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NNPCL deals with companies, not associations — Expert
By Obas Esiedesa
THE Independent Petroleum Marketers Association of Nigeria, IPMAN, has observed that the full deregulation of petrol pricing, along with the withdrawal of NNPC Limited as the sole off-taker of petrol from the Dangote Refinery, means that marketers are now free to source products from various suppliers, including through imports.
This is even as an expert said the NNPCL does not deal with associations, including IPMAN but with companies that applied and paid for their petroleum products.
The IPMAN position came a day after the NNPC increased the pump price of petrol by 15 percent to N998 per liter in Lagos and N1,030 per litre in Abuja.
Speaking to Vanguard, the Public Relations Officer, IPMAN, Chief Chinedu Ukadike, said marketers would source their products from wherever they feel is cheaper and make them (IPMAN) competitive.
Ukadike pointed out that the current business environment in terms of petrol pricing is shrouded in secrecy with marketers not adequately informed about decisions before they were taken.
“The happening has been shrouded in secrecy but with time everything will come out because full deregulation has come into play. Marketers can now import and so let’s see what they will do. Then we will know whether we will go with Dangote or elsewhere where the price is better”, he stated.
Earlier in the day, IPMAN President, Alhaji Abubakar Maigandi Shettima, demanded a refund of N15 billion from NNPC Limited for petrol orders placed by independent marketers but were not supplied.
Shettima who made the demand in an interview with Channels TV stated that if NNPC’s current pricing is higher than that of Dangote Refinery, the national oil company must refund the payments made by independent marketers.
He criticized the NNPC for requesting additional payments from marketers despite not supplying the product for which they had already paid.
However, an expert that preferred to be anonymous faulted the oil marketers, stating that the NNPCL does not do business with oil marketers, including IPMAN.
He said: “NNPCL does not have a business relationship with IPMAN because the association did not fill a form and paid to lift petrol from the company. Rather, the NNPCL is dealing with many companies.
MTN Nigeria Communications Plc and Airtel Nigeria collectively generated about N3.67tn from their data and voice services in the first half of 2024, an analysis of their financial results showed.
MTN, the country’s biggest telecom operator with almost 80 million subscribers, reported a combined revenue of N1.27tn for the first six months of 2024, driven by a significant uptick in data services.
The revenue includes N726.6bn from data services, reflecting a 55 per cent increase from N469.7bn in the same period in 2023. Voice services also grew, with revenue reaching N541.3bn, up from N474.1bn year-on-year.
The operator, which has been serving Nigeria’s vast population for two decades, attributed this growth to enhancements in service quality and the robust demand for data services. Price optimization strategies implemented in Q4 2023 further fueled this growth.
Airtel, with over 60 million subscribers, recorded $229m in revenue for the quarter ended June 30, 2024. This revenue comprises $112m from voice services and $117m from data services.
Although voice revenue experienced a significant decline of 55.8 per cent from $254m in the same quarter last year, it increased by 21.6 per cent in constant currency terms, its financial report showed.
Data revenue also declined by 48.6 per cent from $228m in the previous year, but constant currency figures showed a robust growth of 41.3 per cent, indicating rising demand for internet services.
For the full year ending March 31, 2024, analysis of the report showed that Airtel achieved $711m in voice revenue and $654m in data revenue, bringing its total revenue across both periods to $1.594bn.
When converting the total revenue generated by Airtel Nigeria into naira, using the exchange rate of N1500/$1, the operator generated N2.4tn in six months.
The combined revenue figures for both companies indicated that Airtel generated N2.4tn, while MTN raked in N1.27tn, resulting in a total revenue of approximately N3.67tn from data and voice services over the six months.
The duo are adeptly navigating a dynamic telecommunications landscape, capitalizing on the growing demand for digital services amid Nigeria’s expanding digital economy.
However, the companies face significant challenges, primarily due to the weakening naira against the dollar, which has severely impacted operational costs.
Both MTN Nigeria and Airtel Africa, listed on the Nigerian Stock Exchange, budget a significant portion of their revenues to diesel consumption.
Industry operators estimate that over 50 million liters of diesel are consumed by telecom operators each month to fuel their infrastructure.
In response to these rising costs, telecom companies are now shifting their focus towards renewable energy sources, such as solar, wind, and lithium batteries.
The Director of Corporate Communications and CSR at Airtel Nigeria, Femi Adeniran, disclosed last month in Lagos that the company spends approximately N28bn monthly on diesel.
A senior telecom executive, who requested anonymity, revealed that MTN, with around 80 million subscribers, incurs over N30bn in monthly diesel expenses to power its approximately 25,000 base stations.
