COVER
Tinubu Meets NLC, Reaffirms Fuel Subsidy Removal
By Mathew Dadiya, Abuja
President Bola Tinubu Tuesday, disclosed that his government will take measures to maintain the current pump price of Premium Motor Spirit (PMS) in the country without a reversal of its policy on subsidy removal.
The President affirmed that there will be no increase in the price of PMS in any part of the country.
Special Adviser to the President on Media and Publicity, Ajuri Ngelale, spoke with State House correspondents after he conferred with the president on the issue at the presidential villa, Abuja.
According to Ngelale, “the official position is that there is no increase in prices at this time as “the president is convinced based on information before him that we can maintain current pricing without reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream Petroleum sector.
”Tinubu has therefore, observed that the threat by the organized labour to go on strike without notice was premature.
The presidential Spokesperson said it was incumbent on all stakeholders to hold their peace and endeavour to do due diligence to ascertain the true position of things.
He said the president was intent on maintaining competitive tension to ensure that no single individual or organization dominates the sector.
Ngelale said the government will address the inefficiencies in the midstream and downstream petroleum value chains so that the price can be stabilized.
The presidential spokesman presented a chart to prove that the cost of petrol is still much cheaper in Nigeria than in other West African countries.
Ngelale stated: “This morning, I have the privilege of sitting down with His Excellency President Bola Tinubu as we discussed the current unfolding situation in the country as it relates to fuel supply and demand.
“The president wishes first to state that it is incumbent upon all stakeholders in the country to hold their peace.
“We have heard very recently from the organized labour movement in the country concerning their most recent threat.
“We believe that the threat was premature and that there is a need on all sides to ensure that fact finding and diligence is done on what the current state of the downstream and midstream petroleum industry is before any threats or conclusions are arrived at or issued.
“Secondly, Mr. President wishes to assure Nigerians following the announcement by the NNPC limited just yesterday that there will be no increase in the pump price of petroleum motor spirit anywhere in the country.
“We repeat, the president affirms that there will be no increase in the pump price of petroleum motor spirit.
“We also wish to affirm that the president is determined to maintain competitive tension within all sub sectors of the petroleum industry.
“He is determined to ensure that our policy drawn up as well as policy implemented follows the cue that there will not be any single one entity dominating the market.
“The market has been deregulated. It has been liberalized and we are moving forward in that direction without looking back.
“The President also wishes to affirm that there are presently inefficiencies within the midstream and downstream petroleum sub sectors that once very swiftly addressed and cleaned up will ensure that we can maintain prices where they are without having to resort to a reversal of this administration’s deregulation policy in the petroleum industry.
“I wish at this juncture to also provide a set of graphics which the president has authorized me to share with Nigerians that otherwise would be confidential. These are graphics supplied to Mr. president by the NNPCL.
“In the graphic, what you will find is the present cost of refined petroleum motor spirit at the pump in each of the West African nations that neighbour us and I’ll just name some for example, even as I know, you will be showing your audiences the graphics, which the president has graciously approved for public release today.
“Senegal at pump price today of N1,273 equivalent per liter, Guinea at N1,075 per liter, Côte d’ Ivore at N1,048 per litre equivalent in their currency, Mali N1,113 per litre, Central African Republic N1,414 per litre, Nigeria is presently averaging between N568 and N630 per litre.
“We are presently the cheapest, most affordable purchasing state in the West African sub-region by some distance. There is no country that is below N700 per liter.
“So, this is the backdrop we have seen that at the inception of our deregulation policy as of June 1 as Mr. President took office, we have seen PMS consumption in the country drop immediately from 67 million litres per day consumption, down to 46 million litres per day consumption. The impact is evident.
“What it also does mean though, is that we are not at the end of the tunnel. There is still a bit of darkness to travel through to get toward the light. And we are pleading with Nigerians to please be patient with us.
