Category: Petroleum - Page 2 - African News Today

31May

By adminNo Comments

Economy, News, Nigeria, Petroleum

Subsidy: NNPC Effects New Fuel Prices

The Nigerian National Petroleum Corporation (NNPC) has finally announced the long-awaited price for petrol following the removal of the controversial subsidy, which cost almost $10bn annually. The move was made on Wednesday morning to provide clarity around prices after the subsidy was removed. According to BusinessDay, NNPC now retail fuel at N488 a litre at its station on Kingsway Ikoyi in Lagos, while the NNPC Mega Station at Lagos Bus Stop in Port Harcourt sells for N511 per litre. NNPC is the sole supplier of petrol in Nigeria, and it is expected that other marketers will take a cue from NNPC's prices and adjust their own pump prices accordingly. NNPC Fuel Prices from May 31 2023 Analysts have noted that since NNPC has implemented different pump prices for different cities, ...

Subsidy wasn’t Removed by Tinubu – Keyamo

31May

By adminNo Comments

Economy, News, Nigeria, Petroleum

Subsidy wasn’t Removed by Tinubu – Keyamo

Festus Keyamo, the Chief Spokesman for the All Progressives Congress Presidential Campaign, has clarified that President Bola Tinubu did not remove fuel subsidy. Keyamo stated that a section of the media is twisting the narrative to read that Tinubu's government has removed subsidy, despite the president proclaiming that subsidy was gone while giving his inaugural speech on May 29. The former Minister of State for Labour explained that Tinubu's administration only inherited a regime where there was no provision for subsidy in the 2023 Appropriation Act beginning June 2023, and the Petroleum Industry Act, which is now extant, has no provision for subsidy. In a series of tweets on his official handle, @fkeyamo, he said, "President Tinubu merely acknowledged this state of affairs in hi...

We’ll Tell Dangote to Provide Forex to Nigeria at Good Rates – Emefiele

25May

By adminNo Comments

Economy, Finance, Lagos News, News, Nigeria, Petroleum, Trade

We’ll Tell Dangote to Provide Forex to Nigeria at Good Rates – Emefiele

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has disclosed that the Dangote Refinery will be encouraged to sell foreign exchange earnings to banks at a good rate. Speaking after the 291st Monetary Policy Committee (MPC) meeting in Abuja, Emefiele stated that his team would engage with Alhaji Aliko Dangote, the promoter of the refinery, to ensure that Nigerians benefit from the venture. He noted that the CBN, the Federal Government, and the country had helped Dangote set up the refinery, adding that with local refining, the country would save about 20 per cent of the total cost of importing petroleum products, thereby reducing prices in the long run. Emefiele expressed optimism that the refinery would ease foreign exchange scarcity in Nigeria, adding that by the time ...

Ibikunle Amosun Denies Allegations Over Dangote Refinery Relocation

25May

By adminNo Comments

Economy, Employment, Labour, News, Nigeria, Petroleum, Trade

Ibikunle Amosun Denies Allegations Over Dangote Refinery Relocation

The former Governor of Ogun State, Senator Ibikunle Amosun, has refuted claims by his successor, Dapo Abiodun, that he was responsible for the relocation of the $19bn Dangote refinery from Ogun to Lagos State. In a statement issued through his media aide, Bola Adeyemi, Amosun labelled Abiodun's allegations as "lies." He argued that the decision to move the refinery was made by Alhaji Aliko Dangote himself according to his business strategy and risk assessment. Amosun also clarified that the Olokola Free Trade Zone project was a Joint Venture between the Federal Government of Nigeria (which owned the majority 51%), Ondo State Government (14.5%), Ogun State Government (14.5%), strategic core investors (20%), and Alhaji Aliko Dangote who subsequently bought and took over the 20% equity...

<strong>We Wil Fix Fuel Subsidy Scam Within First 100 Days In Office – Datti</strong>

8Feb

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

We Wil Fix Fuel Subsidy Scam Within First 100 Days In Office – Datti

The vice-presidential candidate of the Labour Party, LP, Datti Baba-Ahmed, has promised that the party will sort the problem of fuel subsidy scam if voted into power. Datti during an interview on Channels Television on Tuesday was asked how the LP intends to source funds to run the country if elected. There have been heated debates on the payment of petrol subsidy due to its impact on government revenue. Nigeria spent N2.04 trillion to pay off subsidy payments in seven months, even as it plans to spend an estimated N6 trillion on subsidy by 2023. Despite the Nigeria Labour Congress, NCL, declaring support for the presidential ambition of LP candidate, Peter Obi, the labour union has protested the planned removal of petrol subsidy and asked for the repair of refineries in...

