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Petrol: NNPC summons stakeholders as landing cost hits N180/litre

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A new price of petrol may soon be announced anytime soon as the landing cost of the product has risen from N151 to N180 per litre, due to crude oil price increase in the international market.

The rise of crude oil price from $58 to more than $63 per barrel on Monday came with refiners incurring additional cost in procuring, refining and supplying petrol to consumers..

The petrol pump price may rise from N162 to N190 per litre when the marketers’ margins and other considerations are added, according to industry analysts.

Already, the Nigerian National Petroleum Corporation has summoned the major marketers, independent marketers and other stakeholders to a crucial meeting on the issue. Stakeholders are said to be generally opposed to further increase in price so as not to harm the nation’s economy.

The NNPC would therefore continue to bear the burden of subsidy as the government did not make provision for it in the 2021 budget.

Minister of State for Petroleum Resources, Chief Timipre Sylva, said at a forum last week that citizens should be ready to bear the pains of increased petrol pump price. That was when the crude oil price climbed to $60 per barrel.

Timipre Sylva, giving a speech at the Nigerian Upstream Cost Optimisation Programme February 9, said the NNPC could not continue to bear the burden of rising oil prices.

He said, “Since we are optimising everything, the NNPC needs to also think about the optimization of product cost because as we all know oil prices are where they are today, $60. “As desirable as this is, this has serious consequences as well on product prices. So, we want to take the pleasure and we should as a country be ready to take the pain.”

The Nigeria Labour Congress told the Federal Government to drop the idea of imposing another petrol pump price hike on Nigerians.

President of the NLC, Ayuba Wabba, said, “I am not sure Nigerians would be ready to bear any more pain at this time because of the fact that a lot of factors have affected the economic, social and even the well being of Nigerians.

“So, any additional pain at this point in time certainly will not be taken lightly. As you are aware, the NLC said it would have to discuss even the issue of technical report on the September 2020 increase which we could not adopt at the last meeting of the National Executive Council. Certainly, it’s a thing that we cannot swallow.”

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Inflow of foreign capital drops by 54% to $875.62m

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The total value of capital importation into Nigeria dropped to $875.62 million in the second quarter (Q2) of 2021, the National Bureau of Statistics has said.
According to the NBS, the figure represents a 54.06 per cent drop compared to the $1.91 billion in the first quarter (Q1) of 2021.

It stated this in its latest report titled, ‘Nigerian capital importation (Q1 & Q2 2021)’.
In 2020, Nigeria’s capital importation plunged by 59.65 per cent at $9.68 billion – the lowest level in four years.

“The largest amount of capital importation by type was received through portfolio investment, which accounted for 62.97% ($551.37m) of total capital importation,” the report stated.
“It is followed by other investments, which accounted for 28.13% ($246.27m) of total capital imported and Foreign Direct Investment (FDI), which accounted for 8.90% ($77.97m) of total capital imported in Q2 2021.”
Capital importation into the banking industry dominated in Q2 reaching a total of $296.51 million, followed by financing with $205.88 million and shares with $194.59 million.
In both Q1 and Q2, brewing, fishing, hotels, tanning and weaving sectors had no record of capital imports, the report added.
Similarly, only Lagos, Ogun and the federal capital territory (FCT) recorded capital inflows across Nigeria in Q2.
Lagos emerged as the top destination of capital investment in the second quarter with $780.06 million, Abuja had $95.26 million, while Ogun had $0.3 million.
By banks, foreign firms emerged as the top capital investment in Nigeria in Q2. Stanbic IBTC recorded $310.21 million, Standard Chartered was second with $282.37 million, then Citibank ($94.15 million).
The report also stated that “the United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2021 with $310.26m.”

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Nigerians experience another nationwide blackout as grid collapses

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Most parts of Nigeria experienced total blackout on Wednesday after a national grid collapse, which electricity distribution companies confirmed in separate notices to their customers.
In a public notice sent out to consumers, the Abuja Electricity Distribution Company said the collapse occurred at 12.26pm but did not say how long it would last.
The notice read, “Dear Esteemed Customers,
Following a grid system outage that occurred at about 12:26 pm today, we have been unable to service our customers in Niger, Kogi and Nasarawa State as well as a significant part of the Federal Capital Territory.
“At the moment, only 20MW has been allocated to AEDC as against the over 400MW that they have been receiving in recent times.
“We urge our customers to be patient and promise that the power supply will be restored to our franchise area as soon as there is a significant improvement in our
allocation.”
In a similar notice, Eko Disco said, “Dear valued customer, we regret to inform you of a system collapse on the National Grid that’s causing outages across our network.
“We are working with our TCN partners to restore supply as soon as possible. Please bear with us.”
Ikeja Electric also sent out a message that read in part, “The current power outage is due to a nationwide system collapse that occurred at about 12:26hrs.
“Power supply will be restored gradually to various parts of the network as soon as the grid is stabilised. Kindly bear with us.”

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Niger driver kills three students, injures eight in Suleja

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Three SS1 students of the Government Secondary School Field Base Suleja, Niger State, have been killed by a vehicle that rammed into them on their way from school.
The students were trekking home on the Suleja-Kaduna road on Monday afternoon when the incident occurred.
Three of the students were killed on the spot while eight others sustained injury.
Names of the students that died were given as Abdulhafeez Musa, Kawiyat Sharafadeen and Sunday Paul.
The driver was also said to have been injured and was receiving treatment under police watch in Suleja.
Niger State Commissioner for Education, Hajiya Hannatu Salihu, described the incident as painful and tragic.
She said the students were returning from school to their parents when they met with their death in a preventable accident.
To prevent future occurrences, the commissioner stated the state government would construct speed breakers (bumps) on the roads to schools across the state.

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