 Politics › Nigerians Living Fake Good Life Before Fuel Subsidy Removal –Tinubu by treesun(op): 6:06pm On Dec 01, 2024*. Modified: 6:39pm On Dec 01, 2024 |
President Bola Tinubu has said Nigerians were living a good life that was fake and capable of leading the country into a total economic collapse before his administration came on board to remove the fuel subsidy. Tinubu had on May 29, 2023, on the day of his inauguration into office, announced the removal of the fuel subsidy. The President explained that the need to salvage the future of the country and rescue it from the brink of collapse necessitated the strategic decisions to remove the controversial fuel subsidy and unify the exchange rates. He spoke at the weekend during the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State. Tinubu heading for South Africa from France Cases of abandoned babies in FCT alarming –Police The President, represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, said that his administration was not unaware of the consequences of the tough decision to remove the subsidy “As you are all aware, we took the baton of authority at a time when our economy was nose-diving as a result of heavy debts from fuel and dollar subsidies. “The subsidies were meant to support the poor and make life better for all Nigerians. We are all aware of the fact that the poor and average Nigerians were the sufferers of what was supposed to give them succor and improved standard of living. “Unfortunately, the good life we thought we were living was a fake one that was capable of leading the country to a total collapse unless drastic efforts were urgently taken. “The need to salvage the future of our children and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates,” he said. Tinubu, who further noted that the policy of the fuel subsidy removal was already yielding results, stated that the country’s economy was also improving daily. According to the president, while Nigeria’s macro economy is improving beyond expectations, the micro-economic framework is gradually stabilizing by shaping the country from consumption-driven to production economy. The President called on the graduands to join hands together with his administration “to recover our lost glory and virtues.” He also condemned the mass exodus of the youths leaving the country to seek “proverbial greener pastures,” observing that their action has led to brain drain in all sectors of the nation’s economy. “Many of our youths have chosen the supposed easy option of emigrating to the proverbial greener pastures where their citizens had rolled up their sleeves to bring their nations back from the brinks in their times of trouble. “Our intellectuals and experts on whom the nation has massively invested huge resources to train in the interest of our country are migrating overseas in large numbers at a time their services are most required at home. “It is heart-rending and the syndrome is not the solution to our problems. We are not Nigerians by accident, and I believe that the Almighty God who made us Nigerians has given us the required wisdom to turn things around for our betterment. “The present challenges call for a high degree of patriotism and I can assure all Nigerians that there is light at the end of the tunnel. After rain comes sunshine. The brighter days are almost here. The Renewed Hope Agenda is on track and we shall not deviate on the path of better and greater Nigeria,” he said. The Vice Chancellor of FUTA, Prof. Adenike Oladiji, said that there were a total of 6,405 graduates across nine schools of study from the combined 2022/2023 and 2023/2024 academic sessions convocation. Oladiji said that 519 graduands had First Class, 3,408 got Second Class Upper; 2139 had Second Lower Class, while 339 graduands were in the Third Class category. She said that the university’s mandate was to carry out adequate learning and teaching, with research works, for development of the society, adding that the institution had had landslide victory and achievements, cutting across human endeavours. https://dailytrust.com/nigerians-living-fake-good-life-before-fuel-subsidy-removal-tinubu/ |
| Politics › Tinubu Tax: North’s Anger Grows As Youths Attack Deputy Senate President by treesun(op): 6:27am On Dec 01, 2024 |
The North’s resentment of the proposed Tax Reform Bills currently at the National Assembly, NASS, has expanded as northern youths attacked Deputy Senate President Senator Barau Jibrin yesterday, accusing him of being insensitive to the region.
They described the bills as anti-North, saying it would further relegate the region economically.
The youths, representing 19 northern states, said the lawmaker representing Kano North Senatorial District knows the bills would not serve the region’s interest.
Ever since the proposed laws were sent by President Bola Tinubu to the National Assembly, lawmakers of northern extraction have been expressing worries.
The executive arm of government had said the bills would ensure uniformity in tax revenue administration across Nigeria, eliminate double taxation, use taxation to encourage private sector investment in critical industries and boost disposable incomes through targeted tax exemptions.
The four bills are the Joint Revenue Board of Nigeria (Establishment) Bill, 2024 -SB.583, The Nigeria Revenue Service (Establishment) BILL, 2024- SB.584, The Nigeria Tax Administration Bill, 2024-SB.585, and The Nigeria Tax Bill, 2024 – SB.586.
Last week, the bills passed Second Reading in the Senate despite notable objections from some lawmakers.
Senate Leader, Opeyemi Bamidele, described the proposed fiscal laws as “a significant move to overhaul the country’s tax system.”
However, the North is united in its opposition as all sections of its leadership consider the bills as being against the region’s socio-economic development.
The latest in the opposition by the North is the attack on Senate number two man, Senator Jibrin, by Northern Youth Assembly.
They were particularly angry over the fact that the Deputy Senate President presided over the sitting where the bills passed Second Reading.
The plenary was disrupted by anger and a shouting match over the bills, which came up for debate despite not being listed as an item for the day’s business.
In an open letter signed by Ali Mohammed Idris and Abdulhafiz Garba, President and Secretary respectively of Northern Youth Assembly, the youths said, yesterday, that Jibrin’s position on the bills doesn’t represent the interest of the North.
The letter reads: “The Northern Youth Assembly (Majalisar Matasan Arewa), on behalf of the 19 northern states leadership of the assembly, wishes to express our unequivocal disappointment and dismay in you, following your action towards the scaling for the second reading, of an evil tax reform bill, which would certainly undermine the North, and further relegate the region economically and commercially.
‘’Your support for the passage of the proposed evil tax reform bill put forth by the Tinubu administration is the highest order of your insensitivity to the economic and commercial plight of your constituency, Kano State and the entire Northern Nigeria.
“As representatives of the Northern Nigerian youths, we believe the proposed tax reform bill, in its current form, would surely disproportionately affect the economic livelihoods and aspirations of our people, and it is of course without taking into cognizance of the current economic reality in the country.
Disappointment
“Our disappointment is more on your attitude at the Senate plenary to impose your opinion and interest. Even though you are quite aware that this bill is anti-North and has the tendency of further impoverishing the people in the North, and would further cripple economic and commercial activities in the region, and yet you are hell-bent on making it a reality. While it is obvious that the proposed tax reform is of so much interest to the people at the centre, however, your unwavering enthusiasm to champion the bill, which is anti-North, exposes your misguided commitment to the course of protecting the interest of those you represent. Practically, the North faces a barrage of critical issues such as shortage of electricity supply, rampant insecurity across the region, naked poverty, unemployment and a dismal state of infrastructure, to name just a few, but you have yet resolved to lead the war of further destroying the little prospects left of the North.
“Let us remind you that the purpose of your election was to fundamentally champion the course to address the development challenges facing your region, through effective legislative engagement, rather than dedicating your energy to serve an anti-northern Nigeria agenda, which would further marginalize the Northern Nigerian people, the region where you come from. It would be wiser and more beneficial for you to prioritize your focus towards championing the course of alleviating the pressing socio-economic challenges ravaging the people in the North.
