NEWS
NNPCL, CBN Assure Nigeria Economy on Recover Path as Nass Holds Interactive Session
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By Eze Okechukwu, Abuja
The Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN) and other critical stakeholders of the Nigeria economy yesterday assured that Nigeria’s ailing economy was getting revitalized based on emerging indicators.The assurances of getting the economy out of the woods were given during a critical interactive session of the Joint Committees of the National Assembly on Finance with the Ministers of Finance, Wale Edun, Budget and National Planning, Senator Atiku Bagudu, Minister of State for Petroleum , Senator Heineken Lokpobiri , the Group Executive Officer of NNPCL , Mela Kyari and the Governor of Central Bank of Nigeria , Yemi Cardoso.
In his presentation, the Group Executive Officer of NNPCL informed the Committee led by Senator Sani Musa (APC, Niger East) that based on emerging indicators in the Energy and Gas sector, Nigeria will be a net exporter of petroleum by December this year.The indicators according to him were the Port Harcourt refinery that will start production early next month, which will be followed by the one in Warri months after and Kaduna refinery latest by December this year.He added that in a few months’ time, Nigeria’s Oil production would hit 2 million barrels per day as all enablement towards that has already been put in place.”Mr. Chairman and members of the Joint Committee, let me just give a confirmation that NNPCL and the oil and gas industry is very critical in bringing a turnaround in our current economic situation, and we understand the importance of this. We are taking every step that is practical for us to achieve this..”We have already seen growth in our oil and gas production because of certain actions that Mr. President personally took, and also the very mere truth that we have also declared a war on production activities and this is yielding the required results.”The combination of these two has now seen us restoring production in our country, and we believe that, as the Honorable Minister has said, we will soon hit the target of 2 million barrels oil production per day.”I’m aware that there are several comments in the public space around refining business and domestic production, including production that will come from the commissioned Dangote refinery.”Yes, this country, as we have said, will be a net exporter of petroleum products by the end of this year.”We’re very optimistic that by December, this country will be a net exporter. That means a combination of production coming from us, and also from Dangote refinery and other smaller producing companies that we know are in line to do this.”So I can confirm to you, Mr. Chairman, that by the end of the year, this country will be a net exporter of petroleum products.”Specific to NNPC refinery, we have spoken to a number of your committees that it is possible to have the Kaduna refinery come to operation before December, it will get to December. Both Warri and Kaduna but that of Port Harcourt will commence production early August this year “, he said.In his own submission, the CBN Governor represented by Deputy Governor (Economic Policy ) Muhammad Sani Abdullahi said the triple challenges of rising inflation, foreign exchange rate fluctuations and food inflation would take a downward trend soon as indicators to that effect were already emerging.In his submission, the Minister of Budget and National Planning , Atiku Bagudu said the 2024 budget was already being implemented and that there was ongoing negotiation with Labour Leaders on Minimum wage to ensure that there were no further disruptions to the economy.In his remarks, Senator Sani Musa appealed to Nigerians to persevere as the government was working around the clock to stabilise the economy.”Our critical interactive session with you as managers of the economy is about economic growth. It’s about how we can get our policies to work. How we will support Nigerians.”The National Assembly is very concerned because we are the representatives of the people. And we are obliged to ask what is happening. And this is the reason for the meeting .”And we have heard from you. At least you have given us preambles of the activities on how our economy can get back to track.”You are all aware of the obstructions our economy has had in the previous years. And it’s not going to be easy that overnight, in 365 days or in one year of the coming administration, things will change. It will be gradual.”And I believe that Nigerians will persevere. This is the only time we can all come together as Nigerians to give His Excellency the President, all the needed support. In order to get us out of all the trouble we have been in.”The indicators are showing that the economy is doing well. The only thing is that things are a bit difficult because it’s not easy for an inflation that has gone up to go down like that. It takes time”, he said.
NEWS
Ajuri, Tinubu’s Spokesperson Takes Exit, Cites Mesical Reaaona
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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”NEWS
Fuel Crisis: 1000 CSOs Fault Tinubu’s Economic Team, Want Immediate Reconstitution
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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.NEWS
Tension in Makurdi Community as NAF Personnel Demolishes Houses, Destroys Rice Farm
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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.