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Fuel Crisis: BAVCCA Demands Answers from President Tinubu’s Economic Team

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…Demands Investigation into NNPCL’s $6 Billion Debt

By David Torough, Abuja

The Bloggers and Vloggers, Content Creators Association of Nigeria (BAVCCA) has said it is shocking that Nigeria, a major crude oil-producing nation, finds itself in significant debt, particularly with the Nigerian National Petroleum Company Limited (NNPCL) reportedly owing over $6 billion to global suppliers.

BAVCCA in a press conference in Abuja, National Spokesperson, Adah Onoja said it is alarmed by the continuous rise in fuel prices and the worsening economic situation across the country, noting that this current crisis is a direct result of the failure of those entrusted with managing Nigeria’s economy.

The group noted that there must be a clear and transparent explanation of how Nigeria’s oil revenues have been managed, adding that the current state of affairs suggests that funds have been misused or misallocated, and those responsible must be held accountable.

“While we commend President Bola Ahmed Tinubu for his genuine and consistent efforts to lead Nigeria to greatness, it is evident that his economic handlers are failing to support his vision. The inability to effectively manage the country’s resources and finances is crippling the economy and placing an unbearable burden on Nigerians,” the statement noted.

The group noted those responsible for the reckless mismanagement of Nigeria’s resources and economy should be held accountable.

“We demand that those who have mismanaged NNPCL’s finances and plunged the nation into debt be thoroughly investigated and penalized for their actions.

“In addition, the policy of floating the Naira, which was expected to stabilize the currency and bring economic relief, has instead caused further depreciation of the Naira, leading to inflation and skyrocketing costs for essential goods and services. The growing disparity between the official exchange rate and the black market is a testament to the poor management of the economy by the President’s economic team.

“The President must reconsider the composition of his economic management team. Nigeria needs capable, forward-thinking professionals who can implement sound policies to stabilize the Naira, reduce inflation, and restore public confidence in the economy.”

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Customs Intercept Contraband Worth N510.92m in Two Conths

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The Nigeria Customs Service (NCS), Federal Operations Unit Zone C, says it intercepted contrabands with a Duty Paid Value (DPV) of N510.92 million between July 15th and September 15th, 2024.The zone covers the six states in the South-South geopolitical zone and the five states in the Southeast geopolitical zone.

This is contained in a statement signed by Jerry Attah, Public Relations Officer, NCS, Zone C, and made available to journalists on Wednesday.
According to the statement, Comptroller Michael Ugbagu, NCS, Zone C, gave the statistics while showcasing the seized contraband to relevant regulatory agencies at the Government Warehouse in Edo.Ugbagu said that the zone also recovered the sum of N25.
57 million from demand notices raised based on some infractions noticed, making a cumulative sum of N536.49 million recorded within the months under review.“The DPV was derived from our seized goods, which include 49,699 sachets of various brands of tramadol and 3,350 bottles of various cough syrups with codeine without an NAFDAC number.“1,015 sacks of dry donkey meat and skin, 75 jumbo bales of second-hand clothing, 463 cartons of foreign spaghetti, 269 pieces of used pneumatic tires, and 56 cartons of smuggled foreign tomato paste.“More worrisome is the interception of 49,699 sachets of various brands of tramadol and 3,350 bottles of various cough syrups with codeine without NAFDAC registration numbers.”He noted that the cough syrup with codeine and tramadol without NAFDAC registration numbers, if not intercepted, could have had adverse effects on youths.He added that the items were mostly intercepted along the Ewu-Okada/Benin expressways based on credible intelligence. (NAN)

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APC Forum Decries Deplorable Condition of Federal Roads

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The Forum of Stakeholders of the All Progressive Congress (APC) has decried the deplorable condition of some federal roads in Nigeria. Alhaji Saleh Zazzaga, the North-Central Chairman of the forum, said this in an interaction with newsmen on Wednesday in Jos. Zazzaga described some of the federal roads as ”death traps”, particularly those within the north-central region.

He said that some of the deplorable roads in the region include Jos-Akwanga, Makurdi-Oturkpo-Otukpa, Makurdi-Ankpa, and Jos-Saminaka.
Other roads that needed urgent attention, he said, included Suleja-Minna, Ejule-Otukpa, Ganawuri-Manchok, Lokoja-Abuja, Lapai-Agaie-Bida, Birnin-Gwari-Bokani-Mokwa, Minna-Zungeru-Tegina-Kontagora.
”Currently, the north-central region has the most deplorable roads and highways in the country. ”These deplorable roads have brought severe hardship on the people and lost lives and property through preventable road traffic crashes. ”We call on President Bola Tinubu to intervene and ensure the rehabilitation of these roads because good roads are vital enablers of development,” he said. The chairman also called on governors of states within the region to reconstruct the dilapidated roads and seek refunds from the federal government. ”Though these are largely federal roads, they are located within states, and the beneficiaries are the people of these states. ”So we call on state governments to reconstruct these roads and seek refunds from the federal government,” he added. (NAN

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Yuan Strengthens 7. 087 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 160 pips to 7.087 against the dollar on Wednesday.This is according to the China Foreign Exchange Trade System.In China’s spot foreigners exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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