Economy
Repair of Old Refineries Remedy to Subsidy Removal, Says Nebuwa
Mr Uche Nebuwa, National President of Heavy Duty Truck Drivers Association, says there will be no remedy to the hike in pump price of fuel caused by subsidy removal unless old refineries are repaired.
Nebuwa stated this during the inauguration of Uzoeghelu General Motor Park, at Ugwu Nwasike/Nkwo Market, along Old Onitsha-Enugu road, Ogidi, Idemili North Local Government Area, Anambra, on Thursday.
He described the hike as a big problem to them in the transportation industry and the society at large.
According to him, “fuel hike is a very big problem to us transporters; President Bola Tinubu would have consulted us before the removal of the fuel subsidy.
“No palliatives will solve this issue of hike in fuel pump price except the old refineries are repaired.
“The alleged distribution of solar lights as palliatives would not have any positive effect on Nigerians, rather it will worsen the situation.
“They just introduced that to calm frayed nerves for now but it will not work as every body is crying and it has also caused more harm than good to the present socio-political and economic quagmire that we are trying to set ourselves free from,” he said.
Commenting on the inauguration of the park, he said it was part of the state government resolve to create decorum on the road.
He warned that no touts were tolerated in the park as it was meant for travellers within and outside the State.
Mr Augustine Udeozor, the Zonal Chairman, Southeast National Union of Road Transport Workers (NURTW), said the hike in fuel had become a general disease that should be removed from top.
“It is a general disease that can only be cured by the Federal Government, because the masses are suffering.
“Something should be done immediately to alleviate the suffering imposed on us in the name of making effort to rectify the socio-economic and political quagmire.
“So the inauguration of the park is not the issue but what one is capable of doing, how many vehicles you brought, how many passengers you attracted,” he said.
Earlier, Mr Obiegbu ikeobi, the Chaiŕman, Njikoka Local Government Area Road Transport Employers Association of Nigeria, said with the inauguration of the massive park, business would start fully on Friday. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign 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)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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