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Premium Motor Spirit (PMS), popularly known as fuel or petrol, is currently sold at N1000 per litre in some parts of the country.
Naija News understands that the black market is taking advantage of the recent strike actions by tanker drivers, resulting in a significant increase in the price of petrol.
Journalists inspecting the development observed on Wednesday morning that many filling stations owned by the Independent Petroleum Marketers Association of Nigeria in Lagos State, Ogun State, and surrounding areas were closed.
Also, long queues were observed at stations owned by the Nigerian National Petroleum Company Limited and the Major Energy Marketers Association of Nigeria.
While the black market is selling petrol at N1000 per litre, MEMAN stations such as Eterna, NorthWest, TotalEnergies, Mobil, Capital Oil, Enyo, Conoil, ForteOil, MRS, and others are offering varying prices ranging from N599 to N615 per litre, according to Channels Television.
As a result, more vehicles are flocking to MEMAN stations as consumers search for the stations with the most affordable prices.
Currently, most IPMAN stations are closed due to low product supply. The few stations that have products available are selling petrol for no less than N650 per litre.
Speaking on the development, Chairman Satellite Depot, IPMAN Lagos State, told journalists on Wednesday morning that NNPCL no longer supplies its members with products.
“NNPCL no longer give us products despite the fact that the pipeline in our area has been repaired. We don’t know why they stopped using the pipeline to supply us with products.
“Maybe they fear vandalism. We now rely on private depots who sell to us at an ex-depot price of between N620/N622 per litre. By the time we take the products to our stations, the landing cost will be around N630 or more, depending on the distance from the depot to our stations.
“Some people are selling around N650. It would have been cheaper if we bought directly from NNPCL at around N555 per litre,” he said.
Naija News reports that following strike actions, due to operational challenges faced by members of the National Association of Road Transport Owners and the Petroleum Tanker Drivers, the drivers decided to end the strike on Tuesday.
This decision came after a meeting with the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, oil marketers, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
NARTO National President, Othman Yusuf, instructed members to promptly resume petroleum loading activities following a meeting in Abuja.
Minister of budget and economic planning, Atiku Bagudu, has urged Nigerians to remain hopeful and keep faith with the government claiming that President Bola Tinubu’s policies aimed at transforming the nation are already bearing fruits and delivering results.
Bagudu, a former governor of Kebbi State, spoke at a national policy summit themed “Activating the Policies and Promises in the Renewed Hope Agenda” organised by President Bola Ahmed Tinubu (P-BAT) Academics and Professionals in Abuja.
He said that Nigerians have a reason to be optimistic because they have found a leader in Tinubu who had succeeded before in a leadership capacity by transforming Lagos from what it used to be through inclusive leadership.
“Today, there is a cry for inclusion across the country and we have a leader who believes in inclusion and has practised it in Lagos by creating a state that worked for all, carrying everyone along and allowing them to excel,” he said.
The convener and national coordinator of P-BAT Academics and Professionals, Prof Yemi Oke, informed that P-BAT Academics and Professionals is a group of academics, intellectuals and intellectually minded professionals, whose aim is to volunteer its time, efforts and resources to support President Bola Tinubu.
Oke noted that the group’s views and suggestions have been implemented by some agencies and ministries of government.
He said, “Ahead of this Summit, we organized ‘Pre-Conferences’ and ‘Mini-Summits’ along the 8-point agenda of the Tinubu administration. Those Pre-Conferences and Mini-Summits gave us the opportunity to push out some of our views as ‘Policy Advisors’.
“We are happy to report that a lot of our views and suggestions in those ‘Policy Advisories’ are being implemented by some of the agencies and ministries of government,” he said.
In the same vein, spokesperson of the group, Mrs Mary Ikoku, said: “Nigeria is not absolved from what is happening globally.”
While calling for calm amid hardships caused by the ongoing economic reforms, she said “in the UK you see people who can’t even warm up their homes, they can’t warm themselves from the cold, and that is a country where you could say they don’t have a lot of poor people. They don’t have the multidimensional poverty that you can say Nigeria is trying to work its way out of.”
“Other countries are struggling. We need to give this government time. With the support that people like these academics and professionals are doing, more people should actually do what this group is doing to support the country,” she added.
