₦airaland Forum

A former Minister of Foreign Affairs, Prof. Bolaji Akinyemi, has urged President Bola Tinubu not to get carried away with free access to loans from the Chinese government without considering its implications on the economy.

The professor of political science gave the warning when he was featured as a guest on Sunday’s Channels Television’s Politics Today.

His caution comes two days after the President described his official engagements with President Xi Jinping and Premier Li Qiang at the 2024 Summit of the China-Africa Cooperation in Beijing, China’s capital as a ‘very good and successful.

Nigeria is indebted to five global powers namely China, France, Japan, India, and Germany.

According to the Debt Management Office, China is Nigeria’s largest creditor.

The country owes China about 84 per cent of the entire $5b debt, which amounts to over $4b.

As of a few years ago, some loans have payment plans of up to 20 years with some moratoriums of up to seven years.

But Akinyemi insisted that Tinubu cannot afford to repeat the mistakes of successive administrations in the country.

He said, “Of course, we should be very careful. That is where I was going. But don’t isolate the focus on China. There are also debts we owe the United States and some medium-power countries. What we need to do is to be careful about two things. One, we shouldn’t default on that debt.

“A month before this African-Chinese summit, Nigerian sovereign goods were being impounded all around the world at the instigation of a Chinese company. So, China is not going to serve us anything on global order. We have to be careful that we fulfill our side of the bargain, not only with China but with all the other countries that we may be doing deals with.

“It is a shame on our status and pride for our sovereign goods to be seized because we are defaulting from fulfilling our part of the agreements. This leads me to the second factor. Nigeria, as a sovereign country, needs to keep an eye on the types and content of agreements being signed by what we call the sub-nationals.”

Continuing, the diplomat affirmed that states are not recognized as entities in the international global system.

He also warned against placing corrupt persons in charge of toll collections of the projects facilitated with such debts.

“Nigeria is the sovereign entity. Therefore, it is Nigeria that will be held responsible if states default in fulfilling agreements signed and if governors come to the scene and decide to cancel agreements signed by their predecessors. We should get out of that mental thinking. The emperors in Nigeria are not the president in Abuja.

“The emperors in the political system are the governors because nobody controls them. They have the assemblies and the judges in their pockets. And yet, internationally, it is Nigeria that gets into problems. So, those are the two factors. There is a third one, which is our behaviour, our DNA. Part of the problem we are starting to run into in terms of the infrastructure projects with the Chinese is that Nigerians who are supposed to be collecting money for trips (tolls) are pocketing the money.

“They bring their own POS. And if the passengers go through the right system, get the tickets directly, and when the conductor says ‘Oh, there is something wrong with what you bought. You have to buy another ticket.’ That one is going into its pocket. How are we to refund the loan on those infrastructural projects when we have corrupt Nigerians? We tend to focus on corruption at the very top.”

HandsomeSkeleto:
Wait! You have been a citizen of Federal Republic of Nigeria for how long? Since birth!

And you still want to believe that Ngelale resigned due to 'vexatious medical issues' or whatever!!! I laugh in French

While I do not dispute the fact that he might be goin' through some pressure due to the 'vexatious medical issue', I posit that it is not the MAIN and SOLE reason. How can that be? C'mon.

In my opinion (and that's also the majority opinion), 'politicking' played out, and not having learned the ropes enough and not well versed in 'palace politics', Ngelale was kicked out. Simple!

The excuse of vexatious medical whatever, while being valid, is just a ruse.

Ajuri Ngelale, the broadcast journalist who made a name for himself with his eloquence and sonorous voice, did not resign as special adviser to the president on media and publicity to tend to a “vexatious medical situation” in his family as he claimed, FIJ can report.

Instead, FIJ understands, he was fired by the presidency and only allowed to publicly resign after his repeated pleas for a soft landing.

Ngelale, who was also the special presidential envoy on climate action, stunned Nigerians on Saturday morning when he announced his abrupt exit from office, citing “medical matters presently affecting my immediate, nuclear family”.

A FACE-SAVING COVER-UP

“On Friday, I submitted a memo to the Chief of Staff to the President informing my office that I am proceeding on an indefinite leave of absence to frontally deal with medical matters presently affecting my immediate, nuclear family,” Ngelale wrote.

