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Nnaemeka Obiaraeri, a respected development economist, has voiced strong criticism against the Minister of Agriculture’s recent proposal to import 10,000 tractors, echoing concerns previously raised during the administration of former President Muhammadu Buhari in 2019.
Obiaraeri emphasized that the current proposal, which is projected to incur a hefty $1.1 billion expense through a public sector arrangement, signifies a repetition of the same error witnessed during Buhari’s tenure.
In an interview with Channels TV on Tuesday, Obiaraeri advocated for a more cost-effective strategy, suggesting allocating $750 million towards the importation of both tractors and bulldozers.
Reflecting on past decisions, he remarked, “Back in 2019, when the Buhari administration proposed borrowing $1.1 billion for importing 10,000 tractors…”
He continued, expressing concern about the Minister of Agriculture’s actions, stating, “The current administration is following in the footsteps of the Buhari government, pursuing a memorandum of understanding to import 10,000 tractors under a public sector arrangement, all at the expense of $1.1 billion.”
“Does it strike you as reasonable that we could achieve the same goal with a budget of $750 million, encompassing both tractors and bulldozers?” he questioned, highlighting apparent discrepancies in expenditure.
Obiaraeri outlined an alternative framework, envisioning the establishment of agro clusters across Nigeria’s 8,000 electoral wards, managed by skilled mechanical engineers.
Within these clusters, farmers would have access to machinery at an affordable average cost of N40,000, fostering economic growth and job creation.
He concluded with a poignant observation, “The repetition of past mistakes, as witnessed under the Buhari regime, raises serious questions about the priorities of our current administration.”
Nigerian crude maintained its premium status as investors and sold higher than the FG budget benchmark on oil as oil traders eyed concerns around crude and fuel supplies, following Ukrainian attacks on Russian refineries and the potential for a widening of the Israel-Hamas war to more directly including Iran.
Nigeria Brass River and Qua Iboe traded close to $92 a barrel while Brent Crude at the time of writing traded at $89 per barrel. Nigeria Bonny Light also traded at $91.37 a barrel late Tuesday.
Nigeria recorded extra revenue of $13.71 per barrel at the current price of $91.67 per barrel, while the country’s 2024 budget was based on $77.96 per barrel and 1.78 million barrels per day.
Although efforts to combat oil theft have intensified, Africa’s largest economy needs to be able to fulfil its budgetary targets of 1.78 million barrels per day.
Additionally, with numerous refineries set to come online this year, worries regarding the supply of feedstock for the refineries have grown over the past month.
What you should know
After a drone strike by Ukraine on a second Russian refinery raised the possibility of shutting down even more of the nation’s processing capacity and reducing the production of gasoline and diesel fuel, prices shot up. Russia is one of the biggest and one of the top three producers of oil in the world.
- Investors are also worried that, having sworn payback, Iran’s retaliation against Israel for an attack on Monday that claimed the lives of high-ranking military officers may cause supply interruptions in the vital Middle East-producing region.
- Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), supporting the Hamas militia in Gaza against Israel.
- Concerns over supplies were increased by the fact that according to an internal memo seen by Reuters, Mexico’s state energy corporation Pemex asked its trading section to halt up to 436,000 barrels of crude exports per day this month as it prepared to process domestic oil at the new Dos Bocas refinery.
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The United States is the largest oil consumer in the world, and early signs point to a decline in oil stockpiles there as well.
- On Tuesday, traders reported that data from the American Petroleum Institute showed that last week’s crude inventories had dropped by 2.3 million barrels.
- Nigerian oil, however, confronts fierce competition from American suppliers even though it sells at a premium who have pushed their way into the market previously controlled by Nigeria and other Organization of the Pezzxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxtroleum Exporting Countries (OPEC).
- In addition, US oil production is rising while OPEC and Russia have declined.
This change is most noticeable in India, a significant consumer of Nigerian crude oil, where Indian refiners are refusing to accept cargoes from tankers owned by the sanctioned Russian company Sovcomflot PJSC, leading to a move away from sanctioned Russian oil and toward US crude.
[Nairametrics]
Rwanda on Sunday begins sombre commemorations for the 30th anniversary of the 1994 genocide, a mass slaughter orchestrated by Hutu extremists against the Tutsi minority over 100 bloody days.
