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PoliticsFuel Scarcity: Major Marketers Blame Thunderstorm by treesun(op): 9:46pm On Jul 05, 2024
Fuel Scarcity: Major Marketers Blame Thunderstorm
Travellers and motorists have been groaning following fuel scarcity across various filling stations in the nation’s capital, Abuja. This is just as the Major Energy…



This is just as the Major Energy Marketers’ Association of Nigeria (MEMAN) blamed the situation on supply chain disruption even as the situation is a little bit calm in Lagos except pockets of long queues at some major filling stations.


Daily Trust findings showed that filing stations of both the independent and major oil marketers within Abuja city and some area councils of the FCT have remained closed without fuel.

A visit by our reporter to some of the filling stations especially where fuel is being dispensed showed that there was a long queue of vehicles and motorcycles waiting to buy fuel.

At AA Rano filling station, Wuse zone 2, there was a long queue of vehicles waiting to refill their tanks, even as some motorists carried gallons to buy the fuel.

Also at Gwagwalada area council, one of the satellite towns in the FCT, our reporter observed that some filling stations remained closed, except Doma filling station, which is located along Secretariat road.



However, some motorists who spoke with our reporter, expressed their frustration over the fuel scarcity which they said posed serious hardship to them.


Our reporter further observed that the fuel scarcity and increase in transport fare has forced many residents, especially civil servants to resort to trekking within the city center of Abuja while some trekked from homes to their working places.

Mr. Ayuba Solomon, a commercial driver, who spoke with our reporter, said the fuel scarcity has forced him to park his car at home.

“In fact, since yesterday being Thursday, I couldn’t bring out my car to pick passengers because many filing stations within the area I reside have no fuel,” he said.

“And even where you see fuel, the liter is high as I can’t afford to buy a liter for N900 per liter, which is almost black market,” he said.

Another motorist, Godwin Emmanuel, who is also a commercial driver plying Abuja- Enugu route, expressed his frustration over the fuel scarcity in Abuja.

He said the resurfacing of fuel scarcity in Abuja, has not augured well for both motorists and travellers, saying the fuel scarcity has compelled him to increase transport fare by 85 percent.


“How do you expect me to fuel at N870 or N900 per liter and expect me not to increase transport fare, if we must tell each other the truth,” he said.

A director of one of the petrol stations, who preferred anonymity, said the resurfacing of fuel scarcity in Abuja, was due to non supply of fuel by NNPCL.

He said being an independent oil marketer, he has always depended on buying from NNPCL, which he said could not get fuel for over a week.

“It is the NNPCL that supplies us fuel but for the past one week, we could not get fuel and the government has failed to tell Nigerians what is responsible for the fuel scarcity,” he said.

He added “And the most annoying thing again is that despite the government secretly paying fuel subsidies, yet the government has failed to supply fuel,” he said.

One of our correspondents also observed long queues at TotalEnergies, Wuse, Zone 3, TotalEnergies by Audit House, Conoil and TotalEnergies, opposite the NNPC Ltd. Towers and all NNPC Ltd. retail outlets.


Along Kubwa expressway, the NNPC Ltd. retail outlets opposite Salbas, Shema, AA Rano and Salbas fuel stations as well as Evergreen station inside Kubwa had long queues.

Black marketers were also seen hawking petrol in jerry cans.

Motorists who spoke with our correspondent, however, lamented the untold hardship the development has caused them.

Musa Aliyu, a commercial driver, said he had to increase his fare for transportation because of the difficulties of getting fuel.

“Getting fuel now is so difficult. Most filling stations are not selling even when you see the ones that are selling, long queues are there,” he said.



Slight queues in Lagos

In Lagos, our correspondent observed slight queues at major filling stations on Lagos Mainland and Island where fuel is sold at the official rate of between N568 and N610.


The long queues were observed at Mobil Filling Station at Bonny Camp; MRS along Ahmadu Bello Way, Victoria Island; among others.

President of the Independent Petroleum Marketers’ Association (IPMAN), Alhaji Abubakar Migandi said he has been inundated with reports of scarcity especially in Abuja, saying he was yet to be properly briefed on the cause of the crisis.



MEMAN blames supply chain disruption

Executive Secretary of Major Energy Marketers’ Association (MEMAN), Clement Isong in a chat with our correspondent blamed the scarcity on supply chain disruption.

He said the recent rainfall across the country, especially in Lagos, made it difficult for trucks to lift products, saying there was a thunderstorm at the depots.

He said, “The supply chain is slower when there is a thunderstorm. 24-hour supply chain disruption means that the stations are dry. During the rainy season, the trucks drive more slowly, they also get stuck when the roads are flooded.”