“While I fully appreciate that the ship of state waits for no man, this agonising decision — entailing a pause of my functions as the Special Adviser to the President on Media & Publicity and Official Spokesperson of the President; Special Presidential Envoy on Climate Action, and Chairman, Presidential Steering Committee on Project Evergreen — was taken after significant consultations with my family over the past several days as a vexatious medical situation has worsened at home.”

He said he looked “forward to returning to full-time national service when time, healing, and fate permit”, and respectfully asked “for some privacy for my family and I [sic] during this time”.

But multiple highly-placed sources in and around the presidency told FIJ on Saturday afternoon that Ngelale’s exit was not triggered by a family health emergency, but rather his loss in a power tussle with Bayo Onanuga, the Special Adviser on Information and Strategy.

LONG-RUNNING FEUD WITH ONANUGA

FIJ understands that following the election of Bola Tinubu as Nigeria’s president in 2023, Ngelale did not exactly hit it off with Onanuga, largely because having been in government before Onanuga — President Muhammadu Buhari appointed Ngelale his senior special adviser on public affairs in 2019 and he served in this position until the end of Buhari’s tenure — he considered himself Onanuga’s boss.

Ngelale, 38, began his career with the Africa Independent Television (AIT) in the 2000s, while Onanuga, 67, a former Managing Director of the News Agency of NJigeria (NAN), began his career in the 1980s. There was one problem, though: while Ngelale was special adviser on media and publicity, Onanuga was the special adviser on information and strategy.

FIJ understands that civil servants found the roles confusing. This was nothing like in the Buhari administration when Femi Adesina was the special adviser on media and publicity and Garba Shehu the senior special assistant on media publicity. In the latter case, everyone knew Adesina, as SA, was senior, while Shehu, as SSA, was subordinate.

Ngelale and Onanuga both had special adviser roles; and the profolios seemed similar. However, by design, the civil service structure of the villa reported to the SA media, and that was Ngelale.

FAVOURITE OF THE PRESIDENT — AND HIS SON

“Ngelale considered himself untouchable because he had the backing of the president’s son Seyi and Femi Gbajabiamila, the president’s chief of staff,” one source who asked not to be named for fear of retribution told FIJ.

“He was fired; I became aware of this on Tuesday, but I won’t rule out the possibility that it happened earlier. When he got the letter, he started to plead to be allowed to resign as a soft landing. He was eventually given a soft landing, which is understandable. News of his sacking in public would have thoroughly embarrassed not just Ngelale but the presidency too.”

Although this source expressed regrets that things eventually got to a head, they conceded that there was no other way out, given Ngelale’s unwillingness to discuss his long-drawn-out feud with Onanuga when the opportunities were presented to him.

“The Ngelale-Onanuga feud was no secret in the villa, so several top appointees and cabinet members attempted to intervene at separate times; and while Onanuga was open to peace talks, Ngelale wasn’t,” the source continued.

“For example, Mohammed Idris Malagi, the minister of information and national orientation, called for talks four times. Onanuga was willing to attend but Ngelale snubbed them all, always claiming he was busy.”

‘BLOCKING ONANUGA’ FROM HAVING AN OFFICE

Civil servants who asked not to be named, as well as a source familiar with presidency happenings, told FIJ that Onanuga, despite being formally appointed in October 2023 “was a squatter in the presidency and did not have an office of his own until just a few months ago”.

“When Onanuga was appointed, he had no office. He was squatting in Tunde Rahman’s office,” said one of the sources. “It was just recently that he eventually got an office that belonged to either Wale Edun or Zacheus Adedeji when they were still advisers.

Rahman, the senior special assistant to the president on media and publicity, was appointed in July 2023 — three months earlier than Onanuga’s appointment. Meanwhile, Zacheus Adedeji was appointed special adviser on revenue while and Wale Edun was appointed special adviser on monetary policy in June 2023.

While Adedeji has since become the executive chairman, Federal Inland Revenue Service (FIRS), Edun has since become minister of finance and coordinating minister of the economy. Notably, all three appointments came months ahead of Onanuga’s.

These were people who had been with Tinubu for decades, unlike Ngelale, so how did Ngelale become so powerful that he got appointed earlier, blocked Onanuga from having an office to himself and all the aforementioned appointees could not fix Onanuga an office?

As written earlier, Ngelale had the backing of Seyi Tinubu and Gbajabiamila, but a third source took it even further, saying: “It was about how he got the job.”

SO, HOW?


