News
Worry as long queues return to Abuja filling stations, five other states
Worry as long queues return to Abuja filling stations, five other states
Many filling stations in Abuja and roughly five other states were closed on Wednesday due to a scarcity of Premium Motor Spirit, also known as fuel, which generated long queues at the few outlets that dispensed the commodity.
Thousands of commuters in the Federal Capital Territory, Nasarawa, Niger, Gombe, Sokoto, and Anambra states were delayed at several bus stations due to a lack of PMS necessary by transporters to operate their vehicles.
This resulted in an increase in transportation fares in the affected states, as the few transporters with petrol upped their rates.
According to reports, the scarcity was caused by a shortfall of PMS in the nation’s capital and other states, which resulted in the closure of filling stations in the impacted areas.
However, oil marketers claimed that they would meet with the management of Nigerian National Petroleum Company Limited’s retail arm today (Thursday) to determine the reason of the shortage and how to address it.
Hundreds of motorists besieged the Conoil and Total filling stations that sold petrol in front of the corporate headquarters of NNPC in Abuja on Wednesday.
This led to vehicular traffic on the roads leading to NNPC headquarters and other surrounding companies in the Central Business District of Abuja.
Several filling stations in Zuba, Niger State, including NNPC, AYM Shafa, among others, were closed on Wednesday for lack of petrol to dispense.
Similarly, the NNPC outlet on Arab Road, Kubwa, Abuja, had no product to sell. Many other outlets along the Kubwa-Zuba expressway were also shut. In Nyanya, Nasarawa State, many filling stations were closed.
Their inability to operate piled pressure on the few stations that had PMS on Wednesday, leading to massive queues by motorists at these outlets.
Oil marketers, however, stated that the reason for the shortage in the supply of PMS to Abuja and neighbouring states was being investigated, adding that a meeting would be held on the matter today (Thursday).
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“It is obvious that there is supply shortage in Abuja and other states that are close to the FCT (Federal Capital Territory),” the National Secretary, Independent Petroleum Marketers Association of Nigeria, Chief John Kekeocha, told our correspondent.
He added, “This is the reason why many filling stations in these areas are not selling PMS, which, of course, has led to the serious queues you see in the few ones that are dispensing the product. I cannot tell you the reason for this supply shortage now.
“But we are meeting with NNPC Regal tomorrow (Thursday), and this is going to form part of our discussions. The matter is being looked into right now, and we hope to find a solution to it during the meeting.”
Earlier, the National President, IPMAN, Abubakar Maigandi, told our correspondent that the queues for petrol in many states would be a thing of the past when the Dangote Petroleum Refinery starts pumping out PMS to the domestic market.
But when asked whether the refinery had briefed marketers about when it would start pumping out the product, Maigandi replied, “We don’t know the time. But since he said he would start it, I know that he will do that.
“So we are still waiting and we know that once he starts releasing petrol to the domestic market, this issue of fuel scarcity and queues will become a thing of the past.”
His position was corroborated by the IPMAN National Public Relations Officer, Chief Ukadike Chinedu, who also expressed hope that the Port Harcourt Refining Company would start producing refined petroleum products very soon.
Commuters stranded
Thousands of commuters going to their various destinations were stranded at different motor parks in Anambra State on Wednesday due to the unavailability of transportation vehicles because of the shutting down of petrol stations across the state.
Most petrol stations in the major cities of Awka, Onitsha, Nnewi, Umunze, Ekwulobia and other environs remained shut and were not dispensing fuel on Wednesday morning.
As a result of this, the few vehicles plying the road increased the transportation fares by over 200 per cent while commuters who struggled to board them were made to pay the high rates.
For instance, commercial transporters charged N500 for a journey that used to be N200, while a journey of N500 was charged between N1,200 to N1,500.
The development caused many commuters to start trekking to their various destinations while others waited at the parks.
Our correspondent also observed that many offices and business premises did not open till around 10:30 am because their employees had yet to report for duty.
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The reason why the petrol stations were closed could not be ascertained immediately. But the development generated a lot of mixed feelings among the public.
Some people believed that the petrol stations were on strike, others were of the opinion that it was a deliberate attempt by the marketers to increase the pump price of the commodity.
A tricycle operator plying the Onitsha axis, simply identified as Tochukwu, said, “I bought fuel from the black market for as high as N1,350/litre this morning in order to work, after we discovered that filling stations did not open. Some of my colleagues went to Asaba in Delta State to get the product and that is why transportation fares are high this morning.