More than 800,000 men, women and children, mainly ethnic Tutsis but also moderate Hutus, were killed in the murderous onslaught that saw families and friends turn against each other in one of the darkest episodes of the late 20th century.
Three decades on, the tiny landlocked nation has rebuilt under the iron-fisted rule of President Paul Kagame, but the traumatic legacy of the genocide lingers, reverberating across the region.
In keeping with tradition, April 7 – the day Hutu extremists and militias unleashed their horrific killing spree in 1994 – will be marked by Kagame lighting a remembrance flame at the Kigali Genocide Memorial, where more than 250,000 victims are believed to be buried.
Kagame, whose Rwandan Patriotic Front (RPF) rebel army helped to stop the massacres, will deliver a speech and place wreaths on the mass graves, with some foreign dignitaries in attendance for what has been dubbed “Kwibuka (Remembrance) 30”.
‘Never again’
Sunday’s events mark the start of a week of national mourning, with Rwanda effectively coming to a standstill and national flags flown at half-mast.
During those days, music will not be allowed in public places or on the radio, while sports events and movies are banned from TV broadcasts unless connected to the commemorations.
The United Nations and the African Union among others will also hold remembrance ceremonies.
“This year, we remind ourselves of genocide’s rancid root: hate,” UN Secretary-General Antonio Guterres said in a message marking the anniversary.
“To those who would seek to divide us, we must deliver a clear, unequivocal and urgent message: never again.”
The international community was heavily criticised for failing to protect civilians, with the UN sharply reducing its peacekeeping force shortly after the outbreak of the violence.
Shot, beaten or hacked to death
The assassination of Hutu President Juvenal Habyarimana on the night of April 6 when his plane was shot down over Kigali triggered the rampage by Hutu extremists and the “Interahamwe” militia.
Their victims were shot, beaten or hacked to death in killings fuelled by vicious anti-Tutsi propaganda broadcast on TV and radio. An estimated 100,000 to 250,000 women were raped, according to UN figures.
Hundreds of thousands of people, mainly ethnic Hutu fearing reprisal attacks, fled in the aftermath of the genocide to neighbouring countries including the Democratic Republic of Congo (DRC).
Mass graves are still being found in Rwanda to this day.
In 2002, Rwanda set up community tribunals where victims could hear “confessions” from those who had persecuted them.
A staggering 1.2 million cases were heard over 10 years, although rights watchdogs said the system also resulted in miscarriages of justice, with some complainants using it to settle scores.
Today, Rwandan ID cards make no mention of whether a person is Hutu or Tutsi.
Secondary school students learn about the genocide as part of a tightly controlled curriculum.
‘Scars of the past’
Around two-thirds of Rwanda’s population was born after the genocide. Many are eager to help rewrite their nation’s painful history and craft a new narrative.
“Ever since I was little, Rwanda’s story has been one of rebuilding,” project manager Roxanne Mudenge, 27, told AFP.
“The scars of the past are still there, but there’s a different energy now, a sense of possibility.”
According to the Rwandan authorities, hundreds of genocide suspects remain at large, including in neighbouring nations such as the DRC and Uganda.
So far, only 28 have been extradited to Rwanda globally.
France, one of the top destinations for Rwandans fleeing justice at home, has tried and convicted half a dozen people over their involvement in the killings.
At the time, the French government had been a long-standing backer of Habyarimana’s regime, leading to decades of tensions between the two countries.
In 2021 President Emmanuel Macron acknowledged France’s role in the genocide and its refusal to heed warnings of looming massacres, prompting Kagame to applaud the French leader for taking “a big step”.
Although Macron stopped short of an apology and denied complicity in the bloodshed, Kagame said the rapprochement could pave the way for “a better” relationship between the two nations.
Ties between Kigali and Kinshasa have been characterised by even deeper acrimony, with the RPF accused of killing tens of thousands of civilians during its pursuit of genocide perpetrators in the Congo.
Kagame’s government has been accused of arming Tutsi-led M23 rebels in eastern DRC. Kigali has denied the allegations but says Tutsis in its larger neighbour are victims of persecution.
[DailyTrust]
At least five persons were killed and others injured during a gun duel between security operatives and gunmen on Tuesday in Anambra.
