Fresh queues for Premium Motor Spirit, popularly called petrol, surfaced in Abuja, parts of Niger and Nasarawa States on Friday, following the closure of many filling stations operated by independent marketers.

Dealers closed their retail outlets due to their inability to access petrol as a result of the hike in the ex-depot price of the commodity to N710/litre by private depot owners.

Motorists besieged the few stations that dispensed petrol on Friday, particularly those operated by the Nigerian National Petroleum Company Limited and some major oil marketers in Abuja and neighbouring states.

This led to massive queues in outlets, such as the NNPC mega station on the Gwarimpa axis of the Zuba-Kubwa Expressway, Conoil and Total filling stations directly opposite the headquarters of NNPC in the Abuja city centre, and Salbas filling station at the Dei-Dei end of the Zuba-Kubwa expressway, among others.

Independent oil marketers, who own over 70 per cent of filling stations across the country, blamed the hike in the ex-depot price of petrol as dispensed by private depot owners.

The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, told Saturday PUNCH that private depot owners had raised the ex-depot price of PMS to N710/litre, whereas the pump price of the commodity at NNPC retail stations was N617/litre.

Maigandi said, “The current situation is a result of how the private depot owners have been selling their products. It has been very difficult for independent petroleum marketers to get the product and sell it in Abuja and neighbouring states, as well as in other states in the North.

“So, the queues you are seeing now are because of the cost of PMS by private depots. The private depots are selling at N710/litre, but if you check the price of the same product at NNPC retail outlets, it is N617/litre.

“Therefore, by the time the independent marketers buy from private depots and bring it to our filling stations, we will not be able to sell our product because our cost price is already so high, while the cost at NNPC retail outlets is far lower.

“And you know that when we buy it at the rate of N710/litre, we have to add transportation cost again because there is no equalisation. And when we add the cost of transportation, the pump price is going to be higher than the N710/litre ex-depot price, whereas NNPC stations sell at N617/litre.”

Maigandi explained that because of the widespread number of stations operated by IPMAN, any distortion in the supply of products to members of the group would lead to fuel queues because major marketers and NNPC stations were fewer in number.

On whether IPMAN members cannot get direct PMS supply from NNPC, instead of buying the product from private depots, he replied, “That is what we have been negotiating with them (NNPC), and they promised us that they will start giving us our allocation.

“They have started, but the quantity is small compared to the number of retail outlets operated by IPMAN nationwide. We are getting products from NNPC, but the volume is too small for our members.

“So, we are requesting additional volumes because, in Abuja alone, we have over 250 retail outlets belonging to IPMAN members. This is just for Abuja. We have not talked about Niger, Kaduna, and other states in the North, not to mention the number nationwide.” 

Maigandi, however, stated that the queues for petrol were not pronounced in remote villages, adding that “when you go to the villages, you will see that there are no queues.”.

“But in the city centres, where you have NNPC stations selling very cheaper than the N710/litre price, you will see queues there, as well as in front of the few outlets that have products to dispense.”

The IPMAN president said petrol was not scarce, as there were enough volumes in-country concerning what was imported by NNPC – Nigeria’s sole importer of the commodity.

“There is no scarcity. There is the product. The queues are caused basically by the market challenge, as I have explained to you. But as soon as we get products from NNPC or at fairly good prices, we will dispense and the queues will vanish,” he stated.

Officials at the Federal Minister of Petroleum Resources confirmed that there was enough product in-country, and stated that the market had been deregulated.

“It is a deregulated downstream oil sector, so dealers buy and sell based on demand and supply. There is enough product from NNPC. There is no scarcity,” an official at the ministry, who requested not to be named due to a lack of authorisation to speak on the matter, stated.

Another official at NNPC assured motorists that the queues would clear out fast because the company had enough product in-country.

The United Nations has again predicted that 82 million Nigerians, may go hungry by 2030, calling on the government to tackle climate change, pest infestations, and other threats to agricultural productivity.

