Business
Nigeria spent N11.3tn on maintenance of refineries – Reps investigation
Nigeria spent N11.3tn on maintenance of refineries – Reps investigation
The Federal Government spent a total of N11.35tn on turnaround maintenance of the nation’s refineries between 2010 and 2020, an investigative panel has revealed.
The amount is contained in the report/recommendations of the Ad-hoc Committee of the House of Representatives, which investigated the ‘state of refineries in the country, and the need to ascertain the actual daily consumption of Premium Motor Spirit (petrol) in Nigeria.
The committee was chaired by Ganiyu Johnson.
This was disclosed during the part consideration on Tuesday of the report of the investigative report.
The full consideration of the report was however deferred to Thursday, to enable the ad-hoc committee to clearly list the recommendations that should be a template to deal with the specific issues, Deputy Speaker Idris Wase said.
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The ad-hoc committee also underscored the need to conduct a forensic audit on all the rehabilitation projects in the refineries.
In its findings, the committee observed that the “three refineries became unproductive from year 2010, making the following range of losses: Port Harcourt refinery Company (PHRC) at 7.6% losses to the tune of N132bn; WRPC at 6% losses to the tune of N111bn from 2014; and KRPC at 10% losses to the tune of N122bn from 2014.
“That from year 2010 to 2019, the nation’s refineries were performing sub-optimally with an annual combined capacity of less than 30% therefore in year 2019 the NNPC obtained an Executive approval and shutdown the refineries for comprehensive rehabilitation to restore the plants to a maximum of 90% nameplate company utilization.
“That the total losses from the non-functional refineries since year 2010 is put at N366,524,140,000 only.”
It also noted, “That the Port Harcourt Refinery Company (PHRC) carried out rehabilitation projects over a period of seven years ranging from 2013 to 2019 valued at about N12,161,237,811.61 only.
“That the Warri Refinery and Petrochemical Company (WRPC) carried out rehabilitation projects over a period of six (6) years ranging from 2014 to 2019 valued at about N28,219,110,067.10.
“That Kaduna Refinery and Petrochemical Company (KRPC) also carried out rehabilitation works over the period under review valued at about N2,266,248,434.69.
“That the total cost of rehabilitation for the three refineries based on the submissions of the NNPC from year 2013 to 2019 is put at N42,646,596,313.40 only.
“That other project costs were reported in foreign currencies at KRPC such as USD43,672,537.56; £2,852,068.15 and GBP3,455,656.93.”
Nigeria spent N11.3tn on maintenance of refineries – Reps investigation
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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