Petroleum

FG, Labour to Meet Thursday Over Strike Action to Protest Electricity Tariff, Fuel Price Hike
Economy, News, Nigeria, Petroleum

FG, Labour to Meet Thursday Over Strike Action to Protest Electricity Tariff, Fuel Price Hike

The Federal Government is set to meet with the Nigeria Labour Congress (NLC), and Trade Union Congress (TUC), on Thursday in an attempt to avert the planned indefinite strike by the organised labour to protest the spike in electricity tariff and fuel pump price. This was disclosed on Wednesday by Charles Akpan, Deputy Director, Press and Public Relations, Federal Ministry of Labour and Employment in an email. He said the meeting will serve as an avenue for FG to roll out its palliative plans. The mail read, “The Honourable Minister of Labour and Employment, Dr Chris Ngige will be hosting a meeting with the Organised Labour. The meeting is scheduled for Thursday, September 24, 2020 and the venue is the Banquet hall, Presidential Villa, by 3pm.” Previous talks ended in deadlock d...
Nigerian Police Vows to Vehemently Resist Students Planning Protest Against Fuel, Electricity Tariff Hike
Armed Forces, News, Nigeria, Petroleum, Youths

Nigerian Police Vows to Vehemently Resist Students Planning Protest Against Fuel, Electricity Tariff Hike

The Nigerian Police force has vowed to “vehemently resist” students planning a massive protest in Ogun State over the recent spike in petrol price and electricity tariffs. This was made known by spokesperson for the Ogun State Police Command, Abimbola Oyeyemi in a communique on Saturday. This comes as the five days ultimatum issued to the federal government by members of the National Association of Nigerian Students, South-West Zone D, to reverse the hike of petrol and electricity tariff is set to expire on Sunday. The students promised to take to the streets across South-West states if government retained the increment. In his reaction, Oyeyemi cautioned the students to shun such action, noting the force would not tolerate any group to hold the entire good people of Ogun state...
Deconstructing The Buhari Administration’s Lies on Subsidy  by Reno Omokri
Corruption, Economy, Finance, News, Nigeria, Petroleum

Deconstructing The Buhari Administration’s Lies on Subsidy by Reno Omokri

There is no more unmistakable evidence for the dishonesty, dubiousness and downright gangsterism of the Buhari administration than the fuel subsidy heist that they have pulled in Nigeria. The Buhari administration is so dishonest and corrupt in their handling of the downstream sector of the oil and gas industry. And this is fact, not opinion.   Let us now consider some facts.   The government said they removed subsidy in June 2020 (although some officials say it was in March). In June 2020, the Naira traded officially at ₦360 to $1 before it was devalued to ₦380 on August 6, 2020. This is a 6% devaluation. There have not been any significant changes in the price of crude oil between June and today. The price differential per barrel is $4.   As of June 2020,...
If we Truly Deregulated, Shouldn’t Fuel Price Drop? Atiku Queries
Cost of Living, News, Nigeria, Petroleum

If we Truly Deregulated, Shouldn’t Fuel Price Drop? Atiku Queries

 Former Vice President, Atiku Abubakar has questioned the recent increase in the price of Premium Motor Spirit (PMS), credited to the deregulation of the petroleum sector by asking, “if we truly deregulated, shouldn’t fuel price drop?” The Peoples Democratic Party (PDP) presential candidate in the 2019 election expressed his lack of understanding of the rational behind the increase in a tweet posted on his official Twitter handle. He said that as a businessman, he is concerned with the economic perspective of affairs. Atiku made a comparison between the present price of crude and what was obtainable in 2019. He added that fuel prices are far lower now in US and Europe than they were in 2019. His reaction adds to the pool of criticisms that have trailed the increment of petrol p...
Government Cannot Afford to Subsidise Petrol in the Face of Revenue Drop, Says Buhari
Economy, News, Nigeria, Petroleum

Government Cannot Afford to Subsidise Petrol in the Face of Revenue Drop, Says Buhari

President Muhammadu Buhari has said his administration cannot afford to subsidise Premium Motor Spirit, widely known as petrol, as Nigeria’s revenue has remarkably dropped. The President disclosed this during the opening of the First Year Ministerial Performance Review Retreat at the Presidential Villa, Abuja. Buhari said a return to the era of subsidy would lead to ‘several negative consequences,’ among which is the long queues at filling stations for hours before petrol could be bought. His view has been countered by the Trade Union Congress (TUC) and the Academic Staff Union of Nigeria (ASUU), who called on President Buhari to fulfil his promise to rehabilitate the country’s refineries. The Buhari administration had in March deregulated the petroleum sector allowing petrol p...
Fuel Subsidy Removal: History will Judge Buhari Favourably for Removing Fuel Subsidy- Garba Shehu
Economy, News, Nigeria, Petroleum, Press Statement, Transportation