Collectively, MTN and Airtel spent approximately N570bn in the first eight months (January to August) of 2024 due to rising fuel costs, with diesel prices averaging N1,426.09 per liter, The PUNCH reported last month.
For the first half of 2024, MTN reported a loss of $519.1bn after tax, while Airtel posted an $89m loss for the fiscal year ending March 2024. However, Airtel managed to achieve a $31m profit in Q2, despite being impacted by $80m in derivative and foreign exchange losses.
The Senate on Thursday asked the Federal Government to deny allocations to local governments where the chairmen were selected by the state governor.
This resolution was adopted after the Senate Minority leader, Sen. Abba Moro, raised concern over what he describes as sham local government elections conducted on Saturday, 5th October 2024, and the abuse of the Constitution.
Moro alleged that in most places, elections took place in the private homes of the chieftains of the ruling party, making the entire process a mere coronation of candidates of the ruling party and not a proper election contemplated under the 1999 Constitution of the Federal Republic of Nigeria (as amended).
Across party lines, the co-sponsors unanimously concurred that there was no election in Benue.
In the ensuing debate, other lawmakers further expressed worry over the lack of transparency and fairness in local government elections, citing examples in Rivers, Edo, Oyo, Akwa Ibom etc. in addition to Benue.
The upper chamber also condemned the Benue State Independent Electoral Commission’s blatant disregard for democratic principles in the sham local government elections of Saturday, October 5.
Lawmakers also asked the Benue State Independent Electoral Commission to conduct elections in those place where elections were not held and allow the people to choose the representatives of their choice.
The President of the Senate, Godswill Akpabio, also mooted the idea of a national dialogue with a view to changing the narrative.
He maintained that the sham of LG elections transcends party lines, asserting that the National Assembly is poised to change the situation for the better.
Akpabio also called out the Edo state Governor, Godwin Obaseki, stating that he has no respect for the rule He referred to the Obaseki’s refusal to swear in duly elected members of the state house of assembly for four years despite court orders.
The Defence Headquarters stated on Thursday that it chose not to go after former Niger Delta militant warlord, Mujahid Asari-Dokubo, to avoid being accused of acting “undemocratically.”
The Director of Defence Media Operations, Maj. Gen. Edward Buba, made this remark in Abuja while responding to a recent report about Asari-Dokubo’s alleged threat to shoot down a military helicopter that had reportedly hovered around his residence.
Addressing journalists, the DHQ spokesman described Asari-Dokubo’s threat as laughable, challenging him to confront soldiers on the battlefield if he was bold enough.
Buba said, “Now, the comment by an individual that he can shoot down military helicopters is laughable. And I am about to laugh at that. We are in a democracy, and we are professionals. Of course, we cannot just, based on somebody’s comments, begin to take certain actions. They would accuse the military of being undemocratic.
“The military is not the only security force or department in the country. There are other security agencies that have a constitutional role to play in handling such issues.
“I tell you that he doesn’t have that capability, but I will allow the security forces responsible for such matters to take it up. As for us, come to the battlefield, and we’ll take you out. He should come to the battlefield and see whether we can react or not.”
Buba explained that the military’s focus remained on combating terrorists across various theatres of operations.
He said, “For us, the enemy we fight are the terrorists. Some may choose to call them different names in the different theatres of operations where they exist. In the North-West and North-East, some will say terrorists; some may prefer to call them bandits.
“I tell you, they are all terrorists, and that is what we see. Troops are making significant progress. As I mentioned earlier, we prioritise eliminating terrorist leadership, and we have been doing just that. In the last three quarters, we have taken out over 300 terrorist commanders, not to mention their foot soldiers.
“Our aim is to diminish their fighting capabilities and damage their military capabilities, which we have been successfully doing. As indicated in the brief you received, you can see how many weapons and ammunition we have recovered.”
Buba said a terrorist kingpin in Jigawa State, known as Mai Hijabi, was killed in an operation conducted during the week.
He noted that a total of 165 terrorists were killed, and 238 suspects were arrested.
Buba said, “Our operations have destroyed a substantial part of the combat capacity of these terror groups and their leadership. For instance, one of the notorious terrorist commanders in Jigawa State, known as Mai Hijabi, was eliminated from the battlefield during the week. Troops are, therefore, increasingly making significant strides across all theatres of operations.
“During the week under review, troops neutralised 165 terrorists, arrested 238 persons, and rescued 188 kidnapped victims.”
Buba added that troops also arrested 35 suspected oil thieves in the South-South region and prevented the theft of an estimated sum of N688,125,150.00.
