News
Subsidy Removal: Petrol May Cost N234/litre – NNPC GMD
Nigerians might be facing tough times ahead as the Nigerian National Petroleum Corporation (NNPC), on Thursday, said it may no longer be able to pay subsidy of between N100 and N120 billion a month to keep the pump price at the current level.
It noted that going by the current market situation, the actual price of petrol could have been between N211 to around N234 per litre.
Group Managing Director (GMD) of the NNPC, Mele Kyari, disclosed this at the weekly presidential ministerial media briefing featuring the Minister of State for Petroleum Resources, Timipre Sylva, at the Presidential Villa, Abuja.
He said the product is currently being sold below the cost of importation, causing the NNPC to pay the difference.
While refraining from calling the payment a subsidy regime, Kyari said the NNPC pays between N100 and N120 billion a month to keep the pump price at the current levels.
He added that the corporation could no longer bear the cost as market forces must be allowed to determine the pump price of petrol in the country.
The GMD stated: “Today, NNPC is the sole importer of PMS, we are importing at market price and we are selling at N162 per litre today. Looking at the current market situation, the actual price could have been anywhere between N211 to around N234 per litre.
“The meaning of this is that consumers are not paying the full value of the PMS that we are consuming but someone is bearing that cost.
“As we speak today, the difference is being carried on the books of the NNPC and I can confirm to you that the NNPC may no longer be in the position to carry that burden because we can no longer afford to carry it on our books.
“I will not say we are in subsidy regime but we are in a situation where we are trying to exit this under-price sale of PMS until we come in terms of the full value of the product in the market.
“PMS sells across our borders anywhere around N300 per litre and in some places, up to N500 to N550. Our current consumption is evacuation from the depots about 60 million litres per day, we are selling at N162 to the litre, and the current market price is around N234, the actual market price today.
“So, the difference between the two, multiplied by 60 million by 30. I don’t have the number now, this is a simple arithmetic that we can do but if you want exact figures from our books, I do not have it at this moment but it is anywhere between N100 billion and up to N120 billion per month.
”Kyari added that with full deregulation, oil marketers will begin to import PMS, thereby taking the burden off NNPC and bringing Direct Sale-Direct Purchase (DSDP) programme to an end.
He added: “Upon the full implementation of the deregulation, we expect that all oil marketing companies to commence import, even now, so that that burden of import will be taken away from the NNPC or even the supply when local refinery is made available so that NNPC will not be sole supplier of PMS in this market.
“So, once this situation arises, you are sure that the DSDP programme will automatically vanish, because you will have no further need for it because market forces will now determine the import and export.
“We know there is one major challenge why oil marketing companies have not started importing, which is centred round access to foreign exchange and we are working on this with the Central Bank of Nigeria (CBN) and as soon as that is available, oil marketing companies will also resume import of petroleum products.”
News
Remember there’s a God of second chance” – Ooni tells inmates during visit to Kuje Correctional Centre
The Ooni of Ife, Ooni Adeyeye Ogunwusi, on Tuesday, kickstarted his annual coronation anniversary with a humanitarian visit to the Kuje Correctional facility in Abuja, Federal Capital Territory.
According to Director of Media & Public Affairs, Ooni’s Palace, Otunba Moses Olafare, the monarch told the inmates to always remember that God created everyone and that he’ss the God of second chance.
Ooni Ogunwusi was on an official duty in the F.C.T. when he decided to visit inmates at the facility for a programme organized by Hopes Alive Initiative (HAI) under his Chairmanship to motivate those who are often ignored by the society.
Addressing the gathering of inmates and prison’s officials after being welcomed into the facility by officers of the Nigeria Correctional Service, Ooni Ogunwusi who was flanked by his Queen & Deputy Convener of Hopes Alive Initiative HAI Olori Temitope Enitan-Ogunwusi, explained that the best part of human life is the one spent to serve others particularly the poor and vulnerable individuals.
“We should always remember that God created all of us and that is the God of second chance, we have seen in this country from prison to presidency, right from prison all the way to become the president of this country.
“So please do not write off yourselves, whatever the situation you might have found yourselves here remember that their is a God of second chance.
