Some residents of Akure, the Ondo state capital, have looted a truck conveying food items.

TheCable understands that the truck developed a mechanical fault at the popular cultural centre junction, along Ondo-Akure expressway, on Monday.

The mechanical fault enabled the residents to overpower the driver and loot the truck.

It was observed that the food bags in the truck were branded in the name of President Bola Tinubu.

Those who looted the truck were petty traders, artisans, drivers and commercial motorcyclists.

The latest incident adds to the worrisome list of recent looting of food items in trucks and warehouses amid the current economic hardship in the country.

On Saturday, residents of Kebbi invaded a government warehouse in the Bayan Kara area of the state capital, and looted food items.

On March 1, a truck conveying cartons of spaghetti was looted by hoodlums at Dogarawa axis of Zaria-Kano expressway.

Two days later, some residents broke into the federal capital territory (FCT) warehouse in Abuja and carted away foodstuffs, doors of the warehouse and roofing.

Nnaemeka Obiaraeri, a respected development economist, has voiced strong criticism against the Minister of Agriculture’s recent proposal to import 10,000 tractors, echoing concerns previously raised during the administration of former President Muhammadu Buhari in 2019.

Obiaraeri emphasized that the current proposal, which is projected to incur a hefty $1.1 billion expense through a public sector arrangement, signifies a repetition of the same error witnessed during Buhari’s tenure.

In an interview with Channels TV on Tuesday, Obiaraeri advocated for a more cost-effective strategy, suggesting allocating $750 million towards the importation of both tractors and bulldozers.

Reflecting on past decisions, he remarked, “Back in 2019, when the Buhari administration proposed borrowing $1.1 billion for importing 10,000 tractors…”

He continued, expressing concern about the Minister of Agriculture’s actions, stating, “The current administration is following in the footsteps of the Buhari government, pursuing a memorandum of understanding to import 10,000 tractors under a public sector arrangement, all at the expense of $1.1 billion.”

“Does it strike you as reasonable that we could achieve the same goal with a budget of $750 million, encompassing both tractors and bulldozers?” he questioned, highlighting apparent discrepancies in expenditure.

Obiaraeri outlined an alternative framework, envisioning the establishment of agro clusters across Nigeria’s 8,000 electoral wards, managed by skilled mechanical engineers.

Within these clusters, farmers would have access to machinery at an affordable average cost of N40,000, fostering economic growth and job creation.

He concluded with a poignant observation, “The repetition of past mistakes, as witnessed under the Buhari regime, raises serious questions about the priorities of our current administration.”

The Federal Government has announced it will be removing electricity subsidy for 15 per cent of consumers.⁣

FG said this will reduce its N3.3tn cost and save the government about N1.1tn annually.

The President’s Special Adviser on Information and Strategy, Bayo Onanuga, said this to Reuters on Tuesday. ⁣

Onanuga said the Bola Tinubu-led administration was poised to allow the price hike in electricity given its N450bn budget for energy subsidies in 2024. ⁣
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Consequently, power distribution companies will be allowed to increase prices from N68 to N200 per kilowatt-hour for urban consumers in April, the presidential aide explained in another interview with Bloomberg.
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He explained that the country last reviewed electricity tariffs in 2020, and the planned increase would enable Discos to recover costs and improve investments.⁣⁣

“With the huge subsidy burden and high cost of gas…the current electricity tariff is not realistic,” he told Reuters.
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Confirming this to our correspondent, Onanuga said the tariff hike would affect only 15 per cent of consumers, accounting for 40% of electricity consumption. ⁣
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He said the FG would help power generating companies to offset about N1.5tn debts they owe the country’s bulk electricity buyer.⁣
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An electricity report released by the National Bureau of Statistics on Monday showed that electricity distribution companies in Nigeria saw their revenues surge to N1.1tn in 2023.⁣ This is despite the persistent epileptic power supply nationwide.⁣⁣

The figure represents an increase of N234.4bn or 28.2 per cent from the N831bn generated by the power firms over a similar period in 2022.⁣
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Nigeria’s national power grid collapsed 46 times from 2017 to 2023, a report by the International Energy Agency revealed.⁣⁣