He said, “Troops in the Niger Delta area discovered and destroyed two dugout pits, 58 boats, and 39 storage tanks. Other items recovered include 13 cooking ovens, 35 drums, one motorcycle, one tricycle, four speed boats, 13 vehicles, and 65 illegal refining sites. Troops recovered 789,200 litres of stolen crude oil and 64,950 litres of illegally refined AGO.”
Buba also noted that troops recovered 153 assorted weapons and 2,182 rounds of assorted ammunition.
The breakdown, according to him, includes 81 AK-47 rifles, 23 fabricated rifles, 27 Dane guns, 13 pump-action guns, five locally-made pistols, three revolver pistols, 30 AK-47 magazines, and one bayonet.
Other items recovered are, “1,561 rounds of 7.62mm special ammunition, 278 rounds of 7.62mm NATO ammunition, 70 rounds of 50mm ammunition, 72 rounds of 9mm ammunition, 87 live cartridges, one Baofeng radio, 19 vehicles, 21 motorcycles, 45 mobile phones, and the sum of N64,100.00, among other items.”
The Inspector-General of Police, Kayode Egbetokun, has approved ₦10 million compensation to the families of five officers who lost their lives in a road accident.
The officers were returning from the Edo governorship election in September when the mishap occurred at Karfi town, Kura LGA of Kano State.
Force spokesperson, Muyiwa Adejobi, disclosed this in a statement on Wednesday, saying eight of the injured officers had been discharged, while three remain in hospital.
“In response to this tragic event, the Inspector General of Police has taken decisive actions to provide support to those affected, by approving the compensatory payment of Ten Million Naira (N10,000,000) to the families of the deceased,” the statement reads.
Adejobi said Egbetokun also approved the immediate payment of N2 million each to those still in hospital, and N500,000 to those who had been discharged.
“He acknowledged their profound loss and providing assistance as they navigate this challenging period.
“The IGP has also approved the payment of Two Million Naira (N2,000,000) to those still receiving treatment, ensuring they receive the necessary medical support as they recuperate, and the sum of Five Hundred Thousand Naira (N500,000) to those who have been discharged after treatment.”
The IGP reiterated the force’s commitment to supporting officers and their families.
See the full statement below:
PERSONNEL WELFARE: IGP APPROVES COMPENSATORY PAYMENT TO OFFICERS INVOLVED IN KANO ACCIDENT, REASSURES PAYMENTS OF OTHER BENEFITS.
As IGP Reaffirms Dedication to Personnel Well-being.
The Inspector-General of Police, IGP Kayode Adeolu Egbetokun PhD., NPM., has approved the immediate payment of relief funds to the families of officers that were involved in a fatal motor accident on 24th September 2024 while returning from the Edo Elections Special Duty to Kano State Command.
The accident which occurred along the Zaria-Kano Expressway, Karfi Kura, had resulted in the loss of 5 officers, with 11 hospitalised after the accident. 8 individuals have been successfully discharged from the hospital after receiving medical attention, while 3 others are still undergoing treatment.
In response to this tragic event, the Inspector General of Police has taken decisive actions to provide support to those affected, by approving the compensatory payment of Ten Million Naira (N10,000,000) to the families of the deceased, acknowledging their profound loss and providing assistance as they navigate this challenging period. The IGP has also approved the payment of Two Million Naira (N2,000,000) to those still receiving treatment ensuring they receive the necessary medical support as they recuperate and the sum of Five Hundred Thousand Naira (N500,000) to those who have been discharged after treatment.
The IGP reaffirms the commitment of the Nigeria Police Force to supporting officers and men of the Force and their families during trying times. The IGP once again expresses his deepest condolences to all the families of the deceased and prays for the quick recovery of those still receiving medical care.
ACP OLUMUYIWA ADEJOBI, mnipr, mipra, fCAI,
FORCE PUBLIC RELATIONS OFFICER,
FORCE HEADQUARTERS,
Vice President Kashim Shettima, has described Nigeria’s 25.6% of out-of-school children as a threat to the Country’s future.
He stated this at a two-day International Conference on Girl Child Education in Nigeria held at the Banquet Hall of the State House Abuja, during which he noted that the North has the highest number of figures.
“We cannot allow ourselves to be held hostage by these frightening numbers as the consequences are dire and far reaching. Now is the time to treat them as an emergency, and the only way forward is to take specific action plans that address the unique needs and barriers in each region,” Shettima declared at the event attended by development partners including the World bank, UNICEF, British Council, Oando Foundation, UNESCO, FCDO, Newglobe, Plateform Petroleum.
