NEWS
Tinubu Assures Oil Sector Stability with Naira for Crude Transactions
President Bola Tinubu, on Tuesday, commended the Implementation Committee on the Naira-based sales of crude oil and refined products and asked the members to resolve any teething problems.
In a review meeting at the State House, Abuja, the President said using the Naira was conceived to remove the exchange rate hurdle.
“Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years.
“There can be cost and revenue adjustment in the oil sector, but the issue is that the government will not have to go back to the old way of doing things,” the President stated.
He said the various players in the oil sector, including the Nigerian National Petroleum Corporation Ltd.
(NNPCL) and the Dangote Refinery, should work to improve the economy and the livelihood of Nigerians.The President urged stakeholders to look inward and consider supplying enough petrol and petroleum products for local consumption to stop the persistent reliance on importation.
He said this would enable the channelling of foreign exchange into the development of the real sector.
The President advised stakeholders to use Afreximbank as a settlement bank to resolve the Naira pricing for crude and refined products. Afreximbank is already on board as the financial adviser.
“The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government side can meet on the worksheet.
“I want the issues resolved without future waste of time.
“We can have energy security, and the motivation for Alhaji Aliko Dangote will not be defeated. It will be more predictable on a medium and long-term basis,” the President said.
Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said the administration’s groundbreaking steps to sell crude in Naira would not be reversed.
He said the government would not be involved in determining the rate of exchange for the oil sector.
Alhaji Aliko Dangote, the President and Chief Executive of Dangote Group, told the President that the refinery had more than 500 million litres of fuel in reserve after supplying 400 million to the economy.
He said the refinery could collaborate with the other refineries managed by NNPCL to meet an estimated 32 million litres of local petrol needs.
Mr Zach Adedeji, Chairman, Federal Inland Revenue Service, who chairs the technical committee, said importing refined products should end once the capacity to produce enough to meet domestic needs was achieved.
“The vision of Mr President is to turn Nigeria into a hub for refined products to export to the world,” he said.
At the meeting included Prof. Benedict Oramah, the President and Chairman of the Board of Afreximbank, and Sen. Abubakar Atiku Bagudu, the Minister of Budget and National Planning and Mele Kyari, Group Managing Director of NNPC Limited, among others. (NAN)
NEWS
Fuel Hike: Experts Seek Speedy Intervention of FG
Some Economic Experts on Thursday urged the speedy intervention of the Federal Government following the hike in the Pump Price of Premium Motor Spirit (PMS) by the NNPC Ltd..
Checks by our correspondent showed that barely three weeks after increasing the pump price, the NNPC Retail Outlets in the FCT on Tuesday increased its fuel pump price again to N1,060 per litre as against N1,030.
our checks also revealed that most filling stations operated by the major marketers retained their old prices.
TotalEnergies and Cornoil fuel stations opposite the NNPC Ltd. Towers still sell at N1,109, Ardova Plc. and NIPCO sell at N1,125 and N1,150 respectively, while Kopdem Nig Ltd.
sell at N1,170 without queues.An oil and gas expert who spoke under annonymity, said the change by the NNPC Ltd. while other marketers maintained their former prices signified that the NNPC Ltd. was trying to catch up with the existing price.
The expert urged the Federal Government to hasten intervention measures towards assisting common Nigerians to convert their vehicles to Compressed Natural Gas (CNG) to alleviate the suffering being experienced due to high price of fuel.
Also speaking with newsmen, Dr Chijioke Ekechukwu expressed worry over the adjustment of pump price, the third time in two months, adding that the increase in price was an additional stress to the hardship being experienced currently.
“We cannot over emphasise the impact these constant increases are having on the hardship being experienced by Nigerians currently.
“Disposable incomes have continued to be eroded, and the quality and standard of living are at their lowest ebb.
“I expect an urgent intervention in this regard to alleviate the sufferings of Nigerians,” he said.
Another expert, Mr Yushau Aliyu who decried inflation said the NNPC Ltd. would continue to adjust pump prices upward unless the domestic functional refineries registered their supply strategy.
