Headline
We Don’t Know Exact Daily Fuel Consumption – FG
Published
3 years agoon
By
Editor
…Petrol still smuggled out of this country, marketers say
As a country, we still cannot tell the exact volume of Premium Motor Spirit, popularly called petrol, which we consume on a daily basis, the Federal Government has said.
It stated this just as oil marketers explained that Nigeria’s inability to give a definite figure on the amount of petrol it consumes daily was due to the continued smuggling of PMS out of the country.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, stated that the Nigerian National Petroleum Company Limited had also agreed that Nigeria could not tell the exact amount of petrol consumed across the country daily.
He disclosed this in an interview with his media team, led by his Senior Adviser, Media and Communications, Horatius Egua, which was made available to our correspondent in Abuja on Friday.
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Asked to react to the N3tn fuel subsidy proposal by NNPC, amid concerns about the country’s PMS consumption figure, Sylva replied, “I would have preferred that this question be directed to the NNPC.
“I have made my views known about this issue in the past. NNPC has agreed with me that they are not certain about the exact consumption figure.”
He said the truth was that if the country’s petroleum products were smuggled outside the country, nobody could say what volume was involved today, tomorrow or next week, adding that NNPC could not say they know these figures.
“It’s more or less fueling a criminal economy. The NNPC imports the products, and nobody knows the exact destination of the products at the end of the day,” Sylva stated.
He added, “The imported products come to Nigeria, and from there filters out of our borders to neighbouring countries.
“So, as a country, we cannot tell the exact volume of petroleum products that we consume on a daily basis. All we have been doing is to assume the level of consumption over a period and work with that.”
He, however, expressed belief that the NNPC probably had a better answer to this, stressing that “personally, I dont.
“I have said this publicly before that I don’t know the figure. When I assumed office, initially I was told that our daily consumption was 66 million litres.
“Then, when fuel prices increased from N145 to N162, the consumption figure temporarily fell to about 40 something million litres per day, because the arbitrage opportunity reduced,” Sylva stated.
He added, “Then the value of the naira dropped again, and the number went up again to over 60 million litres. I am told the figure sometimes rise to as high as 90 or over 100 million litres. I don’t know how that happens.
“At this rate, I have said if anyone is looking at a criminal enterprise, look no further than the fuel subsidy.”
This, the minister said, was why he had continued to advocate the removal of fuel subsidy from the country’s PMS pricing template and deregulate.
He said the President, Major General Muhammadu Buhari (retd.), had done everything to resolve the issue, including the closure of the country’s borders with neighbouring countries, yet the criminality was not stopped.
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“The truth is that what the President could do was to close the ‘formal’ borders. What about the illegal routes?,” Sylva asked.
On what could be done, the minister said if the subsidy component was taken out through deregulation, smuggling of PMS to neighbouring nations would cease.
“Of course, we need the market from there. But now we are punishing ourselves because every litre we import at our expense will always find its way outside the country,” he stated.
He added, “Now, the government is trying to subsidise our citizens so that our people will at least get the benefit of the subsidy on petroleum products.
“But, now because of how our borders are, it is very difficult. Now, we are inadvertently subsidising the whole of Africa. This is the thing we cannot handle.”
Also speaking on the matter, the Executive Secretary of the Major Oil Marketers of Nigeria, Clement Isong, told our correspondent that the cheap fuel in the country had remained an incentive to smugglers.
He said, “The higher the price (of petrol) is outside the country and you see prices where they are in the country, the natural response is that normal people such as farmers, okada drivers, transporters, etc, will leave their jobs to go and sell petrol.
“This is because of the mark-up. This is why, particularly in Abuja, you see many people carrying jerrycans of fuel selling them on major roads. This also plays along our borders.
“For as long as the international price continues to rise and we keep our own prices where they are, what will happen is that those countries will suck the products out of Nigeria and you simply will not find the product in Nigeria.”
Isong added, “If you go to those countries, the marketers there will tell you that they are unable to sell because of the product coming from Nigeria is killing their market. This happens in all the countries around Nigeria.”
He stated that the normal supply chain volumes would continue to go down because the products were leaving Nigeria, describing those smuggling out PMS as ordinary everyday citizens.
“This is because they simply make more money buying from here at N162-N165/litre and going across the border to sell at N500/litre. It is more money for them and it is simply the law of economics, called arbitrage, which is a market distortion,” Isong stated.
He added, “And it is what the subsidy on petrol does on Nigeria, a market distortion. Something is worth N500 and you’re selling at N200. Now where you’re supposed to find it at N200 you will not see it because it has moved to where the actual value of N500 is.
“This can also contribute to the scarcity we see in parts of Nigeria. That is why NNPC if it is meant to normally supply 60 million litres per day, for it to keep queues out of filling stations, it will have to increase its supply to 90 to 100 million litres. That’s the problem.”
READ ALSO: Fuel Souvenir: Lagos Socialite Jailed Two Years
The MOMAN official said Nigeria must wean itself of fuel subsidy, “because we are killing both our present and future.
“We simply cannot afford it. We are borrowing money for it.”
PUNCH.
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Headline
Trump Says Putin ‘Playing With Fire’ In New Jab At Russian Leader
Published
4 days agoon
May 27, 2025By
Editor
US President Donald Trump warned Vladimir Putin Tuesday that he was “playing with fire,” launching a fresh broadside at his Russian counterpart over stalled Ukraine peace efforts.
Trump’s latest comments came after he called the Kremlin leader “CRAZY” over the weekend following a mass Russian air attack on Kyiv, and warned that Moscow risked new sanctions.
“What Vladimir Putin doesn’t realise is that if it weren’t for me, lots of really bad things would have already happened to Russia, and I mean REALLY BAD,” Trump said on his Truth Social network Tuesday.