“This tax reform, in its current form, threatens to exacerbate the burdens of businesses and families in Northern Nigeria—that are already struggling to survive due to inconsistent power supply and un-friendly government policies which have been crippling the economy and growth of Northern Nigeria.
Lobbyists
“Northern Nigeria requires only the leaders who could speak in the interest of the region, not hired lobbyists and agents of destruction, who would do everything to misguide and deceive their people for some cheap political gains.
“We wish to inform you that the Northern Youth Assembly is highly disappointed in you and your cohorts for accepting to be engaged to destroy the north and its future.
“We are committed to fighting this course with our last drop of blood and to expose you and your likes, who are ready to auction the North and its future, as we could no longer trust and surrender our destiny into the hands of political merchants, betrayers and political hypocrites.
“The proposed Tinubu Tax Reform Bill is evil and that was the reason the National Economic Advisory Council and Northern governors rejected the bill in the first place, while people like you are trying to justify what is wrong in its totality to cash on the situation for some cheap political gain.
“We wish to finally advise you to change your ways before the entire people in the North, old and young, children and women are mobilised to place their curse on you.’’ https://www.vanguardngr.com/2024/12/tinubu-tax-norths-anger-grows-as-youths-attack-deputy-senate-president/
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| Politics › Pure Water Is Now N400 Per Bag From Factory In Ajah Axis! by treesun(op): 10:57pm On Nov 30, 2024 |
Pure Water is Now N400 Per Bag from factory in Ajah Axis!
Tinubu destroying Nigeria per day! |
| Politics › South East: Black Spots Revealed Where Gunmen Reign, Security Men Focus On Extor by treesun(op): 8:22am On Nov 30, 2024 |
Many communities across the five South East states have security issues, and as a result, people no longer travel to their villages for ceremonies, including burials and weddings. The situation became worse Many communities across the five South East states have security issues, and as a result, people no longer travel to their villages for ceremonies, including burials and weddings. The situation became worse shortly after the arrest and detention of the leader of the Indigenous People of Biafra, IPOB, Mazi Nnamdi Kanu by the Department of State Service, DSS. It started with the declaration of sit at home every Monday, during which IPOB members and the Republic of Biafra agitators force the entire people of the South East to remain in their homes. Those who disobeyed were either shot dead or maimed if they dared step out of their houses. Several police formations in the zone were set ablaze by the Biafra agitators, apparently to drive home their point that they wanted Nnamdi Kanu released without conditions. As security operatives battled these agitators, the insurgents went underground and ended up in the thick forests in many communities from where they were wreaking havoc on the people. That was the beginning of the emergence of the unknown gunmen in the region. In Anambra, for instance, the gunmen set up abodes in Amichi, Ukpor, Iseke, Azia, Orsumoghu, Lilu, Ubuluisiuzor and other places which have become no go areas. There are also gunmen camps across Ose Akwa River in Ihiala, Anaku in Ayamelum, Ukwulu and Nawgu in Dunukofia and many other places. These forests have also doubled as detention camps for kidnappers and those who were unfortunate to find themselves in these camps have had terrible stories to tell. Due to the activities of the gunmen, the 35 kilometers stretch of road from Amichi through Ukpor, Orsumoghu, Mbosi to Isekke had, for the last three years, become a no – go area for civilians and even security operatives. Before the road became desolate, there used to be no fewer than six police checkpoints along the road, but the security men have all run away and relocated to safer areas where they extort motorists with reckless abandon. In Abia State, the Umunneochi axis harbours one of the most dreaded camps . The surprising thing is that there is a military checkpoint close to the insurgents’ den, and often times, kidnappers pass through the checkpoints with their victims without molestation. In Imo, the criminals are also believed to operate from Okigwe/Ihube forest which shares border with Umunneochi and Uturu in Abia State. Before the launch of Operation Flush, Lokpanta axis near the Regional Cattle market also used to be a serious hot bed, but calm has since returned to the region. However, the boundary between Abia and Enugu State near Better Life Market/ Awgu/Isiagu border line still witnesses occasional incidents despite multiple security checkpoints along the corridor. Recently, criminals suspected to be bandits were robbing travelers in the evening hours just at the Awgu/Lokpanta boundary on the Enugu Port Harcourt expressway while security agents mounted roadblocks around Lekwesi junction. Some kidnappers are suspected to be operating from Ngwa axis but their victims are said to be kept in peoples’ houses. It is also known that kidnappers occasionally strike around Umuahia area and cross into Abia from Imo State, via Mbaise -Umuahia road. Between Enugu and Onitsha through Awka, there were 16 checkpoints at the last count and seven of them were manned by soldiers. At these checkpoints manned by soldiers, civilians were being used to extort money from commercial drivers. The question many people ask is, why have security operatives not been able to dislodge the insurgents in these forests and blackspots? The immediate past Commissioner of Police in Anambra State, Mr. Aderemi Adeoye said the reason was because government would not want to jeopardize the safety of innocent people living in those communities. Adeoye said: “You know this is like guerilla warfare and not a conventional war. The Federal government has exercised a lot of restraint in dealing with the problem, and security operatives have been urging the insurgents not to push their luck so far because patience has a limit. Up till now, we have not used air strikes, Why? Because we are concerned about the safety of the innocent people there. We don’t want collateral damage. But if their existence there will make life meaningless to the innocent people, then government would have been pushed to the wall to go all out and take them out, in order to secure the people who have become canon-folder in their hands. “Security operatives are working to gradually reclaim all these areas that the insurgents have turned into their hideouts because they are natural forests, harsh topography, difficult terrains and others. The criminals take refuge in such places and launch attacks from there, but now it is very difficult for them to launch such attacks and come out alive. Attacks have been checked to a reasonable extent. I will give you an insight; they plant landmines around those camps and also use rocket propelled grenade launchers. These are war materials and we are not at war. “ An indegene of Lilu, one of the black spots in Ihiala local government area, Mr. Cletus Nwakire, who said he has not been able to travel to his community for the past three years because of the activities of the insurgents, wondered why it is difficult to drive the hoodlums from the forests. “ Sometimes I feel that the inability of security operatives to curb our area of the insurgency is deliberate. How can people who did not have military training be more powerful than the soldiers? “I believe that if the security operatives decide to flush out these people from the forests, they can do it within one week. As it stands, our people can’t go home and all the communities along that axis have been deserted.” The Coalition of South East Youth Leaders, COSEYL, has advocated the deployment of helicopters and drones for aerial surveillance of the black spots to curb the disturbing insecurity in the South East region. President General of COSEYL, Comrade Goolldluck Ibem said that security agencies should regularly conduct aerial surveillance of the various black spots in the South East, using intelligence they gather from such mission. Before and shortly after the inception of the current administration, Umunneochi —Isuikwuato axis used to be a hot bed for criminals especially kidnappers and bandits who operated with impunity around the area. But after the launch of a special security operation codenamed Operation Flush, by Gov. Alex Otti, insecurity in the entire state has drastically reduced although there are pockets of occasional incidents. It is believed in the security circle that most of the kidnapping incidents in the state were perpetrated by cross border criminals who operate from outside the state. Sometimes, the criminals are suspected to operate from forests in the neighbouring Imo State especially around Imo River corridor where soldiers had a shootout with the hoodlums recently. https://www.vanguardngr.com/2024/11/south-east-black-spots-revealed-where-gunmen-reign-security-men-focus-on-extortion-on-highways/ |