“States in the north west and north east face the highest out of school rates in Kebbi, Zamfara, and Bauchi for example, more than 60% of primary school age children are not in school with Kebbi at a staggering 64.8%. The secondary school numbers are similarly alarming with Bauchi at 66.75% Kebbi at 63.8% and Jigawa, which is my own state, at 62.6%.”
Represented at the event by the Deputy Chief of Staff to the President, Ibrahim Hadejia, Vice President Shettima said, “This is a mirror from which we cannot afford to look away because the consequences are dire and far-reaching.”
Senator Shettima noted that the dignity of the girl child defines every civilization.
He said, “Today, we are bound by a duty higher than merely observing the challenges before us. We bear the responsibility of setting the tone for this nation, and there is no greater calling than to prioritize the education of the girl child and others. This is a mirror from which we cannot afford to look away because the consequences are dire and far-reaching.
“The statistics of our out-of-school children in Nigeria are a stark reminder of the urgency of this mission. The latest multiple indicator cluster survey showed that 25.6% of children of primary school age are out of school, and this rate rises to 29.6% for secondary school-age children, each child, abandoned to the streets, is a liability that the nation will one day pay for. We must therefore remember that the child who remains out of school today will be a threat to their peer in the classroom tomorrow, and we cannot afford to turn away from this reality, and the need for creative and innovative solutions is now more present than ever.”
“The issue of girl child education is for every nation, but in our part of the world, her vulnerability is especially pronounced. Her education is more than a moral obligation. It is the stabilizing force of our economic and social order, for every additional year a girl remains in school, her future earning potential increases, infant mortality rates decrease, and poverty levels in communities fail.
“We see this reflected in the gender parity index, which shows that girls have almost caught up with boys at the primary school level with a ratio of 0.99 and even surpassed boys at secondary school level with a ratio of 1.08. These gains are, however, at risk unless we intensify our interventions to reach every girl, particularly in areas where barriers remain strongest.
“This is why, at the National Economic Council, we have set out to guarantee the future of a girl child, adopting education as one of our critical thematic areas of intervention, alongside health, nutrition and employability in a rapidly changing world.
“We have set the ambitious goal of achieving 0.6 score on the World Bank’s human capital index, and we understand that the road to this objective involves increasing years of schooling, improving the quality of education and ensuring that no child, especially no girl child, is left vulnerable or out of school.”
The Vice President, however, stated that education financing remained a critical aspect of the President Bola Tinubu-led government strategy hence the country has seen a significant increase in education expenditure.
“For example, in 2022 states spent 1 trillion Naira on education, representing 12% of total expenditures. By 2024, States committed 2.4 trillion to education, while the federal government allocated 2.2 trillion. This bring the combined total allocation to 4.6 trillion naira.
“Although states have 14% of their budgets dedicated to education, we must aim higher. Our campaign to see 15 to 20% of state budget allocated to education is not just a target, but a necessity as it is the surest way to guarantee the future of our children and our nation,” he stated.
While calling for partnership with the administration to address the issues, Shettima said the stakes are high and the risk posed by each out-of-school child should be a concern to all stakeholders.
“What we need is a concerted, multi-sectoral approach. The Federal Government, states, local governments, civil society and our partners in the donor community must come together with a singular focus, ensuring that every Nigerian child, regardless of gender or geography, receives quality education.
“We must combine our advocacy and awareness campaigns as championed by the human capital development program, with practical interventions like increasing budgetary allocation to the education sector.
“Whatever reforms we adopt to build a safe space for educating the girl child must be championed from within our communities. Policy making involves all of us, and we must engage local leaders, traditional rulers and religious figures to understand the implications of failing to educate the future of this nation,” he added.
On its part, the Nigerian Governors Forum (NGF) identified practices such as early marriage, early childbearing, poverty, illiteracy, gender-based violence, and other forms of discrimination as factors that have continued to violate girls’ rights to education in the country.
Chairman of the NGF and Governor, Kwara State, Abdulrahman Abdulrazaq expressed concern over the rising number of out-of-school children, pervasive learning poverty, and the insufficient capacity of teachers to foster empowerment through education.
He lamented that despite efforts to reverse the situation, the empowerment of the girl child is still hindered by inadequate access to quality education.
He said the conference under the theme “Girl child empowerment through quality education” was therefore a clarion call on the authorities to take decisive action with a view to reversing the trend.
According to him, quality education remains the cornerstone of national socioeconomic development. Achieving this requires robust education financing, highly qualified teachers, comprehensive instructional materials, strong advocacy, and the provision of necessary infrastructure. Initiatives to re-enroll children in schools, improve learning outcomes, and secure adequate funding are essential to ensuring that every child receives a quality education.
