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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

MOWAA: Okpehbolo Receives Edo Assembly Resolution Indicting Obaseki

Published

3 hours ago

December 24, 2025

Editor

Edo State Governor, Monday Okpebholo, received report and resolutions of the Edo State House of Assembly which indicted former Governor Godwin Obaseki on the Museum of West African Art (MOWAA) and the Radisson Hotel projects.

Recall that the Edo Assembly raised a five-man committee to investigate funding and ownership of both projects following a request by Governor Okpebholo.

Okpebholo, who spoke after receiving the report said its findings and recommendations would be fully implemented.

Okpebholo said the Economic and Financial Crimes Commission (EFCC) would be invited to further examine issues raised in the recommendations.

According to him, the Edo State Government has significant stakes in the MOWAA and Radisson Blu hotel having invested ₦3.8bn respectively in both projects.

He said changes in the structure and nomenclature of the MOWAA project made the investigation unavoidable.

Okpebholo said it was unacceptable to suggest Edo State has only 10 per cent stake in the Radisson Blu hotem despite investing over ₦28bn.

“Edo State has spent over ₦3.8 billion on this project, yet some people are saying the state has no stake in it. That is totally unacceptable. I will work with your recommendations and forward them to the relevant authorities to investigate what truly happened. We will also involve the EFCC.

“Our investment in this project is over ₦28 billion. We must invite the EFCC to step in and determine if this is how businesses are conducted in Nigeria,” he said.

In its recommendations passed by the Assembly, the five-man committee headed by Hon Addeh Isibor, urged the Edo State Government to take possession of both projects.

It asked Governor Okpebholo to contract competent hands to complete renovation of the Hotel and take all steps to put the Hotel to use.

The recommendations urged the Edo State Government to revoke “the fraudulent Certificate of Occupancy to the property issued in the name of Hospitality Investment and Management Company Limited and revert same to the Edo State Government that purchased the property.

“That the Edo State Government initiate legal action and work with relevant Anti-graft Agencies to retrieve both the complete statement of account and the balance of the Seventeen Billion, Five Hundred Million Naira (N17,500,000,000.00) Bond proceeds still in the possession of the Escrow Agents. Meristen Trustees Limited and Emerging Africa Trustees Limited.

“The title to the MOWAA Property having never been revoked, same remains the property of the Central Hospital, Benin City

“That the Edo State Government immediately takes all necessary step to put the property to good use in the best and overriding public interest of the people of Edo State.”

Speaker of the Assembly, Hon. Blessing Agbebaku, said the facts about MOWAA and Radisson Blu Hotel were now clearly documented in resolutions and outcomes.

News

Sheikh Gummi Sues Two Over Alleged False Facebook Publication

Published

6 hours ago

December 24, 2025

Editor

Prominent Islamic scholar, Sheikh Ahmad Gummi, has approached the Chief Magistrate Court in Kaduna, seeking the issuance of a criminal direct complainant summons against two Facebook users over alleged criminal conspiracy, attempt to cause public disturbance and criminal defamation.

The application, filed at the Chief Magistrate Court sitting on Ibrahim Taiwo Road, Kaduna, listed the defendants as George Udom and Bello Isiaka.

According to him, the defendants allegedly published a “Breaking News” statement on their respective Facebook pages on December 23, 2025, between 7:00 am and 10:00 am, attributed to him, threatening that the family of the Minister of Defence, General Christopher Musa, would be eliminated if military operations against bandits were not stopped.

Gummi alleged that the publication was falsely attributed to him, as his photograph was allegedly used alongside the statement, giving the impression that he issued the threat against the Defence Minister.

The Islamic scholar stated that following the publication, he received numerous phone calls from concerned members of the public who believed he authored the statement and was attempting to intimidate the Minister of Defence in the discharge of his official duties.

He further maintained that the publication portrayed him as a troublemaker and a threat to public peace, despite his long-standing reputation as a cleric known for preaching peace and harmony within and outside Nigeria.

The complainant argued that the alleged publication was capable of inciting public disorder in Kaduna State, particularly Southern Kaduna, and could expose him to danger by presenting him as a prime suspect in the event of any attack on the Defence Minister’s family.

He also contended that the actions of the defendants amounted to an attempt to cause public disturbance and criminal defamation of his character.

Dr Gummi told the court that the alleged acts contravened Sections 59, 57, 372, 116 and 117 of the Kaduna State Penal Code Law, 2017.

The application, dated December 24, 2025, was filed by a team of lawyers led by Suleiman Danlami Lere, with the complainant urging the court to summon the defendants to answer to the allegations.

News

JUST IN: Kano Lawmaker, Sarki Aliyu Daneji, Dies Hours After Colleague’s Passing

Published

6 hours ago

December 24, 2025

Editor

Hon. Sarki Aliyu Daneji, the lawmaker representing Kano Municipal in the Kano State House of Assembly, died on Wednesday, barely hours after the death of his colleague, Hon. Aminu Sa’adu Ungogo.

The Director-General, Media and Public Relations, Government House, Kano, Sanusi Bature Dawakin Tofa, confirmed Daneji’s death to journalists in Kano.

Daneji’s demise came shortly after the passing of Hon. Ungogo, who was the Chairman of the House Committee on Appropriations and represented Ungogo Local Government in the Assembly. Ungogo, a member of the New Nigeria Peoples Party (NNPP), reportedly died after a brief illness.

He was said to have been at the Kano State House of Assembly earlier in the day, attending a committee meeting before his death.

The sudden loss of the two lawmakers within a short interval has thrown the Kano State House of Assembly into mourning, with colleagues, party members and constituents expressing shock and grief over the tragic development.