The incident took place when the Anambra Joint Security Force, JSF, invaded two camps of the gunmen in Aguluezechukwu, Aguata council area and Ogboji, Orumba South council area respectively.
It was gathered that during the raid by the security operatives, some items like locally fabricated rocket launchers, charms, police uniforms among others were recovered.
Though Anambra police spokesman Ikenga Tochukwu did not disclose the casualty figures, it learnt that four gunmen and a police operative died during the shootout.
A statement by the Police Command in Awka on Wednesday explained the hunt for the gunmen had been extended to Obofia Forest, Aguluezechukwu and Ogboji areas.
[DailyPost]
President Bassirou Diomaye Faye was on Tuesday inaugurated as President of Senegal. He is the youngest to take the presidential seat in the West African nation.
Here is a list of youngest leaders in Africa.
1. Ibrahim Traoré, Burkina Faso ( 36)
Ibrahim Traoré is the current youngest serving President in Africa after he displaced the former military leader, Paul-Henri Sandaogo Damiba through a coup d’etat when he was 34. Ibrahim Traoré has been in charge of the Affairs of Burkina Faso since September 30th, 2022.
2. Mahamat Deby, Chad ( 39)
Four-star military general, Mahamat Idriss “Kaka” Déby Itno is serving as the transitional president of Chad. He gained power following the death of his father, late Chadian President Idriss Déby who died in action while commanding troops in the Northern Chad offensive. Born April 4, 1984, he assumed power on 20 April 2021. He is the second youngest serving African leader.
3. Assimi Goïta, Mali (41)
Following the military take over in Mali against former president Ibrahim Boubacar Keïta in 2020, Assimi Goïta became president and the third youngest military leader in Africa. The 41-yeat-old has been in charge of Mali on interim basis since May 28th, 2021.
4. Mamady Doumbouya, Guinea ( 44)
Mamady Doumbouya led a coup d’état on 5 September 2021 that ousted the former president, Alpha Condé.
Doumbouya is now the military officer serving as the interim president of Guinea since 1 October 2021. Born on March 4, 1980, makes him the fourth youngest leader on the African continent at age 44.
5. Bassirou Diomaye Faye, Senegal (Age 44)
Bassirou Diomaye Diakhar Faye is the youngest democratically elected president in Africa, and the fifth youngest African leader sworn in in on April 2, 2024. He is a lawyer, tax inspector, and politician who ran for the office of the president in place of disqualified candidate Ousmane Sonko. He was born on March 25, 1980.
6. Abiy Ahmed, Ethiopia (Age 47)
Abiy Ahmed was born on 15 August 1976 is the sixth youngest African leader. He is a politician serving as the third Prime Minister of Ethiopia since 2018. Ahmed is a computer engineer and military officer. He was awarded the 2019 Nobel Peace Prize “for his efforts to achieve peace and international cooperation, and in particular for his decisive initiative to resolve the border conflict with neighbouring Eritrea”..
7. Andry Rajoelina, Madagascar ( 49)
Andry Nirina Rajoelina was born on 30 May 1974 and is the seventh youngest African leader. The Malagasy-French politician and businessman who has served as president of Madagascar since 2019 was president of a provisional government from 2009 to 2014 following a political crisis and military-backed coup. He once held the office of Mayor of Antananarivo for one year. Before venturing into politics, Rajoelina was a media and advertising entrepreneur.
[TheNation]
The seven-man panel set up by the Chief Judge of Edo State, Justice Daniel Okungbowa, to investigate the allegation of misconduct levelled against the state deputy governor, Philip Shaibu, began sitting on Wednesday.
The panel headed by retired Justice S. A. Omonuwa, was set up by Justice Okungbowa following the resolution by the state House of Assembly, which initiated the impeachment process against Shaibu.
At the panel on Wednesday, the House of Assembly was represented by Mr Joe Ohiafi, Deputy Clerk, Legal, just as Shaibu was represented by Prof Oladoyin Awoyale (SAN).
The impeachment process is believed to be the latest development in the conflict between Shaibu and Governor Godwin Obaseki, his principal, which allegedly began when Shaibu announced his intention to run for Edo governor this year.