A retired police commissioner and chieftain of the All Progressives Congress (APC) in Edo State, Chief Osato Iredia, has said by his action, Senator Adams Oshiomhole (APC, Edo North) is setting the stage for the ruling Peoples Democratic Party (PDP) to produce Godwin Obaseki’s successor.
He alleged that the lawmaker, who served as governor of the state for eight years, is working behind the scene to make PDP favoured aspirant Asuen Ighodalo to win the governorship election in the September 2024.
He told newsmen in Abuja yesterday that there was a bond among Oshiomhole, Obaseki and Ighodalo to govern the state one after the other.
In a statement he issued after the press conference, which was released to LEADERSHIP, the APC leader in Oredo local government area, said he was not surprised about the development.
He said Oshiomhole was imposing an unpopular candidate in the person of Dennis Idahosa from Edo South, on the party at this time, when it was not justifiable.
He added that Oshiomhole’s idea was to present a weaker APC governorship candidate against PDP’s Asuen Ighodalo so that the later could win the election easily.
“If Governor Obaseki had not left the APC, Asuen who is the governorship aspirant of PDP would have been the candidate of APC. Remember how Obaseki left APC? He left with their Lagos friends to PDP.”
Iredia called on President Bola Ahmed Tinubu and the leadership of APC to disregard the Governor Hope Uzodinma result that declared Hon Idahosa as the governorship candidate of APC if the party was serious about winning the September election.
Iredia said, “Oshiomhole from Edo north, Obaseki from Edo South and Ighodalo from Edo Central want to complete the circle in 2024 as they planned it many years ago.
“The people of Edo State across the three senatorial districts are in consonance with zoning except for Oshiomhole who kept encouraging aspirants from across the state to join the race.”
“The only way the party can win the governorship election in September is to adhere to the APC primaries that produced Senator Monday Okpebholo from Edo Central,” he said.
The All Progressives Congress (APC) has added a new twist to the controversial primaries for the Edo State Governorship election scheduled for September 21 saying it is yet to be concluded.
The party therefore fixed Thursday, February 22, 2024 for the completion of the process.
The National Publicity Secretary of the APC, Felix Morka, stated these while reading the decision of its National Working Committee (NWC) in a meeting held on Tuesday night.
He said, “At its emergency meeting held today, Tuesday, February 20, 2024, to consider the report on the Edo State Governorship Primary Election, the National Working Committee (NWC) deliberated on the report and resolved that the Edo State Governorship Primary Election has not been completed, and has now fixed Thursday February 22, 2024 for the completion of the Primary Election Process.”
The poll, which was conducted on February 17 had produced three winners.
The Chairman of Electoral Committee of the primary, Governor Hope Uzodimma, had announced Dennis Idahosa as winner, while returning officer, Stanley Ugboaja, declared Monday Okpebholo as winner.
Elsewhere, Ojo Babatunde, who claimed to be representing the returning officers in all the local governments declared Anamero Dekeri as the winner of the election.
Following the confusion that ensued, both Dekeri and Okpebholo had written the appeal committee of the party to demand their certificates of return.
Another aspirant, Prof Oserheimen Osunbor, insisted on Tuesday that no election held in the state contrary to results that were announced.
Addressing journalists in Abuja on Tuesday, Morka disclosed that the election has not been completed, adding that the process will continue on Thursday.
He said, “I am here to give you the outcome of the emergency meeting of the National Working Committee of our party held today regarding Edo State governorship primary election.
“At its emergency meeting held today, Tuesday, February 20, 2024 to consider the report on the Edo governorship primary election, the National Working Committee of our party deliberated and resolved that the governorship primary election has not been completed and has now fixed Thursday, February 22 for the completion of the APC Edo State” primary election process.”
Meanwhile, the party’s National Chairman, Abdullahi Ganduje, had earlier congratulated Idahosa on this emergence as the party’s candidate.
It was nor clear as of press time what led to the decision of the party’s NWC led by Ganduje.
President Bola Tinubu has directed immediate settlement of outstanding electricity bill due to the Abuja Electricity Distribution Company.
A statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, explained that Tinubu’s directive followed the reconciliation of accounts between the State House Management and AEDC.
According to the statement, “Contrary to the AEDC’s initial claim of N923million debt in paid advertorial in newspapers, the State House outstanding bill is N342, 352, 217.46, according to a letter by the management of AEDC to the State House Permanent Secretary dated February 14, 2024.