“The NNPC Ltd. are bent on using inferior price models grossly influenced and guided by poor exchange rates regime and devastating inflationary measures,” he said. (NAN)
NEWS
Vet Doctor Calls for Law to Guide Abattoir Operations in Nigeria
Dr Mutiu Oladele-Bukola, Veterinary Doctor at the Institute of Agricultural Research and Training (IAR&T), Obafemi Awolowo University, Moore Plantation, Ibadan, has called on governments to institute laws guiding abattoir operations.
Oladele-Bukola made the call in an interview on Thursday in Ibadan.
He said that governments should also enforce absolute compliance to the law for a standard operation by the abattoirs.
He said that the waste management practices in many Nigerian slaughter houses were poor, posing public health and environmental hazards to inhabitants.
According to him, open dump waste disposal and direct disposal of effluents into water bodies are still common practices in many abattoirs.
“These practices expose inhabitants and neighbouring communities to pathogens, with great risks to public health.
“Bacteria and fungi break down these organic materials to produce biomass leading to cellular multiplication.
“Most abattoir effluents are channeled to surrounding water bodies, causing water pollution.
“Many communities in Nigeria get their drinking water directly from rivers and streams that receive these effluents from abattoirs,” he said.
The veterinarian added that these water bodies also served as sources of water for farming activities, exposing plants and animals to pathogenic microbes.
“Polluted animals can lead to food-borne diseases, which could be life-threatening, especially in immune-compromised individuals,” he said.
Oladele-Bukola emphasised the need for improved sanitary conditions and optimal waste management in abattoirs across Nigeria.
He advocated a robust and holistic review of the policies and legislative framework guiding abattoir activities and management in the country.
“Efforts must be made to expedite the passage, and enforcement of the Meat Inspection and Hygiene Act, currently before the National Assembly.
“The said Act should also be reviewed to accommodate expert views on contemporary methods of waste management.
“New policies should reflect and enforce modern standards of waste treatment and disposal in line with global best practices.
“The traditional practice of floor slaughter and carcass dressing should be replaced with the rail system which ensures minimal carcass contamination,” he added.
Oladele-Bukola equally called for improved technology for waste treatment and energy conversion.
He stressed the importance of training for veterinary officers, butchers and abattoir staff for an acceptable level of hygiene and waste management.
“To attract individuals with a good level of formal education to the sector, government and major players must make abattoir jobs socially and economically appealing.
“Proper implementation of waste management systems, education of abattoir workers and enforcement of regulations and compliance to international standards, would contribute to the promotion of both public and planetary health,” Oladele-Bukola said. (NAN)
NEWS
Minister Appoints Kingsley Igwe, CRFFN Registrar
The Minister of Marine & Blue Economy, Alhaji Adegboyega Oyetola, has approved the appointment of Mr Kingsley Igwe as Registrar of Council for the Regulation of Freight Forwarding in Nigeria (CRFFN).
Mr Ismail Omipidan, the ministers spokesman, said this in Statement to newsmen on Thursday in Lagos.
Oyetola said the appointment was part of efforts to reposition CRFFN for better efficiency and management.
He said that Igwe, who was also the National Secretary, National Association Government Approved Freight Forwarders (NAGAFF), took over from the acting Registrar, Mrs Chinyere Uronta.
The appointment was announced in a letter signed on behalf of the Minister by the Director, Maritime Services, Mr Babatunde Sule.
Oyetola said that his appointment was in accordance with the relevant provisions of CRFFN Act 2007 for a duration of four years in the first instance.
He said that Igwe, from Imo State, had Master’s degree in Transportation and also an active member of the CRFFN.
The Minister stated that the appointment was with immediate effect.
Report says that in August 2024, Igwe was the best performing participant at a CRFFN training supervised by the Minister in Lagos.
It would be recalled that the Council had been enmeshed in crisis of confidence and insolvency, leading to its inability to pay salaries since January 2024.
However, Oyetola has stepped in to arrange a bailout loan for the payment of salaries till August. (NAN)