Fuel Subsidy Removal: History will Judge Buhari Favourably for Removing Fuel Subsidy- Garba Shehu

The senior special assistant to the president on media and publicity, Garba Shehu has said President Muhammadu Buhari will go down in history as a courageous leader who brought sustainable development by removing subsidy. The Presidential aide on Sunday said history will be kind to President Buhari as the leader who implemented real changes to economic and overall national development by eliminating the evils of corruption inherent in subsidies. Shehu stated these in a statement titled “History will be kinder to President Buhari than his critics are prepared to be.” He was reacting to public outcry as a result of the recent hike in fuel price and electricity tariff. According to him, the reforms that led to the hike in prices are “necessary and overdue.” “Subsidy removal in ...
Two Nigerian Refineries Produce Zero Crude Despite ₦85.9 Billion Investment
News, Nigeria, Petroleum

Two Nigerian Refineries Produce Zero Crude Despite ₦85.9 Billion Investment

A June report published by the Nigerian National Petroleum Corporation (NNPC) has revealed that three refineries in Nigeria gulped ₦148 billion in 13 months but produced below 40,000 metric tonnes of crude oil. The low output according to NNPC is occasioned by ongoing rehabilitation of the oil refineries. Statistics show that when put together, both refineries have a production capacity of 445,000 barrels per day (bpd). The Port Harcourt refinery has the capacity of 210,000 bpd, the Kaduna refinery, 10,000 bdp and Warri refinery has 125,000 bpd. However, the refineries managed to produce 38,977 metric tonnes of crude from June this year. The Kaduna refinery produced the crude in July 2019 resulting to a ₦62 billion shortfall in 13 months, Premium Times reports. The report shows...
Petrol Price Increment: We Either Confront Government on the Street Now or Be Consumed – TASUED Students’ Union
Economy, Education, News, Nigeria, Petroleum

Petrol Price Increment: We Either Confront Government on the Street Now or Be Consumed – TASUED Students’ Union

The Students’ Union Government of Tai Tai Solarin University of Education (TASUED), Ijagun, Ijebu-Ode, Ogun State has rejected the hike in the pump price of Premium Motor Spirit (PMS) from N148 to N151.56k per litre. The PMS price regulatory agency had announced an increase to N151.56k per litre for the Nigerian National Petroleum Corporation retail outlets while the Independent Petroleum Marketers Association of Nigeria instructed its members in the South-West to dispense at N162. Describing it as an act of war on Nigerian students, TASUED Students Union President, Abdul-Azeez Lekan Soneye said it was time for them to confront the government or be consumed. He said, “War is coming. And it will consume everyone of us here if care is not taken. Electricity fee has been hiked by 300...
Sanwo-Olu Visits Ijegun Fire Survivors,  Warns Pipeline Vandals
Lagos News, Nigeria, Petroleum

Sanwo-Olu Visits Ijegun Fire Survivors, Warns Pipeline Vandals

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Wednesday visited victims of the recent Ijegun pipeline fire incident who are receiving treatment at the Trauma and Burns Unit of the Gbagada General Hospital. The Governor, in company of his deputy, Dr. Obafemi Hamzat, sympathised with families of the victims and also appraised recuperation of the survivors. He took time to go round the three wards where some of the victims were receiving treatment for various degrees of injuries. Among the survivors are three children and four adults. While describing the incident as unfortunate, Governor Sanwo-Olu bemoaned criminal activities around oil pipeline right of ways in the state, stressing that the State Government would cooperate with the Federal Government to strengthen security pa...
Nigeria: Kachikwu Out, Dr Thomas John In As Chairman NNPC Board
Economy, News, Nigeria, Petroleum

Nigeria: Kachikwu Out, Dr Thomas John In As Chairman NNPC Board

President Muhammadu Buhari has appointed Dr Thomas John as the acting alternate chairman of the Governing Board of the Nigerian National Petroleum Corporation, bringing to an end the tenure of the former Minister of State for Petroleum Resources, Dr Ibe Kachikwu. NNPC’s Group Managing Director, Maikanti Baru, who announced this in Abuja, stated that the new board chairman would hold the position until the appointment of a new Minister or Minister of State for Petroleum Resources by the President. Baru also said the new chairman’s appointment was with immediate effect. The GMD said, “Dr John, a former Group Managing Director of the NNPC, is before the appointment, a member of the NNPC Governing Board.” Baru added, “He (John) will hold the position of the Acting Alternate Chairma...