| Politics › Re: NCC To Announce New Tariff Plans For Telecommunications Industry On December 13 by treesun(op): 8:16am On Nov 30, 2024 |
Nlfpmod! |
| Politics › NCC To Announce New Tariff Plans For Telecommunications Industry On December 13 by treesun(op): 9:13am On Nov 29, 2024 |
The new tariff plans are expected to be announced by December 13, 2024. The Nigerian Communications Commission (NCC) has announced plans to reveal a new tariff for the telecommunications industry. The new tariff plans are expected to be announced by December 13, 2024. This position was communicated by the Executive Vice Chairman of the commission, Dr Maida Waida, at an interactive session in Abuja where he was represented by the Director of Public Affairs, Reuben Muoka. “On December 13, 2024, a new tariff plan will be announced against the old date of October 27, as announced. We have gotten stakeholders to make inputs. “At the end of completing the exercise, a limit has been giving to the operators. With this, no operator is expected to have more than seven tariff plans. “We believe that this measure will bring some kind of relief to telecom consumers and will eliminate misconception on the use of data and airtime.” “The commission has been carrying out awareness campaign on this through adverts and advocacy to a large extent.” The commission also played down the complaint on data depletion by telecoms customers. “On data depletion complaints by consumers, the NCC boss said, the commission has carried out a deep dive on this and mandated operators to engage a reputable audit firm and after the exercise, it found out that there is a wrong perception about data depletion.” “What consumers must know is that usage of data is not same on every Android phone.” “As a consumer-centric regulator, the commission has embarked on public awareness on this for consumers to have better understanding of their data depletion.” The commission also directed telecommunications companies to update their contact details before January 9th. “This directive aligns with the NCC’s efforts to enhance regulatory processes, improve industry oversight, and strengthen Nigeria’s telecommunications sector.” https://saharareporters.com/2024/11/29/ncc-announce-new-tariff-plans-telecommunications-industry-december-13 |
| Politics › PH Refinery: NNPC Loaded Old Stock, Not Fresh Products– Host Community Secretary by treesun(op): 3:54pm On Nov 28, 2024 |
PH Refinery: NNPCL loaded old stock, not fresh products – Host community secretary
The Secretary of the Alesa community stakeholders, Timothy Mgbere, has alleged that the petroleum products loaded from the newly rehabilitated Port-Harcourt Refinery were not freshly refined but products left in the storage tank of the facility in the last three years.
He also alleged that the refinery only loaded six trucks on Tuesday despite stating that 200 trucks would be picked up from the refinery daily.
Mgbere made these revelations during his appearance as a guest on Arise TV, which was monitored by our correspondent on Thursday.
Alesa, one of the 10 major communities in Eleme, Rivers State, is the host community of the Port-Harcourt Refinery.
On Tuesday, the 60,000-capacity Port-Harcourt Refinery resumed operations after years of inactivity, drawing initial praise from Nigerians and industry stakeholders.
The NNPC said the newly rehabilitated complex of the old Port Harcourt refinery, which had been revamped and upgraded with modern equipment, is operating at a refining capacity of 70 per cent of its installed capacity.
NNPC added that diesel and Pour Fuel Oil would be the highest output from the refinery, with a daily capacity of 1.5 million litres and 2.1 million litres, respectively.
This is followed by a daily output of Straight-Run Gasoline (Naphtha) blended into 1.4 million litres of Premium Motor Spirit (petrol), 900,000 litres of kerosene, and low-pour fuel oil of 2.1 million litres.
It was stated that about 200 trucks of petrol would be released into the Nigerian market daily.
But speaking during the interview, the secretary described the ceremony held as a “party”, stressing that the full units of the old complex are not functional.
He said, ”The Port Harcourt refinery, and by extension, the Port Harcourt depot, happens to be the mainstay of the Alesa community economy, the economic activities emanating from the operations of these depots means a lot to us as a community people, but as it were, now, I don’t think it’s a cause for celebration yet, because what we are having in the media space is different from what we have on the ground.
“I can tell you on authority as a community person, that what happened on Tuesday was just a mere show at the Port Harcourt depot,
“A mere show in the sense that the Port Harcourt refinery, we call it area five, that is the old refinery, is merely in skeletal operation.
“When I say skeletal, I mean that some units of the refinery were recently brought up and are running, but not the entire unit of the old refinery is functional, as we speak.
“I will give them the credit that at least they have started something, but not to say, according to the Head of Corporate Communication of the NNPC limited, Femi Soneye, like it is in the media that they are already producing 1.4m barrels per day. That’s not the case. That’s not true.
“It’s a very big, I don’t want to use the word lie, but as an agency that is holding the oil industry on trust for Nigerians, they shouldn’t put out some of this information that is not true.”
He added, The true picture of what happened on Tuesday is that the NNPC has been under pressure to televise to Nigerians that everything is okay and then that the old refinery has started functioning.
“I can tell you that the GMD, or the CEO of the refinery, was in Port Harcourt since Monday; the other MDs were also in Port Harcourt. The MD of Port Harcourt refinery and those heading the operations department didn’t sleep through the night of Monday to Tuesday because of this whole event they had on Tuesday.
“What is the true picture? The Old Port Harcourt refinery is built with its utilities, different from the new complex. The tank farm that is servicing the Old Port Harcourt refinery has a different loading gantry at the depot.’
He added that NNPCL only dispatched six trucks on Tuesday, relying solely on the existing stock at the Port Harcourt Refinery.
He further stressed that the refinery is not producing 1.4m barrels of litres of petrol per day and urged the NNPCL to stop putting out false information to deceive Nigerians.
Continuing, he said, “The party they had on Tuesday was held at the new loading gantry that is directly connected to the new refinery. And so, how does that work? It is impossible.
“They went there because the storage facility for the old refinery had some stock, old stock that has been there for over three years.
“And so what they had, they released that stock, and then loaded six trucks and then televised it to Nigerians that it is the production from the old refinery. That’s not true.
“And so I like Nigerians to know the truth, but they don’t need to believe me, because Nigerians, no matter how you paint the true pictures to them, they get sentimental. They get tribal. They want to whip some sentiment and all that the product that was loaded. But let it be on record that it was only six trucks that they used to calibrate the new loading gantry. The product was not a new refined product from the old refinery.” https://punchng.com/ph-refinery-nnpcl-loaded-old-stock-not-fresh-products-host-community-secretary/
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| Politics › Gunmen Attack Innoson Company Showroom In Anambra State, Abduct Three Persons by treesun(op): 11:01am On Nov 27, 2024 |
Ikenga said that the police had launched a joint security forces offensive operation for possible rescue of the abductees and arrest of the abductors.
