metro
Petrol scarcity hits critical point nationwide as imports slump
Petrol scarcity hits critical point nationwide as imports slump
The lingering petrol scarcity crisis in Nigeria has reached a critical point, with marketers unable to replenish their rapidly depleting stock.
As the shortage persists, amid the admission of $6billion debt to offshore product suppliers by NNPC Ltd, stakeholders are advocating for transformative measures to address the issue. They emphasise the urgent need to bolster domestic refining capacities and implement full deregulation of the petroleum sector.
They expressed worry that Nigerians may be on a long walk to freedom as NNPC Ltd, the sole importer of petrol, is currently cash-strapped and currently unable to sustain importation, leaving the country with a single option of hiking the price to reflect market realities.
Petroleum sector players have also urged the government to exhibit the boldness and resolve necessary to decisively end the subsidy regime, rather than imposing further hardships on the Nigerian populace.
The Publicity Secretary of the Crude Oil Refiners Association of Nigeria (CORAN), Mr. Eche Idoko, told Daily Sun that the current situation is a national disgrace, particularly for a nation endowed with abundant hydrocarbon resources.
He explained that the failure of the government to implement earlier recommendations by the last administration aimed at giving a boost to modular refinery operations in the country was responsible for the current crisis.
The CORAN Publicity Secretary said part of the recommendations was for the government to set aside about $11 billion special fund for modular refineries to empower them by scaling up their production to include petrol through the procurement of catalytic converters.
According to him, the other part of the recommendation was for the government to make available adequate crude oil for modular refinery operators.
READ ALSO:
- Man, wife in labour die in Niger auto crash on way to hospital
- Two suspected kidnappers arrested in Kaduna forest raid, many victims rescued
- Gunmen reportedly kill Edo assembly speaker’s aide
Idoko disclosed that as at today, the refining capacity of modular refineries is in the region of about 200,000 barrels per day, saying when that is added to the 650,000 barrels of Dangote Refinery, the country would have succeeded in being self sufficient and could still export to earn foreign exchange.
However, he said, those recommendations were never implemented when the new administration came on board and that has led the country to where it is today.
Also speaking, Mr Rabiu Bello, Senior Independent Non-Executive Director at Seplat Energy Plc., said that collaborating with local refineries to process the daily allocation of 445,000 barrels of crude oil, based on a tolling arrangement, would help the government secure petroleum products needed for domestic consumption and allow export of excess products.
In his intervention, the National President of the Petroleum Retail Owners Association of Nigeria (PETROAN), Mr. Billy Gilly-Harris, said this is the best time for the NNPC Ltd to bring back its refineries to operation, saying the nation cannot afford to continue with the lingering energy crisis.
He said it has now become obvious more than ever that the government was still subsidizing fuel and cannot continue to say otherwise under what they continue to call under-recovery.
Gilly-Harris said the Port-Harcourt and other refineries should be quickly commercialized in partnership with those that are serious to do business. The PETROAN President urged the government to as a matter of urgency completely deregulate the downstream sector and allow more private sector players to bring in products and sell at the appropriate price.
“Today, there is nowhere in the world where petrol has landed below $1. And looking at that amount in the Nigeria scenario, where our exchange rate keeps fluctuating. If it is landed at $1 in Nigeria including all associated costs, that should give you an idea of what the actual cost should be.
Some of the marketers who spoke to Daily Sun in separate interviews under anonymity projected that the continued intervention of NNPC Ltd in petrol pricing was no longer sustainable as the importer of last resort has finally come out to say the petrol cost was a strain on its finances.
They said Nigerians should be ready to pay the actual cost of petrol which they pegged at about N1,450 per litre, including all other associated cost.
Meanwhile, loading activities at the Apapa Depot recorded further decline yesterday, as fewer trucks were seen on the queue.
Some of the oil trading companies lamented that fewer cargoes were calling at the nation’s water, an indication that the level of imports have dropped significantly.
Already, petrol has hit N1,500/litre in various parts of Lagos and environs, while the product has skyrocketed to over N2,000 up north.
The frightening development has already taken a toll on transportation and food prices.
Many jurisdictions reported that transportation costs have doubled in the last 48 hours, just as the prices of goods and foods are at stratospheric heights.
Petrol scarcity hits critical point nationwide as imports slump
SUN
metro
EFCC Drags Fuji Musician to Court Over Alleged ₦21.2m Fraud
EFCC Drags Fuji Musician to Court Over Alleged ₦21.2m Fraud
LAGOS, Nigeria – The Economic and Financial Crimes Commission (EFCC) has arraigned a Fuji musician, Felix Duke Osagie, before a Lagos State court over an alleged ₦21.2 million fraud.
The musician was reportedly arraigned on Thursday before Justice Ismail Ijelu in connection with allegations of financial fraud, according to a report published on the EFCC’s social media platform.
The arraignment marks another high-profile case involving the anti-graft agency’s investigation and prosecution of alleged financial crimes.
However, details of the charge, including how the musician allegedly obtained the money, the identity of the complainant and the specific transactions involved, were not visible in the available excerpt.
EFCC Drags Fuji Musician to Court Over Alleged ₦21.2m Fraud
metro
‘Tinubu Graduated in 1979, You Arrived in 1985’: Omowaiye Challenges Pearse Over CSU Claims
‘Tinubu Graduated in 1979, You Arrived in 1985′: Omowaiye Challenges Pearse Over CSU Claims
ABUJA, Nigeria – A chieftain of the All Progressives Congress (APC), Oluremi Omowaiye, has challenged Peoples Democratic Party (PDP) chieftain, Dr Adetokunbo Pearse, over his claims concerning President Bola Tinubu’s academic records, drawing attention to their respective educational backgrounds.