“And as we promised from the beginning, we will be open with Nigerians will be transparent with them. And we are ready to show you exactly what it is that our nation is facing with respect to the illiquidity in the market in terms of foreign exchange, as a result of what is now known to have been a gross mismanagement of the Central Bank of Nigeria over the course of several years preceding this time.”
By David Torough, Abuja
Business tycoon Aminu Alhassan Dantata yesterday donated N1.5 billion to those affected flood in Maiduguri, Borno State.Dantata who was accompanied friends and associates in Kano was received in Maiduguri by the Borno State Governor, Babagana Zulum.The businessman extended his heartfelt condolences to the government and the people of the state especially those who lost their beloved ones to the flood.
Dantata, 96 lamented the bad economy and prayed for the peace and harmony of Borno State and Nigeria. The Borno State governor expressed heartfelt gratitude for the visit.He acknowledged that its serves as a powerful beacon of hope and solidarity during the trying times.Zulum said, “The people of Borno deeply appreciate this show of humanity by a 96-year-old to visit us.“Let me say it, Our Baba has donated the sum of N1.5 billion to support the flood victims. May Allah bless and reward you with Aljannah.”This donation comes after Dantata’s nephew, Aliko Dangote also donated N1 billion to the flood victims.Meanwhile, Borno State government has raised the alarm, saying the people are at the risk of health crisis.Government has warned residents against eating vegetables from flooded areas because they are contaminated.A statement posted by the Ministry of Information and Internal Security on Facebook yesterday advised the public to abide by the warning for their wellbeing.The statement read, “Due to the recent flood disaster, vegetables from flooded areas are seriously contaminated with harmful substances, including sewage, dead bodies, chemicals and bacteria.“Consuming these contaminated vegetables can lead to serious health risks, including waterborne diseases, food poisoning, and other health complications. “To protect your health and safety, we urge you to avoid buying vegetables from flooded areas; only purchase vegetables from trusted sources and reputable markets; ensure that all vegetables are properly washed and cleaned before consumption.”Nearly 500,000 people have been displaced and more than 1 million affected by flood that recently submerged several parts of Maiduguri, the Borno State capital.The flood, described as the worst in the state in 30 years, resulted from the collapse of Alau Dam due to high rainfalls. The disaster also killed about 80 percent of animals in a zoo in the city as some ran away.
From Dan Amasingha, Minna
Niger State Government has signed a $2billion Memorandum of Understanding (MoU) with a Turkish company, Direkci Group for the off-taking of Soya Beans in the State.The agreement signed at the Niger State Government House, Minna was witnessed by Governor Mohammed Umaru Bago, officials of Direkci Group led by their MD/CEO Mr Nurullah Mahmet and other top government functionaries.
The 10-year partnership, which will cost $200 million per year and $2 billion for the 10 years period, is under the Niger Foods, and is expected to boost agriculture in the State, create job opportunities and improve the economic status of local farmers. Bago appreciated the Turkish Government for the willingness to invest in Niger State.According to him, “This collaboration is a game-changer for Niger State and we are confident it will significantly reduce unemployment and boost food security.”He said going forward, the state government was equally willing to partner with Turkey in other areas beyond agriculture.The Managing Director and Chief Executive Officer of the Turkish company, Mr Nurullah Mahmet said they have been in agric business for decades and have established their presence in Nigeria for 17 years.He said they were attracted by the agricultural programmes of the state and partnering with the state would be mutually beneficial for both parties.He commended Bago for providing the needed impetus for agric investment in the state.The MD said they were willing to put in $10 billion in agriculture investment for the next 10 years and would work with the government of their country to provide security for their investment in the state.The Chairman, Niger Foods, Sammy Adigun disclosed that the Turkish firm will buy 500,000 tonnes of soya beans each year for 10 years.He said the agreement would empower local farmers by providing them with seeds and fertilizers, ensuring a guaranteed market for their produce.Adigun revealed that the Turkish firm was also investing in a 100,000 hectare Green House project with cold chain facility at the agro processing zone with an annual output of about 160,000 tonnes of fruits and vegetables such as tomato and pepper among others.He added that the group will also establish a total of 2.5 million chicken production facility including eggs and feed mills production in two phases.Adigun said the partnership would establish 30,000 hectares of soya beans farms with irrigation systems in Adunu, Paikoro Local Government Area of the state.He announced that already, the group had ordered the first chicken house for 500,000 chickens and would be functional in six months time, while 2000 green houses were already being shipped as the group was also to provide $50 million as direct support to farmers.The agreement, according to Adigun will include the company providing security for their investment in areas prone to insecurity in the state.