How Ajuri ingratiated himself with Tinubu
“During the 2023 presidential electioneering, Jumoke Oduwole, the special adviser on Presidential Enabling Business Environment Council (PEBEC), introduced Ngelale to Gbajabiamila,” said the source.

“When Ngelale got there, he met Seyi. He told Seyi he would facilitate a CNN interview during which Tinubu’s presidential ambition would be discussed. Seyi thought it was impossible, but Ngelale did it. He secured the interview on CNN. He then told Seyi the time and date it would air. Seyi promised Ngelale that Tinubu would phone him if he pulled it off. Immediately after the interview was aired, Tinubu called Ngelale.

“When Tinubu won the election, Ngelale was abroad. People told him to return home but he said no; he insisted he would get his own appointment once he arrived in the country. And that was exactly what happened: Ngelale’s appointment by Tinubu was announced days after his return to Nigeria.

“Conversely, Gbajabiamila delayed the announcement of Onanuga’s appointment for at least two months. It required Chief Bisi Akande, who originally made the case for Onanuga’s appointment, to return to Tinubu for follow-up conversations. That was when Tinubu ordered that Onanuga’s appointment should be made, and that was how Onanuga came to the villa.”

THE STRAW THAT BROKE THE CAMEL’S BACK

FIJ understands that villa staff and civil servants whose work related to the president’s communication strategy noticed the tension between Ngelale and Onanuga and thought if they worked with one, then the other thought they were against him.

“This meant thework of publicising the president’s progressive policies was derailed,” said the source.

“By the way, Ngelale instructed civil servants that no statement from Onanuga could go out if he had not personally cleared it. If you speak with sources across divides, they would tell you Onanuga was the more peace-seeking of the duo. But this particular order from Ngelale to civil servants annoyed Onanuga.”

FIJ understands Ngelale’s standing with Tinubu started to plummet once it was easy to pitch to the president how Ngelale’s unharmonious relationship not just with Onanuga but with the media was hindering good publicity for the president.

“He did not have a good relationship with journalists. Ask the reporters; ask the state house correspondents. And also ask editors,” added the source.

“Many people consider him disrespectful and arrogant, even the editors. You can hardly find any important editor in Nigeria who likes or regards Ngelale.”

NGELALE, ONANUGA MUM

FIJ sent a text and WhatsApp messages to Ngelale, seeking his comments, but they were not replied. FIJ also made cellular and WhatsApp calls to Ngelale’s number, but none was answered.

When FIJ repeated the process with Onanuga, the outcome was the same.

President Bola Tinubu has expressed his commitment to replicate China’s infrastructure in Nigeria, following his visit to China.

He made this known during a meeting with the Nigerians in Diaspora Organisation in China (NIDO China) and the Nigerian community in Beijing.

Ajuri Ngelale, the President’s spokesman, said in a statement, that his discussion with President Xi Jinping and participation at the 2024 Forum on China-Africa Cooperation (FOCAC) summit highlighted the importance of investing in infrastructure, trade, finance, energy, green economy, and mining.

He emphasised the need for innovative teaching methods and a flourishing business environment.

President Tinubu urged Nigerians in China to be good ambassadors and represent Nigeria positively.

He stressed the importance of discipline and commitment to national service, citing China’s disciplined society as an example.

“I cannot tell you more, except from the embassy, that China is a disciplined society and we have to be disciplined too. Without discipline and commitment, we cannot build a nation that is respected everywhere in the world.

“We must exploit our diversity and be ready to do everything required of us within the laws of the communities that we live in and reflect a good image of our country,” the President said.

The President assured Nigerians in Diaspora that the Bank of Industry was prepared to collaborate with them to leverage opportunities in Nigeria.

He acknowledged the impact of investments in China’s economy and the need for bold decisions to drive Nigeria’s prosperity.

Dr Oche Barnabas, President of NIDO China, commended President Tinubu for strengthening Nigeria-China relations.

He requested the President’s assistance in advocating for Nigeria to be officially recognised as a native English-speaking nation, which would open up job and educational opportunities for Nigerians in China.

The Chairman of NIDO China pledged the organisation’s continued support for President Tinubu’s administration and efforts to elevate Nigeria’s global standing.

Fuel Price Hike Total Madness, No Sane Person Will Vote Tinubu In 2027 – Islamic scholar

Popular Islamic scholar, Sheikh Aliyu Ibrahim has expressed sadness over the current economic reality occasioned by the increase in the pump price of Petroleum Motor Spirit, PMS, otherwise called petrol.