Omowaiye’s reaction followed Pearse’s recent television interview in which the former Chicago State University (CSU) lecturer questioned Tinubu’s attendance at the American institution and alleged that the President never studied there.
Pearse had claimed that he worked at Chicago State University between 1985 and 1990 and served as the director of the programme Tinubu reportedly attended.
However, Omowaiye dismissed the claim, arguing that Tinubu had graduated from the university in 1979, six years before Pearse said he began working there.
According to Omowaiye, the timeline raises questions about Pearse’s assertion that he directed the programme attended by the President.
The APC chieftain also questioned Pearse’s academic background, pointing to his reported studies in English at Bayero University, Kano, and subsequent academic pursuits at the University of Sheffield and the University of Wisconsin-Madison, where he reportedly obtained a doctorate in Contemporary African Literature.
Omowaiye argued that Pearse’s academic specialisation was in English and the humanities rather than Accounting, the discipline Tinubu studied at Chicago State University.
On Tinubu’s educational records, Omowaiye cited the October 2023 testimony of Chicago State University’s Registrar, Caleb Westberg, during legal proceedings in the United States.
Westberg testified that Tinubu attended the institution between August 1977 and June 1979 and graduated on June 22, 1979, with a Bachelor of Science degree in Business Administration, majoring in Accounting.
The testimony was accompanied by university documents presented during the proceedings.
Omowaiye also maintained that the controversy surrounding Tinubu’s academic qualifications had been addressed by the Nigerian Supreme Court.
The APC chieftain reportedly gave Pearse seven days to retract his allegations and apologise publicly, threatening legal action and petitions to the Inspector-General of Police and the Director-General of the Department of State Services if he failed to comply.
He said his intervention was motivated by concerns about the spread of claims concerning the President’s educational background, particularly among young Nigerians.
The controversy followed Pearse’s appearance on News Central Television, where he questioned the President’s academic history and accused the Minister of Education of misleading Nigerians over Tinubu’s educational records.
However, Pearse’s allegations remain disputed, particularly in view of the testimony and documentary evidence presented by Chicago State University during the 2023 US court proceedings.
The latest exchange has further intensified political arguments surrounding Tinubu’s educational qualifications as political activities gradually gather momentum ahead of the 2027 general elections.
‘Tinubu Graduated in 1979, You Arrived in 1985’: Omowaiye Challenges Pearse Over CSU Claims
metro
Schoolboy Foils Kidnap Attempt After Suspect Uses Father’s Name to Lure Him
Schoolboy Foils Kidnap Attempt After Suspect Uses Father’s Name to Lure Him
EDJEKOTA-OGOR, DELTA STATE — A schoolboy identified as Marvellous has reportedly escaped a suspected kidnapping attempt after a commercial motorcycle rider allegedly tried to lure him away by claiming that his father had sent him.
The incident occurred in Edjekota-Ogor community in Delta State, where the unidentified motorcycle rider reportedly approached the boy and attempted to gain his confidence by mentioning his father’s name.
The suspect allegedly told Marvellous that his father had instructed him to pick him up, apparently hoping to deceive the young boy into following him.
However, Marvellous reportedly became suspicious of the rider’s claim and refused to go with him, thereby foiling what could have been an abduction.
Following the incident, community leaders reportedly intervened to ensure the boy’s safety and facilitate his return to his family.
The President-General of Edjekota-Ogor community subsequently directed the community’s Secretary-General to take necessary steps to protect the boy and reunite him with his relatives.
READ ALSO:
- NELFUND Loan: How Parents Can Stop Children from Collecting School Fees Twice
- N52,500 Minimum Pension: PenCom Gives States Condition to Secure Benefits for Retirees
- Gombe Political Tension: Pantami Defies Burning Tyres, Roadblocks as Convoy Comes Under Attack
Acting on the directive, the Secretary-General reportedly contacted members of Marvellous’s family and successfully ensured that he was returned safely to his relieved parents.
The incident has drawn attention to the need for increased vigilance among parents, guardians and community members over the safety of children.
Parents have been urged to educate their children never to follow anyone, including familiar-looking strangers, without first confirming such arrangements directly with them.
Children should also be taught not to rely solely on someone mentioning their parents’ names as proof of familiarity or authority.
The identity and whereabouts of the suspected motorcycle rider were not disclosed in the account of the incident.
Schoolboy Foils Kidnap Attempt After Suspect Uses Father’s Name to Lure Him
-
metro3 days agoFayose Petitions IGP, Threatens Lawsuit Over Rape, Torture Allegations
-
News3 days agoDespite Tegbe’s 72-Hour Promise, Nigerians Still Battle Power Outages
-
metro2 days agoCourt Orders Final Forfeiture Of 48 Properties Worth N212bn Linked To Malami
-
metro3 days agoThree Broken-Down Trucks Paralyse Abuja-Kaduna Highway, Travellers Spend Eight Hours in Gridlock
-
International2 days agoUS Lawmakers to Hold Fresh Hearing on Nigeria’s Insecurity, Christian Killings
-
Auto2 days agoAfter-Sales Support Will Define Future of Nigeria’s Auto Industry – Carloha Marketing Chief
-
International3 days agoTrump Makes Stunning Admission: ‘I Will Always Hate Some of My Enemies’
-
News3 days agoEdo APC Chieftain Hacked to Death by Son Over Alleged Prophecy