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Scarcity: FG Orders NNPCL To Reduce Petrol Price

Published

1 year ago

January 10, 2023

Editor

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.
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News

Shettima Launches NEDC’s School Enrollment Drive Programme

Published

11 hours ago

May 18, 2024

Editor

Vice President Kashim Shettima has launched the Accelerated Senior Secondary School Education Programme (ASSEP) initiated by the North-East Development Commission (NEDC) in collaboration with the office of the VP to enhance child enrollment drive in schools within the North-East sub-region.

Speaking during the launching of the programme in Bauchi on Saturday, the VP said that consequences of the nation’s action and inaction were evident in all indices used to assess development.

He said while primary education provides a foundation, secondary education is a bridge, adding that the Northeast sub-region has been the victim of inability to enforce a uniform policy to drive school and the persistent cultural perversion to formal education in the country.

“We in the Northeast occupy a quantum of position in ranking of essential services. Education being a key sector of this country, this is especially pronounced in the post primary education, while the Northeast secondary school enrollment drive stands at 19 percent, far below the nation’s 39 percent,” he said.

Earlier, the Managing Director of NEDC, Mohammed Alkali, said that the primary education completion level of 85 per cent in the Northeast is among the best in Nigeria, but secondary school enrolment is a mere 15 per cent, the second worst nationally.

According to him, due to the challenges in the post-primary education segment, JAMB UTME applications and admissions into tertiary institutions in 2019 were the lowest for the Northeast compared to other regions.

He added that, nationally, the Northeast has the lowest number of teachers and the highest percentage 55 per cent of those available are without literacy skills.

The MD also revealed that the challenges in the post-primary education segment include weak quality indices and a wide demand-supply gap driven by economic and cultural factors.

“The Accelerated Senior Secondary Education Programme seeks to boost the post primary education rating across the North East region through improved enrolment into tertiary institutions.

“It’s also to improve skills development as well as the elevation of teacher quality. It would pay special focus on Science, Technology, Engineering, Mathematics and communication.

“These would foster creativity and critical thinking; motivates and inspires young people to generate new technologies and ideas to learn from inquiry-based tasks,” he said.

Alkali also explained that the programme would also raise awareness about after-school possibilities and the potential for diligent students to become successful and prominent contributors to the North East region and Nigeria at large.

He expressed gratitude to the Federal Government especially, the Vice President for the deep interest and commitment to human development in the North-East.

News

Edo Police Break Silence On Operatives Fighting Dirty In Viral Video

Published

11 hours ago

May 18, 2024

Editor

By Joseph Ebi Kanjo

The Edo State Police Command says a trending video showing two operatives of the command engaging in a fight is a handiwork of mischief makers.

In the video which has gone viral on the internet, two policemen are seen fighting themselves, while a voice commentary in the background claims they are from the Igueben Decisional Police Station headquarters in the state.

A writeup also attached to a version of the video sighted by Info Daily also claims that the policemen were fighting because of sharing formula of money collected from motorists on the highway. The writeup also claims that the incident happened yesterday, May 17th, 2024.

But reacting to the viral video in a statement issued by SP Chidi Nwabuzor, Police Public Relations Officer, the command said contrary to the claim, the incident happened in 2020, adding that disciplinary measures were taken against the erring policemen.

The statement which issued electronically to newsmen in Benin on Saturday evening partly reads: “Edo State Police Command wishes to inform the general public that it’s aware of a video trending on the internet showing two policemen that engaged themselves in a fight in public spaces and wishes to state as follows that;

“The now trending video happened in April 2020 in a community called Ebelle in the Igueben local government area of Edo State.

“The two erring policemen, namely; (i) F/NO.491112 CPL Ozimeade Aidonojie and (ii) F/NO. 516384 PC Salubi Stephen were attached to Ebelle Police Divisional Headquarters.

“They defaulted, tried in an orderly and upon conviction dismissed from the Force for the offence of discreditable conduct contrary to Paragraph ‘E’ Sub Section 111 of the Police Act and Regulations 370 Cap. P19 of Federation of Nigeria 2004.”

Nwabuzor in the statement reiterated the state Commissioner of Police, Funsho Adegboye, commitment to “making Edo State a desired secured state where the law abiding citizens and the general public go about their lawful businesses in making Edo State economic hubs of Nigeria without fear or intimidation.”

News

Excitement, Dance As ‘Looted Ancestral Stools’ Return To Oba Of Benin

Published

12 hours ago

May 18, 2024

Editor

It was a moment of joy, excitement and dance at the palace of the Oba of Benin as the revered monarch, Oba Ewuare II took custody of two looted royal stools from the German government.

They were handed over to the National Commission for Museums and Monuments, NCMM on behalf of the Nigerian government by the German authorities in 2022.

The Director-General of
National Commission for Museums and Monuments, Mr Olugbile Holloway made the presentation on behalf of the Federal Government on Saturday May18, 2024 in Oba of Benin Palace, Benin City.

According to history, the artefacts — Bronze and wooden Royal stools (Ekete), made during the reign of Oba Eresoyen and Oba Esigie several Centuries ago, were looted from Oba Palace during the punitive expedition in 1897.

Addressing the Benin Throne during the presentation of the artefacts, Mr Holloway, pledged on behalf of NCMM, to work-hand-in hand with the Benin Royal Court in uplifting and displaying Edo heritage.

He revealed that as the Benin Bronzes and other art works are gradually making their way home (Nigeria), “NCMM will join hands with the Royal Court to create a befitting destination for people around the world to come and appreciate these works”.

“What you see before us were originally taken away from the Royal family in 1897.

“We have a stool made of Bronze and a wooden stool.

“I speak for every member of my team, to say that we remain loyal to the Royal Court. And if there is anything we can do, we will do to support this laudable initiative.

“This heritage is not just Benin heritage, but Nigeria’s heritage.
When we speak of Benin heritage, there is nobody that doesn’t know the great works of ours.

“I appreciate you, we will always do what we can do with our powers to make His Royal Majesty lineage in memory”, he said.

After unveiling the repatriated Artefacts, Oba of Benin, who danced joyfully to Benin traditional rendition in dramatic dance steps, with excited Chiefs and members of the Royal family, offered prayers to Almighty God and his ancestors.

The traditional ruler, who was visibly overwhelmed with joy, appreciated the German government and the Federal Government and the NCMM leadership for their efforts.

The royal father, thereafter, in a historic move, sat in one of the royal stools (Ekete), and personally presented a chunk of white, which, according to belief, symbolizes peace and blessings to the Director-General of National Commission for Museums and Monuments, Mr Olugbile Holloway.

Oba Ewuare II also prayed for Mr Holloway and his team, accompanied by the Curator, National Museum, Benin, Mr Mark Olaitan, Director, Legal Services, NCMM, Barrister Babatunde Adebiyi on the visit where Royal Drummers gave a good account of their stewardship.