He however assured that the queues would disappear in a few days’ time, adding, “There is product in Lagos, the product is coming and the product is moving.”

https://dailytrust.com/fuel-scarcity-major-marketers-blame-thunderstorm/
Foreign AffairsRe: Exit Poll: Labour To Win Landslide Victory In UK General Election by treesun(op): 11:13pm On Jul 04, 2024
obi4eze:
Yea. The new PM will meet the King and a new government will be formed.
Very correct!
Foreign AffairsRe: Exit Poll: Labour To Win Landslide Victory In UK General Election by treesun(op): 11:03pm On Jul 04, 2024
obi4eze:
Not the real results though. This is just the exit poll which is a projection of the real results which will be announced by tomorrow morning.
Variances in projected results,
not more than 1%!
Foreign AffairsRe: Exit Poll: Labour To Win Landslide Victory In UK General Election by treesun(op): 10:54pm On Jul 04, 2024
budaatum:
I expect Rishi to resign come morning if this turns out to be true. Going from 365 seats to a mere 131 is far too many not to.
It is true, BBC is breaking the news, Keir Starmer will be the New PM, Nlfpmod!
Foreign AffairsExit Poll: Labour To Win Landslide Victory In UK General Election by treesun(op): 10:45pm On Jul 04, 2024
The poll suggests Sir Keir Starmer's party has won with an estimated overall majority of 170 seats - while the Conservatives, led by Rishi Sunak, look likely to record their lowest seat tally in the party's history.


Labour has won a landslide victory in the general election, ending 14 years of Conservative rule, the exit poll suggests.

Sir Keir Starmer's party looks set to secure the win with an estimated 410 seats - equating to an overall majority of 170 - according to the poll by Ipsos UK for Sky News/BBC/ITV News.

This is compared to the Conservatives, who are projected to win just 131 seats, compared to 365 in the 2019 vote.

Some of the Tories' most senior figures are also expected to lose their seats, including Chancellor Jeremy Hunt, Defence Secretary Grant Shapps and Veterans Minister Johnny Mercer.

Follow general election results live

Labour's deputy leader Angela Rayner downplayed the results, telling Sky News that while the exit poll was "encouraging", there was still a long way to go until the final results.

But she said Sir Keir had done a "tremendous job in transforming the Labour Party and putting forward a programme for government that the country can get behind".

Former leader of the Scottish Tories, Ruth Davidson, also told Sky News the result was a "massacre" for her party.

Here are the number of seats each party is expected to secure:

Labour: 410
Conservatives: 131
Liberal Democrats: 61
Reform: 13
SNP: 10
Plaid Cymru: 4
Green: 2
Other: 19

https://news.sky.com/story/exit-poll-labour-to-win-landslide-in-general-election-13164851
PoliticsRe: EFCC Warns Promoters Of Planned Protest by treesun(op): 5:04pm On Jul 03, 2024
Nlfpmod Naptu2 is protest a crime now under democracy!
PoliticsEFCC Warns Promoters Of Planned Protest by treesun(op): 4:55pm On Jul 03, 2024
EFCC PRESS STATEMENT

EFCC WARNS PROMOTERS OF PLANNED PROTEST

The Economic and Financial Crimes Commission, EFCC, wishes to alert the general public on the plan by a shadowy group to instigate a “protest” against the Commission.

In the last couple of days, the group has been actively campaigning in the social media, recruiting impressionable young Nigerians, including students to take up “arms” against the EFCC.

This insidious campaign is being promoted as resistance to the operational activities of the Commission especially in respect of the enforcement of the laws dealing with cybercrimes.

The Commission, while not averse to protests by citizens, is alarmed by emerging evidence that suggest a grand design by corrupt elements under investigation or prosecution by the Commission to exploit the so-called protest to orchestrate a national uprising that may threaten the peace and security of our dear nation.

As a responsible law enforcement organisation, the Commission will not tolerate any breakdown of law and order anywhere in the country especially around its office locations across Nigeria.

EFCC, working in concert with sister security agencies, is therefore taking necessary measures to deal with possible threats to the peace and security of Nigeria. 

The Commission, however, appeals to parents, guardians and heads of tertiary institutions to take responsibility in ensuring that their wards are not recruited to be used as cannon fodder in a proxy war against the Commission by vested corrupt interests.

The war being waged by the Commission against corruption and cybercrime is to protect the future of the youth of this country. That future is imperiled if Nigeria degenerates further in global reckoning as a den of fraudsters.

Dele Oyewale
Head, Media & Publicity
July 3, 2024
https://x.com/officialEFCC/status/1808497665769906409?

PoliticsKatsina: Bandits Kill Lecturer, Kidnap His Children by treesun(op): 3:57pm On Jul 02, 2024
Katsina: Bandits Kill Lecturer, Kidnap His Children
A lecturer with the Federal University Dutsinma (FUDMA) in Katsina State, Dr. Tiri Gyan David, has been killed by bandits. Dr David, who was the…




A lecturer with the Federal University Dutsinma (FUDMA) in Katsina State, Dr. Tiri Gyan David, has been killed by bandits.

Dr David, who was the Head of the Department of Agricultural Economics, Extension, and Rural Development of the university, was killed in the early hours of Tuesday.

A resident said the assailants abducted two of the late lecturer’s children after killing him.
The deceased resided at Yarima Quarters, Low-Cost Estate, Dutsinma Local Government Area of Katsina State.

The source added that the bandits invaded the community with sophisticated weapons, shooting sporadically to scare the residents.