DAILY POST recalls that the Nigerian National Petroleum Company Limited, NNPCL, on Tuesday increased fuel price from N617 per litre to N897.

The development has been causing chaos across the country with transportation fares and prices of goods and services skyrocketing.

In a viral video, the Islamic scholar, who lamented the situation, described the hike as madness.

According to him, the development will cost President Bola Tinubu his re-election bid in 2027, stating that no sane person would support his re-election.

He said, “The hike in PMS price is a total madness, whoever advised the president to do this is mad.

“And this is yet another sign that Tinubu would lose his reelection bid, because no sane person would vote for those who took the PMS price from N180 – N1,000”.

fergie001:
SOURCE




Donald Rukare
President, Ugandan Olympic Committee





Peter Ogwang
Uganda 's Minister of State for Sports & Education



Kenyan Olympic Committee


Dickson Ndiema (in 4th pix) - Graphic

The Peoples Democratic Party (PDP) has rejected the recent hike in the pump price of fuel to as high as N1,000 per litre in some parts of the country.

The opposition party labelled the development as a "brutal assault on the sensibilities and wellbeing of Nigerians," attributing the blame to the "insensitive and arrogant" administration of the All Progressives Congress (APC).


The PDP expressed deep concern over the timing and manner of the price increase, which it described as "thoughtless" and potentially explosive.

The party warned that the escalation in fuel costs could exacerbate the already dire economic conditions facing Nigerians, leading to widespread unrest and further destabilising the country.

In a statement released on Wednesday by its National Publicity Secretary, Hon. Debo Ologunagba, the opposition party said there is practically no hope in sight under the current APC government’s policies.

Ologunagba explained that the secretive and corrupt administration of the petroleum sector and persistent increase in fuel price under the Tinubu-administration without due regard for the wellbeing of the people is akin to pushing Nigerians to the wall and daring them to do their worst.

The statement reads, "The APC administration has consistently shown itself to be anti-people, unconcerned and deaf to the agonies of millions of Nigerians who can no longer afford their daily meals, medications and basic support for families due to the catastrophic high cost of living occasioned by the insensitive and reckless policies of the Tinubu administration.

"Today, under the Tinubu-led APC administration over 150 million Nigerians have sunk below poverty line, businesses are collapsing daily as the Naira now exchange for over N1,600 to a Dollar with over 34% inflation rate and over 40% unemployment rate which are expected to rise further with the latest draconian increase in the price of fuel."

Ologunagba noted that there is practically no hope in sight under the current APC government as major multi-national companies continue to exit our country in droves in the face of ill-conceived and ill-implemented macro-economic policies.

He said, "The admission by the APC-led Federal Government that it has handed the fate of Nigerians to oil racketeers in the name of free market economy further validates the position of the PDP that the Tinubu-led administration has abdicated the primary purpose of government; which is to provide for the welfare and security of the citizens.”

According to him, President Tinubu is the Minister of Petroleum Resources and cannot exonerate his government and officials from the secretive and fraudulent management of the petroleum sector which is fast pushing the country’s economy to the precipice.

"Moreover, it is inexplicable that the APC administration continues to increase fuel price despite the scandalous revelation in the public domain that it is secretly paying a whopping N5.4 trillion as fuel subsidy for 2024," he said.

He added that the APC government has now become an enabler of a cabal of corrupt APC rent-seekers who apparently derive pleasure in inflicting pains on Nigerians while hugely benefiting from the proceeds of incessant increase in fuel price to satisfy and fund their luxury appetite and consumption.

The party said, "With the hopeless state of affairs of our nation today, our Party wonders what President Tinubu, during his numerous trips abroad, says to his foreign counterparts in nations where leaders prioritize the welfare of their people.

"Nigerians will recall that the PDP had on several occasions offered constructive advice and suggestions on the management of the economy which the APC government in its arrogance in failure ignored.”

"Our Party restates that with a deft, transparent and innovative management of resources, economic potentials, comparative advantage and national refining capacity, petrol should not sell more than N250 per liter in Nigeria," Ologunagba added.

The party called on President Tinubu to save the country from further socio-economic dislocation by immediately reversing the latest provocative increase in fuel price and revisiting all life-discounting and suffocating policies of the APC government.

Oando Plc has announced the resignation of Mr Tanimu Yakubu as a non-executive director of Oando Plc to undertake a national assignment with the Federal Government.