“We don’t really know why the filling stations are shut, but we are hearing that is like they are in a meeting somewhere in Awka. We have experienced this kind of situation before and when they came back from their meeting that day, they hiked the pump price of petrol. It’s likely to be the same situation, we are watching as events unfold.”
A commuter at Awka, Chinwe Okeke, said, “I have been standing at the Regina Caelis Bus Stop for over two hours waiting to board a vehicle to UNIZIK, but it has been difficult. The vehicles that are coming have been charging very exorbitantly, I don’t know what is really happening.”
When contacted on the development, the Anambra State Commissioner for Petroleum and Mineral Resources, Anthony Ifeanya, said, “There is no cause for alarm and commuters and motorists should not panic.
“It’s likely that the petrol marketers are in a meeting and whenever they are having such meeting, shutting of petrol stations is a way of compelling every member to attend the meeting. Their meeting usually starts from morning till noon.”
It was also observed that the sudden fare hike also affected both interstate and intrastate movements.
Lagos queues
One of our correspondents observed that the NNPC filling station along Cele expressway in Lagos had long queues on Wednesday due to the fact that the pump price was selling at a lower rate of N585/litre when compared to other filling stations.
But the AP filling station located at Barracks along Chemist Bus Stop in Lagos was not selling petrol.
However, there were no queues at Jezco filling station at Oja-Oba, along Pako Bus Stop in Lagos because the station was selling at N650/litre.
The Northwest filling station along the Gbagada expressway had long queues as the pump price at this station was N610/litre.
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Heavy queues were seen at the NNPC filling station along the Ogudu expressway with the station selling at N585/litre.
N710/litre in Ogun
Residents of Abeokuta, Ogun State capital now buy a litre of petrol for between N650 and N710/litre.
One of our correspondents observed that while many of the filling stations were not selling fuel on Wednesday, the few independent filling stations that were attending to customers sold the product at between N660 to N710/litre.
However, the NNPC mega station along Abiola Way dispensed a litre for N580 but the queues here were very long.
Eternal Oil along Kobape road with a fairly large crowd sold petrol for N660/litre while others such as KH filling station, Adigbe, among others, sold theirs at N700/litre and above.
Scarcity hits Gombe
Fuel scarcity has hit most filling stations in the Gombe State metropolis.
Some motorists told our correspondent in the state that they suspected sabotage, as fuel was sold for between N760 to N800/litre depending on the station. The worst hit areas are the hinterlands.
Bako Hussain, a motorist, said, “We know that it is a sort of plan work by the filling stations. How can one open today and tomorrow the next one will open and the one that sold yesterday will not open.”
Also speaking, Hajara Bala, said “It is hard to get fuel in the state as the queues are building across filling stations. I think it’s artificial scarcity. I see no reason why we will have money and still wait with your N760 or more depending on the station.”
Motorists in Sokoto State also decried the continued rise in the price of petrol as the product rose to N830/litre on Wednesday.
Findings by our correspondent in Sokoto on Wednesday evening showed that most of the filling stations that opened for business in the morning had closed their outlets before 4 pm, making the product more scarce for consumers.
Almost all the big marketers including NNPC, AA Rano, Shafa, among others, were not dispensing the product on Wednesday evening.
The few filling stations that dispensed the product on Wednesday evening sold it at between N800 and N830/litre and still had long queues.
A motorist, Abdul Ahmad, who spoke to our correspondent, said, “How do you explain a filling station which sells fuel at the rate of N770/litre in the morning, only for you to come back in the afternoon and same people now sell at N820/litre.
“This is very bad and we should stop doing this to ourselves in this country.”
NNPC stays mute.
Meanwhile, efforts to get the NNPC to explain reasons for the queues and the fuel supply shortage in states were unsuccessful.
NNPC is currently the sole importer of petrol into Nigeria, as other marketers stopped importing the commodity due to their inability to access adequate foreign exchange required for PMS importation.
NNPC’s spokesperson, Olufemi Soneye, did not answer calls to his phone when contacted on the matter.
He also did not respond to a text message sent to him to provide reasons for the queues, up till when this report was filed.