The Anambra State Police Command has confirmed a gunmen attack and abduction of three persons at the motorcycle showroom of the popular Nigerian vehicle producer, Innoson Vehicle Manufacturing in Nnewi, Anambra State.
The Public Relations Officer of the Command, SP Tochukwu Ikenga, who made this known in a statement issued in Awka, the state capital, said that the incident occurred at the company’s showroom located along Owerri Road, Nnewi at 6:45 pm on Tuesday.
Ikenga said that the police had launched a joint security forces offensive operation for possible rescue of the abductees and arrest of the abductors.
He said, “The Police Command is determined and is already working with information obtained from the scene for the ongoing rescue operations.
“The Command also urges residents or anyone with useful information that will aid the investigation to come forward to the Command headquarters, Awka, or the nearest police station." https://saharareporters.com/2024/11/27/gunmen-attack-innoson-company-showroom-anambra-state-abduct-three-persons
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| Travel › Dana Passengers May Not Get Unused Tickets’ Refund Soon – NCAA by treesun(op): 8:20am On Nov 27, 2024 |
The Chief Executive Officer of Dana Air, Jacky Hathiramani, has travelled out of Nigeria without paying hundreds of Nigerians, both passengers and staff members their refund for unused tickets and wages respectively.
In April 2024, Dana Air was grounded due to safety concerns after skidding runway 18L at the Murtala Muhammed Airport in Lagos.
Dana had recorded a series of incidents and was finally grounded after the Nigeria Civil Aviation Authority said its last incident raised concerns regarding the safety and financial viability of airline operations.
Since its suspension, both staff members and passengers have turned social media into a protest ground as many of them have at different times called for help from the Minister for Aviation and Aerospace Development, Festus Keyamo, in getting their refunds.
The staff members have also staged a physical protest by shutting the entrance gate to the airline’s head office in Lagos.
Reacting in an exclusive interview with our correspondent on the refusal of airlines to make refunds for unused tickets, the Director of Public Affairs and Consumer Protection of the NCAA, Michael Achimugu, hinted that the owner of Dana Air had left the country.
When asked what will be the fate of hundreds of passengers and staff members being owed by the airline, Achimugu said nothing could be done as regards that at the moment.
“For Dana Air, they can’t pay any refund now, because Dana was suspended for poor financial health. That is the situation with Dana Air. And the owner has left the country and it is not our duty to chase him outside the country. I have summoned the airline twice, the owner has left the country and he has fired almost all of his staff. So, for now, there is really no one in the airline that we can hold responsible.
“The case is, If I owe you money and you reported me to the police and I was detained and beaten, if I don’t have the money there will be nothing that can be done and that is the scenario with Dana at the moment.” https://punchng.com/dana-passengers-may-not-get-unused-tickets-refund-soon-ncaa/
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| Politics › Re: Fabricated Figures’ — NLC Tackles NBS On Unemployment Rate Report by treesun(op): 8:18am On Nov 27, 2024 |
This data is not right! |
| European Football (EPL, UEFA, La Liga) › Re: Manchester City Vs Feyernord: UCL (3 - 3) - On 26th November 2024 by treesun(op): 8:16am On Nov 27, 2024 |
Mancity fallen like packs of cards! |
| Politics › Re: Fabricated Figures’ — NLC Tackles NBS On Unemployment Rate Report by treesun(op): 11:54pm On Nov 26, 2024 |
Nlfpmod, pure propaganda! |
| European Football (EPL, UEFA, La Liga) › Re: Manchester City Vs Feyernord: UCL (3 - 3) - On 26th November 2024 by treesun(op): 10:30pm On Nov 26, 2024 |
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| Politics › Only Old Port-harcourt Refinery Is Operational And Turning Out Blended Gasoline by treesun(op): 10:15pm On Nov 26, 2024 |
Soneye said that the old Port Harcourt Refinery is currently operating at 70% of its installed capacity, and that it produces Straight-Run Gasoline (Naphtha), blended into 1.4 million liters of Premium Motor Spirit (PMS), popularly known as petrol daily. The Nigerian National Petroleum Company Limited (NNPCL) has confirmed SaharaReporters’ exclusive reports that only the old Port Harcourt Refinery in Rivers State is working and the refinery is not trucking out PMS (known as Petrol) but blended gasoline. The NNPCL made the confirmation in a statement issued by its Chief Corporate Communications Officer, Olufemi Soneye. Soneye said that the old Port Harcourt Refinery is currently operating at 70% of its installed capacity, and that it produces Straight-Run Gasoline (Naphtha), blended into 1.4 million liters of Premium Motor Spirit (PMS), popularly known as petrol daily. SaharaReporters earlier reported that top sources in the know of the operation of the refinery revealed to SaharaReporters that NNPCL was not trucking out PMS from the Port Harcourt Refinery as the company claimed on Tuesday. SaharaReporters had been informed that the NNPCL instead bought "Cracked C5 petroleum resins" and blended it with other products including Naphtha to sell to the Nigerian public as though the refinery processed it. Top sources familiar with the activities of the company and the state of the refinery had also told SaharaReporters that the claim of trucking out PMS from the reopened refinery was a lie. The sources had earlier said, “The plant is running but it is the old one of 60,000bpd capacity but you can’t get PMS from it except diesel. The part that produces PMS is yet to start." Speaking further with SaharaReporters, a top source in the refinery had said, "If you hear they are trucking out PMS from the depot, know it is a lie. They bought Crack C5 from Indorama company in Port Harcourt and blended it with Naphtha to sell to the public.” The source added, “Cracked 5 is modified petroleum resins.” Confirming SaharaReporters’ stories, Soneye in a statement on Tuesday evening, said, “The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd.) express heartfelt appreciation to Nigerians for their support and excitement over the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery. “This achievement marks a significant step forward after years of operational challenges and underperformance. “We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products. “For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%. The refinery is producing the following daily outputs: “Straight-Run Gasoline (Naphtha): Blended into 1.4 million liters of Premium Motor Spirit (PMS or petrol); Kerosene: 900,000 liters; Automotive Gas Oil (AGO or Diesel): 1.5 million liters; Low Pour Fuel Oil (LPFO): 2.1 million liters; Liquefied Petroleum Gas (LPG): Additional volumes.” Soneye added, “It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications. “Blending is a standard practice in refineries globally, as no single unit can produce gasoline that fully complies with any country’s standards without such processes. “Additionally, we have made substantial progress on the new Port Harcourt Refinery, which will begin operations soon without prior announcements." https://saharareporters.com/2024/11/26/nigerian-petroleum-company-nnpcl-confirms-saharareporters-stories-only-old-port-harcourt |
| Politics › Fabricated Figures’ — NLC Tackles NBS On Unemployment Rate Report by treesun(op): 3:16pm On Nov 26, 2024 |
The Nigeria Labour Congress (NLC) has challenged aspects of the National Bureau of Statistics (NBS) report.
