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FG Secretly Paying About N1 Trillion On Fuel Subsidy Monthly, Pinnacle Oil Boss Reveals

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Robert Dickerman, the Chief Executive Officer (CEO) and Managing Director of Pinnacle Oil and Gas Limited has alleged that the Federal Government continues to allocate N1trn monthly for petrol subsidy.

This is despite the total deregulation of petroleum products as announced by President Bola Tinubu on the day of his inauguration.

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According to Pinnacle Oil, Nigeria is spending approximately N1 trillion every month on petrol subsidies.

READ ALSO: SERAP Sues Tinubu ‘Over Failure To Probe Missing $3.4 Billion IMF Loan’

Dickerman made this known while participating in a panel discussion at session six of Nigeria’s Downstream Forum, at the recently concluded Nigeria International Energy Summit (NIES) in Abuja.

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“Foreign investors, foreign lenders and government-run DFIs have been very clear about what they want to see: Conservative fiscal policy, tackling corruption, enabling competitive markets, and enforcement of fairness in markets through policy, regulation and the ability to enforce contracts. Keeping that context in mind, I want to point out that there is still a massive subsidy in PMS, albeit in the FX portion of PMS Price, not the global price in dollars.

“The consequences of this subsidy are: The cost of gasoline in Nigeria is the lowest in Africa by far, which encourages smuggling out, further depriving Nigeria of value.

READ ALSO: Senate Investigates Ajaokuta Steel Company Over $496m Settlement

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“Smuggling causes Nigeria to subsidize neighboring countries even while our economy struggles. The cost is hurting the entire budget, Federal and State, as critical programs cannot be funded to pay this subsidy. It is currently calculated to be about 1 trillion Naira/month.

“Also, with this subsidy in place, ceasing subsidy payments would result in no petrol supply, if there are no refineries producing gasoline. All supplies come from the international market which will only sell at market prices.”

Source: X | abati1990

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Zelensky Rules Out Swapping Territory, Calls For ‘Fair Peace’

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President Volodymyr Zelensky said Wednesday that Ukraine and its allies must work together to pressure Russia into ending its invasion, ahead of talks in Berlin with European leaders and US President Donald Trump.

“Pressure must be exerted on Russia for the sake of a fair peace. We must learn from the experience of Ukraine and our partners to prevent deception on the part of Russia,” Zelensky wrote on social media.

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“There are currently no signs that the Russians are preparing to end the war,” he added.

Zelensky is due in Berlin on Wednesday for talks with European leaders and Trump ahead of the US president’s summit with Russian counterpart Vladimir Putin.

READ ALSO:Trump Bans Citizens Of Chad, Congo, 10 Others From Entering US

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The Ukrainian leader said he and his team had held more than 30 conversations with world leaders and high-ranking officials ahead of the talks.

The flurry of diplomatic engagements have been overshadowed by rapid, but so far limited Russian push in the eastern Donetsk region, which the Kremlin claims is part of Russia.

A member of the Ukrainian delegation travelling with Zelensky to Berlin told AFP that the Russian gains around the mining hub of Dobropillia “did not influence” preparation for Wednesday’s talks.

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Zelensky conceded one day earlier that Russian forces had advanced by up to 10 kilometres (six miles), but ruled out swapping territory with Moscow as part of any deal with Russia.

AFP

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S’Africa Offers US New Trade Deal To Avoid 30% Tariff

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South Africa will offer a “generous” new trade deal to the United States to avoid 30 percent tariffs, ministers said Tuesday.

Washington on Friday slapped the huge tariff on some South African exports, the highest in sub-Saharan Africa, despite efforts by Pretoria to negotiate a better arrangement to avoid massive job losses.

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The ministers did not release details of the new offer but said previously discussed measures to increase imports of US poultry, blueberries, and pork had been finalised.

“When the document is eventually made public, I think you would see it as a very broad, generous and ambitious offer to the United States on trade,” Agriculture Minister John Steenhuisen said at a press briefing.

READ ALSO:Ogun Govt Seals Gbenga Daniel’s House, Hotel

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Officials have said the 30 per cent tariff could cost the economy around 30,000 jobs.

Our goal is to demonstrate that South African exports do not pose a threat to US industries and that our trade relationship is, in fact, complementary,” Trade Minister Parks Tau said.

The United States is South Africa’s third-largest trading partner after the European Union and China.

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However, South African exports account for only 0.25 per cent of total US imports and are “therefore not a threat to US production”, Tau said.

READ ALSO:NDLEA Arrests 46 Suspects, Seizes 40,000 KG Of Drugs

Steenhuisen said US diplomats raised issues related to South African domestic policies, which was a “surprise given the fact we thought we were in a trade negotiation”.

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The two nations are at odds over a range of policies.

US President Donald Trump has criticised land and employment laws meant to redress racial inequalities that linger 30 years after the end of apartheid.

Things like expropriation without compensation, things like some of the race laws in the country, are issues that they regard as barriers now to doing trade with South Africa,” he told AFP on the sidelines of the briefing.

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“I think we’re seeing some form of a new era now where trade and tariffs are being used to deal with other issues, outside of what would generally be trade concerns,” Steenhuisen said.

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Over 600 Pilgrims Hospitalised After Chlorine Gas Leaked In Iraq

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More than 600 pilgrims in Iraq were briefly hospitalised with respiratory problems after inhaling chlorine as the result of a leak at a water treatment station, authorities said on Sunday.

The incident took place overnight on the route between the two Shiite holy cities of Najaf and Karbala, located in the centre and south of Iraq, respectively.

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This year, several million Shiite Muslim pilgrims are expected to make their way to Karbala, which houses the shrines of the revered Imam Hussein and his brother Abbas.

READ ALSO:10 Bodies, Flight Recorders Recovered At Wagner Boss Prigozhin’s Jet Crash Site

There, they will mark the Arbaeen — the 40-day period of mourning during which Shiites commemorate the death of Hussein, grandson of the Prophet Mohammed.

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In a brief statement, Iraq’s health ministry said, “621 cases of asphyxia have been recorded following a chlorine gas leak in Karbala”.

All have received the necessary care and left the hospital in good health,” it said.

READ ALSO:Fire Guts Nigerian Pilgrims’ Hotel In Makkah

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Security forces charged with protecting pilgrims, meanwhile, said the incident had been caused by “a chlorine leak from a water station on the Karbala-Najaf road”.

Much of Iraq’s infrastructure is in disrepair due to decades of conflict and corruption, with adherence to safety standards often lax.

In July, a massive fire at a shopping mall in the eastern city of Kut killed more than 60 people, many of whom suffocated in the toilets, according to authorities.

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