) has deployed its officers to monitor traffic around filling stations.

LASTMA’s Director of Public Affairs and Enlightenment Department, Adebayo Taofiq quoted the agency’s general manager Olalekan Bakare-Oki as warning motorists against obstructing the flow of traffic.

He said the deployment became necessary due to reports of long queues at filling stations caused by motorists who park indiscriminately, thus blocking roads.

“We want our roads to be free-flowing; fuel queues should not become a burden for other road users in Lagos,” the LASTMA chief said.

Meanwhile, the Lagos State Traffic Management Authority (LASTMA) has deployed its officers to monitor traffic around filling stations.

LASTMA’s Director of Public Affairs and Enlightenment Department, Adebayo Taofiq quoted the agency’s general manager Olalekan Bakare-Oki as warning motorists against obstructing the flow of traffic.

He said the deployment became necessary due to reports of long queues at filling stations caused by motorists who park indiscriminately, thus blocking roads.

“We want our roads to be free-flowing; fuel queues should not become a burden for other road users in Lagos,” the LASTMA chief said.

Petrol supply has continued to be on and off across the country forcing many filling stations not to dispense the product, Daily Trust investigations in the Federal Capital Territory (FCT) and many states across Nigeria have shown.

Our investigations show that the product sells for close to N1,000 per litre at some stations belonging to members of the Independent Petroleum Marketers’ Association of Nigeria (IPMAN) in satellite towns of the FCT; while motorists spend countless hours queuing at outlets of the Nigerian National Petroleum Company Limited (NNPCL) and a few Major Oil marketers dispensing in Abuja city.

The IPMAN blamed the lingering petrol scarcity on shortage of direct supply from the NNPCL.

Speaking to Daily Trust yesterday, a former Chairman of IPMAN, Ejigbo Depot, Lagos, Akin Akinade, said: “Our members have no direct supply from NNPC. We buy from Third Party. We buy at DAPMAN (Depot and Petroleum Marketers Association of Nigeria) Depot in Abule Ado.

Abuja

Many stations in Abuja were found shut by our reporters yesterday, while there were long queues at the few that were dispensing the product. This situation started days before the #EndBadGovernance protest, which commenced on the 1st of this month, and has persisted more than two weeks after.

At Umaru Ngelzarma Filling Station in Lokogoma area of Kabusa District of the FCT, one of our reporters observed yesterday that petrol was being sold for N980 per litre.

Also, at Christee’s Petrol Station, which is also in Lokogoma area of Abuja, it was found to be dispensing the product at N950 per litre.

There were long queues at the NNPCL station at Katampe, along the Kubwa Expressway with motorists saying they would pass the night there to try to buy the product at N617/litre.

Another NNPCL outlet at the Airport Junction, Jabi, was not dispensing when one of our reporters visited yesterday. The situation was similar at most petrol outlets in Abuja and environs, owing to the unavailability of the product.

Lagos

In Lagos, one of our correspondents reported yesterday that there were queues at NNPCL stations that sold the product for N568, as well as others like Mobil, MRS and North West stations, which dispensed for between N600 and N650 per litre.

Commercial drivers, who spoke to our correspondent, expressed deep concerns over the prevailing scarcity, and the astronomical hike in the price of the product at the few stations dispensing the product, which are mostly on the fringes of the nation’s commercial city.

“The hike in fuel price is the major problem we have in Nigeria. I bought N900-N950 in Calabar, that is why I have not traveled again. It is affecting our business.

“I left my bus because some filling stations sold N1,000 per litre,” Omotayo Adenikeju, a transporter, said.

A former chairman of IPMAN, Ejigbo Depot in Lagos, Mr. Akinade, in a chat with Daily Trust, disclosed that third party vendors from which some of their members source the product, “sell to us N840, N850; and by the time you add transportation to that, there’s no way our members would sell less than they’re selling.

“If they bring down their price, we’re also going to bring down our price. We’re in business to make money”, he said.

Kano

Motorists in Kano said they bought the product for N950 per litre at independent oil marketers’ stations and N620 at NNPCL stations, including those located around Kano Line, Kofar Nasarawa, Club Road by Murtala Muhammed Way and Tal’udu Sabon Titi.

A commercial driver, Habibu Sani said he would rather join the queue at the NNPCL station than pay over N900 for a litre.

Another motorist, Kabiru Yakasai, said he parked his car because he could not afford a litre of fuel for over N900.

At an AY Maikifi outlet around Maiduguri Road, it was discovered that the station was selling the product for N900; while at A.A. Rano Station at Gyadi-Gyadi Zaria Road, it was being dispensed at N730.

An independent oil marketer in Kano, Bashir Umar, attributed the supply shortage to marketers’ reluctance to bring fuel from Lagos because of the possibility of the price crashing when Dangote Refinery begins supply to the market.

According to him, marketers buy fuel for N900 per litre in Kano and sell for N950 after factoring transportation cost.

Maiduguri

Virtually all the NNPCL filling stations visited by our correspondent in Maiduguri yesterday did not open. They were those located at Bulumkutu area, along Kano Road; Mohammed Indimi Way, Off Damboa Road and Galadima Junction along Low-Cost Road.

A driver, Aminu Idris, said: “We cannot afford to buy petrol from independent marketers at N950”.

IPMAN Chairman, Borno State chapter, Mohammed Kuluwu, said most stations in the state deliberately suspended fuel supply owing to “the crisis resulting from the #EndBadGovernance protest”.

CSO knocks NNPCL

The Human Rights Writers Association of Nigeria (HURIWA) yesterday expressed concern over the persistent fuel scarcity across Nigeria.

In a statement issued by its National Coordinator, Comrade Emmanuel Onwubiko, HURIWA expressed frustration over the federal government’s silence on the matter. It said fuel scarcity had become the new norm across the country, with Abuja and other major cities continuously plagued by long fuel queues.

“Despite the various excuses provided by the NNPCL, the crisis persists, leading to speculations that the company may be benefiting from the situation.

“In the past three months alone, the NNPCL has churned out no fewer than five different excuses for the ongoing fuel scarcity, ranging from logistics challenges to supply chain disruptions.

“However, none of these explanations hold water, given that the crisis continues to linger unabated. If the NNPCL were serious about resolving the issue, they would have done so by now”, it said. HURIWA alleged that were the NNPCL not benefiting from the fuel crisis, it would have resolved it long ago.

It added: “The simultaneous occurrence of fuel scarcity and the reported challenges faced by the Dangote Refinery suggest an orchestrated effort to undermine the refinery’s operations, further entrenching the NNPCL’s monopoly over Nigeria’s petroleum industry.”

National oil company silent

There was no comment from the NNPCL yesterday as its spokesperson, Olufemi Shoneye, who promised to get back to a Daily Trust correspondent when contacted on the matter, did not do so up to the time of filing this report.