In a statement by the Chief Compliance Officer & Company Secretary, Ayotola Jagun, noted that Yakubu was appointed to the board on June 30, 2015.

During his tenure, he served as the Chairman of the Board Audit, Strategic Planning & Finance Committee, and was also a member of the Statutory Audit Committee.

With his extensive experience in finance and strategic planning, Yakubu brought invaluable insights, financial acumen, and a strategic mindset that significantly contributed to the growth and stability of the company.

“His leadership was instrumental in guiding the company through various financial strategies and audits, ensuring robust governance and compliance,” it stated.

“The board and management of Oando Plc extend their deep appreciation to Mr Yakubu for his significant contributions and exemplary service.

“We wish him continued success in his new role and are confident that he will bring the same dedication and excellence to his work with the Federal Government as he did at Oando Plc,” the firm noted.

The naira slumped significantly against the dollar at the foreign exchange market amid another Premium Motor Spirit (petrol) pump price hike in Nigeria.


FMDQ data showed that the naira weakened to N 1611.34 per dollar on Tuesday from N 1585.77 exchanged on Monday. This represents N25.57 loss.

Similarly, the naira lost N10 at the black market to close at N1640 per dollar on Tuesday.

This comes as foreign exchange transaction turnover increased to $206.61 million on Tuesday from $71.18 million the previous day.

DAILY POST reported that the pump price of petrol increased to N885 per litre from N617 at the Nigerian National Petroleum Company Limited on Tuesday.

Billionaire businessman and Chairman of Geregu Power PLC, Mr. Femi Otedola, has hailed his friend and President of the Dangote Group, Alhaji Aliko Dangote, for rolling out petroleum product from his refinery.

Otedola said by building the 650,000 barrel per day refinery, Dangote has liberated Nigeria from the chain of economic dependence.

In a post on his verified handle, Otedola recalled that the journey started 25 years ago.

He also hailed President Bola Tinubu for his “his unwavering support and belief in actualizing this monumental achievement under his administration.”

Otedola said, “This day belongs to every Nigerian who has dared to dream of a better future. Congratulations to our great nation—today, we all stand a little taller.

“Aliko, it feels like just yesterday, but it has been 25 long years since we first set our sights on transforming Nigeria’s energy landscape. I remember vividly when we set up the Blue Star Consortium to acquire stakes in the Kaduna and Port Harcourt refineries—20% for me and 51% for you.

“We were ready to change the game, but fate had other plans. The government of the day, in an act I can only describe as utterly obnoxious, canceled our stakes and thwarted our vision.

“But, as always, you refused to be deterred. You never gave up on the dream we shared. You carried the torch forward, igniting a spark that has today become a roaring flame. And now, 25 years later, here we stand on the precipice of history, with the first fuel shipment from the Dangote Refinery—a feat that is nothing short of miraculous.

“While the Kaduna and Port Harcourt refineries have remained dormant, their promise unfulfilled despite billions of dollars spent on so-called turn-around maintenance, you have achieved what many said was impossible. You have beaten all the skeptics, silenced the naysayers, and proved wrong those who doubted your resolve, even those who never wanted this project to succeed.

“You have not just built a refinery; you have liberated us from the chains of economic dependence that have held this nation back for far too long. The days of bowing to foreign powers for our fuel needs are over, thanks to your vision and determination.

“You have dealt a death blow to the so-called local cabals who have fattened themselves for years, feeding off our nation’s economic slavery. These cabals, who have grown rich by keeping Nigeria in a perpetual state of dependence, must now face the reality that their era of easy gains is coming to an end. I am reminded of the time you revolutionized the cement industry in Nigeria.

“Ships that once brought in cement turned into rusting relics, scraps of a bygone era. Now, with your refinery in full swing, I foresee a similar fate for fuel imports. The depot owners should take heed—it’s time to dismantle those depots and sell them as scraps while the market is still high. The world has changed, and those who do not adapt will be left behind.

“When I ventured into the depot business with Zenon, it was in response to the inefficiencies of the NNPC. Zenon pioneered the diesel business in Nigeria and quickly became the largest in the country, filling the gaps left by our inefficient system. But today, your refinery stands as a beacon of what is possible when one has the audacity to dream and the tenacity to see it through.

“Aliko, you have my deepest admiration and respect. Congratulations to you and the entire board, management and staff of Dangote Refinery on this monumental achievement. This is not just a victory for you but for every Nigerian who dares to dream. May this be just the beginning of even greater things to come.”

