“As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”
Business
Nigeria loses $235bn to non-passage of PIB – Omo-Agege
Deputy President of the Senate, Senator Ovie Omo-Agege, has said Nigeria has lost $235 million due to the long delay in the passage of the Petroleum Industry Bill (PIB).
Omo-Agege, while delivering a keynote address on the Virtual #TNGPIBConfab, stated that an estimated $15 billion was lost annually as a result of the delay in passing the PIB.
Quoting from a recent report by Nigeria Natural Resource Charter, the Deputy Senate President stressed that the delay, through different administrations, in enacting the PIB had cost the country an estimated $235 billion.
He said, “All these underscore the urgent need to do what we should have done in 2008 to give Nigeria the great oil industry it deserves, when President Umaru Musa Yar’Adua saw the need to overhaul the existing petroleum laws. These include the Petroleum Act of 1969, the Petroleum Profit Tax Act of 1959, and the Nigerian National Petroleum Corporation (NNPC) Act 1977, among other legislations”.
Omo-Agege said before the pandemic and oil slump, the petroleum industry was the backbone of the Nigerian economy.
According to him, it is the highest contributor to the national wealth, accounting for about a third of our GDP, over 75 per cent of government revenues and 95 per cent of foreign exchange earnings.
Omo-Agege said, “The good news today is that help is on the way as the ninth assembly and the government of President Muhammadu Buhari have boldly taken up the gauntlet and will soon enact the Petroleum Industry Bill 2020 into an Act.
“On the 29th of September last year, the government of President Muhammadu Buhari took a giant step forward in reforming the industry when he returned the Petroleum Industry Bill as an executive Bill to the National Assembly.
“Subsequently, the bill was read for the first time on the 30th of September, 2020; second reading on 20th of October, 2020 and public hearing was held on 27th January this year. Now we await the report on the public hearing from the Senate committees namely: Petroleum Downstream, Petroleum Upstream and Gas Committee, to be put forward for consideration by the Senate.”
Business
Dangote Refinery can sell petrol to any marketer – NNPC
Dangote Refinery can sell petrol to any marketer – NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it has no desire or intention to be the sole offtaker of petrol produced by the Dangote Refinery Limited, DRL.
NNPC Ltd said this while reacting to claim by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the NNPC Ltd.
MURIC had in a statement issued on Friday claimed that recent changes to the pump price of petrol will prevent the Dangote Refinery from selling the product at lower prices to Nigerians.
The group also claimed NNPC Ltd. has become the sole offtaker of all products from the refinery.
However, Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd in a statement on Saturday dismissed the claims of MURIC.
While puncturing the claims of MURIC, NNPC LTD in the statement noted that the pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces.
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The company thefore noted that recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.
Business
Forex: CBN sells $20,000 to each BDC at N1,580/$
Forex: CBN sells $20,000 to each BDC at N1,580/$
The Central Bank of Nigeria (CBN) has announced plans to inject more liquidity into the foreign exchange market by approving the sale of US$20,000 to each eligible Bureau De Change (BDC) operator.
This move is aimed at meeting the growing demand for foreign exchange in the retail market, particularly for invisible transactions.
In a circular issued on September 6, 2024, and signed by Dr. W.J. Kanya, Acting Director of the CBN’s Trade and Exchange Department, the bank stated that eligible BDC operators would purchase the foreign currency at the rate of N1,580 per US dollar.
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The BDCs are permitted to sell the forex to end-users at a margin not exceeding 1% above the purchase rate.
To facilitate the process, the bank said eligible BDCs must make Naira payments into designated CBN deposit accounts and submit the required documentation at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for the collection of the approved $20,000.
This measure is part of CBN’s ongoing efforts to stabilize the forex market and meet demand for invisible transactions such as payment for personal travel, medical bills, and school fees.
Forex: CBN sells $20,000 to each BDC at N1,580/$
Business
Naira falls by N34 to dollar in 24hrs
Naira falls by N34 to dollar in 24hrs
The Nigerian currency, Naira, has plummeted to an unprecedented low, trading at a staggering N1,639.41 per dollar at the official market on Thursday.
This marks a sharp decline from the previous day’s rate of N1,606, reflecting a dramatic loss of N34.
In a parallel trend, the black market also saw the naira fall, with the exchange rate reaching N1,645 per dollar, down from N1,640.
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The worsening exchange rates signal deepening economic challenges and growing concerns over the stability of the national currency.
As the naira continues its downward spiral, analysts and market watchers are closely monitoring the situation, with implications for both the economy and daily lives of Nigerians.
Naira falls by N34 to dollar in 24hrs
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