Gov Fintiri, Northeast Counterparts lead study tour to Pakistan for post-insurgency disaster management

The Katsina Police Command spokesman, Abubakar Sadiq Aliyu, confirmed the incident but said the command would release a detailed statement about it later.

Recall that in the recent past, some students of the University, who were living off campus, were abducted and later released following negotiations, although authorities said no ransom was paid.

Dutsinma is one of the local government areas grappling with banditry, although there has been a reduction in the rate of attacks in recent times due to the efforts by both the state government and security agencies in tackling the menace.


https://dailytrust.com/katsina-bandits-kill-lecturer-kidnap-his-children/
PoliticsWarri, Port Harcourt, Kaduna Refineries To Begin Operations By December by treesun(op): 10:14am On Jul 01, 2024
The Downstream Committee of the Nigerian Senate has stated that the three government-owned refineries in the country will begin full operations before January 2025.


According to the Vice Chairman of the Committee, Senator Jide Ipinsagba, who is representing Ondo North Senatorial District, the retrofitting of the Kaduna, Warri, and Port Harcourt refineries was already at the completion stage.

Ipinsagba, who also states that the Dangote refinery in Lagos State will soon begin the refining of Premium Motor Spirit, PMS, known as petrol, expressed the satisfaction of the committee during the on-the-spot assessment as an oversight function for the refineries.



He maintained that the refined petroleum products would be exported after internal consumption had been met.

“Effort is on top gear to ensure that all the refineries are functioning before the end of this year. We have done oversight of all the refineries, and we have good promises from them based on what we saw there.

“Port Harcourt refinery today has about 90 to 95 percent optimisation in terms of retrofitting. Warri is almost about 80 percent, and Kaduna is almost about 70 percent.


“Dangote refinery is ready to operate any moment from now on. With all this, internal consumption of fuel will not be a problem, and we will have the opportunity to also export our refined oil.”
https://dailypost.ng/2024/07/01/warri-port-harcourt-kaduna-refineries-will-begin-operations-by-december-senator-ipinsagba/

PoliticsRe: Two Nigerian Farmers Killed In Fresh Bomb Explosion On Borno Road by treesun(op): 7:45am On Jul 01, 2024
¡
PoliticsRe: Two Nigerian Farmers Killed In Fresh Bomb Explosion On Borno Road by treesun(op): 9:37pm On Jun 30, 2024
Brendaniel:
Tinubu partnered with the north with this same strategy to remove his fellow southern president just because he wanted to be president, that is how selfish, heartless and wicked he is, he killed southern unity for his presidency, now the north is against him...

Let him and his tribalist face the north on their own, the rest of the south they fought will sit down and watch
Nlfpmod!
PoliticsRe: Two Nigerian Farmers Killed In Fresh Bomb Explosion On Borno Road by treesun(op): 9:14pm On Jun 30, 2024
Nukilia:
It's time to fight the Southern president with the bokoharam guys that received amnesty
Emilokan!
PoliticsRe: Two Nigerian Farmers Killed In Fresh Bomb Explosion On Borno Road by treesun(op): 8:57pm On Jun 30, 2024
These people have resumed from sabbatical!
PoliticsTwo Nigerian Farmers Killed In Fresh Bomb Explosion On Borno Road by treesun(op): 8:30pm On Jun 30, 2024
It was gathered that the tragedy occurred when the farmers stepped on the IED planted on the road.

Two people were reportedly killed when an Improvised Explosive Device exploded at Mile 40 along the Maiduguri-Monguno Road in Borno State on Sunday.




It was gathered that the tragedy occurred when the farmers stepped on the IED planted on the road. The incident occurred around 9:10 am on Sunday, June 30.




A security analyst and counter-insurgency expert in the Lake Chad region, Zagazola Makama, made this known on his X account on Sunday, noting that the use of IEDs by the Islamic State in West Africa Province (ISWAP) indicates weakness rather than strength.



Zagazola explained that ISWAP's reliance on IEDs suggests that they are weak and their conventional militants' capability has been depleted.



He said, “The use of IEDs is often a tactic of desperation, employed by ISWAP, because they lack the manpower or firepower to achieve their objectives through conventional means.”



He added that unlike in the past when they could attack military bases and towns, they are now only adopting defensive strategies to stop troop incursions into their enclaves.


https://saharareporters.com/2024/06/30/two-nigerian-farmers-killed-fresh-bomb-explosion-borno-road
PoliticsRe: 30 Killed, 100 Injured In Suicide Attacks At Borno Wedding, Funeral by treesun(op): 4:18pm On Jun 30, 2024
Melagros:
COMRADES, Gwoza is predominantly Christians, so the objective for the target is clear

Whether you like it or not, Christians lives are in great danger in Nigeria
Christians cant be wiped out!
PoliticsRe: 30 Killed, 100 Injured In Suicide Attacks At Borno Wedding, Funeral by treesun(op): 12:01pm On Jun 30, 2024
iwaeda:
Are we back to 2014, when they were blaming bombing on GEJ's cluelessness. Anyway boko haram only attacking soft targets. 3 places in a day. grin grin grin grin cry cry cry cry
Really bad!
PoliticsRe: 30 Killed, 100 Injured In Suicide Attacks At Borno Wedding, Funeral by treesun(op): 11:59am On Jun 30, 2024
Nlfpmod, more devastating than we thought!
Politics30 Killed, 100 Injured In Suicide Attacks At Borno Wedding, Funeral by treesun(op): 9:34am On Jun 30, 2024
No fewer than 30 persons died, with over 100 injured when suicide bombers attacked wedding and funeral ceremonies in Borno state.

