NEWS
FG Again Dismisses Report on Fuel Price Hike, Promises Action on High Cost of Cooking Gas
The Federal Government has again dismissed reports on plans to hike fuel price.
Chief Executive Officer of the Midstream Petroleum Regulatory Authority, Farouk Ahmed, who made this position known in Abuja on Tuesday, reassured that there were no plan to increase the official price of Premium Motor Spirit (PMS), as being speculated in some quarters.
Ahmed spoke when he fielded questions from State House Correspondents, after he along with the newly appointed Chief Executive Officer of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, were officially presented to President Muhammadu Buhari.
This is coming just as government also promised to do something drastic, concerning the rising cost of cooking gas, so as to address the pains Nigerians are going through, especially now that the Yuletide season approaches.
The Minister of State, Petroleum Resources, Timipre Sylva, presented the two Chief Executive Officers to the President at the Presidential Villa, Abuja, on Tuesday.
Ahmed maintained that the marginal queues being witnessed at filling stations in Abuja and some parts of the country, had nothing to do with any supposed plan by government to hike PMS price.
He, however, stated that the queues were caused by the payment logistics in US Dollars by depot owners, and the issue is being addressed by relevant authorities.
“Basically, what happened is that some of the depot owners selling Premium Motor Spirit above the official ex-depot price of N148, are selling at N156 or N157.
“The reason is that they are paying for their logistics like shipping and Port charges and Nigerian Maritime Administration and Safety Agency (NIMASA) charges in US Dollars and they have to go to parallel market to source for the Dollars.
“The differential between the official exchange rate and the parallel market is their reason for adding between N9 and N10.
“But we had a meeting on Tuesday, Nov. 9, and the heads of the Nigeria Ports Authority and NIMASA as well as other stakeholders were all there and it was resolved that NNPC excess capacity vessels would be chattered to oil marketing companies and they would be charging in Naira.
“NIMASA and the Ports Authority will also revert back to their supervising ministries and get directives to collect their charges in naira rather than US Dollars.
“I believe with these, there will be no reason for the depot owners to increase their price beyond the official selling price of N148,” he explained.
Also addressing the State House Correspondents, Sylva said the president was happy with the level of implementation of the Petroleum Industry Act (PIA) 2021.
According to him, President Buhari urged the regulators in the petroleum industry to do what is best for Nigeria.
He said: ”The President is happy with the level of implementation of the PIA. A lot is going on, already the agencies created by the law are now in place.
“The President charged us to ensure that we use our best experience to ensure that the industry is on track.
“Luckily for us, we have very experienced people on the saddle, both in the authority and the commission and the President asked us to go ahead and do what is best in the interest of Nigeria at all times.”
On the recent increase in the price of cooking gas in the country, the Minister said “the President is worried over the situation just like all other Nigerians.”
Sylva further said although the price of the essential commodity is not regulated by Nigeria, some steps would be taken internally to provide some relief, ahead of the yuletide season.
“We must understand that cooking gas is not subsidized. It is already a deregulated commodity so the price is not determined by government or anybody here in Nigeria. In fact, gas prices are determined internationally.
“The price of gas internationally now affects the price of gas in our country.
“But there are some issues around Value Added Tax (VAT) charges and other taxes on imported gas, which we are handling.
“But, I want to assure you that we are quite concerned and the President also is very concerned; he is aware that the price of gas is high in the market and we are doing everything to see how we can bring down the price of gas, especially as the yuletide approaches,” he said.
On the transition of cars from the use of petrol to gas, he said government needed about N6 billion for the procurement of kits to convert the first one million cars as well as facilitate the procurement of equipment that will enable gas pump stations come on board. (NAN)
Special Adviser on Media and Publicity to the President Chief Ajuri Ngelale has quit his job. He said in a statement in a Abuja that he would proceed on an ” indefinite leave, to deal with ” medical matters” affecting him amd hia immediate family.Hos statement reads: “On Friday, I submittd a memo to the Chief of Staff to the President informing my office that I am proceeding on an indefinite leave of absence to frontally deal with medical matters presently affecting my immediate, nuclear family.
While I fully appreciate that the ship of state waits for no man, this agonizing decision — entailing a pause of my functions as the Special Adviser to the President on Media & Publicity and Official Spokesperson of the President; Special Presidential Envoy on Climate Action, and Chairman, Presidential Steering Committee on Project Evergreen — was taken after significant consultations with my family over the past several days as a vexatious medical situation has worsened at home.I look forward to returning to full-time national service when time, healing, and fate permit.I respectfully ask for some privacy for my family and family”
By David Torough, Abuja
About 1000 Civil Society Organizations (CSOs), under the auspices of Coalition Of Civil Society Organisations (CCSOs), on Saturday Faults President Bola Tinubu’s Economic Team and called for immediate reconstitution.Expressing deep concerns over the state of the economy and escalating fuel prices compounding the hardship of Nigerians despite the recent protest, the groups said Tinubu must act now to avert disintegration.
