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.

“Staff currently employed by the affected corporations will be transferred to ministries and other state agencies.”

 

Other measures include the suspension of the hiring of chief administrative secretaries and a reduction of advisers in government by at least 50 percent and with immediate effect.

Civil servants who attain the age of 60 will be required to retire immediately and no extensions will be allowed, the president said.

 

Ruto also directed the suspension of the purchase of new cars in government for a year — except for security agencies — alongside the suspension of non-essential travel by state officers.

A new policy on transport for public officers will be developed, he said.

 

Ruto mandated the attorney-general to prepare and submit legislation to this effect and develop a mechanism for structured and transparent contributions for public, charitable, and philanthropic purposes.

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.

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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.

Africa and Nigeria saw mixed outcomes in 2023 amid a slight global decline in foreign direct investment (FDI).

Africa’s FDI inflows dropped by 3% to $53 billion, while Nigeria and other African countries experienced a varied landscape of investment activities.

These is according to the World Investment Report 2024 prepared by a team at the United Nations Conference on Trade and Development (UNCTAD).

 

Despite the overall decline, the number of greenfield projects in Africa rose by 7%, with over 800 projects announced.

These projects have the potential to generate an additional 200,000 jobs across the continent.

What the data is saying

According to the report, Nigeria attracted $1.87 billion in FDI in 2023 up from $895 million in 2022 but down from $3.3 billion. Latest data from the National Bureau of Statistics reported Nigeria generated $3.9 billion in 2023 out of which just $377 million.

In Nigeria, the government’s focus on attracting greenfield investments, especially in renewable energy, bore some fruit. The country introduced new fiscal and non-fiscal incentives aimed at encouraging investments in renewable energy.

This move aligns with similar initiatives in Italy and South Africa, which also adopted measures to boost renewable energy investments.

  • Nigeria’s investment landscape was marked by significant green hydrogen projects, such as the $34 billion green hydrogen project in Mauritania and green ammonia and hydrogen projects in Egypt worth $10.8 billion.
  • These projects underscore Africa’s growing share of global megaprojects in the renewable energy sector. Additionally, three energy producers announced green hydrogen projects in South Africa totaling $7.1 billion, while Morocco attracted substantial investments in the same sector.
  • However, the value of greenfield projects announced in Africa fell to $175 billion from $196 billion in 2022. The most significant year-to-year increases in project value were seen in chemicals, rising to $13 billion, and electronics, reaching $7.6 billion.
  • Conversely, project values for electricity and gas supply projects dropped by $33 billion compared to 2022, contributing significantly to the overall decline in greenfield values.

The African Continental Free Trade Agreement (AfCFTA) Investment Protocol, adopted in 2023, is expected to contribute to growing intraregional FDI.

The share of intraregional projects is higher in services and selected manufacturing industries, with 20% of projects by African investors, than in resource-based processing industries, with only 13% of projects originating from the region.

  • This indicates a substantial pool of investors within the region for some sectors and an opportunity to expand intraregional investment in processing industries to increase value addition.
  • Despite the decline in FDI inflows, Africa remains a significant destination for international project finance deals, although the estimated value of such deals fell by 50% in 2023 to $64 billion.
  • Industries related to renewable energy and power generation registered large drops in both values and numbers. However, momentum continued in some parts of the sector.

For instance, an investor group announced a deal for green hydrogen production totaling $4 billion in Egypt, and another group planned a $2 billion hydrogen project in Morocco.

Additionally, Africa attracted $10.8 billion in project finance for wind and solar electricity production, with the largest projects located in Egypt, South Africa, and Zimbabwe.

Global Review

Globally, foreign direct investment decreased marginally by 2% to $1.3 trillion in 2023. This headline figure was affected by significant fluctuations in financial flows through a few European conduit economies. Excluding these conduits, global FDI flows were more than 10% lower than in 2022.

  • The global environment for international investment remains challenging in 2024, with weakening growth prospects, economic fracturing, trade and geopolitical tensions, industrial policies, and supply chain diversification reshaping FDI patterns.
  • These factors are causing multinational enterprises (MNEs) to adopt a cautious approach to overseas expansion.
  • Despite these challenges, MNE profit levels remain high, financing conditions are easing, and an increase in greenfield project announcements in 2023 could positively impact FDI. Modest growth for the full year appears possible.

 

International project finance and cross-border mergers and acquisitions (M&As) were particularly weak in 2023. The value of M&As, which predominantly impact FDI in developed countries, fell by 46%. Project finance, crucial for infrastructure investment, dropped by 26%.