“Having reconciled the position to the satisfaction of both parties, the Chief of Staff to the President, Rt Hon. Femi Gbajabiamila, has given assurance that the debt will be paid to AEDC before the end of this week.
“Following the example of the Presidency, Chief of Staff also urged other MDAs to reconcile their accounts with AEDC and pay their electricity bills.”
President Bola Tinubu’s government is targeting $10 billion in revenue generation to increase foreign exchange liquidity and stabilize the naira, Vice President Kashim Shettima disclosed on Tuesday.
Addressing the inaugural Public Wealth Management Conference in Abuja, Shettima outlined the administration’s plans to optimize management of federal assets and investments towards unlocking their revenue potential.
The event was organized by the Ministry of Finance Incorporated (MOFI) with the theme, “Championing Nigeria’s Economic Prosperity”.
According to the president, his administration will generate millions of jobs by leveraging Nigeria’s extensive public assets to maximize and double the nation’s Gross Domestic Product (GDP).
What the President is Saying
Reading the President’s Keynote address, VP Shettima stated:
“The Federal Government set a goal to raise at least $10 Billion in order to increase foreign exchange liquidity, a key ingredient to stabilise the Naira and grow the economy.
“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential. This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”
However, Tinubu pointed out that years of mismanagement and underutilization have affected Nigeria’s assets, both within and beyond its borders, resulting in revenue losses that have impeded economic growth.
Meanwhile, he assured that the newly restructured Ministry of Finance Incorporated, which is to act as custodian and active manager of these assets, will now take the center stage.
The President further emphasised transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships, and attracting alternative investment capital will significantly increase returns.
What you should know
President Tinubu’s government’s move to merge the forex windows in mid-2023 triggered a significant drop in the Naira’s value, with its exchange rate against the Dollar escalating from roughly N700/$1 to an unprecedented level of over N1,500/$1.
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has partly attributed the significant foreign exchange challenges facing Nigeria to the absence of inflow of foreign exchange into the country due to lack of confidence from investors.
To address these challenges, the CBN revised the operations of International Money Transfer Operators (IMTOs), restricting them to inbound transfers only and mandating that international transfers be paid out in Naira.
This policy impacts major IMTOs, including Western Union and MoneyGram, and is part of broader efforts to stabilize the foreign exchange market.
In a presentation to the Senate two weeks ago, Cardoso revealed that around $1 billion has been invested in the FX market over the past couple of weeks, adding that CBN’s recent policies have contributed to this positive trajectory.
Arising from a stakeholder meeting on February 20, the Nigerian Association of Road Transport Owners (NARTO) confirmed that it has resumed operations after down tooling for two days.
Its national president, Alhaji Yusuf Lawal Othman, broke the news in Abuja after a meeting with the Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri; the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA); representatives of the Major Energy Marketers Association of Nigeria (MEMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN) and others.
The NARTO boss also confirmed that the marketers have increased the freight rate of the Premium Motor Spirit (PMS) from N32.
He said since the marketers were still calculating the actual figure, he could not state a particular amount of the new freight rate.
He noted that the association would direct its members to start lifting petrol immediately.
During a Senate session on Tuesday, President of the Senate Godswill Akpabio stated that many of the recent protests over Nigeria’s economic hardship have been sponsored campaigns.
“You can see a lot of sponsored protests here and there. Most of those sponsored protests are not aware of the kind of efforts being made by this Senate to tackle the situation,” Akpabio declared.
“There is no father that wants to see his child sleep in the night without food, with their stomach grumbling. So we must provide.”
The Senate President did not provide evidence to back up his claim that the protests have sponsors behind them.
The comments come amid widespread demonstrations and civil actions across Nigeria over surging costs of living, unemployment, and hunger.
Nigerian customs announces plan to distribute seized food items nationwide to reduce economic hardship
AdminThe Nigeria Customs Service (NCS) has announced plans to distribute seized food items to Nigerians to curb the worsening hardship being witnessed in the country.
Recall that many Nigerians had taken to the streets in some parts of the country to protest the current hardship and the high cost of food items.
Responding to the critical challenges of food security and the soaring costs of essential food items in Nigeria, Comptroller General of Customs, Bashir Adewale Adeniyi, in a statement issued by the service National Public Relations, CSC Abdullahi Maiwada, expressed readiness to dispose of food items forfeited to the Federal Government.