The prediction comes in the wake of a persistent hike in food prices in the country.

According to the National Bureau of Statistics, Nigeria’s food inflation rate hit a record high of 40.66 per cent in May 2024, surpassing the previous month’s 40.53 increase.

This surge represents the largest year-on-year increase in food prices since records began in 1996.

Historically, food inflation in Nigeria has averaged 13.42 per cent, with the lowest point of -17.50 per cent in January 2000.

In 2023, the Food and Agriculture Organisation predicted that no fewer than 2.6 million Nigerians in Borno, Sokoto and Zamfara states, and the FCT may face a food crisis between June and August 2024.

According to a government-led Cadre Harmonisé analysis released in March, 2024, approximately 4.8 million people in Borno, Adamawa and Yobe states are experiencing severe food insecurity, the highest level in seven years.

Also, as Nigerian workers commemorated the 2024 May Day, Organised Labour expressed concern about the country’s rising food prices and fuel scarcity, saying that the current situation threatened the survival of workers.

A Senior Advocate of Nigeria, Olisa Agbakoba, also recently warned that a hunger riot might soon break out in Nigeria, calling on the Federal Government to act fast.

Speaking recently at the launch of CropWatch in Abuja, the Resident Humanitarian Coordinator of the Food and Agriculture Organisation, represented by one of the UN officials, Taofiq Braimoh, said, “The government of Nigeria, in collaboration with others, conducts an annual food security survey. This year’s results are alarming: approximately 22 million Nigerians will face food insecurity in 2024, and around 80-82 million are at risk of severe food insecurity by 2030.

“Nigeria, like many countries, grapples with food insecurity, climate change, unreliable water patterns, pest infestations, and other threats to agricultural productivity. As an agrarian society, our farms’ success directly impacts food availability for our population. Leveraging technology is crucial to strengthening our agriculture sector and ensuring food security.”

He stressed that satellite-based crop monitoring provided real-time data on crop conditions, enabling farmers and policymakers to make informed decisions and optimise agricultural practices.

He noted that the technology could help expedite the accomplishment of sustainable development goals in food and agriculture.

Kenyan President William Ruto has announced measures to cut government spending after a finance bill meant to raise taxes triggered violent protests across the country.

Ruto said he declined assent to the controversial bill after reflecting on the conversation around its content.

The protests had left over 23 people dead as demonstrators breached the national assembly for the first time in Kenya’s history.

During an X-Space engagement with Kenyans on Friday, Ruto said the bill was marred with “falsehood and propaganda”.

The president explained that the bill provided interventions that would have created more jobs and protect Kenyan industries.

The presidency said the bill was meant to plug Kenya’s ballooning budget deficit and reduce reliance on borrowing.

Kenya’s public debt currently stands at 68 percent of GDP, significantly higher than the 55 percent recommended by the World Bank and the International Monetary Fund (IMF).

AUSTERITY MEASURES

Ruto said his administration has settled on slashing various governance costs after wide consultations.

The president announced the resolutions in a separate speech at the State House in Nairobi.

Part of the cuts include the removal of budgets in the offices of the first and second lady.

“The budgetary provisions for confidential budgets in various executive offices, including my office, shall be removed, and the budget for renovations across the government reduced by 50 percent,” he added.

Ruto also dissolved 47 state corporations with overlapping functions “resulting in the elimination of their operational and maintenance costs”.

“Their functions will be integrated into the respective line ministries,” he said.

France have advanced to the semi-final of the 2024 European Championship.

The French team defeated Portugal 5-3 in penalties in the quarter-final encounter at the Volksparkstadion, Hamburg, on Friday.

The match ended goalless after 120 minutes of football that failed to meet expectations.

Both nations failed to play to live up to their full potential, with shots from Theo Hernadez and Kylian Mbappe the only real chances of a turgid first half.

The teams improved their performances after the interval, particularly the Selecao, with chances for Bruno Fernandes, Joao Cancelo,  and Rafael Leao.