“Our goals include enhancing basic numeracy and literacy, increasing primary school enrollment to reduce the number of out-of-school children, and ensuring smooth transitions from primary to secondary education. The states are resolutely committed to addressing these challenges for the betterment of our society.
“There is renewed vigor in advocating for increased education financing by the states. The NGF champions the advocacy for effective and sustained budgetary resource allocation to the education sector at both federal and state levels. In 2022, states allocated N1 trillion (12%) of their total expenditures to education.
This increased to N1.6 trillion in 2023 and further to N2.4 trillion in 2024, alongside the federal allocation of N2.2 trillion.
Governor Abdulrazak however, noted that states including Lagos, Enugu, Kaduna, Abia, Ogun, Kano, Oyo, Jigawa, Niger, Akwa Ibom, and Kwara have made substantial contributions, with many meetings or exceeding the international benchmark of allocating at least 15% of their budgets to education.
“These efforts underscore the positive trajectory of education financing by sub national governments,” the NGF chairman said.
The National President of the Independent Marketers Association of Nigeria, Abubakar Garima, has revealed that the Nigerian National Petroleum Company Limited is currently asking oil marketers to buy petroleum products from its depot at N1,010 per litre in Lagos State.
He stated that the price peg is significantly higher than what the oil company paid to purchase products from the Dangote Refinery.
According to him, the company purchased the product from the refinery for between N800 and N900 but is asking marketers to sell it at N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri.
Garima said this when he appeared on ChannelsTv Sunrise Daily on Thursday.
Recall that on Wednesday, the retail stations of NNPC raised the price of petrol to N1,030 from N897/litre in Abuja, and in Lagos, it was hiked to N998/litre from N868/litre. Other locations witnessed similar price hikes, a development that triggered anger among Nigerians.
The price hike, the second in one month, represents about 14.8 per cent or N133 rise.
With the latest price adjustment, it means that in the less than 17 months of the current administration, the price of petrol has risen by over 430 per cent from May 29, when it took over the reins of power.
Although Nigerians had expected cheaper fuel prices following the commencement of the naira for crude sales, the IPMAN chair attributed the recent adjustment in the price of fuel to the impacts of the deregulation of the sector.
He said, “Well, we know now that we cannot call it an increase, but rather, we can call the removal of subsidy deregulation. Now, deregulation has started taking place fully.
“But our major challenge now is that independent marketers have an outstanding debt from the NNPCL and the company collected products through Dangote at a lower rate which is not up to N900 but they are telling us now to buy this product from them at the price of N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port-Harcourt and N1,040 in Warri.”
On why the marketers haven’t approached Dangote to get the product at the same price, Garima explained, “We have a problem with that because we have booked products through the NNPCL, and suddenly, when they decided to increase the price, they are now asking us to add more money to buy above what Dangote is selling to them.
“We have informed them to return our money to our banks so that we can go directly to Dangote for our supply. Presently, our money is with them, for about three months. We buy our products from them before loading. NNPC doesn’t sell on credit and when products are available, they call us to pick them up.
“But with the recent changes, we have requested that they sell to us at Dangote price or return our money. That’s the current situation and is the reason for the scarcity. We started negotiation yesterday.
“Dangote is selling to them around N800 to N900 and we are asking that it should be sold at that same price. We can decide to sell at a lower price of N1,020 or N1,010.
“We also refused to buy it because they bought it at a cheaper price from Dangote but want to sell it more expensive than the amount they currently sell at their stations. This is a great challenge because this will mean our price will be higher, and it also means they would have a profit of over N100 per litre.”
He added, “Marketers want to be fully engaged in the business of petrol and its components. The NNPCL has been the one bringing in the product and loading and has an offtake in Dangote Refinery.
“We are now being allowed to import and there is no challenge on that issue. What we are after is to get the product directly from Dangote and not through NNPCL. Currently, they are owing us up to N15bn.”
[PRESS RELEASE] NOA Deplores Reports Insinuating It Must Give Permission for Use of National Anthem
Admin![[PRESS RELEASE] NOA Deplores Reports Insinuating It Must Give Permission for Use of National Anthem](/media/k2/items/cache/822ccff62a52c913def5e49a6b8c0ec4_S.jpg)
The National Orientation Agency (NOA) has dismissed as untrue reports insinuating that the Agency must give permision to citizens before they can use the National Anthem.
