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Scarcity: FG Orders NNPCL To Reduce Petrol Price

Published

3 years ago

January 10, 2023

The Nigerian National Petroleum Company Limited is selling Premium Motor Spirit, popularly called petrol, at a loss because of its mandate from the Federal Government as regards PMS subsidy, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said on Monday.

Sylva’s remarks came as oil marketers stated that the supply hitches in the downstream oil sector that often leads to fuel scarcity, might persist till June, based on the government’s plan to end petrol subsidy in that month.

The petroleum minister spoke in Abuja at the resumption of the scorecard series (2015-2023) of President Muhammadu Buhari.

Last week, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the Federal Government had budgeted about N3.6tn for fuel subsidy till June 2023.

Sylva, while speaking in Abuja on Monday, insisted that subsidy had been a burden, but stressed that it was a mandate on NNPC which had made the oil firm to continue selling PMS at a loss.

He said, “The management of the supply situation under this subsidy regime is not easy. We must all agree that so much money is being burnt in our cars, but somehow we have to put funds to continue to keep the country wet.

“Sometimes if you really think deeply you begin to wonder what magic we are doing to be able to keep this country wet consistently. Considering that you buy something, let’s say for N10, and you are to sell it at a loss.

“And then you are expected to go back to buy the same thing, and come back again to sell it at a loss. So at every point in time you are looking for more money to continue to buy it, because you’re mandated to sell it at a loss.”

Sylva added, “So if you are a businessman, look at it from this perspective, that you are now in the business where you are mandated to sell at a loss to the public. That is not an easy job, I must tell you.”

Respond in to a question on how he would feel when buying petrol at N300/litre, Sylva said he would not feel bad about it.

“If you ask me how I will feel as a private citizen to buy petrol at N300/litre, sadly, I will say I won’t feel bad, knowing the actual situation. And if you compare Nigeria to other countries, you will understand,” he stated.

The minister added, “When you convert the N300/litre that you are talking about to other currencies, then you will understand. A lot of you travel to the United Kingdom or the United States, how much do you buy petroleum products there? Even in Arab communities that produce crude oil.”

He said the cost of the commodity in Nigeria was not as high as what was obtained in other countries, but stressed that the current national consensus was that subsidy on petrol was no longer sustainable.

“Unfortunately we are still in a subsidised regime, which all of us know. As a country, I think it is a national consensus now that subsidy is not sustainable, but together we will get there,” Sylva stated.

He said until the cost of petroleum products were market driven, investors would continue to shy away from investing in the downstream oil sector.

“Under a subsidised regime, who is going to invest? If you build a refinery, how is your refinery going to make profit under a subsidised regime? But if you have a market-driven situation, you’ll see that a lot of investors will come.

“And the more refineries we have, this problem of access to petroleum products will be a thing of the past,” Sylva stated.

FG, Dangote

The Federal Government on Monday revealed that it had acquired shares in four refineries operating in various locations across the country.

It outlined the refineries to include the 650,000 barrels per day integrated Dangote Refinery in Lagos; 12,000bpd Azikel Modular Refinery in Bayelsa; 5,000bpd Waltersmith Modular Refinery in Imo; and 2,500bpd Duport Modular Refinery in Edo.

The government also announced that the 60,000bpd component of the Port Harcourt Refining Company in Rivers State, would begin operations in the first quarter of this year, stressing that the facility had been completed.

The Minister of State for Petroleum Resources, Chief Timipre Sylva, and the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, disclosed this in Abuja at the ministerial scorecard series of the current administration.

Commenting on the equity of the Federal Government in Dangote Refinery, Sylva said it was 20 per cent, adding that the government had also bought shares in three other refineries.

He said, “We have 20 per cent equity in Dangote Refinery and we have also taken 20 per cent equity in Azikel Refinery. We took 30 per cent in Waltersmith, and we also have 30 per cent in Duport Refinery.

“Duport Refinery is already finished. They’ve concluded the construction. It only remains to start operations. I’m sure that within the next one month or so, Duport Refinery will also start operations.”

The minister explained that the Dangote Refinery already had an established contract with NNPC, in terms of crude oil supply, but noted that some modular refineries usually accessed crude oil from assets closer to the plants.

“So they (modular refineries) have this (crude oil supply) contract with private sector owners of these assets that are near them,” he stated.
PUNCH

News

Christmas: Otuaro Preaches Peace, Unity In N’Delta, Hails Tinubu’s Support For PAP

Published

3 hours ago

December 25, 2025

Editor

The Administrator of the Presidential Amnesty Programme (PAP), Dr Dennis Otuaro, has extended warm Christmas greetings to the people of the Niger Delta, calling for renewed commitment to peace, unity and communal harmony as the region prepares to enter the New Year.

Otuaro, in a message issued by his Special Assistant on Media, Mr Igoniko Oduma, thanked stakeholders, traditional rulers, ex-agitators, youths and communities across the Niger Delta for their sustained support for the PAP and for the administration of President Bola Ahmed Tinubu.