The First Class Emir of Gwoza Local Government Area in Borno state, His Royal Highness, Alhaji Mohammed Shehu Timta, on Saturday, confirmed that multiple suicide attacks were carried out at various locations, including a wedding reception and a burial ceremony in Gwoza town.

The coordinated incidents, which took place in the afternoon, caused pandemonium as people scamper for safety.

Reliable sources said: “More than 30 innocent civilians were killed, while over 100 sustained various degrees of injuries.

“Many of the victims have been evacuated to Maiduguri for medical attention.”

Woman and two children
Confirming the incident to Vanguard exclusively, the royal father, Timta, said, “The entire Gwoza council area is in serious mourning following multiple suicide attacks on our community.

“The first suicide attack was masterminded by an unidentified woman. She sneaked in with two children into a wedding reception of a popular young man in Gwoza. Then she detonated her Improvised Explosive Devices, IEDs, killing herself and many people.

“Few minutes after, another suicide bomber sneaked into a burial ceremony nearby and detonated IEDs. And as i am talking to you right now, the third explosion just occurred a few minutes ago with more casualties.

“At least, over 100 people were injured, and most of them who sustained serious injuries have been rushed to Maiduguri with military escort for proper medical attention.

“This is just a preliminary confirmation, as details of the casualties are still yet unknown. But I will keep you posted on any developments,” the Emir stated.


Reacting to the incidents, a member representing Gwoza/Chibok/Damboa federal constituency, Ahmed Usman Jaha a.k.a Babawo, sympathized with the families of those who lost their loved ones in the multiple attacks.

He prayed Allah to grant the souls of the deceased Aljannatul Firdaus. Also, he wished those who sustained injuries quick recovery.

Gwoza, a town in southern Borno borders the Cameroun Republic.

It was hitherto declared Boko Haram territory. It was captured by insurgents with hundreds of people killed before it was later liberated by troops

https://www.vanguardngr.com/2024/06/over-100-injured-as-emir-confirms-suicide-attacks-at-wedding-funeral-prayers-in-borno-lga/
BusinessPZ Cussons Nigeria Reports N96.4 Billion Losses In FY 2024 by treesun(op): 4:59pm On Jun 29, 2024
Consumer goods company, PZ Cussons Nigeria reported a net loss of N96.4 billion for the fiscal year ending May 31, 2024, according to information contained in its latest unaudited financial statements.

The losses led the company to post a negative equity of N47.2 billion at the end of the fiscal year.

PZ Cussons has been struggling with macroeconomic headwinds which has negatively affected its margins. High interest rates, exchange rate depreciation and galloping inflation are some of the challenges faced by the company.


Struggles amidst revenue growth
PZ Cussons Nigeria posted a revenue of N152.2 billion during the fiscal year, representing a 33.5% growth from the N114 billion revenue generated in the previous fiscal year.

The company also reported a gross profit of N60.6 billion, representing an 84% increase from the N32.95 billion gross profit posted in the previous fiscal year.

News continues after this ad




Dinosaurs Spine at Hang Dong, Ta Xua, Son La seen from above

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Despite achieving an impressive 40% gross margin during the fiscal year, the group experienced a substantial exchange loss of N158 billion, resulting in a negative operating margin.

Consequently, the group reported an operating loss of N111.5 billion.

The group posted a pre-tax loss of N109 billion, a contrast from the N20.46 billion pre-tax profit posted at the end of the 2022/2023 fiscal year.

News continues after this ad


Due to its losses, the group enjoyed a tax credit of N12.5 billion, resulting in a net loss of N96.4 billion, down from the N13.3 billion profit after tax posted in FYE 2022/2023.

Key Highlights FY 2024 vs FY 2023

Revenue: N152.2 billion, +34% YoY
Cost of sales: N91.6 billion, +13% YoY
Gross profit: N60.6 billion, +84% YoY
Administrative expenses: N1.3 billion, -84% YoY
Exchange loss: N158 billion, +3090% YoY
Operating profit/(loss): (N111.5 billion), -1456% YoY
Net interest income: N2.2 billion, -55% YoY
(Loss)/Profit before tax: N109 billion, -632% YoY
(Loss)/Profit for the year: N96.4 billion, -772% YoY
Total assets: N137.6 billion, -17% YoY
Commentary
The net loss posted by the group at the end of the fiscal year led to a wiping out of its N34.5 billion retained earnings, leading to retained losses of N53.6 billion at the end of the 2023/2024 fiscal year.
The retained losses accrued by the group have led to a negative equity of N47.2 billion, even as the group looks to delist from the NGX.
During the fiscal year, the group’s net cash declined to N32.7 billion, a 68% decline from the N101.6 billion as at FYE 2022/2023.
The decline in cash and cash equivalents was due to an N87.3 billion negative cash flow generated from operating activities.
PZ Cussons Nigeria’s borrowings from its parent company, PZ Cussons (Holding) Limited, surged to N59.8 billion by the end of the 2023/2024 fiscal year, up from N18.7 billion at the close of the previous year.