“I am here to tell you that there is a life after here, it does not end here and that is why you all must see this current phase of your life as a learning stage for the lessons with which you will live for life after here.
“I have not come here to tell you that it is not difficult but I am here to tell you that it is possible for you all to be better and be amongst the best members of the larger Nigerian society when you eventually leave here.”
Highpoint of the event was when five (5) inmates were freed after fulfilling all requirements including payment of bail/fines through the assistance of the HAI, with a promise to keep an eye on them and also empowering them in the trade they learned while in the Correctional Centre.
Other event earmarked for the Ooni Ogunwusi’s coronation anniversary is the Staff Appreciation Night during which all staff members (Traditional and Official) working with His Imperial Majesty will be honoured and gifted series of items including cars for the best performing ones.
In the same vein, parts of the statement said the Palace is not unaware of false, malicious and misleading reportage particularly by some unprofessional bloggers and armchair journalists about the event which does not tally with the event or any of its realities.
“These purveyors of fake news who are bent on blackmailing top personalities for income (Online traffic), prominence or whatever reasons predetermined by them wrote nonsense from the figment of their imagination and got it circulated by armchair (lazy) journalists with no regard for principles, laws and ethics of the prestigious pen profession.”
The Ooni’s Hopes Alive Initiative (HAI) has in the last five years engaged in the charity work which targets to give hope to the hopeless and vulnerable members of the society. Ooni Ogunwusi through the NGO has donated befitting homes to the orphanage and destitute, water borehole facilities to several market’s across the South West in Nigeria, educational materials to several schools in the country.
The Nigeria Union of Journalists,Osun State Council will on Friday hold a Commendation Service in honour of late Bishop-Elect, Adesunmbo Samson Abioye.
A statement by the Chairman of the union,Comrade Wasiu Ajadosu and Secretary,Comrade Adeyemi Aboderin indicate that the service will hold at NUJ Press Centre, Iwo /Ibadan Road,Osogbo by nine in the morning.
The statement calls on members of the union,friends and associates of the deceased to be part of the ceremony.
Late Bishop-Elect, Adesunmbo Samson Abioye was a former Secretary of NUJ,Osun State Council.
The Nigeria Police Force (NPF) has said that the second in command of an outlawed Eastern Security Network (ESN) Commander, Ebube Virus, has been killed in a fierce gun battle.
The deceased suspect was on the Imo State Police Command’s wanted list due to his nefarious activities in the Aboh Mbaise area of the State.
The Commissioner of Police, Imo State Command, CP Aboki Danjuma, disclosed this in a statement issued by the Police spokesman, Henry Okoye, on Tuesday.
According to the CP, “Following the confessions made by the suspected IPOB/ESN Terrorist allegedly involved in the killing of DPO Ahiazu Mbaise and other dastardly acts in the Mbaise axis, operatives of the Command’s Anti-Kidnapping squad led by CSP Oladimeji Odeyeyiwa on Monday 4th of December, 2023 stormed the criminal hideout of a deadly IPOB/ESN Terrorist Syndicate led by Ebube Virus and Ishaka, at Umuogu Amuzu in Aboh-Mbaise LGA of Imo State and dislodged the terrorists.
“In the process, a ferocious battle broke out between the terrorists and the combat-ready Police agents, neutralizing the Second in Command Ebube Virus, who is well-known on the Command’s wanted list due to their nefarious actions in the Mbaise axis. Others who had been shot at had escaped. From the neutralized terrorist, one AK-47 rifle with 19 rounds of live ammunition was found.
“An operation is underway to find additional fugitive suspects and bring them to justice.”
While praising the brave officers for their unwavering efforts in the fight against all violent crimes in the State, CP Danjuma affirmed the Command’s commitment to working with other security agencies with the aim of restoring peace in the state.
CP Danjuma called on Imo residents to support the Police and other sister security agencies with timely and actionable information that will assist in the crusade against terrorism in the state.
He encouraged owners of hospitals and first-aid outlets to report any person seen with or treating gunshot injuries to the nearest Police Station.
Source: Leadership
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