Worry as long queues return to Abuja filling stations, five other states
(Punch)
News
FG announces plans to borrow N13.8tn for 2025 budget
FG announces plans to borrow N13.8tn for 2025 budget
ABUJA—THE Federal Executive Council (FEC) yesterday approved a budget proposal of N47.9 trillion for the 2025 fiscal year and borrowing of N13.8 trillion.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this while briefing State House correspondents, at the end of the Council meeting, presided over by President Bola Tinubu at the Presidential Villa, Abuja.
The approval is part of the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, for 2025-2027, by the Fiscal Responsibility Act of 2007.
The framework is expected to be submitted to the National Assembly as required by law, either on Friday or Monday.
Bagudu outlined several key parameters that will guide the 2025 budget based on economic projections and government priorities. These include a projected Gross Domestic Product (GDP) growth rate of 4.6% for 2025, an oil price benchmark of $75 per barrel and an exchange rate of N1.400 to $1.
Additionally, the government anticipates oil production at 2.06 million barrels per day.
In terms of fiscal strategy, the budget assumes that the government will borrow approximately N13.8 trillion — about 3.87% of the GDP — to fund key infrastructure projects and economic initiatives.
Bagudu emphasized that this borrowing is part of a strategic plan to balance government spending with sustainable debt management.
The Minister further noted that “the Nigerian economy is showing signs of resilience, with a 3.19% growth rate recorded in the second quarter of 2024.
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This growth is expected to continue through 2025, driven by efforts to tackle inflation and stabilize key economic sectors.”
Bagudu lists the aims of fiscal policies
He stressed that the Federal Government’s fiscal policies are aimed at strengthening economic resilience, continuing to address inflationary pressures, and providing more targeted support to drive long-term growth.
Bagudu also highlighted that the implementation of the 2024 budget was progressing well, with significant improvements in revenue collection and expenditure management, despite some delays in achieving pro-rated targets.
“Non-oil revenue streams, in particular, have performed better than initially expected, showing promising progress.
The N47.9 trillion proposed budget for 2025 includes various provisions, particularly in areas such as infrastructure development, social programs, and critical national projects.
Bagudu also revealed that for the first time, the government’s budget will include contributions to the development commissions that had recently been passed or were in the process of being passed by the National Assembly.
“These measures are designed to strengthen the country’s social and economic development at the grassroots level.”
He further noted that the federal government is committed to ensuring that the 2025 budget is passed and signed into law before December 2024, in order to create a predictable fiscal environment and adhere to the January-December budget circle that the administration aims to implement moving forward.
In addition to approving the 2025 budget, the FEC also endorsed the 2025-2027 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Papers, FSP, which outline the government’s long-term fiscal policies and strategies for achieving sustainable growth.
These documents will now be sent to the National Assembly for further review.
Bagudu emphasized that the MTEF and FSP provided the necessary roadmap for the government’s fiscal policy over the next three years, ensuring that public finances remained on a sound footing and that economic growth targets were met.
He expressed confidence that Nigeria’s economic trajectory was moving in the right direction, with positive growth recorded in key sectors.
He stressed that the government’s macroeconomic policies, particularly in the areas of market-driven pricing for petroleum products and foreign exchange, are contributing to the country’s overall economic stability.
“The fiscal efforts are on track, and we are confident that with these strategic investments and reforms, Nigeria will continue to make progress toward a more resilient and sustainable economy,” he declared.
Experts fault govt’s budget assumptions
Economy experts who spoke to Vanguard, however, faulted the budget assumptions, describing some of them as too aggressive.
In his comment, David Adonri, Analyst and Executive Vice Chairman at Highcap Securities Limited said : “One thing that bothers me is the failure of FGN to attach a report of the performance of the previous budget while seeking for approval of the new budget.
“Historical antecedents will let us know whether the assumptions underlying the new budget are reasonable.
“How will FGN finance the budget? Is it still a deficit budget like on previous occasions? There is nothing on ground to indicate that GDP growth rate of 4.6% is attainable in 2025.
“The omission of the forecast for inflation is questionable because the intended GDP growth may just be an inflationary growth which is akin to motion without movement.
“With Donald Trump’s agenda to release more fossil fuel from 2025, the crude oil price forecast may be misleading.
‘Finally, predicating the budget on a crude oil-driven economy shows that budgeting by FGN has not departed from past ruinous economic philosophy.
“It is too pedestrian for a country that should be inward-looking and focused on the mobilization of the idle factors of production in the country.”
On his part, Tunde Abidoye, Head of Equity Research FBNQest Securities Limited, said: “I think that some of the assumptions are a bit aggressive.