On Monday, the NBS said the country’s unemployment rate decreased to 4.3 percent in the second quarter (Q2) of 2024, compared to the 5.3 percent recorded in Q1 2024.
The report also said the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 percent in Q2 2024.
According to Punch, Chris Onyeka, the national assistant general secretary of the NLC, criticised the report and described it as a “voodoo document” that fails to reflect the stark realities Nigerians face daily.
Onyeka said the figures are a “fabrication designed to mislead the public”, adding that the data was inconsistent with the deteriorating economic landscape.
“Unemployment cannot be coming down in Nigeria when factories are closing shops,” he said.
“It cannot be coming down when there is increasing inventory and reduced consumer spending. If anything, unemployment is increasing.”
He questioned the methodology behind the report, describing it as a “figment of imagination concocted by people who want to manipulate figures”.
He also challenged the NBS to substantiate its claims by identifying the sectors supposedly generating jobs.
“Once data does not reflect reality, it loses relevance. Unfortunately, the NBS has lost credibility as a result of the data they continue spewing out,” he said.
“Where are the jobs coming from? Is it from employers who are complaining of consumer resistance and slowing economic activities? It doesn’t add up.
“The truth remains: the NBS has become a failed institution, much like INEC in the eyes of the public.” https://www.thecable.ng/fabricated-figures-nlc-tackles-nbs-over-unemployment-rate-report/
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| Politics › CBN Increases Interest Rate To 27.5% by treesun(op): 2:24pm On Nov 26, 2024 |
The Central Bank of Nigeria, CBN, has raised the monetary policy rate, which measures the benchmark interest rate, to 27.25 per cent.
This followed the meeting of the Monetary Policy Committee (MPC) meeting.
Details coming. |
| European Football (EPL, UEFA, La Liga) › Manchester City Vs Feyernord: UCL (3 - 3) - On 26th November 2024 by treesun(op): 11:39pm On Nov 25, 2024 |
Manchester City vs Feyernord 26-11-2024 21:00 |
| Politics › Re: NUPRC Says 1.5million Oil Barrels Produced Daily In Oct. Lowest In 3 Months by treesun(op): 11:37pm On Nov 25, 2024 |
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| Politics › Re: NUPRC Says 1.5million Oil Barrels Produced Daily In Oct. Lowest In 3 Months by treesun(op): 9:09pm On Nov 25, 2024 |
Nlfpmod! |
| Politics › NUPRC Says 1.5million Oil Barrels Produced Daily In Oct. Lowest In 3 Months by treesun(op): 2:08pm On Nov 25, 2024 |
A review of data from the Nigeria Upstream Regulatory Commission (NUPRC), has shown that Nigeria produced lowest crude oil per day for last three months in the month of October.
According to the data, in the month of October, the daily crude oil production stood at 1.533 million barrels per day (including blended condensate and unblended condensate).
The daily production in October is the lowest in three months.
The production in September stood at 1.54 million daily while that of August stood at 1.57 million daily.
This is despite the claims of the Nigerian government that the daily crude oil production had reached 1.8 million barrels daily, with claims that the country would soon hit 2 million barrels benchmark.
As of September, the country recorded 1.3 million crude oil production per day (1.5 million if blended condensate and unblended condensate are added).
The highest production was in January 2024, when 1.4 million barrels were recorded (1.6 million if blended condensate and unblended condensate) were added.
The data shows that the country was unable to meet its 1.78 million target for 2024, despite its new claim of producing 1.8 million barrels per day.
While the country may be banking on its devaluation of naira as part of strategy for increased revenue, the country is historically poor in terms of revenue in tandem with budgeted estimates.
Nigeria has been unable to meet its own target for crude oil production, blaming vandalism and poor pipelines for development. https://saharareporters.com/2024/11/25/nigerian-upstream-commission-nuprc-says-15million-oil-barrels-produced-daily-october
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| Politics › Re: Nigeria Saves $20 Billion By Removing Subsidies – Wale Edun by treesun(op): 9:19pm On Nov 24, 2024 |
Nlfpmod, can you see the effect! |
| Politics › Nigeria Saves $20 Billion By Removing Subsidies – Wale Edun by treesun(op): 3:47pm On Nov 24, 2024 |
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has announced that the country has saved $20 billion by abolishing the petrol subsidy and adopting market-based foreign exchange pricing.
Edun made this disclosure at an event in Abuja marking the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation.
“An amount of five percent of GDP is what those two subsidies were costing,” Edun stated. “When there was a subsidy on PMS and on foreign exchange, they collectively cost five percent of GDP. Assuming GDP was $400 billion on average, five percent of that is $20 billion—funds that could now go into infrastructure, health, social services, and education.”
Why we abandoned our respective businesses to take up keke riding — Mr & Mrs Akinbo0:03 / 1:00
He further explained that the savings are being redirected into developmental projects: “The real change is that no one can wake up and target cheap funding or forex from the central bank to enrich themselves without adding value. Similarly, profiteering from the inefficient petrol subsidy regime is no longer possible.”
President Bola Tinubu officially ended the petrol subsidy regime on May 29.
Despite this, on August 19, the Nigerian National Petroleum Company (NNPC) Limited disclosed that the federal government owed ₦7.8 trillion for under-recovery, contradicting earlier denials of any subsidy reintroduction. https://www.vanguardngr.com/2024/11/nigeria-saves-20bn-by-removing-subsidies-wale-edun/
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| Politics › Why Nigerians Are Getting Poorer, By Dele Sobowale by treesun(op): 9:18am On Nov 24, 2024 |
BUDGETS 2022 – 2025
Year Budget #Tn Exchange Rate Budget $bn
2022 17.13 #420 / $ 41.76
2023 21.83 #434 / $ 50.11
2024 28.78 #800 / $ 35.97
2025 47.90 #1400/ $ 34.14
2025 Budget Warning
…‘this is a political document, it can’t be implemented’
“Behind the facts of economics are the facts of psychology… The emotions of fear and confidence, the judgments of doubts and certainty constitute a very important medium through which we see economic values” – Arthur S Dewing, Harvard Business Review, 1923.
WHY NIGERIAN BUDGETS OFTEN FAIL
“Whatever a man prays for, he prays for a miracle; every prayer reduces itself to this; Great God, grant that twice two be not four” – Ivan Turgenev, 1818-1883, VANGUARD BOOK OF QUOTATIONS, VBQ, p 198.
Experiential Learning: Building the Wealth of The Nation
No federal or, as far as I know, state budget since 1999 has been successfully implemented as written by the president or governors and approved by the lawmakers in Abuja and the states – for one cardinal reason. Almost invariably, they are at best prayers by the Chief Executive Officers (CEOs), rubber-stamped by the legislative branch; and nobody monitors execution from the start to the finish.
Occasionally, the CEO returns to request for supplementary budget approval; receives it without anybody among legislators asking questions about projects which were slated for the year.
The over 70,000 abandoned projects littering Nigeria, representing monumental waste of public funds are emblematic of the failure of democracy in Nigeria. Neither the executive nor the legislative branches had served the people well.