The President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gilly-Harry has warned of a possible hike in the price of Premium Motor Spirit also known as petrol, in the coming days.
This is despite Dangote Refinery on Monday commencing the production of petrol, a development some believe could help crash the current retail price of petrol.

According to Gilly-Harry, the current price hovering around ₦600 per litre is unsustainable as the Nigerian National Petroleum Company Limited struggles to maintain an adequate supply of the product nationwide.

“We’ve been raising alarms that the NNPC has been selling products at ₦590 per litre. But the question is, who is bearing the brunt? We can’t continue to play politics with everything; the reality needs to be addressed

“My advice to Nigerians is to brace themselves to buy petroleum products at prices dictated by market forces. While we recognize that fuel subsidies exist globally and that oil and gas are natural blessings for Nigerians, we must weigh the benefits of subsidizing PMS against other pressing challenges, such as health,” Gilly-Harry disclosed during an appearance on Channels Television’s Morning Brief on Tuesday.

NNPCL had admitted that it owed its petrol suppliers the sum of $6bn, which it said was the reason for the fuel queues in filling stations across the country over the past weeks.

Gilly-Harry meanwhile praised the national company for being transparent, though he noted that the situation remains challenging for retail outlet owners.

He also mentioned that PETROAN and other industry stakeholders are exploring innovative solutions to address the current crisis.

“NNPCL is currently the only entity with the financial muscle to import PMS due to its access to dollars and a guaranteed market.

“However, this situation demands creativity and out-of-the-box thinking to ensure that Nigerians are adequately served,” he noted.

officialwdhtv:
Corps members seen enjoying a ‘free’ ride to their PPA in a car trunk.

#wetindeyhappentv


https://www.youtube.com/watch?v=psxyb2mDI2U

Former Vice-President Atiku Abubakar says the Nigerian National Petroleum Corporation (NNPC) has, for years, been a cesspool of endemic corruption.

He said this while demanding that President Bola Tinubu immediately put in place measures to list NNPCL on the stock exchange in line with the Petroleum Industry Act.

The Presidential candidate of the Peoples Democratic Party (PDP) in the last election who spoke through Mr Paul Ibe, his Media Adviser, said, “The NNPCL is supposed to have been listed on the stock exchange in line with the Petroleum Industry Act. This would make the company more profitable and enhance transparency and corporate governance.

“Currently, the NNPCL claims to be private, but this is only a ruse to fool the feeble-minded because it remains the ATM of the Federal Government. Anything short of listing the NNPCL on the stock exchange is nothing but a cosmetic development.”


Atiku further stated that the NNPC Limited continues to provide a cover of political protection to the Tinubu government’s policy inconsistency on the payment of subsidy, raising questions about the independence that the PIA requires of the NNPC Limited as a private business concern.

He said previous arrangements and concessions had not worked because of a lack of transparency in the contract award process as well as the failure of the government to attract investors.

The former Vice President said for such a deal to succeed at all, the Bureau of Public Enterprise (BPE) and a credible technical partner like Standard and Poor’s must be part of the process.

Atiku added, “Former President Olusegun Obasanjo revealed recently that even Shell, one of the world’s wealthiest oil companies, rejected the offer to operate Nigeria’s refineries. This is because the NNPCL has, for years, been a cesspool of endemic corruption.


“This is why over $20bn that has been spent on the refineries in the last 20 years has led to nowhere. It is also curious that a government that is still paying petrol subsidy is trying to make its refineries profitable. Which businessman will invest in a refinery that has been programmed to operate at a loss?”

Atiku questioned the feasibility of the NNPC’s latest plan even as he pointed out that such arrangements in the past had not been profitable.

He added, “The manage and operate approach has not always worked. The Manitoba Hydro International, which was handed the Transmission Company of Nigeria led to nowhere. Similarly, Global Steel Limited, which was handed the Ajaokuta Steel Company, was not able to make the facility profitable.

“The contract was questionably revoked by the Umaru Musa Yar’Adua administration, and Nigeria ended up paying Global Steel a compensation of nearly $500m while Ajaokuta remains comatose 17 years later.”


The opposition leader therefore advised the NNPCL not to make the contract process opaque like it did with OVH last year, which was not only dubious but has still failed to boost the NNPCL’s petrol sufficiency as evidenced by the months long fuel scarcity.