A statement signed by the administrative secretary of the panel, George Odidi, last Thursday read, “Take notice that consequent upon the inauguration of the above panel by His Lordship the Hon. Chief Judge of Edo State, Hon. Justice Daniel Okungbowa, in line with Section 188 Subsection 5 of the Constitution of the Federal Republic of Nigeria 1999, the said panel shall commence sitting at Judges Conference room, New High Court Complex, Benin City on Wednesday, April 3, 2024 at 10am prompt.
“Parties and/or their counsel are expected to be present on that day while the complainant is expected to be ready to present its case on that day.”
[Punch]
Left-wing pan-Africanist, Bassirou Diomaye Faye, on Tuesday became Senegal’s youngest president, pledging systemic change after years of deadly turmoil and announcing his mentor, opposition figure Ousmane Sonko, as prime minister.
Faye, 44, has never previously held an elected office. He swept to a first-round victory on a promise of radical reform just 10 days after being released from prison.
He took the presidential oath in front of hundreds of officials and several African heads of state at an exhibition centre in the new town of Diamniadio, near Dakar.
He then returned to the capital, with his motorcade greeted by hundreds of jubilant residents who lined the roads leading to the presidential palace.
His predecessor, Macky Sall, symbolically handed Faye the key to the presidential headquarters before leaving the palace.
“Before God and the Senegalese nation, I swear to faithfully fulfil the office of President of the Republic of Senegal,” Faye had said earlier in the day.
Just hours later, his new administration appointed firebrand opposition leader Sonko prime minister.
“Mr Ousmane Sonko is named prime minister,” said Oumar Samba Ba, the general secretary of the presidency, as he read out a decree on the public television station RTS.
Sonko, 49, was at the centre of a two-year stand-off with the state that triggered bouts of deadly unrest. He was disqualified from running in the most recent race and picked Faye as his replacement on the presidential ballot.
The former tax inspector is Senegal’s fifth president since independence from France in 1960 and the first to openly admit to a polygamous marriage.
“I am aware that the results of the ballot box express a profound desire for systemic change,” Faye said in a brief speech after taking the presidential oath.
“Under my leadership, Senegal will be a country of hope, a peaceful country with an independent judiciary and a strengthened democracy,” he added.
Faye and Sonko were among a group of opposition politicians freed from prison 10 days before the March 24 presidential ballot under an amnesty announced by former president Macky Sall, who had tried to delay the vote.
“I have painful memories of the martyrs of Senegalese democracy, the amputees, the wounded and the former prisoners,” Faye said Tuesday, referring to the past three years of political unrest that left dozens dead and hundreds arrested.
“I will always bear in mind the heavy sacrifices made in order never to disappoint you,” he added.
Faye also reiterated to foreign partners “Senegal’s openness to trade that respects our sovereignty and meets the aspirations of our people, in a mutually beneficial partnership”.
Commonly known as Diomaye, or “the honourable one”, his promise of radical change won the election with 54.3 percent of the vote.
Reconciliation, sovereignty
Working with his populist mentor Sonko, Faye’s campaign set out priorities of national reconciliation, easing the cost-of-living crisis and fighting corruption.
He has also vowed to restore national sovereignty over key assets such as the oil, gas and fishing sectors.
Senegal is due to start hydrocarbon production later this year.
Faye also wants to replace the CFA franc, which he sees as a French colonial legacy, with a new common regional currency, and to invest more in agriculture with the aim of reaching food self-sufficiency.
After three tense years in the traditionally stable nation, his democratic victory has been internationally hailed, by Washington, Paris, the African Union and the European Union.
On the international stage, Faye seeks to bring military-run Burkina Faso, Mali and Niger back into the fold of the regional Economic Community of West African States (ECOWAS) bloc.
On Tuesday, he urged “more solidarity” between African countries “in the face of security challenges”.
The military regimes in Mali, Burkina Faso and Guinea all sent representatives to Diamniadio, including Guinean president General Mamady Doumbouya.
Burkina Faso’s leader Captain Ibrahim Traore wrote on X, formerly Twitter, that Faye’s mandate represented a “symbol of a new era for an uninhibited, free and sovereign Africa”.
He added he was ready to work together on “the renovation of sub-regional and international cooperation”.
UN Secretary-General Antonio Guterres called the inauguration “a testament to the Senegalese people, that they fought for their right to vote”.
New generation of politicians
A practising Muslim from a humble background with two wives and four children, Faye represents a new generation of youthful politicians.