Annual budgets often fail because they constitute more of political gamesmanship than economic plans. To begin with, under civilian governments, since 1999, no budget presentation had started with a review of the current year’s performance.
Yet, every adult should know that the present situation is a result of choices made in the past; and it will influence the possibilities available tomorrow. Having failed to deliver on most of their promises, the CEOs ignore the results; present a new year’s budget as if the nation or state is starting on a clean slate without a lot of baggage from the past.
Nobody needs to be an economist to realise that this is self-deception.
RECURRENT FAILURE OF BUDGETS SINCE 1999
Insanity has been defined as doing the same thing over again and expecting a different result.
After Obasanjo’s first two years in office, no Nigerian president should have got into the trap of treating the annual budget as a political document; instead of a framework for economic development and social advancement.
That sense of responsibility would always dictate that the framers of the budget be as truthful as possible in their projections.
Furthermore, they should always admit it when they fail and set about finding out the reasons for failure. The lessons learnt would help subsequently to achieve better results.
Two examples of wishful thinking pervading budgeting at the federal level will help to illustrate the point.
Every budget, since 2009, had been based on the assumption of 2.3 million barrels per day, mbpd, of crude oil produced and exported.
Yet, records easily available to governments since then would prove beyond reasonable doubt that Nigeria has been producing, for export, approximately 1.4mbpd virtually every year.
The records for 2022, 2023 and now 2024 have not altered the pattern.
Yet, despite the overwhelming evidence, the budget for each year had been based on 2.3mbpd. Consequently, the budget each and every year was based on predictable negative dollar revenue variance – which would later result in three other shortfalls. One, lower than expected dollar supply will impact exchange rate negatively; the naira will depreciate further. Two, budgeted aggregate deficit will be exceeded. Aggregate revenue would fall below expectations; unless the currency is devalued and inflation rate increases.
The Nigerian economy has been suffering from all these budgetary miscalculations for 25 years; and we are about to enter a new year without altering our approach to budgeting.
Who, for instance, believes that exchange rate will decline to N1400/$; or that inflation will come down to 15.8 per cent – when at the end of November, we are experiencing N1690/1740/$ exchange rate and inflation now racing towards 33.50 per cent?
Commonsense, which obviously is not common among our political leaders, would indicate that the starting point of a good budget is to ask and answer the following questions: Where were we before? Where do we stand now? How did we get here? Where would the next budget take us as presented? Is this where we should be? If not, what must we do differently to improve on performance in the coming year?
BUDGETS 2022-2025: COMPARATIVE SUMMRY
“A picture is worth a thousand words”, we have been told.
A table can sometimes be worth more than ten thousand words.
That is the reason for leading off with the table. More analysis will follow.
The table below helps Nigerian to quickly understand the trend for four years.
WHY NIGERIANS ARE GETTING POORER
BUDGETS 2022 – 2025
Year Budget #Tn Exchange Rate Budget $bn
2022 17.13 #420 / $ 41.76
* 2023 21.83 #434 / $ 50.11
2024 28.78 #800 / $ 35.97
2025 47.90 #1400/ $ 34.14
* The 2023 Budget was the most dishonest in history.
By November 2022, the exchange rate at the parallel market was already close to #700 / $.
Nigeria was heading for economic decline when global crude oil prices tumbled from over $120 per barrel during Yar’Adua/Jonathan administrations.
Our stubborn refusal to diversify the economy, insist on adequate power supply, promote agriculture and agro-allied industries, scrap the unproductive four refineries and deregulate the petroleum sector – until too late – have left us with a fragile manufacturing sector.
By 2014, crude oil price had fallen to under $80; by the time Buhari took over in 2015, it was less than $60. Furthermore, production had gone from 1.7mbpd to under 1.5mbpd.
The cumulative impacts of low crude prices and low output led to the recession of 2016; from which the nation has not recovered.
On the contrary, the situation has become worse. President Bola Tinubu might not realise it, but, the proposed budget for 2025 indicates that, even at N1400/$, recovery is not in sight; at N1690/$ the expectation drops to $28.40bn.
POPULATION AS A FACTOR IN POVERTY ALLEVIATION
Nigeria is one nation which has defied the Malthusian theory regarding the relationship between population and food production.
Perhaps population decline will come later.
But, working within shouting distance of a Children’s Hospital would suggest that the noticeable decline in food production in the last two years had no impact on child birth.
All the new baby cots are still occupied – with some sleeping on blankets on the floor.
The outlook gets more depressing if population growth, 6 million additional Nigerians, and higher inflation are factored into the consideration. Population growth will certainly reduce per capita GDP – with grave implications for investments. Nigeria, once regarded as a country with great market potential, is being gradually downgraded.
The 2025 Budget is unlikely to change the outlook.
Furthermore, there is a direct linkage between economic growth, population growth and poverty levels.
Since 2014, Nigeria’s Gross Domestic Product, GDP, has not in any year exceeded its population growth despite budgetary projections.
The 2025 Budget, like all the others before it, assumes 4.6 per cent growth for the year.
Given all the obvious in-built negative variances likely to occur in aggregate revenue, exchange rate expectations, debt servicing, and foreign direct investments, among others, few economic and financial analysts believe that the target will be achieved.
This brings us back to Dewing’s observations about “emotions of fear and confidence, the judgments of doubt and certainty”.
For any economy to achieve over 4 per cent GDP growth in any year, its manufacturing sector must be convinced by the government.
Right now, Nigeria’s manufacturers remain sceptical. Here is why.
PROSPECTS FOR MANUFACTURING SECTOR
“An economy can only be as strong as its manufacturing base” – Akio Morita, Harvard Business Review, May-June, 1992.
While the Minister of Finance and Coordinating Minister, Wale Edun, expectedly claims that the nation’s macroeconomic environment is now stable, the Manufacturers’ Association of Nigeria, MAN has a different view.
According to Segun Ajayi-Kadir, the Director General of MAN, “It is evident that the expected relief from the negative impacts of the reform is yet to fully kick in. We are already seeing an escalation of those factors as the floating of the exchange rate has not brought the expected stability, petroleum products costs are rising and inflation remains stubborn despite increasing interest rates.”
Given the divergence of views between the FG and manufacturers, it is obvious that the private sector will act based on its fears and doubts.
They (manufacturers) have a major reason to be apprehensive.
Unsold finished goods are piling up everywhere. Some companies are sitting on four to six months stock of goods with expiry dates drawing near. Manufacturing has crawled almost to a stop.
Many will not start 2025 in a bullish mood.
Paradoxically, the increasing price of products reduces aggregate demand; that curtails production and raises cost of production – leading to another round of price increase.
Coca-cola, which, in January, retailed for N250 is now N500 or more.
It is not clear if the elasticity of demand will not eventually result in total collapse of some brands and the companies marketing them.
PETROLEUM AND FOREX: THE TWO ELEPHANTS IN THE ROOM
“You can get in more trouble with good ideas than bad ones; it is so much easier to push a good idea to excess” – Ben Graham, VBQ p 97.