  • Developed countries saw a strong impact from MNE financial transactions, partly due to moves to implement a minimum tax on the largest MNEs.
  • FDI flows in Europe jumped from negative $106 billion in 2022 to positive $16 billion due to volatility in conduit economies.
  • However, inflows to the rest of Europe were down 14%. Inflows in other developed countries also stagnated, with a 5% decline in North America and significant falls elsewhere.
  • FDI flows to developing countries fell by 7% to $867 billion, mainly due to an 8% decrease in developing Asia. In Latin America and the Caribbean, FDI remained flat.

Despite these declines, the number of greenfield projects in developing countries increased by 15%, with values climbing by 20%. This partially offset declines in international project finance deals, which fell by 26% in number and 31% in value.

[Nairametrics]

Some Governors in Nigeria have officially declared Monday, July 8, a public holiday to celebrate the commencement of the new Islamic year, 1st Muharram 1446AH.

Muharram is the Muslim’s first lunar month in the Islamic calendar.

The Governor of Osun State, Ademola Adeleke, on Friday, declared Monday, July 8, 2024, as a public holiday to commemorate the new Islamic year.

Adeleke, in a statement released through the Commissioner for Home Affairs, Rasheed Aderibigbe, and published on the Ministry of Information bulletin on Friday, stated that the holiday is to allow Muslims in the state to celebrate the new Islamic year.

The statement added that Governor Ademola Adeleke would preside over a special parade/March session as part of the activities to celebrate the new year.

While wishing Muslims a happy celebration, the governor charged them to use the period to pray for the unity and peaceful development of the state and Nigeria in general.

The statement reads, “The public holiday graciously approved by His Excellency, Senator Ademola Adeleke is to allow Muslim faithful to celebrate and pray for peace, progress and development of the state and Nigeria as a whole.

“Governor Adeleke wishes all Muslim faithful a happy celebration of the new Islamic year, Hijrah 1446 AH.”

Other states that have declared Monday as a public holiday are, Kebbi, Oyo, Kwara

[NaijaNews]

Anambra State Local Government Service Commission has revealed that over 300 ghost workers have been drawing salaries from various local governments in the state without coming to work.

The chairman of the commission, Mr Vincent Ezeaka revealed this to DAILY POST on Friday during an interview in his office.

Ezeaka had recently come under attack from workers in the local government system who accused him of unduly victimizing them since his appointment.

Ezeaka, a legal practitioner was accused of working to impress his master, Governor Chukwuma Soludo, by trying to remove many people from the payroll, to ease the burden of the huge wage bill on the governor.

But, reacting to the accusations, he told DAILY POST that he was only doing his work, and that he would not be surprised if anyone accused him of working to impress Soludo, as the primary purpose of his appointment was to ensure that he did the work to the satisfaction of his master.

Speaking further, he explained, “The
governor gave us a mandate to clear the local government system of ghost workers, so we brought biometric attendance register and we used it for five months, then we made a printout of the first three months, and we got a printout with names of 320 workers in all the 21 local government who never attended work even one day in three months.

“They have zero attendance and never clocked in or out in the system.

“We brought out their names and wrote to JAAC to put them off salary. In the civil service rule, you don’t even need one month of zero attendance to get dismissed, but we didn’t dismiss them, but we put them off the payroll.

“Some reacted and said the machine was not working perfectly, so we gave another chance.

“The intention was not to reduce the wage bill, or victimize anyone, but for them to show that they are workers. To go to work and do the work they are paid for. Out of that 320, only 110 since February this year have been able to come out to prove themselves as workers and we have restored their pay and till today, 220 have not shown up.”

He said the Commission was still worried that the wage bill was high, compared to the number of people that were coming to work, so it did a physical audit of workers.

“We set up a committee to verify the workers. The heads of personnel management in all the local government brought in their workers list, they also attached their schedule of duty, and we went to JAAC and got the salary printout.

“Then we started verifying. Anyone whose name was on the salary printout and was not captured in the schedule of duty was fished out.

“After six weeks, the committee found out that some were retired, some have relocated abroad, some have found job elsewhere, some have also died, but were still eating salaries from this government.”

He added: “We found 59 dead workers, 40 retirees, 222 unidentified workers, some have relocated out of Nigeria but were still earning salaries, while some have found more lucrative jobs, yet their accounts were still being credited with monthly salaries.

“We found the case of a lady (name withheld) who retired from the local government system and got a job in Nnamdi Azikiwe University, Awka. She was still receiving salaries, and also receiving pension at the same time, yet receiving salary as a staff of Nnamdi Azikiwe University.