This increase is attributed to a $40.26 million non-interest loan facility extended by the parent company to the Nigerian subsidiary in June 2022.

The FX revaluation adjustment resulted in an additional N41.1 billion increase to the original borrowed amount.

PZ Cussons Nigeria delisting
In September 2023, the parent company announced its plan to buy out the remaining 26.73% shareholding of PZ Cussons Nigeria and delist the company from the NGX.
At the time, an offer price of N21 per unit was made to the minority shareholders. However, this price was rejected by certain shareholders who claimed such a price was unfair to them.
In November, the offer price was increased to N23. However, in March 2024, the Securities and Exchange Commission (SEC) declined PZ Cusson’s request to delist from the NGX. A move which was applauded by some of the minority shareholders.
In a statement released in March 2024, the holding company, PZ Cussons (Holding) Limited announced plans to review its Nigerian operations in order to “reduce risk and maximize shareholders value.”

https://nairametrics.com/2024/06/29/pz-cussons-nigeria-reports-n96-4-billion-losses-in-fy-2024-shareholders-funds-wiped-out/
PoliticsNigeria A Poor Country – Presidential Committee by treesun(op): 2:26am On Jun 29, 2024
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has described Nigeria as a poor country with the potential to be wealthy.

Speaking on Channels Television’s Politics Today, Oyedele said in comparison with some countries and cities, the Federal Government’s budget and that of states are small.

By the way, the entire budget, that’s the Federal Government’s of about N29 trillion plus all the states in Nigeria about N15 trillion – if you add it all, it comes to about N44 trillion. That’s around $30 billion,” he said

That $30 billion is even less than the budget of Kenya which is around $32 billion. It is barely a quarter of South Africa’s budget at $130 billion. And of course, it’s even less than the budget of New York City, not even just New York State. So, clearly, Nigeria is a poor country with the potential to be a wealthy country.”

The Federal Government has faced criticisms over what some described as over-taxation. Kenya’s recent protests over tax laws introduced into the country have further reignited conversations among several Nigerians.

But Oyedele has ruled out the introduction of more tax, saying that cannot solve Nigeria’s revenue challenge.

“So, we do believe based on the analysis we have done and the data available to us that the right way to go is not to introduce more taxes. And in fact, if you’re gonna raise the rates of any tax, it has to be something that we’re doing as a result of the consolidation and harmonisation,” he said.

“We do think that having fewer taxes are broad-based, easy to collect, and do not place a burden on the bottom of the ladder of society is the way to go. And by using data, intelligence, and technology, we can close the tax gap so that people who have not been paying before begin to pay – who have been identified as people who should be paying – and the poor people should be legitimately exempted, particularly nano, micro businesses and low-income earners.

“And then we think that with all those, we can easily more than double our revenue within a period of two to three years.”
https://dailytrust.com/nigeria-a-poor-country-presidential-committee/

PoliticsRe: FG Raises Fresh N284bn As T-bills Debt Hits N10tn by treesun(op): 8:38am On Jun 28, 2024
Nlfpmod, Government is doing give aways with borrowing!
PoliticsFG Raises Fresh N284bn As T-bills Debt Hits N10tn by treesun(op):
The Federal Government through the Central Bank of Nigeria has raised a total sum of N284.26bn in the latest Nigerian Treasury Bills auction.

This was as its T-Bills debts soared to N10.4tn between December 2023 and March 2024, marking a 60 per cent rise in just three months.

According to the auction result by the Debt Management Office and cross-checked with data posted on the CBN website on Thursday, the auction attracted significant investor interest, with the total subscription amounting to N773.98bn, far surpassing the total offer of N228.72bn.

The most recent outcome indicates ongoing strong demand from yield-hungry investors while also providing a source of funding to meet the government’s short-term expenditure.

Recall that the government also raised N297bn from the June bond auction, which is only about 66 per cent of its target and 22 per cent less than the N380.77bn raised in May.

The bonds, being crucial instruments for the government’s debt management strategy, serve multiple purposes, including providing investors with a relatively safe investment option, assisting in managing the country’s debt profile, and facilitating efficient fund management.

Specifically, treasury bills and FGN bonds are classified as risk-free, theoretically zero risk, because the government is assumed to always make good on its debts. If not, they can print money to pay it back.

As an instrument to implement monetary policy, the CBN also control the money supply in the economy by issuing or redeeming Treasury Bills.

T-Bills also provide a means for the government to raise short-term funds to finance its operations, including bridging budget deficits.

In the latest auction analysed by The PUNCH, there was an increase of 417.1 per cent in the amount offered when compared to the N44.23bn offered in the previous auction, which was held on June 13, 2024.

Also, total subscriptions recorded an 89.8 per cent increase from N407.76bn while total sales rose by 414.7 per cent from N55.23bn.