Two good ideas got us into more trouble than before – fuel subsidy removal and floating exchange rate. Tinubu committed a great blunder by acting too prematurely on the two issues.
Because, in every corrupt country, any attempt to wipe out corruption is an affront to those who benefit from the corruption, the new president should have first investigated and found out, who were the beneficiaries of fuel subsidy payments as well as favourable exchange rate allocations from the Central Bank of Nigeria; and how much each of the economic parasites had swallowed.
Then, he would have known those likely to sabotage his reform.
Nigeria’s four refineries did not all pack up because they were beyond repairs.
Saboteurs wrecked them in order to import fuel. Similarly, crude oil theft was not just a matter for small time crooks stealing crude for their crude refineries.
A former governor of an oil producing state, of the 1999-2007 class, suspecting foul play, hired international detectives to monitor crude shipments from his state.
He discovered that more crude was being shipped from Nigeria than the quantities delivered in Europe. He reported his findings to the appropriate authorities. The response was a death threat – if he did not mind his business!!!
Tinubu erred by not first identifying his real opponents in this contest of wills.
That was the major cause of the failure of his reform agenda so far.
Unless the FG steps backwards and find out who were the major beneficiaries of fuel and foreign exchange corruption, he will continue to labour in vain.
There are still serious doubts about the basic assumption in the budget.
Even if Nigeria can produce 2mbpd of crude per day from January next year, it is unlikely that the global demand will be there.
Again, several unavoidable facts dictate caution.
One, the GDP growth of the two largest economies – USA and China – is expected to slow down and reduce global demand for oil.
Two, all the car and truck manufacturing nations are driving furiously away from fossil fuel.
Acceleration of the transformation to renewable energy sources – solar, hydrogen, wind, ammonia – is certain based on the investments and national positions being taken now.
Even Saudi Arabia, the world’s largest oil exporter, is now investing massively in hydrogen plants.
Three, the Organisation of Petroleum Exporting Countries, OPEC, is no longer the dominant power block in global crude trade.
More countries have discovered oil and want to supply what is left of a shrinking market.
Nigeria’s current quota is 1.7mbpd; it is unlikely that OPEC will increase the quota with the possibility of oil glut in view.
Anyway you look at it, the budget, based on shaky crude oil production and export foundations, is on very slippery grounds.
WHAT CAN NIGERIANS REASONABLY EXPECT?
“A salad bowl of illusions”, that was how George Santayana, 1863-1952, American philosopher and poet, described certain government proposals which he knew would never yield the desired results.
Annual budgets by Nigerian governments have become a ritual presentation of the same bowls of stale salad which even the framers know will never be implemented.
This is another one.
Like all the previous budgets, the 2025 Budget will start generating negative variances from January 1; and it will never be implemented.
For the first time, nobody is claiming that the budget is good, the only problem is implementation. Even the Yes-men of governments are tired of failed budgets. https://www.vanguardngr.com/2024/11/why-nigerians-are-getting-poorer-by-dele-sobowale/
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| European Football (EPL, UEFA, La Liga) › Re: Manchester City Vs Tottenham Hotspur (0 - 4) On 23rd November 2024 by treesun(op): 7:04pm On Nov 23, 2024 |
Mancity wants to make it 5 loss in a row! |
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| Business › Shayi Business Crumbles: Customers Abandon Noodles, Eggs, Milk by treesun(op): 8:47am On Nov 23, 2024 |
Tea selling joints are often regarded as lifesaving places for most bachelors, and to a larger extent, households in times of emergency.
The business, also known as fast food in some quarters and one of the most lucrative in disguise, has kept the pockets of its operators full for decades owing to the numerous services rendered.
Tea lovers, especially bachelors, always patronise the joints in the morning and evening. And most of them are often located by roadsides in makeshift shops where they can be easily seen.
Although they may appear insignificant, some people have made it a habit to visit tea shops as their first port of call in the morning before reporting to work and the last place to visit at night before going to bed. It is mostly a meeting point for friends also to gist before closing for the day.
Bauchi agog in honour of late Sa’adu Zungur
The resilient thread: Funtua’s last standing cotton factory
Establishing a tea vending outlet does not take a fortune as all that is needed are tables, benches, a nice place to boil water or fry eggs, and provisions, including loaves of bread and noodles.
However, with the current economic hardship and the hike in the price of consumables—foodstuff and beverages in the country, the tea selling business is engulfed in a range of challenges with significant threat to its survival in northern Nigeria, where it is much pronounced and practised.
According to the Global Tea Market Size 2018-2026 report by Statista, the global tea market was valued at over $52 billion in 2018 and is projected to rise to over $81 billion by 2026.
When Weekend Trust visited a popular tea vendor, Murtala Muhammad, at the Fagge C area of Fagge Local Government Area, he said the economic downturn in the country was taking a toll on their business.
“Before the economic decline, things were normal and going well, but now, we are facing difficulties in the business.
“Everything we are using is expensive. Before now, I used to buy one and half mudus of sugar, but now, I only buy half. I don’t mix sugar with anything, so it is just to manage it like that.
“For noodles, I used to buy two cartons everyday, but now, I buy half carton. From three crates of egg, it is now half a crate. I used to buy different kinds and flavour of tea bags, like seven of them, but now, it is only three.
“There are no customers now; you will open and sit like that, unlike before when you had to engage more hands to help you. Nobody is buying because there is no money.
“When a customer that was used to eating three eggs, two noodles, tea with milk cannot buy half of that, you know there is a problem. Now, I hardly fry five eggs a day for customers,” Muhammad said.
It was gathered that before now, a cup of tea was N50, but it is now sold at the rate of N150 to N200, depending on the flavour. A sachet of noodles that was sold at N300 is now N500; and one egg that cost N100 is now N300.
Tea lovers who spoke to Weekend Trust lamented that they could no longer afford their favourite meals, so they have been forced to look for alternatives.
Anas Murtala said, “I used to eat eggs, noodles, tea and milk, but now, I buy tea without milk and bread. Before now, I would take tea with milk, beverage, and bread with butter, and noodles with eggs, at least three, but it is no longer so.
“The last time I ate noodles was over five months ago because I can no longer afford it.”
Our correspondent also gathered that while the cost of dishes served at tea joints is threatening the business, vendors are devising various means to maintain their customers.
One of the customers at tea joints, Ibrahim Umar, lamented that he had resorted to eating spaghetti in place of noodles owing to the hike in its price.
“This is where I eat in the evening hours everyday, except when I am out of town.
“It came to a point that I reduced my food to a single sachet of noodles and two eggs, but now, I can’t even do that, I only eat spaghetti. As you are aware, most of the tea sellers are now cooking spaghetti with beans, which is a little bit easier.
“We can no longer eat eggs and noodles; and even spaghetti is not everyday,” he said.
Shamsuddeen Sabiu also said that a tea vendor, Saleh Mai Shayi, had been his companion for years, but he was forced to look for an alternative.