The correct submissions of NOA's Director-General, Mallam Lanre Issa-Onilu, during an interview with Radio Kwara is that the Agency as the custodian of national symbols, will issue correct melodies of the National Anthem. He also advocated that those who produce national flags or use them for commercial advertisement purposes should obtain the correct versions from NOA.
As a matter of fact, all state offices of the Agency are currently undertaking programmes aimed at enlightening Nigerians on the lyrics of the reintroduced National Anthem.
For the avoidance of doubt, the new approvals given by the Federal Executive Council (FEC) prescribe that the first stanza of the National Anthem will be sung at all official government programmes, while the entire three stanzas will be used only at special events such as the Democracy Day, opening of parliament et cetera. The third stanza has been designated as national prayer.
In line with this mandate, NOA has released the correct and authentic lyrics of the National Anthem, reintroducing it as part of its initiative to promote the new National Anthem Act signed by the President.
The correct lyrics of the National Anthem are as follows:
Stanza 1
Nigeria, we hail thee
Our own dear native land
Though tribes and tongues may differ
In brotherhood, we stand
Nigerians all, are proud to serve
Our sovereign Motherland.
Stanza 2
Our flag shall be a symbol
That truth and justice reign
In peace or battle, honour’d,
And this we count as gain,
To hand on to our children
A banner without stain.
Stanza 3
O God of all creation
Grant this our one request.
Help us to build a nation
Where no man is oppressed
And so with peace and plenty
Nigeria may be blessed.
NOA therefore calls on all citizens to ignore such misleading reports and freely use the National Anthem, and simultaneously respect and honour the national symbols, which embody our nation’s aspirations and unity.
Paul Odenyi
Deputy Director Press
The National Orientation Agency
Date: Oct 9,2024
Lanre Issa-Onilu
President Bola Tinubu-led government has distanced itself from the recent hike in petrol prices, stating that the Nigerian National Petroleum Company Limited (NNPCL) made the decision independently based on prevailing market conditions.
The adjustment has seen pump prices soar to as high as ₦1,075 per litre in some regions.
As of Wednesday, the NNPCL raised the fuel price in Abuja from ₦897 to ₦1,030 per litre, while prices in Lagos jumped from ₦855 to ₦998.
In other regions, the price changes were similarly steep, with the North-East seeing prices at ₦1,070, and the South-West states averaging ₦1,025. The South-East and South-South regions experienced price hikes to ₦1,045 and ₦1,075, respectively.
This surge in fuel prices has sparked widespread outrage among Nigerians, prompting calls for President Bola Tinubu to intervene and reverse the increase.
However, in an interview with Daily Trust, Minister of Information and National Orientation, Mohammed Idris, clarified that the government should not be held accountable for the price hikes.
Idris explained that the NNPCL’s decision was influenced by various factors affecting the energy industry, including ongoing volatility in the global market, particularly due to crises in the Middle East.
He emphasized that the NNPCL is no longer in a position to absorb the financial losses incurred from previous price settings.
The minister stated, “The differential you’re seeing is a result of different factors.
“One of them is the crisis in the Middle East. There’s volatility in the market. Therefore, the prices of petroleum products are going up, consistent with what is happening with other operators in the industry globally. Secondly, NNPC cannot continue to absorb these losses for Nigeria because, as a limited liability company, it would be operating at a loss.”
Idris urged Nigerians to understand the complexities faced by the NNPCL and the government, assuring that, in the long run, prices would eventually stabilize.
He highlighted that savings from the subsidy removal would be reinvested into critical sectors such as healthcare, education, infrastructure, and security.
Additionally, the minister mentioned that the government’s initial investments in Compressed Natural Gas (CNG) would help mitigate the impact of rising fuel prices as more operators enter the market.
The Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.45bn from the World Bank in just 16 months.
The amount increased to the new figure following the recent approval of three new loans totalling $1.57bn from the World Bank for various projects in Nigeria and is expected to increase further in the coming months.
This was as the international lender approved no fewer than 36 loan requests to the Federal Government, amounting to a substantial total of $24.088bn within five years.
These approvals, aimed at financing various development projects nationwide, arrive alongside increasing concerns about the country’s escalating debt profile, prompting questions about the sustainability of these financial commitments and their potential long-term effects on the economy.
Some of the projects under Tinubu include loans for power ($750 million), women empowerment ($500 million), girl’s education ($700 million), renewable energy ($750 million), economic stabilization reforms ($1.5 billion) and resource mobilization reforms ($750 million),
For many Nigerians, long years of infrastructure decay and increased unemployment have triggered an increased feeling of bitterness whenever they hear the government’s intention to borrow.
Although some of them realistically agree that resources are thin, considering an outsized population; however, they believe the past borrowings have not been justified.