He described peace and unity as the bedrock upon which sustainable development in the Niger Delta must continue to be built, urging the people to remain steadfast in protecting the hard-earned stability currently enjoyed in the region.

“Peace and unity remain the strongest foundations for sustainable development. As a people, we must continue to reject violence and embrace dialogue, cooperation and mutual respect as we work collectively for the progress of our region.

“I also express my profound appreciation to all stakeholders and the people of our region for your sustained support for the administration of His Excellency, President Bola Ahmed Tinubu, GCFR,” he said.

Otuaro noted that the PAP recorded significant milestones in 2025, including improved welfare for beneficiaries, enhanced educational and vocational opportunities, and strengthened reintegration outcomes, all aimed at empowering Niger Delta youths to contribute meaningfully to society.

He attributed these achievements to the visionary leadership of President Tinubu and the institutional support of the Office of the National Security Adviser (ONSA), which provides strategic guidance for the effective implementation of the programme.

Reflecting on the meaning of Christmas, the PAP boss described it as a season that embodies love, sacrifice, compassion and reconciliation, values that resonate deeply with the communal culture and shared heritage of the Niger Delta people.

“Christmas reminds us of the power of love, sacrifice and togetherness. These values align naturally with the communal spirit of the Niger Delta, where collective responsibility, mutual support and shared progress have always defined our identity,” he added.

He urged beneficiaries of the Programme and residents of the region to celebrate the season with moderation and a renewed sense of responsibility to their communities.

Otuaro wished the people of the Niger Delta a Merry Christmas and expressed optimism that the New Year would usher in greater opportunities, peace and prosperity for the region and the nation at large.

“As we step into the New Year, I am confident that with continued unity, peace and collaboration, the Niger Delta will record even greater progress. I wish our people a Merry Christmas and a Happy, Prosperous New Year,” the PAP Administrator stated.

News

Okpebholo Slams ₦25bn Libel Suit On Edo PDP Chairman

Published

3 hours ago

December 25, 2025

Editor

Governor Monday Okpebholo of Edo State has given Dr. Anthony Aziegbemi, a seven-day ultimatum to pay ₦25 billion in damages over alleged defamatory statements.

In a letter by the governor’s counsel, Ray Okezie, and addressed to Aziegbemi, the PDP State Chairmen was also requested to publish a public apology in three national dailies over the alleged defamatory statements.

Aziegbemi was said to have allegedly accused the governor of using thugs and non-state actors to carry out official duties.

“In the letter dated December 22, 2025, and titled ‘Demand for Damages and Apologies for Defamation of the Character of the Executive Governor of Edo State, Senator Monday Okpebholo,’ the PDP Chairman was said to have in a press statement of December 7, 2025 portrayed Okpebholo as an unintelligent, dishonest, and, lawless person.

“Accordingly, we have the instructions of our client to demand from you the sum of N25, 000,000,000.00 (Twenty Five Billion Naira only) being compensation for the damage you have inflicted on his reputation through your said press release.

“The above stated sum must get to our client within seven (7) clear days from the date of this letter. In addition, you are required within seven (7) days to publish a retraction of the said press release in three (3) National Newspapers which must include the Guardian and the Vanguard newspapers,” the letter partly reads.

The governor’s counsel threatened to proceed on legal action in any Nigerian court should the PDP State Chairman fail to comply with the demands

News

YULETIDE: UBTH CMD Charges Nigerians To Be Hopeful In Coming Year

Published

6 hours ago

December 25, 2025

Editor

The Chief Medical Director of the University of Benin Teaching Hospital (UBTH), Prof. Idia Ize-Iyamu has urged Nigerians to remain optimistic about the upcoming year, despite current challenges.

Prof. Ize-Iyamu expressed optimism that the coming year would bring improvements for everyone.

The CMD made these remarks during the Nine Lessons and Carol night /End of Year Party organized by UBTH for staff and students held in Benin.

Prof. Ize-Iyamu encouraged everyone to place their trust solely in Christ to overcome the numerous challenges facing the country.

She expressed her gratitude to the hospital community for their support during her first four months in office.

Prof. Ize-Iyamu assured them that the coming years hold many opportunities and that hope in Christ would transform lives daily, just as Christ’s birth brings joy and is the reason for the season.

She also extended her appreciation to everyone in the spirit of the season.

“I want to appreciate everyone in the spirit of the season. Our commitment to excellence and professionalism remains at UBTH.

“UBTH CARES and just like Christ cares. As we celebrate Christ and the season. Let’s hope on him. When you have Christ, you have hope.We are hopeful that the coming year will be better as a people and institution,” Ize-Iyamu said.

The ceremony’s highlight featured a visit to the hospital wards where the CMD distributed gifts to patients and newborns, with management, staff, and students in attendance.