Global suppliers of petrol are no longer enthusiastic about supplying the product on credit to the Nigeria National Petroleum Company Limited (NNPCL) due to piling debts, Sunday Vanguard has learnt.

Competent industry sources told our correspondent last night that NNPCL, which solely imports the product using supply agents, is apparently weighed down by over $6 billion in debt, which the firm has not settled over time.

The setback, according to informed sources, is apparently responsible for the lingering hiccups in fuel supply in recent weeks, our correspondent gathered.

One of the sources familiar with the PMS importation into the country revealed that, at the moment, no fewer than five vessels which were primed to supply petrol to Nigeria have refused to discharge the product to NNPC due to fear that they would not be paid cash on delivery.

The insider pointed out that the mounting debt has heightened the pressure on the petroleum company, which has now resorted to rationing its stock and appealing to its long-term suppliers to not cut off supply.

A senior official at the NNPC, who spoke on the condition of anonymity, said the company is struggling to supply dealers due to a shortage of products at its disposal.

The official lamented: “Bulk sales of ships and trucks to depot owners have slowed down in the last five days due to shortage of supply”.

The source added that no bulk sales had taken place since Tuesday, resulting in the scarcity in the downstream sector.
Another NNPC staff told this newspaper that fuel shortage, which resulted in the long queues being experienced in the last two months, was principally caused by the reduction in supply of products by suppliers who are being owed by the Nigerian oil firm.

The top official admitted: “I was aware that at some points in mid-August, the Federal Government had to come in by giving money to NNPC to defray some of the outstanding liabilities and boost the confidence of the suppliers to continue.


“However, what was paid was about $300 million, which only helped us get some reprieve for about a week before the queues fully returned,” he said.

Credit transaction common in the oil business – NNPC
Responding, the Chief Corporate Communications Officer of NNPCL, Mr Femi Soneye, said it was a common practice in the global oil industry to trade on credit but would not say more than that.

Soneye said: “In the oil trading business, transactions are often carried out on credit; so it is normal to have outstanding balances at certain times.

“Additionally, through our subsidiary, NNPC Trading, we maintain open trade credit lines with several traders.”

But when asked to confirm the exact amount the company owes its PMS suppliers, the spokesperson declined, saying, “I will need some time to provide you with the exact amount”.

Bismarck Rewane, a popular economist and the Chief Executive Officer of Financial Derivatives has said that Nigeria’s $1 trillion economy target under President Bola Ahmed Tinubu will not be possible in the next four to five years.


Rewane said this recently during an interview on Arise Television.

Speaking on Nigeria’s Gross Domestic Product which grew to 3.19 percent in the second Quarter of 2024, he posited that the growth rate is too slow to achieve the $1 trillion economy target.


He noted that Nigeria’s tax-to-GDP increased from around 4 percent to 9 percent, and there is no noticeable improvement in the well-being of Nigerians.

He added that global economic shocks were impacting Nigeria’s economy negatively.

“What are the broadmark economic goals of this economy? We wanted to be among the top 20 economies in the world, and then we were 26. Today, we are 32 so we have worked our way down the ladder of success.


“Secondly, we now said that we want the economy to be a $1 trillion economy but now we are $384 billion which means we have to have like 200% growth in the next 4 to 5 years, that is not going to happen,” he said.

Recall that in 2023, Tinubu at the Nigerian Economic Summit announced that the $1 trillion economy target is doable in three years.

The Nigerian National Petroleum Company Limited says it is seeking to engage reputable and credible Operations and Maintenance companies, to operate and maintain the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company.

This was disclosed in a statement on Friday on its official social media handle.

The Warri refinery located at Warri in Delta State was commissioned in 1978. Warri is a complex conversion refinery with a nameplate distillation capacity of 6,250,000 MTA (125,000 bpd). The refinery complex includes a petrochemical plant commissioned in 1988 with production capacities of 13,000 MTA of polypropylene and 18,000 MTA of carbon black. The refinery is meant to supply markets in the south and southwest regions of Nigeria.

On its part, the Kaduna refinery was commissioned in 1980 to supply petroleum products to Northern Nigeria with a capacity of 50,000 B/D. In 1983, the capacity was expanded to 100,000 B/D by adding a second 50,000 B/D crude train dedicated to the production of lubricating oils (lubes). In 1986, the capacity of the first crude train was expanded to 60,000 B/D. The expansions have increased the current nameplate capacity of the refinery to 110,000 B/D.