The IEA said Nigerians endured more nationwide blackouts in 2023, especially on September 14 when the grid collapsed due to a fire on a major transmission line.⁣
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An analysis of the revenue data showed that the Ikeja Electricity Distribution Company got the highest revenue of N218.6bn, up by 31.7 per cent or N52.7bn from N165.9bn recorded in 2022.⁣
It was followed closely by the Eko Distribution Company, which got a revenue increase of N52.8bn or 42.3 per cent from N124.8bn in 2022.⁣
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Third on the list is the Abuja Electricity Distribution Company, with a revenue generation of N167.4bn from N125.7bn recorded in 2022.⁣
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Similarly, Ibadan Electricity Distribution Company got a revenue of N111.3bn, Enugu Electricity Distribution Company got a revenue of N82.5bn, Yola Electricity Distribution Company (N22.3bn), and Benin Electricity Distribution Company (N84.6bn), and Kaduna Electricity Distribution Company (N32.4bn).⁣
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Also, Jos Electricity Distribution Company increased its revenue to N38.9bn, Kano Electricity Distribution Company (N55.2bn), and Port-Harcourt Electricity Distribution Company (N74.7bn).⁣
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Findings also showed that the increased efficiency in revenue collection might not be unconnected to rise in the overbilling of customers, especially those on the estimated billing system.⁣

Also, The PUNCH had observed that Discos were able to capture more customers under the estimated billings system.⁣
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Further analysis revealed that the number of metered numbers increased by 9.38 per cent or 480,833 while the number of customers under estimated billings reduced slightly by 1.73 per cent to 5.8m.

The Debt Management Office, DMO, has unveiled plans to raise N1.8 trillion through new issuance and reopening of federal government bonds over the next three months amid the country’s increasing debt stocks.

This is as DMO opened offer for the April 2024 Savings Bond.

The debt office in the bond issuance calendar for the second quarter of 2024 said it plans to raise between N300 billion to N600 billion every month between April and June this year.

According to the calendar, the DMO plans to open a new five-year bond this month to raise between N100 and N200 billion.

Also, it plans to reissue the 7-year 18.50 per cent FGN FEB 2031 paper and the 10-year 19.00 per cent FGN FEB 2034 paper during the three months.

Meanwhile, it plans to raise more funds this week through the 2-year and 3-year savings bonds due April 2026 and April 2027.

According to the offer document, the DMO is issuing the 2-year paper at 17.046 per cent per annum while the 3-year paper is being issued at 18.046 per cent per annum.

Last month, it issued the 2-year savings bond at 15.097 per cent, while the 3-year paper was raised at 16.097 per cent.

The increased rate on the savings bond, according to DMO, is to bring the interest closer to the Monetary Policy Rate, which was raised to 24.75 per cent at the last Monetary Policy Committee meeting last month.

Recall that Nigeria’s’ total public debt stock more than doubled to N97.3 trillion in 2023.

The total public debt stock includes external and domestic loans from federal and state governments.

The newly inaugurated President of Senegal, Bassirou Diomaye Faye, has appointed Ousmane Sonko as the prime minister of the country.

The 44-year-old Faye had earlier on Tuesday, took the presidential oath in the presence of hundreds of officials and several African heads of state, including President Bola Tinubu of Nigeria at an exhibition centre in the new town of Diamniadio, near Dakar.

Shortly after, he returned to the capital, with his motorcade greeted by hundreds of jubilant residents and supporters who lined the roads leading to the presidential palace, where his predecessor, Macky Sall, symbolically handed Faye the key to the presidential headquarters before leaving the palace.

Hours after officially taking over the reins of power, the administration of the new president, named 49-year-old opposition leader, Sonko as prime minister.

“Mr Ousmane Sonko is named prime minister,” said Oumar Samba Ba, the general secretary of the presidency, who read out a decree on the public television station RTS.

Sonko was disqualified from running in the most recent presidential race and picked Faye as his replacement on the presidential ballot.

Faye and Sonko were among a group of opposition politicians freed from prison 10 days before the March 24 presidential ballot under an amnesty announced by former president Macky Sall, who had tried to delay the vote.

Five weeks after the inauguration of two judicial commissions of inquiry to look into the activities of ex-Governor Samuel Ortom while in office, Arewa PUNCH investigations reveal that they are now set to quiz him and his aides.

Our correspondent reports that the state governor, Rev Fr Hyacinth Alia, had on February 26, 2024, inaugurated the two judicial commissions of inquiry to look into the activities of his predecessor, Ortom.

The inaugurated probe panels are the Judicial Commission of Inquiry into the Income and Expenditure of Benue State Government from May 29, 2015, to May 28, 2023, while the other one is the Judicial Commission of Inquiry into the Sale/Lease of Government Assets, Companies and Markets (both state and local government owned markets), as well as moribund companies from or before May 28, 2015 to May 28, 2023.