The Comptroller General said the distribution will be done after all the food items have been certified fit for human consumption.
According to him, the commitment is deeply rooted in the Service core mandate of serving Nigeria’s best interests and fostering economic stability.
He said the urgent imperative fuels the need for a proactive stance to safeguard food availability within Nigeria and alleviate the detrimental effects of scarcity on citizens.
He added, “Furthermore, to alleviate the hardships faced by Nigerians and improve access to essential food items, the Nigeria Customs Service will facilitate the direct disposal of food items forfeited to the Federal Government. These items will be certified fit for consumption by relevant agencies and made available to ordinary Nigerians nationwide through equitable distribution in our Areas of Operations.
“The modalities for the disposal will be communicated through NCS formations nationwide, with a firm commitment to transparency, fairness, and public safety. It is our pledge that this exercise will be managed diligently to ensure that the benefits reach those most in need.
“The NCS remains resolute in its dedication to safeguarding the nation’s food security and advancing the economic well-being of all Nigerians. With the unwavering support and cooperation of the public, we will surmount these challenges and pave the way for a more prosperous future for our beloved nation.”
The Tinubu-led Federal government has reacted to the hike in the cost of cement in the country.
The government threatened to open the borders to force down the price of the product.
The Minister of Housing and Urban Development, Ahmed Dangiwa, who dropped the warning on Tuesday, said key components of cement manufacturing were locally sourced and the recent increase in the price of the product was unreasonable and unacceptable.
He threatened that the government might open the borders for cement importation if manufacturers of the product failed to heed the pleas for a price reduction.
According to him, major input materials for cement production, such as limestone, clay, silica sand, and gypsum, are available and sourced within Nigeria, and hence, the final price of cement should not be dependent on the dollar.
Dangiwa made this known in Abuja at an emergency meeting held with cement and building materials manufacturers.
He said the price of gas that manufacturers are using as an excuse should not be because gas is a raw material found within the country, and the excuse of an increase in mining equipment should not come up because equipment bought by these manufacturers has been used for decades and not just purchased every day.
The Minister who called on the manufacturers to be more patriotic said BUA cement for instance, has been willing and is still willing, as at the last time he spoke with them to crash the price of their cement, lower than the N7000, N8000 agreed by the manufacturers and he sees no reason why the others should not do same.
In his words, “The challenges you speak of, many countries are facing the same challenges and some even worse than that but as patriotic citizens, we have to rally around whenever there is a crisis to change the situation.
“The gas price you spoke of, we know that we produce gas in the country the only thing you can say is that maybe it is not enough. Even if you say about 50 percent of your production cost is spent on gas prices, we still produce gas in Nigeria it’s just that some of the manufacturers take advantage of the situation. As for the mining equipment that you mentioned, you buy equipment, and it takes years, and you are still using it.
“The time you bought it maybe it was at a lower price but because now the dollar is high you are using it as an excuse. Honestly, we have to sit down and look at this critically. The demand and supply should be good for you because the government stopped the importation of cement, they stopped the importation in order to empower you to produce more.
“Otherwise if the government opens the border for mass importation of cement, the price would crash but you would have no business to do and at the same time the employment generation would go down. So these are the kinds of things you have to look at, the efforts of government in ensuring things go well.”
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President Bola Tinubu is yet to give Nigerians any information weeks after he suspended the Minister of Humanitarian Affairs, Betta Edu and ordered her probe.
Recall that she was alleged to have engaged in financial impropriety within her ministry.
Despite the gravity of the allegations and the initial swift action taken by the presidency, updates on the investigation’s progress remain scarce.
The suspension, announced on January 8, was prompted by public outcry over two controversial memos and a consultancy contract linked to Edu’s ministry.
One memo revealed an appropriation of N72,374,500 for air travel to Kogi State—a location without an airport—for the minister’s “advance team”.
Another document requested the transfer of N585 million to the private account of a government official, further intensifying scrutiny on Edu’s financial dealings.
Additionally, the discovery of a N438 million consultancy contract awarded to New Planet Project Limited, a company founded by the Minister of Interior, Tunji-Ojo, complicated matters.