However, according to an analysis of documents obtained from the international lender website on Tuesday, the international lender has maintained an annual credit approval to the nation since 2020.
A cursory look showed that the lender approved 15 loan requests worth $6.36bn in 2020. Some of these projects include the Nigeria Rural Access and Agricultural Marketing Project with an approved project commitment of $510m, The Nigeria Digital Identification for Development project ($430m), and $750m for the Nigeria SATAN additional financing for COVID-19 response, amongst others.
In 2021, the loan requests were reduced to six projects worth $3.2bn while the nation, under the administration of former president Mohammadu Buhari, secured loans worth $1.26bn in 2022 for six projects.
For instance, a $500m loan request was approved for a livestock productivity and resilience support project on March 18, 2022. Another loan of $750m was approved under the Nigeria: State Action on Business Enabling Reforms Program in the same year.
Also, $3.9m was secured for the Umbrella organisation to support Nigeria for women’s projects.
However, in 2023, the loan request increased to $2.7bn to implement four projects, namely $750m for Nigeria- AF power sector recovery performance-based operation, $500m for Nigeria for Women Program Scale-up projects and $750m for the Nigeria Distributed Access through Renewable Energy scale-up project.
Similarly, the bank has approved $3.82bn already in 2024 for five projects, which include a grant of $70 million.
This means that the loan amount was $3.75bn so far in 2024, with more credit facilities expected before the end of the current year
The World Bank has approved a series of loans to Nigeria, strategically targeting critical sectors such as economic reforms, resource mobilization, adolescent girls’ education, and renewable energy expansion.
Recall that on June 13, the World Bank announced the approval of two loan projects aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations.
According to a statement from the bank, the combined package, totalling $2.25bn, comprises the $1.5bn Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing Program and the $750m Nigeria Accelerating Resource Mobilization Reforms Program-for-Results.
Already, the international lender has received $751.88m of the $1.5bn under the Nigeria Reforms for Economic Stabilisation to Enable Transformation.
The World Bank is expected to approve another loan request worth $500m by December 16, 2024, for the Rural Access and Agricultural Marketing Project – Scale Up project.
According to a statement released last week announcing the latest approval, the international lender said the credit facilities will help the government strengthen human capital through better health for women, children and adolescents.
It added that the approved projects would also help build resilience to the effects of climate change, such as floods and drought, by improving dam safety and irrigation.
The statement read, “The World Bank has today approved three operations for a total of $1.57bn to support the Government of Nigeria in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation.”
The international lender stated that this new financing includes $500m for addressing governance issues that constrain the delivery of education and health, $570m for the Primary Healthcare Provision Strengthening Programme and $500m for the Sustainable Power and Irrigation for Nigeria Project.
“The HOPE-GOV and HOPE-PHC programmes combined will support the Government of Nigeria to improve service delivery in the basic education and primary healthcare sectors which are critical towards improving Nigeria’s human capital outcomes.
“The SPIN project will support the improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria.
“The HOPE-GOV Programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors,” it noted.
The approval, made on September 26, 2024, highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats.
Data from the external debt stock report of the Debt Management Office shows that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024.
Nigeria’s debt servicing expenses reached N6.04tn in the first half of 2024, marking a sharp increase of 68.8 per cent from the N3.58tn recorded during the same period in 2023, the latest data from the Central Bank of Nigeria showed.
This sharp rise in debt service obligations, likely driven by naira devaluation for foreign debt repayments, reflects the growing burden on the government as debt repayment consumes a significant portion of its financial resources.
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The Nigeria Labour Congress (NLC) has strongly condemned the recent increase in fuel prices, describing it as an aberration that undermines the principles of a deregulated market.
The NLC argues that the Nigerian National Petroleum Company Limited (NNPCL), a government-owned entity, should not be the sole arbiter of fuel prices in a sector that is supposedly open to market forces.
In a statement released by NLC President, Joe Ajaero, the union demanded an immediate reversal of the fuel price hike, emphasizing that past increases have not led to any tangible benefits for the Nigerian populace.
The statement titled “What next after increase in pump price?” reads, “We are dismayed by the latest increase in the pump price of petrol. It looks like the only thing this government is known for is the increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.
“Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly. We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.
“It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities. It will further deepen poverty as production capacities dip, and more jobs lost with multidimensional negative effects.
“In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good results. People only got poorer. But more fundamentally, the government should be bold enough to tell Nigerians in advance the destination it wants to take the country.”
