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PIB: Fuel subsidy stays for now, says petroleum minister

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  • Sylva to speak on subsidy, NNPC unbundling today

Minister of State for Petroleum Resources Timipre Sylva has said fuel subsidy will not be removed for now following the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari on Monday.

The minister’s Special Adviser on Media, Malam Garba Muhammad, stated this in a message to The Nation’s enquiry.

“We’ll engage you (reporters) on this at the appropriate time,” he added.

The minister had earlier said once the bill became a law, subsidy would give way.

But The PUNCH reports that the government’s official position on fuel subsidy would be made known today by the minister at a press conference on the petroleum industry law and the unbundling of the Nigerian National Petroleum Corporation.

It also hints that the signing of the PIB into law could raise the cost of petrol to as high as N300 per litre from the current N162-N165 per litre upon the implementation of the law if market forces were allowed to determine the price as stipulated in the new law.

Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Mohammad Barkindo, said the new law would assist Nigeria attain four million barrels production per day.

Barkindo, in a congratulatory letter to the President, added the law “will  help harness Nigeria’s potential to achieve its programme of raising oil production to 4mb/d and oil reserves to 40 billion barrels, while also drawing on the country’s vast natural gas reserves to provide clean and efficient energy.”

A part of the message read, “I wish to extend my congratulations to you on signing into law the PIB, which marks a significant milestone for Nigeria’s oil industry and an historic achievement for your Presidency.

“With the stroke of a pen, you have inaugurated a new era for the industry following years of legislative efforts to strengthen the legal, regulatory, fiscal and governance framework of the petroleum sector.

“Mr. President, your signature on the PIB caps many years of important deliberations and detailed legislative work.

“I am confident the law marks the beginning of a new era of growth and prosperity that will be beneficial to the petroleum industry and ultimately to the Nigerian people.”

The Independent Petroleum Marketers Association of Nigeria (IPMAN) also commended the President for signing the bill.

Its National Vice President Alhaji Abubakar Maigandi added that the new law would lead to the appreciation of the naira and lessen forex challenge in the industry.

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SERAP sues Buhari over alleged missing N11tn electricity fund

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President Muhammadu Buhari has been dragged to court by the Socio-Economic Rights and Accountability Project (SERAP) for allegedly failing probe N11tn electricity fund said to missing.

The money, according to SERAP, was meant to provide regular electricity supply for the country since 1999, and it is suspected to have “been stolen, mismanaged or diverted into private pockets.”

In the suit number FHC/L/CS/1119/2022 filed last week at the Federal High Court, Lagos, SERAP sought for “an order of mandamus to direct and compel President Buhari to investigate how over N11 trillion meant to provide regular electricity supply has been allegedly squandered by governments since 1999.”

This is coming after it was reported that Nigeria’s electricity grid has collapsed at least three times within five months, and 130 times in seven years, plunging many households across the country into darkness.

 

 

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Toyota-Suzuki joint SUV coming in August, Africa listed

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The collaboration between Toyota and Suzuki is set to manifest in concrete terms as Toyota says it will start the production of a new SUV model developed by Suzuki at Toyota Kirloskar Motor Pvt. Ltd from August.

The Suzuki-developed SUV will come with mild and strong hybrid variants – made in India for both brands, multiple sources including motorauthority.com report.

The two companies are said to be planning to export the new model to markets outside India including Africa.

Toyota and Suzuki are promoting mutual supply of vehicles globally, which is one of the collaborations in their business partnership.
The two companies signed a memorandum of understanding for a business alliance in 2017. Since then, the two companies have been bringing together Toyota’s strength in electrification technologies and Suzuki’s strength in technologies for compact vehicles for joint collaboration in production and in the widespread popularization of electrified vehicles.
The powertrains of the new model to be on sale in India will be equipped with mild hybrid developed by Suzuki and strong hybrid developed by Toyota.
By bringing together strengths of both Toyota and Suzuki through the collaboration, the two companies say they will be able to provide a wide variety of vehicle electrification technologies to customers and contribute to the acceleration of electrification and the realization of a carbon-neutral society in India.

While Suzuki leads and understands the India market, Toyota brings hybrid tech to the table.

Maruti Suzuki India Limited and TKM will market the new model in India as Suzuki and Toyota models, respectively.

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Ford to end production of Focus in 2025

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Ford has confirmed that it will stop producing the Focus model in 2025, in a move that threatens the longer-term future of its Saarlouis, Germany plant that only makes that model.

Nigeria may not miss the exit of the Focus as it has not really been as popular as other Ford models such as the Escape, the Edge and Everest.

Ford however said that its plant in Saarlouis would continue to produce the Ford Focus passenger car, while the company is also evaluating options for future site concepts.
In Europe, Ford has emphasised the future role for electrified models – which includes its Cologne plant in Germany being a hub for EV production. It will build a new SUV based on VW’s MEB platform from 2023.
Ford also recently announced that its Valencia, Spain, plant would receive investment for making electric vehicles on a next-generation electric vehicle architecture.

 

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