A further breakdown showed that the auction featured three tenors of 91-day, 182-day, and 364-day bills.

The 91-day tenor, maturing on September 25, 2024, had an offer of N29.83bn but received subscriptions worth N36.29bn, with an allotment of N28.15bn. The range of bids for this tenor was between 15.98 per cent and 24.00 per cent, with a stop rate of 16.30 per cent.

Similarly, the 182-day bills, maturing on December 25, 2024, saw an offer of N30.67bn against subscriptions of N40.58bn, and an allotment of N36.44bn. The bid range was between 17.00 per cent and 21.00 per cent, with a stop rate of 17.44 per cent.


The 364-day bills, maturing on June 25, 2025, had the highest offer at N168.21bn. It recorded an overwhelming subscription of N697.11bn and an allotment of N219.67bn. The bid range for this tenor was 16.00 per cent to 25.00 per cent, with a stop rate of 20.68 per cent.


The significant oversubscription across all tenors demonstrates strong investor confidence in Nigerian Treasury Bills as a safe investment avenue amidst prevailing economic conditions.

The high subscription rate, particularly for the 364-day bills, reflects a preference for longer-term securities, likely driven by expectations of future economic stability and favourable returns.

The range of bids and the stop rates across the different tenors suggest competitive bidding, with investors keen on securing these government securities.

Meanwhile, the government’s thirst for alternative sources of financing has resulted in the highest T-Bills debts.

This surge occurred as the DMO, via the central bank, issued several T-Bills in Q1 2024 as it relies on a combination of monetary and fiscal policy to fight inflation while also providing a source of funding to meet the government’s short-term expenditure.

The debt balance surged from N2.8tn in 2024 to N5.8tn in July 2023 and N10.4tn currently.

This indicates Nigeria’s T-Bills debt is now 4.37 per cent of the Gross Domestic Product.

However, critics continue to point to the rising cost of servicing Nigeria’s domestic debt especially Treasury Bills with true yields closer to 30 per cent per annum.

Nigeria’s total domestic debt profile rose to N65.6tn in Q1 2024, up 11 per cent from the N59.1tn recorded as of December 2023. The external debt profile dipped from $42.9bn to $42.1bn within the same period, largely driven by a reduction in Nigeria’s debt to the IMF.

In total, the public debt profile in naira terms is N114.7 tn, assuming the exchange rate of N1,309 as of March 31, 2024. In dollar terms, Nigeria’s public debt as of March 2024 is $92.2 bn.

In an earlier interview with The PUNCH, a professor of Economics, Sheriffdeen Tella, described bonds and treasury bills as viable solutions to raise funds while reducing foreign debts.

He said the fixed-income securities play a twin role in raising funds for the government and mopping up liquidity in the system.

“Bonds and treasury bills are instruments of borrowing by the government because when the government floats its bond, people, organisations and investors buy into it and that reduces the money supply. So, bonds and treasury bills play two roles: The role of raising funds for the government and the role of mopping up liquidity in the system.”


“Nigerians can earn more via the interest rate paid on these instruments. The bonds can be paid after a minimum of two years while treasury bills can be three months, that is 91 days, six months and a maximum of one year and that is a shorter option. The CBN normally uses that to raise short-term funds for the government and to mop liquidity to reduce money supply,” he said.

https://punchng.com/fg-raises-fresh-n284bn-as-t-bills-debt-hits-n10tn/
PoliticsRe: Tinubu Approves N50,000 Uplift Grant For 3.6m Nigerian Families by treesun(op): 9:32pm On Jun 27, 2024
Money for party members. Instead of using something that we last. It will be looted!
PoliticsTinubu Approves N50,000 Uplift Grant For 3.6m Nigerian Families by treesun(op): 9:28pm On Jun 27, 2024
President Bola Tinubu has approved an uplift grant under the National Construction and Household Support Programme for 3.6m Nigerian families.

This initiative will deliver N50,000 to 100,000 families in each state for three months.


The disbursement of the Tinubu uplift grant to families will occur over a three-month period, according to presidential spokesman Chief Ajuri Ngelale.



This initiative is part of the National Construction and Household Support Programme.

4o

Full Statement on the National Construction and Household Support Programme

“To boost agricultural productivity, strengthen the economy by creating opportunities in the real sectors of agriculture, manufacturing, and construction, as well as provide urgent economic relief for Nigerians, President Bola Tinubu has approved the immediate rollout of the National Construction and Household Support Programme to cover all geo-political zones in the country.

“Under the programme, the Sokoto-Badagry Highway, which will traverse Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos, is prioritized.

“Other road infrastructure projects, such as the Lagos-Calabar Coastal Highway, which is underway, and the Trans-Saharan Highway, which links Enugu, Abakaliki, Ogoja, Benue, Kogi, Nasarawa, and Abuja, are also prioritized.

“The President has also approved full counterpart financing for Port Harcourt-Maiduguri Railway; to traverse Rivers, Abia, Enugu, Benue, Nasarawa, Plateau, Bauchi, Gombe, Yobe and Borno, as well as for the Ibadan-Abuja segment of the Lagos-Kano Standard-Gauge Railway; which will traverse Lagos, Ogun, Oyo, Osun, Kwara, Niger, Abuja, Kaduna, and Kano.