“He’s playing with fire!”
Trump did not specify what the “really bad” things were or make any specific threats.
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But the Wall Street Journal and CNN both reported that Trump was now considering fresh sanctions against Russia as early as this week, while stressing that he could still change his mind.
Trump had told reporters on Sunday he was “absolutely” considering increasing sanctions on Moscow.
The US president’s recent rebukes mark a major change from his previous attitude towards Putin, whom he often speaks of with admiration and has previously held off criticising.
Trump has, however, expressed increasing frustration with Moscow’s position in deadlocked truce negotiations with Kyiv.
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That frustration boiled over at the weekend when Russia launched a record drone barrage at Ukraine, killing at least 13 people.
“I’ve always had a very good relationship with Vladimir Putin of Russia, but something has happened to him. He has gone absolutely CRAZY!” Trump said in a Truth Social post on Sunday night.
Russia’s attacks have continued despite a phone call between Trump and Putin eight days ago in which the US leader said the Russian president had agreed to “immediately” start ceasefire talks.
Moscow on Tuesday accused Kyiv of trying to “disrupt” peace efforts and said its aerial assaults on Ukraine in recent days were a “response” to escalating Ukrainian drone strikes on its own civilians.
AFP
Headline
Check Out World’s Richest King With 38 Private Jets, 300 Cars, 52 Golden Boats
Published
6 days agoon
May 25, 2025By
Editor
While there are countless billionaires around the world, few match the regal wealth and extravagant lifestyle of King Maha Vajiralongkorn of Thailand—better known as King Rama X. According to The Business Standard, he is considered the richest king in the world, with a staggering estimated net worth of Rs 3.7 lakh crore (approximately USD 43 billion).
Unlike typical billionaires, King Vajiralongkorn’s wealth is rooted in centuries-old royal lineage and further amplified by modern investments. His fortune, inherited largely after the passing of his father King Bhumibol Adulyadej in 2016, has since been expanded through stakes in Thailand’s major companies and real estate holdings.
The monarch owns over 17,000 properties in Bangkok alone, making him one of the largest landowners in the country. His luxury collection includes over 300 high-end cars, 38 private jets, and a fleet of 52 golden boats, which are used exclusively for royal ceremonies and reflect the opulence of Thailand’s monarchy.
Born in 1952, Vajiralongkorn is the only son of King Bhumibol and Queen Sirikit. He received military education in the UK and Australia and is a trained jet and helicopter pilot. He graduated from the University of New South Wales with a degree in military studies and served in the Royal Thai Army, even taking part in anti-insurgency operations during the 1970s.
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Despite his controversial personal life, including four marriages and frequent media scrutiny, King Vajiralongkorn remains a dominant symbol of Thailand’s royal legacy, luxury, and power.
Meanwhile, in India, Mukesh Ambani and Gautam Adani continue to dominate the billionaire charts. As of May 2025, Ambani, with an estimated net worth of USD 92.5 billion, holds the title of India’s richest person. Adani follows with USD 56.3 billion, with investments spanning energy, ports, and infrastructure.
In contrast to corporate billionaires, King Vajiralongkorn stands out not only for his immense wealth but also for a lifestyle that rivals any global celebrity or monarch.
Source: Financial Express
Headline
Top 10 Courses To Study In Germany For High Employment Opportunities
Published
6 days agoon
May 25, 2025By
Editor
Here are 10 of the best courses to study in Germany—and why they stand out
Germany continues to attract international students with its tuition-free or low-cost public universities, globally respected degrees, and strong career prospects.
With world-class infrastructure and many programs taught in English, Germany has become a go-to destination for higher education.
Here are 10 of the best courses to study in Germany—and why they stand out:
1. Mechanical Engineering
Germany is a global hub for mechanical innovation, home to industry giants like BMW, Siemens, and Bosch. Programs emphasize research, design, and real-world applications, making graduates highly sought-after in Europe and beyond.
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2. Computer Science & IT
With a growing tech ecosystem, Germany offers excellent opportunities in AI, cybersecurity, and software development. Universities partner with startups and multinationals, giving students hands-on experience and strong job placement.
3. Business Administration & Management
Germany’s powerful economy and strategic location in Europe make it ideal for studying business. Courses blend theory and practice, often including internships with global firms in finance, marketing, or consulting.
4. Electrical Engineering
This field powers Germany’s energy transition and automation advancements. Programs focus on electronics, robotics, and renewable energy systems, preparing graduates for high-tech careers with competitive salaries.
5. Medicine & Healthcare
Germany offers rigorous medical training with strong clinical exposure. Though most programs require German proficiency, the high demand for doctors and healthcare professionals makes this a promising path with excellent job security.
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6. Artificial Intelligence & Machine Learning
Germany is investing heavily in AI across sectors like finance, logistics, and health. These courses, often housed in computer science faculties, provide research-driven education with pathways into cutting-edge tech roles.
7. Automotive Engineering
Study in the birthplace of Mercedes, Porsche, and Volkswagen. Courses emphasize vehicle design, sustainability, and automation, with direct pipelines into internships and jobs in the thriving German auto industry.
8. Environmental Engineering
Germany’s leadership in renewable energy and sustainability makes this a timely field. Programs focus on waste management, water treatment, and climate solutions—ideal for those passionate about environmental change.
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9. Architecture
Combining history with innovation, Germany offers a dynamic environment for aspiring architects. Courses often highlight green design, urban planning, and energy-efficient construction, preparing students for the global market.
10. Psychology
Mental health is gaining attention worldwide, and Germany is no exception. With a focus on clinical and organizational psychology, these programs open doors to healthcare, HR, education, and research roles.
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