<strong>Protesters Storm UI Gate, Soldiers Deployed To Scene</strong>

6Feb

By Mary UgwuanyiNo Comments

Economy, Education, News, Nigeria, Petroleum, Uncategorized

Protesters Storm UI Gate, Soldiers Deployed To Scene

Protesters converged at the gate of the University of Ibadan, Oyo State, on Monday morning to express their disaffection over the present economic challenges in the country. Members of the community barricaded the varsity’s gate, thereby causing traffic jam and putting a stop to other activities. According to a student who chose to be anonymous, soldiers and Operation Burst officers had been deployed to the scene, at the time of filing this report, Punch reports. However, the institution’s Communication Officer, Mrs Adejoke Akinpelu, said the protesters had been dispersed by the security personnel. See Also: 2023 Election: Suspend Academic Activities In All Tertiary Institutions – Reps Tells FG She said, “The U.I Chief Security Officer told me that it was some miscreant...

<strong>FG Orders NNPC To Reduce Petrol Pump Price</strong>

10Jan

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

FG Orders NNPC To Reduce Petrol Pump Price

Timipre Sylva, the Minister of State for Petroleum Resources, on Monday said the Nigerian National Petroleum Company Limited, NNPC, is selling petrol at a loss due to its mandate from the Federal Government as regards petrol subsidy. The minister’s remarks came on the heels of oil marketers' claim that the supply hitches currently being experienced in the petroleum sector that has resulted in fuel scarcity could linger till June, based on the government’s plan to end petrol subsidy in that month. Sylva stated this in Abuja at the resumption of the scorecard series (2015-2023) of the President Muhammadu Buhari administration. Recall that Zainab Ahmed, the Minister of Finance, Budget and National Planning had last week stated the Federal Government had budgeted about N3.6tn f...

<strong>Why Buhari Didn’t Remove Petrol Subsidy – Femi Adesina</strong>

5Jan

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

Why Buhari Didn’t Remove Petrol Subsidy – Femi Adesina

Femi Adesina, media aide to President Muhammadu Buhari has explained why the president failed to remove petrol subsidy. Adesina during an interview with Channels Television on Wednesday said the government needs to carefully consider its options before arriving at a decision. Recall that former President Goodluck Jonathan had in January 2012 faced stiff opposition when he attempted to remove subsidy on petrol. Consequently, he reversed the decision. However, Buhari had in 2015 stated that there was no justifiable reason to end the fuel subsidy regime. He said that its removal would compound the economic woes of the people. See Also: Full Text Of President Buhari’s New Year Message To Nigerians But the federal government recently disclosed that it will cease the payment ...

<strong>Customs Seize 2,375 Litres Of Petrol, Generate Over N127m In Sokoto</strong>

9Dec

By Mary UgwuanyiNo Comments

Crime, News, Nigeria, Petroleum

Customs Seize 2,375 Litres Of Petrol, Generate Over N127m In Sokoto

The Nigerian Customs Service, NCS, Kebbi State Command, has seized not less than 2,375 litres of Petroleum Motor Spirit popularly known as petrol loaded in jerricans. The command in its November review stated that smuggled 303 bales and 94 sacks of second-hand clothing, and 58 bags of foreign parboiled rice of 50kg each; among other items with a duty paid value of 46,706,795,00 were intercepted by its operatives. Comptroller Joseph Attah, the Customs Area Controller stated this on Thursday while displaying the seized items by the Command in the month of November. He said that the command made more than N127 million in revenue during the period of review. Giving further details, Attah said that the command generated N127,839,390.75 as revenue from mostly import of goods into t...

<strong>Increase VAT to 15%, Remove Fuel Subsidy, IMF Urges FG</strong>

19Nov

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

Increase VAT to 15%, Remove Fuel Subsidy, IMF Urges FG

The International Monetary Fund, IMF, has advised the federal government to raise the Value Added Tax, VAT, from its present 7.5 percent to 15 percent. The organisation disclosed this in a statement issued at the end of its Article IV Staff mission held in Washington on Friday. It also suggested that Nigeria totally abolished fuel subsidies, which it argued favours mostly the rich at the detriment of the poor Nigerians and holistically tackle oil theft. Missions are usually held as part of regular consultations under Article IV of the IMF’s Articles Agreement, in the context of a request to use IMF resources (borrowed from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments, Vanguard reports. The IMF r...