“The Sokoto-Badagry road project is specially prioritized for its importance as some of the states it will traverse are strategic to the agricultural sustainability of the nation.


“Within the Sokoto-Badagry Highway corridor, there are 216 agricultural communities, 58 large and medium dams spread across six states, seven Special Agro-Industrial Processing Zones (SAPZs), 156 local government areas, 39 commercial cities and towns, and over 1 million hectares of arable land.

“In addition, other items under the National Construction and Household Support Programme include:

(1) One-off allocation to states and the Federal Capital Territory of N10 billion for the procurement of buses and CNG uplift programme.

(2) Delivery of N50,000 uplift grant each to 100,000 families per state for three (3) months.

(3) Provision for labour unions and civil society organizations.

(4) Deployment of N155 billion for the purchase and sale of assorted foodstuff to be distributed across the nation.

“Speaking during the National Economic Council (NEC) meeting on Thursday in Abuja, President Tinubu urged state governors to work together to meet the needs of citizens, stating that he is willing to provide the needed support to ensure that Nigerians are relieved of hardship.

“While emphasizing the urgency of boosting food production, the President noted that the Sokoto-Badagry Highway is a pivotal project as the states within this axis form the food belt of the nation, and with Badagry being an important artery for food export.

“Our states must work together to deliver on the critical reforms required of us to meet the needs of our people. Time is humanity’s most precious asset. You can never have enough of it. It is getting late.


“We are ready and able to support you in the form of the mechanization of your agricultural processes and the provision of high-quality seedlings.

“We are prepared to provide solar powered irrigation facilities to support our farmers across seasons, but we must now produce. We must produce the food our people eat, and it will require coordination and intentionality between members of the National Economic Council (NEC).

“There is nothing we are doing that is more important than producing high-quality food for our people to consume, buy, and sell. We create jobs in the production of it. And that is before we generate wealth by exporting the excess. It is not beyond us to achieve this for Nigerians.

“How much support do you need from me and in what form? I am prepared to provide it. But we must achieve the result. We must deliver on our targets at all levels. Please report back following your consultations and submit to my office within seven days,” President Tinubu said.



https://www.vanguardngr.com/2024/06/just-in-tinubu-approves-n50000-uplift-grant-for-3-6m-nigerian-families/
PoliticsRe: Sokoto Govt Still Targeting Sultan, MURIC Raises Fresh Alarm by treesun(op): 7:01pm On Jun 26, 2024
Melagros:
COMRADES are astonished over this matter grin

So MURIC is now the spokesman for the sultan of Sokoto grin

Well, the governor is a moslem, the sultan too is a moslem, what is my business?
Isaq Oloyede needs evaluation!
PoliticsRe: Sokoto Govt Still Targeting Sultan, MURIC Raises Fresh Alarm by treesun(op): 2:04pm On Jun 26, 2024
Nlfpmod, what is the real motive behind all these!
PoliticsSokoto Govt Still Targeting Sultan, MURIC Raises Fresh Alarm by treesun(op): 10:17am On Jun 26, 2024
Despite the denial of the Sokoto State government on the reported plan to depose the Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar III, the Muslim Rights Concern (MURIC) has insisted that the the Sultan is still being targeted for deposition.

Prof. Ishaq Akintola, Executive Director, of MURIC, said this in a statement, on Wednesday.


Thung Khe Pass, White Stone Slope, Hoa Binh, Flycam - Nếm TV

He said a bill called Sokoto Emirate Council Amendment Bill has passed through the first and second readings and if passed into law, the Sultan of Sokoto will be stripped of certain powers.

This is coming on the heels of MURIC allegation that the Sokoto State Governor Aliyu is planning to depose the Sultan and Vice President Kashim Shettima’s comment urging the government to rather protect and promote the institution of the Sultanate.
The Sokoto State government has, however, denied such plan.

Akintola said the amendment is condemnable as an attempt to diminish the influence of the Sultan.

He said it is the section of the chieftaincy law which empowers the governor to remove the Sultan that should be amended.

“There are reports that the Sokoto State House of Assembly is currently rushing through a bill which it called Emirate Council Amendment Bill. The bill has passed through the first and second readings within a very short period.”

“If passed into law, the Sultan of Sokoto will be stripped of certain powers including that of appointing the kingmakers and district heads without government approval. This bill is outrageous, nauseating and anachronistic. It is a direct attack on the traditional institution of Sokoto State. Instead of entrenching the powers of the Sultan, it is an undisguised attempt at weakening his powers and making him less relevant in the scheme of traditional settings,” Akintola said.

He said that the governor is preparing the ground for dismantling the Sultanate Council and setting up his own personal Sultanate Council, that will be totally controlled from government house.

The MURIC boss said this is the only logical explanation for the governor’s removal of 15 traditional rulers in a single day.

