Business
High diesel cost killing business, Obasanjo warns
Former President Olusegun Obasanjo, on Tuesday, lamented the high cost of diesel, saying it is taking a toll on his business.
Obasanjo, who is a fish farmer, said he has been sweating because of the high cost of diesel.
He spoke on Tuesday in Abeokuta, Ogun State, during South-West fish farmers’ congress held at the Olusegun Obasanjo Presidential Library.
Obasanjo noted that the rise in cost of diesel as well as constant increase in prices of fish feeds would eventually run Nigerian fish farmers out of business except they come together to agree on sustainable prices that could be adopted to keep them in business.
According to him, farmers can longer be producing at the mercy of the buyers who come around for whatever amount that suit them without taking into account the effect of the current economic effect on the production of such fishes.
He explained that with current price of diesel at 800 per litre, production of a kilogramme of fish is N1,400, adding that, in order to make very marginal profit, the farmers can’t sell less than N1,500 as anything short of that amounts “outright loss.”
Obasanjo said “The price of diesel has gone high because the management of this country is not what it should to be. And it is as simple as that. Then, what will happen is that, particularly those of us who have to use a bit of diesel in producing fish, we will completely go bankrupt, and when that happens, Nigerians will still have to eat fish.
“Fish production will be out of reach and then, people will be producing fish outside Nigeria and be dumping it here. And you will go jobless, poor and indigent. So, what do we have to do? To come together…we want to sustain fish production and we must be able to take care of those who are going to eat and those of us who are producing.”
Turning to the farmers, he asked “How many of you are using diesel in your production? Because I use diesel and I’m already sweating. I’m already sweating.”
The President of South-West Fish Farmers Price Sustainability Group, Amo Tunbosun Amo, disclosed that the country currently consumes around 3.6 million metric tonnes of fish annually but only produce 1.12 million tonnes leaving a balance of 2.6 millions tonnes to be imported.
Amo explained that one of the major challenges confronting the fish farmers is the continued increase in the prices of inputs in the production of fish and majorly the feed and the refusal of the buyers to buy the fish at commensurate price.
He said, “This is the essence of this gathering, we find out that we have to take our destiny in our hands, we can’t continue to produce and be at the mercy of the buyers, we felt we need to come around and do something for ourselves. We are starting with Southwest and in a matter of time it will be all over the country.”
The convener of the congress, Steve Okeleji said the fish farmers had decided to come together to rescue the industry.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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