Business
400,000 youths benefit from N-Power, says NASS C’ttee
The House of Representatives Committee on Poverty Alleviation and Small and Medium Enterprises Development Agency (SMEDAN) says 400,000 youths have benefited from the N-Power Scheme.
Rep. Balarabe Salame, Chairman of the committee, in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja, said that the success was recorded during his tenure as the committee’s chairman.
NAN reports that the N-Power is a scheme set up by President Muhammadu Buhari in 2016 to address the issues of youth unemployment as well as help increase social development.
The lawmaker, representing Illela/Gwadabawa Constituency of Sokoto State, said the N-Power and SMEDAN had effectively alleviated poverty in the country.
”There are so many committees, one can make millions from, but I asked for a committee that will touch the lives of the masses and I was given the Poverty Alleviation Committee.
“Prior to now, no accountability was made for funds the government allocates for poverty alleviation, but since I assumed as chairman of the committee, 400,000 youths were given N-Power.
“And in my state, in each constituency, the women benefit from women’s grant.
“No fewer than 1,000 women have been given N20,000 each to start up a small business, while SMEDAN has also empowered youths and small scale businesses,” he said.
Meanwhile, the All Progressives Congress (APC) Stakeholders Forum, also paid the chairman a courtesy visit and presented him with an award of ‘Legislature of the Year’.
Salame, a three-time member of the house, said he believed he had served his constituency favourably during his tenure in the House of Representatives and as such, would not be seeking a re-election.
He appealed to other lawmakers to empower members of their constituency adequately and impact positively on their lives to reduce crime and insecurity.
“I thank Almighty Allah for giving me the help and people like you that always advice, support me and appreciate what I have been doing.
“I believe I have achieved what I intended to achieve and will not contest in the next elections for a seat in the House of Representatives,” he said.
On his part, Rep. Abdullahi Sa’ad, Deputy Chairman, Public Accounts Committee, commended Salame’s commitment to human capacity building.
He pointed out that there had been an improvement in the collating of inputs of lawmakers and conveying same to the Executive for integration in the programmes of the government.
Sa’ad also praised the synergy between the Executive and the 9th Assembly, noting that the absence of friction between both arms of government enhanced their operations.
“I thank God we have this opportunity to appreciate Salame and say thank you and may God continue to give you the wisdom to forge better partnerships with the Executive and the Legislature.
“This administration is arguably the best in terms of social intervention in the history of this country; the amount of social intervention we have seen.
“Both money spent and the people who have benefited, are unprecedented in the history of Nigeria.
“There are several bills to create a permanent body responsible for social intervention programmes in Nigeria and I believe the committee under him, will be the ones to scrutinise the bill and make recommendations for further legislative actions.
“I congratulate you on the award and believe that as it is not the first, it will also not be the last.
“We continue to pray for God’s guidance, as you continue to touch positively on the lives of your constituents and other Nigerians,” he said.
A member of the APC Stakeholders Forum, Mr Abdullahi Hassan, said that the solutions to the issue of insecurity in the country were good leadership, job creation and adequate engagement of the youths.
“We found out that unemployment is one of the major factors that has contributed to the insecurity we are facing today.
“Be it IPOB, Boko Haram or Banditry, any kind of crime and criminality going on today in Nigeria, the genesis is unemployment.
“Fortunately, Rep. Salame has within the last four years carried out programmes that have changed the living standard of people in his constituency economically.
“Because of that, the leaders of the APC Stakeholders Forum at the national headquarters of the party decided to pay you a visit and appreciate your initiative for positively impacting on the lives of your people,” Hassan said.
Highlight of the visit was the presentation of the award by the Chairman of the APC Stakeholders Forum, Faruq Hassan, to Salame.
Business
Naira exchanges N1,650/$ in parallel market
Naira exchanges N1,650/$ in parallel market
Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.
Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.
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Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.
Naira exchanges N1,650/$ in parallel market
Business
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.
The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.
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Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.
Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Business
Warri refinery: Marketers hopeful of further petrol price drop
Warri refinery: Marketers hopeful of further petrol price drop
There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.
This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).
The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.
This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.
The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.
Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.
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Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.
He said though the repairs on the facility were not 100 per cent complete, operations had commenced.
He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”
With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).
The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.
It’s good for business, prices may reduce – Marketers
Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.
Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.
“The market becomes more competitive and we are diversifying supply,” he said.
On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”
National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”
Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.
“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.
Warri refinery: Marketers hopeful of further petrol price drop
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