He said, “(Governor) Ahmed Aliyu is exhibiting the symptoms of fascism, totalitarianism and prebendalism. Nigerian Muslims are already asking, ‘Why the rush?’ Why are they rushing the bill if there is no hidden agenda? The whole exercise is suggestive of political motivation.


“The governor is barely one year in office and he has removed 15 traditional rulers. How many will he remove by the time he spends four years? That is reckless. It is acrobatic administrative reform at breakneck speed. The governor needs to slow down.

“Were the offences of those 15 traditional rulers who were removed ever published? Were they given the chance to defend themselves? Were the reports of the investigations made public in order to conform with democratic norms and global best practices?”

Akintola said that if these were not done, the deposition of the 15 traditional rulers must be revisited, proper investigation by a non-partisan panel and the publication of the panel’s findings.

“The state government came out yesterday to deny any plan to remove the Sultan but we can all see what it is doing secretly now. What explanation does the governor have for the sudden interest in hijacking the Sultanate Council?

“This is further evidence that Governor Ahmed Aliyu of Sokoto State is deceiving Nigerian Muslims. It is a manifestation of a strange crave for absolute power. MURIC calls the attention of Sokoto lawmakers to this disturbing development. What the good people of Sokoto State need now is a stable Sultanate Council. That is our pride. An ever-swinging traditional pendulum will cause fluctuation of values and norms. The citizens will experience blurred vision, nightmarish dreams and scattered goals,” Akintola said.

https://dailytrust.com/just-in-sokoto-govt-still-targeting-sultan-muric-raises-fresh-alarm/
PoliticsRe: Bandits Kill 4 Vigilantes, Policeman In Kaduna by treesun(op): 1:58pm On Jun 25, 2024
Nlfpmod, Kaduna is really blood flowing state!
PoliticsBandits Kill 4 Vigilantes, Policeman In Kaduna by treesun(op): 8:13am On Jun 25, 2024
Suspected bandits have attacked Kakangi ward in Birnin Gwari, Kaduna State, killing four vigilantes and Mobile Police Force (MPF) officer.

The bandits also abducted unspecified number of villagers near a farm in the Sabon Layi area of the same ward.

Yahaya Musa Dan Salio, member representing Kutemeshi ward at the Kaduna State House of Assembly, confirmed the incident to Daily Trust on Monday.

He said, “Yes, among the victims were local vigilantes and one other killed by the bandits on Sunday. There were other villagers abducted on their farms around Sabon Layi too, all under my constituency.”

“When we received the information that bandits attacked people on their farms, the divisional police officer and the hunters posted in the area mobilised and repelled the attack. In the process three local vigilantes and a mobile policeman were killed. While several bandits were also neutralised and others escaped with bullets wounds,” he said.
https://dailytrust.com/bandits-kill-4-vigilantes-policeman-in-kaduna/

PoliticsRe: It Will Take Decades To Get Out Of Banditry – Sultan by treesun(op): 8:02pm On Jun 24, 2024
iwaeda:
In the days of GEJ, it is was his cluelessness,but under Muslim-Muslim, it will now take decades to exterminate your brain child. Nlfpmod, may God revert the brains of these people. grin grin grin grin grin grin
What a country!
PoliticsIt Will Take Decades To Get Out Of Banditry – Sultan by treesun(op): 7:30pm On Jun 24, 2024
The Sultan of Sokoto, Muhammadu Saad Abubakar III, says it will take decades for the bandit-ravaged North-West geopolitical zone to come out of the menacing security challenge.

The President General of the Nigeria Supreme Council for Islamic Affairs (NSCIA) stated this at the North-West Peace and Security Summit in Katsina State on Monday.

What we must do is to challenge these bandits because we all know the consequences of banditry and insurgency on our lives. But it will take decades to get out of it if all we get out of it. We all know the consequences and the problems,” he said.

The Sultan expressed the readiness of traditional rulers to partner with security agencies and the seven governors of the geopolitical zone to “save our region from the numerous problems” of banditry and insurgency.

He believed that at the end of the summit, proposals to bring insurgency to the barest minimum for people to go about their lives and businesses would be arrived at.

The summit was graced by Vice President Kashim Shettima, who represented President Bola Tinubu; ex-President Muhammadu Buhari, governors of the seven states in the North-West geopolitical zone, service chiefs, the Inspector General of Police.

Banditry became a phenomenon in Kaduna, Kastina, Zamfara, Sokoto, Kebbi, Kano, and Jigawa in the last one decade as a spillover of the intractable Boko Haram insurgency in the North-East zone.

Thousands of people, mostly vulnerable persons, have been killed and displaced by the bloodthirsty marauders who mostly disguise as herders. A very large number of people have also been kidnapped for ransom as the AK-47-wielding bandits multiply across the North-West zone and penetrate the North Central zone.

Non-kinetic approaches explored by governments at different levels have failed over the years as bandits continue to sack farmers from their farmlands, significantly affecting the food production of the country.
https://www.channelstv.com/2024/06/24/it-will-take-decades-to-get-out-of-banditry-sultan/

PoliticsRe: Farmers In Niger Pay Bandits, Yet Get Attacked by treesun(op): 7:28pm On Jun 24, 2024
Nigeria we hail thee!

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