Despite Tunji-Ojo’s assertion of having resigned from the company in 2019, his continued shareholding raised concerns about potential conflicts of interest, prompting the Code of Conduct Bureau (CCB) to invite him for questioning.
In response to the escalating controversy, President Tinubu tasked the Economic and Financial Crimes Commission (EFCC) with delving into the financial transactions of Edu’s ministry.
A panel led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun was also established to conduct a diagnostic on the financial architecture of the social investment programmes overseen by Edu’s ministry, with the aim of initiating comprehensive reforms.
Despite these measures, the silence from the presidency on the investigation’s findings or any steps taken thereafter has left many Nigerians in the dark.
Attempts to obtain updates from presidential spokespersons have been met with no response, raising questions about the transparency and outcome of the probe.
The bill to introduce state police has scaled second reading before the House of Representatives.
The bill, sponsored by 13 members of the House, received overwhelming support from the majority of lawmakers who prioritized addressing the current state of insecurity in the country over concerns of political victimization by state governors.
Recall that President Bola Ahmed Tinubu and 36 state governors had met earlier to deliberate on state police as a viable solution to the prevalent security challenges such as kidnapping and banditry.
Despite being a controversial subject since the Seventh National Assembly, state police have finally made progress in the amendment phase.
Governors from the Peoples Democratic Party (PDP) have reiterated their stance on state policing as the key to improving the country’s deteriorating security situation, warning that Nigeria is heading towards a situation similar to Venezuela.
Furthermore, various regional socio-political organizations, including Afenifere, Ohanaeze Ndigbo, Middle Belt Forum, and the Northern Elders’ Forum, have consistently advocated for the implementation of state police as a viable solution to the escalating security challenges faced by the nation.
Moreover, states within the South-West geopolitical zone have already established the Amotekun, while their counterparts in the South-East have created their own state-owned security outfit called Ebube Agu.
Additionally, the Benue Guards has been actively operating in Benue State located in the North Central region. Similarly, states like Katsina, Zamfara, and other areas prone to banditry have also introduced similar state-established security initiatives.
Nevertheless, these attires have proven to be ineffective as expected due to the lack of support from the Federal Government or the Presidency.
States are persistently requesting permission for groups like Amotekun, Ebube Agu, and others to be authorized to carry assault rifles such as AK-47s in order to combat dangerous armed attackers.
The Tinubu-led Federal government has disclosed that it has uncovered 32 routes through which food items are smuggled out of the country.
Vice President Kashim Shettima disclosed this while addressing a conference on Public Wealth Management held in Abuja on Tuesday, February 20.
He said on the midnight of Sunday, February 18, 45 trucks loaded with maize were intercepted while making their way to neighbouring countries.
“Just three nights ago, 45 trucks of maize were caught being transported to neighboring countries. Just in that Ilela axis, there are 32 illegal smuggling routes. And the moment those food stuff were intercepted, the price of maize came down by N10,000. It came down from N60,000 to N50,000. So, there are forces that are hell-bent on undermining our nation but this is the time for us to coalesce into a singular entity,” he said.
Shettima, who acknowledged that Nigeria is passing through turbulent time, assured the people of the country that the pain will not last forever.
He, however, condemned a situation whereby some persons fuel the embers of division and violence because of the current situation.
“We have to make this country work. We have to move beyond politics. We are now in the face of governance. Sadly, some of our countrymen are still in the political mode. They are the practitioners of violence, advocating that Nigeria should go the Lebanon way. But, Nigeria is greater than anyone of us here. Nigeria will weather the storm. Forces are hell-bent on plunging this country into a state of anarchy. Those who could not get to power through the ballot box, instead for them to wait till 2027, are so desperate,” he said.
The Nigerian Government has disclosed that the N23 trillion Ways and Means debt that has now stuck in its throat like the proverbial fish bone will be reviewed and audited.
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, made the disclosure on Tuesday at the ongoing Public Wealth Management Conference organized by the Ministry of Finance Incorporated.
Edun ststed the Federal Government would soon send a bill to the National Assembly that would authorize the removal of “all taxes and levies that constitute nuisance from the country’s tax system”.
This he said was a measure to free the government from future Ways and Means indebtedness.
According to the minister, the government will vigorously pursue policies that will allow it to harvest revenue in real time from Government Owned Enterprises and Corporate entities