“The oil production benchmark of 2.06mbpd looks very ambitious given the current realized oil production level of around 1.3mbpd (ex-condensates), per NUPRC data.
“The exchange rate and GDP growth rate projections are also a bit optimistic given the current exchange rate is N1,650, and the strain on household wallets.
“However, although I think the oil price benchmark is realistic, there are potential downside risks arising from the anticipated ramp up of oil production by the US following President Trump’s victory at the polls.”
Also commenting, Clifford Egbomeade, Public Affairs Analyst/ Communications Expert, said: “The proposed 2025 budget of N47.9 trillion, based on a $75 oil benchmark, 2.06 mbd production, and 4.6% GDP growth, sets ambitious targets given Nigeria’s economic climate.
“The oil production target assumes steady output levels, which may be impacted by infrastructure limitations. Moreso, the projected 4.6% GDP growth may be optimistic, as Nigeria continues to face high inflation, currency pressures, and unemployment.
“The budget includes N9.22 trillion in new borrowing, raising concerns about fiscal sustainability given the nation’s current debt servicing load. “The assumed exchange rate of N1,400 per dollar suggests continued devaluation, which could intensify inflationary pressures. Achieving this budget will require effective fiscal reforms and greater economic diversification to meet revenue and growth targets.”
Dissecting the proposed budget, Port Harcourt-based energy analyst, Dr. Bala Zakka, said: “Oil market is very volatile and absolute caution should be taken in the process of taking the benchmark price for the 2025 budget.”
On output, he said: “The federal government said it is currently producing 1.8 million barrels per day, including condensate. Like in the case of price, adequate caution should also be taken here. I strongly believe that stakeholders, including the government and investors should work harder to further increase the nation’s capacity to produce oil and gas.”
“The Gross Domestic Product, GDP, is all about the production of goods and services in an economy. With constant power supply disruptions, it has not been possible for households and businesses to participate in the economy. It is very doubtful if they will be able to increase investment to produce goods and services in 2025.”
FG announces plans to borrow N13.8tn for 2025 budget
News
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
Edo State Governor, Monday Okpebholo, has directed the immediate freezing of all state-owned bank accounts.
In a statement issued on Thursday by his Chief Press Secretary, Fred Itua, the governor stated that the accounts would remain frozen until further notice.
He instructed commercial banks, ministries, departments, and agencies (MDAs) to comply with the order immediately or face severe consequences.
The statement reads: “All state bank accounts with commercial banks have been frozen. Commercial banks must comply with this order and ensure that not a single naira is withdrawn from government coffers until further notice.
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“Heads of Ministries, Departments, and Agencies must ensure full compliance without delay.
“Following necessary investigations and reconciliations, the governor will take appropriate action and decide on the way forward. For now, this order remains in effect.”
Okpebholo also directed relevant agencies to revert the name of the Ministry of Roads and Bridges to its previous title, the Ministry of Works, a change made during the Godwin Obaseki administration.
“It is odd to name a government institution the Ministry of Roads and Bridges, especially when not a single bridge was built by the previous administration — not even a pedestrian bridge.
“In the coming days, we will examine further actions taken by the previous administration and make decisions that serve the best interests of the state,” the statement added.
Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
News
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
Prominent Islamic scholar Dr. Ahmad Mahmud Gumi has criticized the widely discussed two-state solution for the Israel-Palestine conflict, calling it a “deception.”
His remarks followed a recent summit of the Organisation of Islamic Cooperation (OIC) in Riyadh, where President Bola Tinubu and other leaders condemned Israel’s actions in Gaza and urged an end to hostilities.
In an interview with Daily Trust at his Kaduna residence, Gumi argued, “This Two-State Solution is a deception. No Israeli will allow a Palestinian to survive, and Palestinians will never allow Israel to survive.
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The only solution is to dissolve the two states and create a democratically electable region.”
Gumi commended the OIC’s support for Palestine, noting that Muslims and Arabs worldwide increasingly see the treatment of Palestinians as “genocide” and accuse Israel of human rights abuses.
He also called for a return to the pre-1948 structure, where Palestinians, Jews, and Christians lived together, suggesting a single, inclusive state that allows peaceful coexistence.
“When I hear people talking about Two-State Solutions, I know they are just deceiving themselves,” Gumi added, advocating for a unified region where people of all faiths can live together, similar to the multi-faith coexistence seen in countries like the United States.
Israel-Palestinian conflict: Two-state solution is a deception, says Gumi
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