He has voiced admiration for US ex-president Barack Obama and South African anti-apartheid hero Nelson Mandela.
However, Faye and the government he will shortly lead face major challenges.
The biggest appears to be creating enough jobs in a nation where 75 percent of the 18-million population is aged under 35 and the unemployment rate is officially 20 percent.
Faced with such dire economic prospects at home, many young Senegalese have chosen to risk their lives to join migrants trying to reach Europe.
AFP
The Nigerian Electricity Regulatory Commission, NERC, has increased the electricity tariff paid by Band A customers from N68/KWh to N225/kWh.
Band A customers are those that receive an average daily electricity supply of 20 hours or more. With the new order issued by NERC, Band A customers would no longer enjoy Federal Government subsidy on Electricity.
NERC said in Abuja that Band A customers make up just 15 percent of total electricity customers in the country.
Details coming...
[Vanguard]
Ali Chiroma, a former president of the Nigeria Labour Congress (NLC), is dead.
Ibrahim Chiroma, a relative to the deceased and secretary of the NUJ in Borno state, announced Chiroma’s death in a statement on Tuesday.
He said the ex-NLC president, who died at the University of Maiduguri Teaching Hospital, will be buried on Wednesday in Borno.
Chiroma served as NLC president from 1984 to 1988.
“It is with deep sorrow that I announce the death of Comrade Ali Chiroma, former President of the Nigeria Labour Congress,” the statement reads.
“The sad event occurred this evening (Tuesday, April 2) at the University of Maiduguri Teaching Hospital.
“The burial for the repose of the deceased will be held tomorrow Wednesday 4pm at the residence of the deceased, No.7A along Galadima Road, near Muhammadu Shuwa Memorial Hospital (Nursing Home), Maiduguri.”
Chiroma’s reign as NLC president came to an end in 1988 after the union was dissolved by Ibrahim Babangida, the former head of state.
In 1993, Sani Abacha, former military head of state, appointed Chiroma as head of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).
[TheCable]
The Federal Government has announced it will be removing electricity subsidy for 15 per cent of consumers.
FG said this will reduce its N3.3tn cost and save the government about N1.1tn annually.
The President’s Special Adviser on Information and Strategy, Bayo Onanuga, said this to Reuters on Tuesday.
Onanuga said the Bola Tinubu-led administration was poised to allow the price hike in electricity given its N450bn budget for energy subsidies in 2024.
Consequently, power distribution companies will be allowed to increase prices from N68 to N200 per kilowatt-hour for urban consumers in April, the presidential aide explained in another interview with Bloomberg.
He explained that the country last reviewed electricity tariffs in 2020, and the planned increase would enable Discos to recover costs and improve investments.
“With the huge subsidy burden and high cost of gas…the current electricity tariff is not realistic,” he told Reuters.
Confirming this to our correspondent, Onanuga said the tariff hike would affect only 15 per cent of consumers, accounting for 40% of electricity consumption.
He said the FG would help power generating companies to offset about N1.5tn debts they owe the country’s bulk electricity buyer.
An electricity report released by the National Bureau of Statistics on Monday showed that electricity distribution companies in Nigeria saw their revenues surge to N1.1tn in 2023. This is despite the persistent epileptic power supply nationwide.
The figure represents an increase of N234.4bn or 28.2 per cent from the N831bn generated by the power firms over a similar period in 2022.
Nigeria’s national power grid collapsed 46 times from 2017 to 2023, a report by the International Energy Agency revealed.
The IEA said Nigerians endured more nationwide blackouts in 2023, especially on September 14 when the grid collapsed due to a fire on a major transmission line.
An analysis of the revenue data showed that the Ikeja Electricity Distribution Company got the highest revenue of N218.6bn, up by 31.7 per cent or N52.7bn from N165.9bn recorded in 2022.
It was followed closely by the Eko Distribution Company, which got a revenue increase of N52.8bn or 42.3 per cent from N124.8bn in 2022.
Third on the list is the Abuja Electricity Distribution Company, with a revenue generation of N167.4bn from N125.7bn recorded in 2022.