From Sylvia Udegbunam EnuguEnugu State Government and Jelfah Nigeria Ltd yesterday signed N40 billion deal for the revitalisation of the long-moribund state-owned Sunrise Flour Mills, Enugu.The deal signed at the Government House, Enugu saw Jelfah acquire 60 percent equity stake in Sunrise Flour Mills and is expected to invest N24 billion in the iconic mills, which went moribund since 1985 just two years after it was commissioned in 1983.
The state government keeps 40 percent based on the existing assets of the company. Speaking at the brief signing ceremony and public announcement of the transaction, the Enugu State governor, Peter Mbah said this milestone, coming on the heels of the N100 billion deal to resuscitate the hitherto dying Enugu United Palm Products Limited (UPPL) is clear demonstration of his administration’s determination to grow the state’s economy from $4.4 billion to $30 billion through private sector investment.“Just a few months ago, we secured an investment size of N100 billion with a company known as Pragmatic Palms Limited, and today we have just witnessed Enugu State, again securing another investment size of N40 billion.“This investment will see Jelfah Group investing N24 billion into the existing Enugu Sunrise Flour Mills. N22bn will be directed into revamping and resuscitation of the Sunrise Flower Mill, and N2 billion is going to come to the State by way of cash.“The Special Purpose Vehicle (SPV) is also going to own 10,000 hectares of farmland, where we are going to cultivate the inputs for the flour mills such as cassava and grain.“This is a testament that when we say Enugu State is open for business, we are truly committed to it. We understand how to make a win-win deal, both for the investors and for the people of Enugu State,” Mbah stated.He assured Jelfah group of continued support, enjoining other prospective investors to come over to invest in the state.“We hope that this signals to other investors, who may still be on the fence that Enugu is actually ready for business. We are committed to not just creating the enabling environment, but also working with investors to help them derisk investments and grow their businesses,” the governor concluded.Speaking, the Chairman of Jelfah Group, Moses Saromi, said they were attracted by Governor Mbah’s vision, dynamic leadership, and speedily increasing ease of doing business in Enugu State under his leadership, saying that Jelfah was in a hurry to transform Sunrise Mills to a centre of excellence.“Your policies have unlocked new opportunities for private sector participation, and Jelfah is proud to be part of this progressive movement.“This acquisition of 60 percent equity not only aligns with Jelfah’s long-term vision, but also furthers the governor’s ambition of empowering the people, revitalising moribund assets, and ensuring sustainable development. And together with our consortium partners, our goal is to transform Sunrise Flour Mills into a centre of excellence, harnessing our collective expertise to drive growth and value creation.“So, we firmly believe that this partnership will catalyse positive change, spark job creation, elevate local production capacities, and contribute significantly to the socio-economic advancement of Enugu State,” he said.“We have worked hard in the last months to get to this point. We have a short term, medium term, and a long term plan for the flour mills. Activities will start in earnest. In another 90 days, you are going to experience a lot of movements and activities with regards to the revitalisation of the flour mills.“Our activities will include recruitment of people, who will run the plant, indigenes of the state, obviously. And as the governor rightly said, we are creating a model that will provide the inputs for the mills, such as the 10,000 hectres of farmlands to cultivate all the inputs for the mills,” he said.
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