“We have written to the university, and they have confirmed that she is their staff. Another is in Nwafor Orizu College of Education, and she was still receiving salaries from this government. We have the case of people who absconded from work for years, and their salaries were still being paid. One was traced to be living abroad, yet collecting salary here.

“Some people are saying I’m doing this so as to curry favour from Governor Soludo, but I can only say yes. The essence of my being appointed, is it not for the governor to be happy with my performance?

“I cannot quantify how much we have saved the Soludo government in cash, because besides salaries, some of these people would have at some point put in retirement and also collected gratuity and gone ahead to be receiving pension.”

He said his interest is for the system to be sanitized, and that he would stop at nothing to achieve the objective.

Ezeaka added that the salaries of all the ghost workers and others have been stopped.

[DailyPost]

 

The National Universities Commission (NUC) has said that it is working with relevant stakeholders to set minimum guidelines for the conduct of convocations, special lecturers, and other ceremonies by universities in Nigeria.

Acting Executive Secretary of NUC, Chris Maiyaki, made this known in Abuja during a retreat organised by the Commission for the members of the governing councils in Abuja on Thursday.

The NUC boss lamented the decline in the quality of conduct of these ceremonies and special lectures, noting that this constituted the hallmark of a university and tertiary education.

He noted that the unique ceremonial occasions such as the Matriculation, Convocation, and the Lectures that traditionally preceded them as well as Inaugural lectures, University Lectures, Distinguished Lectures, Faculty Lectures, and Valedictory Lectures, have, not only declined in quality but have also lost the aura for which they were once known and cherished, because of the adoption of unsavoury local mismatches.

Maiyaki stated that to correct the anomaly, the Commission has resolved to work with relevant stakeholders to establish the minimum guidelines for the conduct of university ceremonies.

 

He noted that there was an urgent need to enthrone a legacy of good governance values, principles, standards and best practices in our respective institutions of higher education.

He called on the council members to demonstrate good leadership and stewardship towards the growth of their Institutions.

According to him, the members have a pivotal role to play in ensuring that the reputational capital of the nation’s universities is protected, adding that they must give all necessary assurance to stakeholders, emphasising that the university system places a high premium on quality.

He stated: “It is with this goal in mind that the National Universities Commission (NUC) has organised this Retreat, aimed at providing insights into the various instruments as well as relevant legal and regulatory requirements that define the functions of governing councils.

“Our hope is that the retreat will help you to understand the cross-cutting issues that are required to ensure that our Universities are positioned for greater effectiveness.

“Your appointment is, no doubt, a testament to the unwavering commitment you have demonstrated over the years to the development of the Nigerian enterprise. I am optimistic that you will bring this commitment and your wealth of experience to bear fully on the noble task of enabling our Universities to attain their full potential.

“Good governance is at the heart of the success of all organisations in the world over. It is, particularly, important in higher education because a university is, in many ways, a far more complicated organisation than an ordinary institution.

“Governance in higher education requires an appropriate framework for accommodating a diverse group of stakeholders. Indeed, good governance informs and facilitates decision-making which, in turn, enables a university to grow and prosper.”

He noted that it was only through accountability, transparency and innovative strategies that a university can be sustained in the long term.

Maiyaki said: “Our institutions have a proud tradition of fostering intellectual curiosity, nurturing talent, and contributing to society through knowledge and discovery. In their set-up, higher education institutions are meant to be highly democratic institutions.

“The committee system which serves as the basis of decision-making, exists from the level of Council, down to the level of academic departments. The system allows issues to be freely debated and democratically decided upon at scheduled meetings. It is therefore essential for Council members to acquire extensive knowledge about the issues faced by their various institutions.”

[TheNation]

Rivers State Governor, Siminalayi Fubara, has broken his silence on the recent judgement recognising Martins Amaewhule and 24 other lawmakers as the legitimate Speaker and members of the State House of Assembly. In a reassuring tone, Fubara declared that the worst is over and that God has prepared a table for him in the presence of his enemies, citing Psalm 23:5.

Speaking after inspecting the ongoing reconstruction of the Zonal Hospital project in Bori Town, Khana Local Government Area, Fubara assured that his administration remains committed to providing critical infrastructure for the state's speedy development. He emphasized that healthcare, education, and agriculture are top priority areas that will receive utmost attention.

Fubara expressed satisfaction with the progress of the zonal hospital project, which will benefit not only Khana but also neighboring communities. He noted that his administration inherited non-functional zonal hospitals and has released funds for their reconstruction and expansion.

The governor reiterated his commitment to fulfilling his administration's promises, aligning with the Sustainable Development Goals (SDGs) and policy objectives. He expressed optimism that the completed facilities will meet the healthcare needs of the people and address key issues in the sector.