Similarly, Ibadan Electricity Distribution Company got a revenue of N111.3bn, Enugu Electricity Distribution Company got a revenue of N82.5bn, Yola Electricity Distribution Company (N22.3bn), and Benin Electricity Distribution Company (N84.6bn), and Kaduna Electricity Distribution Company (N32.4bn).
Also, Jos Electricity Distribution Company increased its revenue to N38.9bn, Kano Electricity Distribution Company (N55.2bn), and Port-Harcourt Electricity Distribution Company (N74.7bn).
Findings also showed that the increased efficiency in revenue collection might not be unconnected to rise in the overbilling of customers, especially those on the estimated billing system.
Also, The PUNCH had observed that Discos were able to capture more customers under the estimated billings system.
Further analysis revealed that the number of metered numbers increased by 9.38 per cent or 480,833 while the number of customers under estimated billings reduced slightly by 1.73 per cent to 5.8m.
More...
The Debt Management Office, DMO, has unveiled plans to raise N1.8 trillion through new issuance and reopening of federal government bonds over the next three months amid the country’s increasing debt stocks.
This is as DMO opened offer for the April 2024 Savings Bond.
The debt office in the bond issuance calendar for the second quarter of 2024 said it plans to raise between N300 billion to N600 billion every month between April and June this year.
According to the calendar, the DMO plans to open a new five-year bond this month to raise between N100 and N200 billion.
Also, it plans to reissue the 7-year 18.50 per cent FGN FEB 2031 paper and the 10-year 19.00 per cent FGN FEB 2034 paper during the three months.
Meanwhile, it plans to raise more funds this week through the 2-year and 3-year savings bonds due April 2026 and April 2027.
According to the offer document, the DMO is issuing the 2-year paper at 17.046 per cent per annum while the 3-year paper is being issued at 18.046 per cent per annum.
Last month, it issued the 2-year savings bond at 15.097 per cent, while the 3-year paper was raised at 16.097 per cent.
The increased rate on the savings bond, according to DMO, is to bring the interest closer to the Monetary Policy Rate, which was raised to 24.75 per cent at the last Monetary Policy Committee meeting last month.
Recall that Nigeria’s’ total public debt stock more than doubled to N97.3 trillion in 2023.
The total public debt stock includes external and domestic loans from federal and state governments.
The newly inaugurated President of Senegal, Bassirou Diomaye Faye, has appointed Ousmane Sonko as the prime minister of the country.
The 44-year-old Faye had earlier on Tuesday, took the presidential oath in the presence of hundreds of officials and several African heads of state, including President Bola Tinubu of Nigeria at an exhibition centre in the new town of Diamniadio, near Dakar.
Shortly after, he returned to the capital, with his motorcade greeted by hundreds of jubilant residents and supporters who lined the roads leading to the presidential palace, where his predecessor, Macky Sall, symbolically handed Faye the key to the presidential headquarters before leaving the palace.
Hours after officially taking over the reins of power, the administration of the new president, named 49-year-old opposition leader, Sonko as prime minister.
“Mr Ousmane Sonko is named prime minister,” said Oumar Samba Ba, the general secretary of the presidency, who read out a decree on the public television station RTS.
Sonko was disqualified from running in the most recent presidential race and picked Faye as his replacement on the presidential ballot.
Faye and Sonko were among a group of opposition politicians freed from prison 10 days before the March 24 presidential ballot under an amnesty announced by former president Macky Sall, who had tried to delay the vote.
Five weeks after the inauguration of two judicial commissions of inquiry to look into the activities of ex-Governor Samuel Ortom while in office, Arewa PUNCH investigations reveal that they are now set to quiz him and his aides.
Our correspondent reports that the state governor, Rev Fr Hyacinth Alia, had on February 26, 2024, inaugurated the two judicial commissions of inquiry to look into the activities of his predecessor, Ortom.
The inaugurated probe panels are the Judicial Commission of Inquiry into the Income and Expenditure of Benue State Government from May 29, 2015, to May 28, 2023, while the other one is the Judicial Commission of Inquiry into the Sale/Lease of Government Assets, Companies and Markets (both state and local government owned markets), as well as moribund companies from or before May 28, 2015 to May 28, 2023.
The two commissions of Inquiry comprise 16 members with their chairmen drawn from the South-West and North-East.
They are retired Justice Taiwo Taiwo from South-West who will chair the former and Justice Appolos Idi (retd) from Gombe, North-East will preside over the latter commission.