![[PRESS RELEASE] What Next After Increase in Pump Price?](/media/k2/items/cache/92c45a7779e5e6429c692420d46058a8_XS.jpg)
We are dismayed by the latest increase in the pump price of petrol. It looks like the only thing this government is known for is increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.
Even following the logic of market forces , we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly.
We challenge the government to go to the drawing board and present us with a blueprint for an inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.
It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities.
It will further deepen poverty as production capacities dip, more jobs lost with multidimensional negative effects.
In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good result. People only got poorer.
But more fundamentally, the government should be bold enough to tell Nigerians in advance the destination it wants to take the country.
Comrade Joe Ajaero
President
..Wants Him to Rally All Edo for Development
...Stressing Its Campaign Was Anchored on Fairness, Equity, Justice
The Esan Okpa Initiative (EOI), a pan Esan socio-cultural umbrella organisation, has congratulated Distinguished Senator Monday Okpebholo, the Governor Elect in the just concluded Edo State Governorship Election, saying that his emergence vindicates its struggles and unrelenting campaigns for a Governor of Esan extraction.
In a letter signed by its President, Rt Hon Mathew Egbadon and Public Relations Officer, Mr Tony Iyare, and released in Benin City, the organization wants the Governor Elect to mobilize and rally all Edolites irrespective of their political leaning, for the daunting task of governing and steering the state for development, stressing that ““EDO OKPA MAN KHIN”, we are one people!”
Restating why it was at the vanguard of the campaign for an Edo State Governor of Esan extraction, leading to meaningful engagements with Edo political elites across party lines, traditional rulers and other stakeholders in the three senatorial zones of the state in the period leading to the election, Esan Okpa says that it was anchored on “fairness, equity and justice”.
The letter reads in parts:
“The Esan Okpa Initiative (EOI), a pan Esan socio-cultural umbrella organization, wishes to warmly congratulate you on your victory at the just concluded Edo State Governorship election. No doubt, it was a hard-fought and hard-won battle.
“Our organization was in the forefront of leading the concerted campaign for a Governor of Esan extraction for our dear State; a campaign that was predicated on fairness, equity and justice, which led to meaningful engagements with Edo political elites across party lines, traditional Rulers and other stakeholders in the three senatorial zones of the state in the period leading to the election.
“We are particularly delighted that these unrelenting efforts and engagements, and the support of God Almighty, paved the way for your eventual emergence as candidate of one of the major parties, the All Progressive Congress (APC) and your subsequent victory at the election.
“Needless to remind you that now that you have been elected, you will be the governor of all Edolites, both those who voted for you and those who did not during the election.
“No doubt, the challenges facing the development of our dear Edo State, may be daunting, but are not insurmountable, with your focused and determined resolve to tackle them, with the collective support of all Edolites. We hope and pray that you will prove wrong, those cynics who may not believe you can change the narrative of things in Edo State, for the better.
Edo people are industrious, adventurous, creative, enterprising, and smart, which accounts for their tremendous achievements in different sectors of life-academia, industries, politics, business and the professions. History beckons on you to mobilize and unite all Edo people behind you and bring about the much-desired positive changes and cohesion in Edo State, the heartbeat of the nation. Kindly remember that “EDO OKPA MAN KHIN”, we are one people!
“Our organization wishes you well and pray fervently that the Almighty God will grant you the wisdom, grace, protection and guidance in the arduous task of governing and administering Edo State for the overall well-being of our people” the letter concluded.
Senate President Godswill Akpabio has urged Nigerians to place their love for the country above financial gain.
Akpabio spoke on the floor of the senate on Tuesday.
The Senate President asserted that the country would be better if citizens who are skilled in various fields stayed back in the country.
“The country is losing its expertise. If they acquired those expertise and returned to Nigeria, it would have been better,” he said while commenting on a motion seeking to address mass immigration of Nigerians
“I also think the conditions of service are quite responsible. I believe people should place love for their country above financial gains.
“That is why many of us choose to remain here,” he added.
Akpabio said the massive migration of Nigerians has adversely impacted the country’s health sector.
He said, “The brain drain is a big problem, not just in the educational sector, particularly in the health sector – it is affecting us a lot.
“The greatest professionals in medicine in the USA, from what I read, some people say we have almost 22,000 health workers in there (US) who are Nigerians and they are doing extremely well.
“I have seen that from different reports.
“In the educational sector, the disadvantages are too numerous because some of the departments do not have even up to 50 per cent staff strength.
“So what then are you teaching our children? It’s like a computer, garbage in and garbage out.”
The Senate President said the National Assembly would continue to do its best to better the lives of teachers so that they could stay back and impact future generations.