The groups said the current situation across the country has cast doubt on the competence of the Tinubu economic team and called for urgent review. The CCSOs in a statement by its National Coordinator, Mallam Ibrahim Mohammed, pointed out that the plight of Nigerians is sinking low and their patience is wearing off following the deteriorating economy.The statement reads in part, “The Coalition of Civil Society Organisations (CSOs) is deeply concerned about the deteriorating state of the Nigerian economy, which is becoming increasingly unbearable for millions of citizens.“It is evident that the recent hike in fuel prices and the unstable exchange rate are the direct results of economic mismanagement by those responsible for overseeing our nation’s financial policies. The ripple effects of these failures are being felt in every household across the country, worsening poverty and crippling economic activity.“The floating of the Naira, which was initially sold to Nigerians as a means of stabilizing our currency, has done little to prevent the continued devaluation of the Naira. In fact, the exchange rate disparity has widened significantly, with the Naira losing value daily, impacting the cost of living, basic commodities, and inflation.“While this policy was expected to ease foreign exchange pressure, it has instead deepened economic challenges due to poor implementation and lack of strategic foresight.”The coalition also expressed concern over what it described as a death trap of indebtedness of the Nigerian National Petroleum Company Limited (NNPCL), which also they claimed had slowed down importation of Premium Motor Spirit, PMS, hence the current shortage of PMS across the country. “Of equal concern is the precarious position of the Nigerian National Petroleum Company Limited (NNPCL), which finds itself in a debt trap, with global suppliers of petroleum products losing confidence in Nigeria’s ability to honour its obligations.“Reports have shown that NNPCL has accrued debts totalling over $6 billion, causing petrol supply shortages. International suppliers are now reluctant to continue providing fuel on credit, exacerbating supply chain issues and pushing up the price of petrol at the pump”, they claimed.The CSOs also asserted that, “We hold the managers of the Nigerian economy responsible for these disturbing developments. Their inability to provide sound policies and long-term solutions has left the nation in this predicament.“It is clear that there is no cohesive strategy to address the rising debt, the growing imbalance in the foreign exchange market, or the country’s heavy reliance on importation for petrol supply. The recent hike in fuel prices reflects the collapse of responsible economic management and accountability.“Nigerians are left to bear the brunt of these failures. Businesses are shutting down, transportation costs have skyrocketed, and citizens are spending an increasingly larger percentage of their income on basic necessities. This state of affairs is unacceptable.”The group therefore placed some demands; Immediate intervention from the government: There needs to be a comprehensive and transparent plan to stabilize the Naira, restore confidence in the petroleum supply chain, and negotiate a restructuring of NNPC’s debts to ensure continuous fuel supply.“Accountability for economic mismanagement: Those responsible for the reckless management of our foreign exchange policies and NNPC’s debts must be held accountable. The government must also disclose its plan to mitigate the rising fuel costs and economic burden on Nigerians.“A return to sound financial policy: The floating of the Naira has proven ineffective under current conditions. We call for a re-evaluation of monetary and fiscal policies to stabilize the economy, reduce inflation, and attract foreign investment.“In conclusion, the Coalition of Civil Society Organisations reiterates that without immediate corrective measures, the economic situation will continue to deteriorate, leading to further hardship for the average Nigerian. The government must act decisively and responsibly to reverse this downward spiral”, they added.
There is growing tension in Ugondu community, Makurdi LGA, Benue state by young people opposed to the demolition of houses and destruction of rice farms in the area allegedly on the directives of senior Air Force officer, Air Commodore Akinbuwa Ayodele.
It was learnt that Commodore Ayodele, who is facing multiple legal actions following dispute over a plot of land located on George Akume Way Makurdi and owned in blatant disregard to the judicial process embarked on destruction of structures on the plot.
Eyewitness said when the equipment arrived no one imagined it was for destruction.
But in a militray- like operation, two flats of two units each, completely roofed, electrified and plumbing work completed were among the structures demolished as the bulldozers rolled over rice farms in the vicinity as well.
It was learnt that last year, a Makurdi High Court presided by Justice Mary Ijohor, granted an order of perpetual injunction, in the same matter, upon application by the supposed owner of the plot and awarded the sum of One Million Naira (N1,000,000.00) only, as cost. The matter, enforcement of fundamental rights, was marked as MHC/582/M/2023.
Godwin Akor whose rice farm was destroyed in a chat with newsmen said that he was shocked at the development. He however said he won’t speak more on the matter as it is still before the court.
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