Arewa PUNCH further findings indicate that tongues are already wagging over the cause(s) of the delay in the take-off of the probe panels.
When our correspondent contacted the state Commissioner for Justice and Public Order, Fidelis Mnyim, on Monday, he dismissed the idea of any possible obstacles that might be hindering the sitting of the panel.
Mnyim assured the residents that the panels would begin to sit from next week.
“There are no obstacles at all. The point is that the panels are waiting to begin sitting after Easter, so by next week, they will commence sitting,” the Attorney General of the state told Arewa PUNCH.
The two judicial commissions of inquiry are, among others, to identify the income of the Benue State Government from May 28, 2023, 2015, to May 29, 2023.
They will also look into the expenditure and utilisation of the Benue State income from 29 of May, 2015, to day 28 of May, 2023.
Also, they are to identify all the Benue State bank accounts and examine the propriety or otherwise of the transactions in the accounts from day 29 of May, 2015 to the day 28 of May, 2023.
Further more, they will identify the various loans taken by the Benue State Government from May 29, 2015 to May 28, 2023 and ascertain the appropriateness of the utilisation, interest charge on the loans and the possible abuses thereof.
The probe panels will equally identify the loan(s) given out by the Benue State Government, the alleged waiver, and the possible abuses thereof.
Finally, the panels will identify the special interventions, including but not limited to the Bailout Funds, Paris Club Refunds received by the Benue State Government from May 29, 2015 to May 28, 2023 and the application thereof.
Though the immediate past governor, Samuel Ortom, through his media aide, Terver Akase had stated that he was ready to face the panels and also urged all his aides to prepare to appear before the two panels.
The pump price of Automotive Gas Oil, popularly called diesel, has dropped from about N1,700/litre which it sold for a few weeks ago, to around N1,350/litre in some locations across the country following the sale of the commodity by the Dangote Petroleum Refinery.
It was gathered on Tuesday that the $20bn worth refinery started pumping out diesel to the domestic market last Wednesday.
It sold a minimum of one million litres to each registered oil marketer that got the product from the plant since it commenced diesel sale.
Officials of the multi-billion dollar plant and oil dealers confirmed that the product was dispensed to marketers at between N1,225/litre and N1,300/litre depending on the volume of purchase.
This came as it was also gathered that the refinery would start releasing Premium Motor Spirit to the domestic market in May this year.
“They started pumping out diesel to marketers since last week. They also promised to sell aviation fuel soon. Some of my members confirmed this to me after making the purchase,” the National President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, told one of our correspondents.
He added, “So some of our marketers have started getting the product, but as an association we have not got the product yet, because we want to get the actual rate that it will be sold to us when we buy in bulk. However, they have started selling diesel because some of our marketers have started buying.
“They are selling at N1,225/litre and the minimum volume they are giving is one million litres per marketer. Also, they assured us that they will release more products, but for now this (diesel) is what they are starting with. So we are expecting them to release PMS anytime from now.”
Maigandi said the move by Dangote would definitely lead to a crash in diesel price, as the commodity rose to a high of about N1,700/litre recently.
“The price of diesel is going to fall because of the release of products from Dangote refinery. In fact, it is already coming down in Lagos,” Maigandi stated.
Another oil marketer, who is the Chief Executive, AF Ralph Oil and Gas Ventures, Dr Ralph Arokoyo, confirmed that the refinery had started the sale of diesel to dealers, adding that the plant started dispensing the product last Wednesday.
Asked if Dangote refinery had started supplying diesel to the market, Arokoyo replied, “Yes they have started. They started diesel sales last Wednesday and they have sold to many marketers including members of IPMAN and MEMAN (Major Energy Marketers Association of Nigeria), as well as other private registered independent dealers.”
When also asked about the minimum volume being sold to dealers and at what rate, Arokoyo said, “One million litres is the minimum and the rate is okay considering what other major tank farms are selling, which is why people are trooping to the refinery now.
“The price ranges between N1,250/litre and N1,300/litre depending on the volume you are buying. This is good news for Nigerians because in the last few weeks the price of diesel hovered between N1,600 and N1,700/litre.
“But in many locations across the federation, the prices are beginning to drop due to the emergence of products from that refinery and as the products are being dispatched since last Wednesday. Now you can get AGO (diesel) in some stations at N1,400/litre.
