Business
Hold me accountable for every dollar in $1.5bn refinery repair, Sylva tells Nigerians
Minister of State for Petroleum, Timipre Sylva, has asked Nigerians to hold him accountable “for every dollar, every cent” spent on the Port Harcourt refinery.
He said President Muhammadu Buhari was determined to leave behind a legacy of functional refineries for Nigerians.
On Wednesday, the Federal Executive Council at its weekly meeting approved $1.5 billion for the rehabilitation of the Port Harcourt refinery.
The approval elicited critical reactions, including prominent Nigerians such as Atedo Peterside, Peter Obi, and Atiku Abubakar.
Nigeria’s four refineries — two in Port Harcourt and one each in Kaduna and Warri — has a combined capacity of 445,000 barrels per day. None is currently functioning, having been shut down in 2020.
But the minister, who spoke on Sunday during a Channels Television programme, said the Buhari administration means well.
“They (Nigerians) can hold me accountable and hold this government accountable for every dollar, every cent on this refinery and ensure that we deliver a refinery that works,” he said.
“What President Muhammadu Buhari wants to leave as a legacy are refineries that are functional.
“That is really where we are looking at because what is going to happen to those refineries will be decided by Nigerians and future administration.”
The minister said the rehabilitation would take 18 months and the first phase take the refinery to 90 per cent operational capacity.
“We’re not lying to Nigerians. We’ve told you that this is going to be in three phases and the first phase is definitely going to be within the tenure of this administration,” he said.
“You should hold us. It is 18 months and we are going to take the refinery to 90 percent of its main capacity and that is what you should hold us to.”
Sylva gave a breakdown of how the government intended to source the $1.5 billion required to repair the refinery.
“Let me tell you how this rehabilitation is going to be funded; it is not going to be all debts, we are not going to borrow all the monies that are going into the rehabilitation,” he said.
“NNPC is going to spend about $200 million from its internally generated revenue sources, while the federal appropriation will put in about $800 million and it is already broken down into three parts.
“The 2020 appropriation will give $350 million, 2021 appropriation will give another $350 million, and 2022 appropriation will give another $100 million, making it all $800 million from appropriation, and then the rest of it will now come from Afrexim Bank.”
Sylva said the rehabilitation of the refinery was “one way the government can generate revenue to invest in other sectors of the economy”.
He said it would benefit Nigerians and be commercially-viable “to produce profits for the government”.
The minister said, “This rehabilitation will bring a lot of gains for Nigerians. First, we are gaining from savings in the foreign exchange end, savings from importation of premium motor spirit (PMS); and we will gain from the operations of the refineries itself.”
He also said, “This refinery plus Dangote’s refinery, Kaduna refinery and Warri refinery will more than satisfy Nigeria’s requirements.”
He added, “We are headed to a point where Nigeria will become a net exporter of refined petroleum products. So we will be able to satisfy Nigerians and also have excess in exporting these products.”
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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