The Portuguese had more opportunities in extra time but could not score, and the tie went to the lottery of penalties to decide the winner.

Ronaldo, goalless in his final Euro tournament, converted his kick in the shootout, but Joao Felix missed before Hernandez sent Costa the wrong way to send Didier Deschamps’ goal-shy side into the last four of the tournament.

France will face Spain, who dumped hosts Germany out with a 2-1 win in extra-time earlier in the day, in the semi-final.

Mikel Merino scored the all-important winner in the 119th minute after Florian Wirtz’s 89th-minute goal had cancelled Dani Olmo’s strike after the interval to force the additional period. Dani Carvajal was shown a red card for two bookings and will miss the semi-final match against France

A house of representatives committee has invited Uju Kennedy-Ohanenye, the minister of women affairs, over the “N1.5 billion” debt owed to contractors.

Kafilat Ogbara, chairperson of the house committee on women affairs and social development, issued the summons at the panel’s sitting on Thursday.

The committee is investigating the alleged diversion of N1.5 billion meant for the payment of contractors.

Some contractors had petitioned the committee, alleging non-payment for contracts they had executed for the ministry.

When he appeared before the committee, Aloy Ifeakandu, director of finance in the ministry, said he was instructed by his “superior” not to issue any payment to contractors.

‘FUNDS HAVE BEEN DIVERTED’

Ogbara further alleged that the ministry awarded contracts not included in the 2023 budget, while the funds were diverted.

“Money for contractors has not been paid, and money has been diverted,” Ogbara said.

“So, how do you pay these contractors?”

Ogbara said the Independent Corrupt Practices and Other Related Offenses Commission (ICPC) is also probing the ministry over alleged misappropriation of funds.

Responding, the director of finance said he assumed office at the ministry in September 2023 and does not know what happened before he came on board.

“The individual contractors have their files. It can be traced. As at the time I took over, there was no balance in the vote,” he said.

Consequently, Ogbara invited the minister to appear before the committee next Tuesday.

“We are giving until Tuesday for the ministry to bring all documents to come and defend where the N1.5bn disappeared to,” the committee chairperson said.

In June, Kennedy-Ohanenye filed a N1 billion defamation of character lawsuit against Ogbara.

In an interview on June 5, Ogbara said there are “many petitions” against the minister, adding that the parliament is investigating the minister.

The minister had denied the allegations, saying she was not under investigation over claims of fund misappropriation.

US President, Joe Biden has put to rest, speculation about his political future.

In a statement at a rally in Madison, Wisconsin on Friday, he addressed rumours and doubts surrounding his reelection bid.

“I’m the sitting President of the United States. I’m the nominee of the Democratic party. I’m staying in the race,” Biden declared.

He further emphasized his determination, saying, “I’m not letting one 90-minute debate wipe out three and a half years of work. I’m staying in the race, and I will beat Donald Trump.”

This statement comes as a response to recent debates and polls, questioning him on whether he’ll drop out of the race.

Biden then shifted his focus to the core issues driving his campaign, stating.

“I want a country where women have the right to make their own healthcare decisions. Trump wants an America where abortion is banned and women are punished,” he said.

The US President continued, “Justice Sotomayor warned us in her dissent that, based on the majority decision, Trump could take out his opponents, take bribes, and lead a coup while president—and be immune to being held accountable. He really could become the dictator that he promised to be on day one.

“For over two centuries, America has been a free and democratic nation. I’ll be damned if in the year 2024—just two years before the 250th anniversary of our Declaration of Independence—Donald Trump takes that away.”

Biden vowed to stay the course in his re-election bid and defeat Donald Trump in a November.

Former presidential candidate of the Labour Party (LP) in the 2023 general election, Peter Obi has urged members of the party to put away their differences and work together in harmony.
The former Anambra governor made the call via his X account on Friday.

He stated that the party would emerge stronger if they were more united.

He stressed the need to move forward with a shared sense of purpose and vision.