“Some are even doing N1,350/litre now and I want to believe that in a couple of weeks to come, we should see more reduction in the price of the product as more products from the plant hit the market and spread very well across the country.”
On whether the company informed dealers when it would start releasing petrol into the market, Arokoyo replied in the affirmative.
“They (Dangote refinery) said it (petrol) will be available between now and May, which is next month. We are optimistic about this, because PMS is largely used by Nigerians,” the oil marketer stated.
A senior official at Dangote refinery confirmed the sale of diesel to marketers, as the source noted that Premium Motor Spirit, popularly called petrol, would soon be released to the market.
“The product (diesel) is everywhere and they (marketers) are accessing it with ease. The product has been on sale to marketers since last week and the transactions have been better.
“The price of the product in various locations of the country will come down, and it is already coming down in many parts of Lagos since we started releasing products to marketers,” the official, who spoke on condition of anonymity due to lack of authorisation to speak on the matter, stated.
The Dangote refinery has faced a series of hurdles as it strives to release refined products into the market after it was officially inaugurated by former President Muhammadu Buhari in May last year.
Recall that on February 8, 2024, indications emerged that lingering regulatory approvals stalled Dangote Petrochemical Refinery’s plan to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market in January.
The report had stated that weeks after the January 31 timeline set by the management of Africa’s largest refinery to begin sale of its petroleum product in the local market, the refinery was still battling to cross the hurdles of the several layers of regulatory approvals.
It stated that the development came after the refinery began the production of refined petroleum products at the expansive facility.
On January 12, 2024, Dangote refinery announced that it had commenced the production of Automotive Gas Oil, popularly called diesel, and aviation fuel or JetA1.
Aliko Dangote, in a statement issued by his firm at the time, thanked President Bola Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of the project.
Dangote also thanked the Nigerian National Petroleum Company Limited, Nigerian Upstream Petroleum Regulatory Commission, NMDPRA and Nigerians for their support and belief in the historic project, as he revealed that the facility would pump out diesel and aviation fuel in January, subject to regulatory approvals.
He said, “We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to details.
“His intervention at various stages cleared all impediments thereby accelerating the actualisation of the project. We also thank the NNPC, NUPRC and NMDPRA for their support. These organisations have been our dependable partners in this historic journey.
“We also thank Nigerians for their belief and support in this project. We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals.”
The refinery, Africa’s largest with a nameplate capacity of 650,000 barrels per day, was built on a peninsula on the outskirts of the commercial capital Lagos.
Nigeria has for years relied on expensive imports for nearly all the fuel it consumes but the $20bn refinery is set to turn it into a net exporter of fuel to other West African countries, in a huge potential shift of power and profit dynamics in the industry.
Meanwhile, the National Vice Chairman of IPMAN, Hammed Fashola, also confirmed that Dangote refinery had commenced the sale of diesel to marketers.
However, Fashola said IPMAN had yet to start receiving diesel from the private oil refining company.
“Yes, it is correct (that Dangote has started selling diesel), but not yet to IPMAN. Some marketers are already getting allocation, we are still waiting for our own. We’ve put in our request, and I am very sure that at the appropriate time, they will call us,” Fashola stated.
On the current price of diesel, he said, “In filling stations now, diesel ranges from N1450, N1500 to N1600, depending on the location”.
Fashola noted that Dangote’s diesel would have a positive effect on the price of the product, saying “at least there would be a difference from the imported one”.
While saying there was no financial commitments made yet, he expressed confidence that the independent marketers would fuel from Dangote this month.
“No financial commitments made yet, but we’ve put in our papers to make known our intentions and our requests. When they issue allocation, then we can talk of financial commitments,” he stated.
Meanwhile, a diesel distributor in Ogbomoso, Oyo State, Kayode Lawal, said the pump price of diesel is now between N1420 and N1500 as of Tuesday.
Also, an attendant in Badagry Lagos State, Bose Opeyemi, told our correspondent that the product now sells at the rate of N1,395 in some parts of Badagry, Lagos State, while some sell at N1,450.
In Abeokuta, the Ogun State capital, Saheed Babalola, who is a quarry agent, also said he got a litre of AGO at the rate of N1,45O