He said, “I was used to eating noodles with eggs in the morning and evening everyday, but I no longer do that. The last time I ate noodles was two weeks ago.
“We now eat spaghetti and drink water. I drive a commercial tricycle, but honestly, it is difficult.”
Bilya Garba also said, “We can no longer eat noodles and eggs and tea with milk the way we used to; we are just managing. Honestly, things have changed and we are now devising other means to keep our stomachs full. As you can see, I am having a combination of cheap things to eat.” https://dailytrust.com/shayi-business-crumbles-customers-abandon-noodles-eggs-milk/
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| Politics › Re: Nigerian Regulatory Agency NERC Tells Electricity Firms To Downgrade Band A Cust by treesun(op): 9:47pm On Nov 22, 2024 |
Nlfpmod! |
| Politics › Nigerian Regulatory Agency NERC Tells Electricity Firms To Downgrade Band A Cust by treesun(op): 2:38pm On Nov 22, 2024 |
Apkeneye added that Discos can only distribute electricity available on the grid, noting that they are helpless when there is no supply to the grid. The Nigerian Electricity Regulatory Commission (NERC) has directed electricity distribution companies (Discos) to immediately downgrade customers in the Band A category if they are unable to deliver the promised 20 hours of power supply daily. Dafe Apkeneye, NERC’s Commissioner for Licensing and Legal, disclosed this during an appearance on Channels Television’s Morning Brief on Friday. “If Discos cannot meet the promised 20 hours for Band A customers, those customers must be downgraded to the appropriate category based on what the Discos can supply,” he said. “The migration process is not optional for customers. Discos must apply for the reclassification and ensure they can consistently meet the supply requirements of Band A customers. If they cannot, they are obligated to downgrade those customers to the correct band,” he added. Apkeneye added that Discos can only distribute electricity available on the grid, noting that they are helpless when there is no supply to the grid. “However, the grid has been stabilized, and we expect supply to improve. If it doesn’t, Discos must take action to downgrade affected customers,” he said. On NERC’s decision to transfer regulatory oversight to state governments, Apkeneye noted that the Nigerian constitution now empowers states to generate, transmit, and distribute electricity within their territories. “States can establish and regulate their electricity markets,” he stated. “The law provides states with exclusive powers over electricity generation, transmission, and distribution within their jurisdictions. This is outlined in the concurrent legislative list,” he added. “We are already seeing states taking steps to build capacity. For instance, Oyo State has issued a notice of intent to establish its electricity market. “Their team has visited the commission, undergone extensive training with international regulatory bodies, and even studied practices in Ghana. States are preparing to take full advantage of these new powers.” Addressing customer complaints, Apkeneye emphasized that NERC has implemented consolidated customer protection regulations to ensure fair redress. “For customers to have their complaints resolved by NERC, they must first lodge the complaint with their respective Disco. “If the Disco fails to respond within a specific timeframe, the customer can escalate the issue to NERC’s consumer forum,” he explained. Apkeneye highlighted that NERC ensures customers receive fair resolutions, including redress for overbilling. “However, when customers bypass meters, we ensure appropriate action is taken against such violations,” he added. https://saharareporters.com/2024/11/22/nigerian-regulatory-agency-nerc-tells-electricity-firms-downgrade-band-customers-if-they |
| Travel › Japa: 1 Of 4 Nigerians Want To Leave The Country – NBS by treesun(op): 8:15pm On Nov 21, 2024 |
The National Bureau of Statistics(NBS), says one out of four individuals between ages 15 years and above would like to leave their communities permanently or at least temporarily.
The NBS said this in its General Household Survey- Panel (GHS-Panel) Wave 5 2023/2024 unveiled in Abuja on Thursday.
The report showed that more men aged 15 years and above wanted to leave their communities representing 31. 2 per cent compared to women at 19.3 per cent.
It said among age groups, 34.5 per cent of people between 20 and 30 years of age would like to migrate.
“This was followed by those between ages 15 and 18 at 26.9 per cent and those between ages 31 and 64 at 25 per cent.
“Among people ages 65 and above, only 6.5 per cent said that they would like to leave their communities.”
The report said that among those who would like to migrate, 35.3 per cent would like to move to Abuja and 26.6 per cent would like to relocate to another country.
The report revealed that those in the Southern zones predominantly reported that they would like to relocate to another country, while individuals in the Northern zones preferred to move to Abuja or another state.
The NBS said that nationally, 45.4 per cent of households had at least one former household member who had relocated within and outside the country.
According to the report, half of those former household members are females.
The report said that marriage was the main reason why former household members had relocated at 28.2 per cent, followed by those who had gone to live with relatives or friends at 21.2 per cent.
“This was followed by those who went to look for/start a new job or business at 14.6 per cent .
It showed that urban households were less likely to have a former household member who had migrated, with a reported share of 37 per cent compared to 49.3 per cent of rural area households.
The News Agency of Nigeria (NAN) reports that the GHS-Panel is Nigeria’s nationally representative longitudinal household survey which began in 2010 and had implemented five waves of the survey.
The panel nature of the data enables tracking household-level changes in critical areas of welfare, work, and socio-economic outcomes over time, yielding insights for policy. https://www.vanguardngr.com/2024/11/japa-1-of-4-nigerians-want-to-leave-the-country-nbs/amp/
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| Politics › Re: Nigeria More Polarised Than Ever After 2023 Election, Tinubu’s Unpopular Reforms by treesun(op): 4:27pm On Nov 21, 2024 |
Nlfpmod! |
| Politics › Nigeria More Polarised Than Ever After 2023 Election, Tinubu’s Unpopular Reforms by treesun(op): 12:58pm On Nov 21, 2024 |
A 2024 report by SBM Intelligence has shown that Nigeria’s economy has continued to worsen.
According to the report, rising food inflation, persistent insecurity across all geo-political zones, and more people falling into extreme poverty have worsened the country’s economy.
Aside from the worsening economy, it was also reported that the country is more polarised than ever after the 2023 elections.
The report described reforms introduced by President Bola Ahmed Tinubu as unpopular.
Listed among the policies is the removal of fuel subsidies which has been noted as leading to worsening living conditions and closure of businesses.
This report comes amid the economic hardship bedeviling Nigerians with worsening inflation such as food inflation, and general inflation.
Already, inflation has hit 33.88%, according to data from the National Bureau of Statistics.
As of August 2024, the number of Nigerians suffering from food insecurity stood at 31.8 million.
Some businesses have also died or left the country due to harsh economic situations.
For instance, 61 companies have reportedly left the country in four years due to the economic situation.
Despite the government's assurances, skepticism surrounds its reform efforts, casting uncertainty over their potential to drive meaningful economic change. https://saharareporters.com/2024/11/21/nigeria-more-polarised-ever-after-2023-election-tinubus-unpopular-reforms-report
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| European Football (EPL, UEFA, La Liga) › Manchester City Vs Tottenham Hotspur (0 - 4) On 23rd November 2024 by treesun(op): 5:41pm On Nov 20, 2024 |
Manchester City vs Tottenham 23-11-2024 6:30pm |