Obi expressed confidence that the party would overcome the current crisis through open communication, empathy, and willingness to listen.

According to him, “We will successfully resolve our differences and emerge stronger and more united than ever. Our strength lies in greater unity for our common national good.

“I reiterate my earlier appeal for us to put aside our differences and work together in a spirit of harmony and mutual understanding.”

Petrol stations across Nigeria are experiencing lengthy queues, reflecting concerns about fuel shortages due to the Nigerian National Petroleum Company (NNPC) Limited‘s $6 billion backlog in petrol payments.

BusinessDay’s investigation revealed that NNPC owes around $6 billion to international traders for imported petrol, with payments now delayed beyond the typical 90 days.

Reuters reported that overdue payments of $4 billion to $5 billion for January imports alone have led international petrol suppliers to withdraw from recent tenders.

An industry insider disclosed to Reuters, “The only reason traders are putting up with it is the $250,000 a month (per cargo) for late payment compensation.”

These payment delays point to the return of fuel subsidies, which were scrapped in May 2023. The subsidies drain NNPC’s cash reserves, affecting its ability to import petrol and finance President Bola Tinubu’s government.

Two suppliers have already stopped participating in tenders after reaching their debt exposure limits to Nigeria. They will not send more gasoline until they receive payments.

NNPC’s suppliers, including international traders like Vitol, Mercuria, and Gunvor, as well as Nigeria-based trading houses, declined to comment as they were not authorized to speak to the media.

BusinessDay found that traders, while thriving in risky environments, limit their credit exposure to avoid excessive risk with one borrower. Consequently, Nigeria’s tenders for petrol in June and July were smaller.

NNPC will import about 850,000 tonnes in July, down from the usual 1 million tonnes in previous months, according to sources.

As a result, Nigerians are facing renewed petrol scarcity and long queues in major cities such as Lagos and Abuja.

Rishi Sunak, outgoing prime minister of the UK, has apologised to the Conservative Party after Labour won the general election by a landslide.

Sunak conceded defeat as the networks called the election for Keir Starmer of the Labour Party — who had reached the required 326 parliamentary seats.

The Conservative Party candidate retained his seat in Richmond & Northallerton however.

“Britain has delivered a sobering verdict. On this difficult night, I’d like to express my gratitude to the people of Richmond and Northallerton constituency for your continued support,” Sunak said.

“Today, power will change hands in a peaceful and orderly manner, with goodwill on all sides. That is something that should give us all confidence in our country’s stability and future.

“There is much to learn… and I take responsibility for the loss.”

The outcome of the election ends 14 years of Conservative government, in which time five different prime ministers ran the country.

Sunak was appointed prime minister on October 25, 2022, becoming the first British Asian and the first Hindu to assume the office.

At 42, Sunak became the youngest prime minister since Robert Jenkinson.

Aliko Dangote, chairman of the Dangote Industries Limited, says Nigeria’s economy can be turned around in a few months.

Dangogte addressed journalists in Abuja after the inauguration of the presidential economic coordination council (PECC) on Thursday.

“What I keep saying is that our own issues are not that bad, this economy can be turned around within few months and I think we are on that way,” he said.

The billionaire also pledged the support of the private sector in investing in job creation for Nigerians.

“The private sector will support the government to invest heavily and create jobs,” the business tycoon said.

“Government does not create jobs but they give us the right policies, you can see the interventions in gas sector, getting the OB3 to work will give the country additional $2 billion.”

On July 4, President Bola Tinubu inaugurated the PECC and announced a N2 trillion economic stabilisation plan in a move to revive Nigeria’s struggling economy.

Established in March, the PECC is chaired by the president and includes key government officials such as the vice-president, the senate president, and the chairman of the governors’ forum.

Prominent private sector leaders, including Dangote, Tony Elumelu, and Bismarck Rewane will serve on the council for one year.

On July 2, Dangote had warned that the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) would stifle growth.