The two commissions of Inquiry comprise 16 members with their chairmen drawn from the South-West and North-East.

They are retired Justice Taiwo Taiwo from South-West who will chair the former and Justice Appolos Idi (retd) from Gombe, North-East will preside over the latter commission.

Arewa PUNCH further findings indicate that tongues are already wagging over the cause(s) of the delay in the take-off of the probe panels.

When our correspondent contacted the state Commissioner for Justice and Public Order, Fidelis Mnyim, on Monday, he dismissed the idea of any possible obstacles that might be hindering the sitting of the panel.

Mnyim assured the residents that the panels would begin to sit from next week.

“There are no obstacles at all. The point is that the panels are waiting to begin sitting after Easter, so by next week, they will commence sitting,” the Attorney General of the state told Arewa PUNCH.

The two judicial commissions of inquiry are, among others, to identify the income of the Benue State Government from May 28, 2023, 2015, to May 29, 2023.

They will also look into the expenditure and utilisation of the Benue State income from 29 of May, 2015, to day 28 of May, 2023.

Also, they are to identify all the Benue State bank accounts and examine the propriety or otherwise of the transactions in the accounts from day 29 of May, 2015 to the day 28 of May, 2023.

Further more, they will identify the various loans taken by the Benue State Government from May 29, 2015 to May 28, 2023 and ascertain the appropriateness of the utilisation, interest charge on the loans and the possible abuses thereof.

The probe panels will equally identify the loan(s) given out by the Benue State Government, the alleged waiver, and the possible abuses thereof.

Finally, the panels will identify the special interventions, including but not limited to the Bailout Funds, Paris Club Refunds received by the Benue State Government from May 29, 2015 to May 28, 2023 and the application thereof.

Though the immediate past governor, Samuel Ortom, through his media aide, Terver Akase had stated that he was ready to face the panels and also urged all his aides to prepare to appear before the two panels.

The pump price of Automotive Gas Oil, popularly called diesel, has dropped from about N1,700/litre which it sold for a few weeks ago, to around N1,350/litre in some locations across the country following the sale of the commodity by the Dangote Petroleum Refinery.

It was gathered on Tuesday that the $20bn worth refinery started pumping out diesel to the domestic market last Wednesday.

It sold a minimum of one million litres to each registered oil marketer that got the product from the plant since it commenced diesel sale.

Officials of the multi-billion dollar plant and oil dealers confirmed that the product was dispensed to marketers at between N1,225/litre and N1,300/litre depending on the volume of purchase.

This came as it was also gathered that the refinery would start releasing Premium Motor Spirit to the domestic market in May this year.

“They started pumping out diesel to marketers since last week. They also promised to sell aviation fuel soon. Some of my members confirmed this to me after making the purchase,” the National President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, told one of our correspondents.

He added, “So some of our marketers have started getting the product, but as an association we have not got the product yet, because we want to get the actual rate that it will be sold to us when we buy in bulk. However, they have started selling diesel because some of our marketers have started buying.

“They are selling at N1,225/litre and the minimum volume they are giving is one million litres per marketer. Also, they assured us that they will release more products, but for now this (diesel) is what they are starting with. So we are expecting them to release PMS anytime from now.”

Maigandi said the move by Dangote would definitely lead to a crash in diesel price, as the commodity rose to a high of about N1,700/litre recently.

“The price of diesel is going to fall because of the release of products from Dangote refinery. In fact, it is already coming down in Lagos,” Maigandi stated.

Another oil marketer, who is the Chief Executive, AF Ralph Oil and Gas Ventures, Dr Ralph Arokoyo, confirmed that the refinery had started the sale of diesel to dealers, adding that the plant started dispensing the product last Wednesday.

Asked if Dangote refinery had started supplying diesel to the market, Arokoyo replied, “Yes they have started. They started diesel sales last Wednesday and they have sold to many marketers including members of IPMAN and MEMAN (Major Energy Marketers Association of Nigeria), as well as other private registered independent dealers.”

When also asked about the minimum volume being sold to dealers and at what rate, Arokoyo said, “One million litres is the minimum and the rate is okay considering what other major tank farms are selling, which is why people are trooping to the refinery now.

“The price ranges between N1,250/litre and N1,300/litre depending on the volume you are buying. This is good news for Nigerians because in the last few weeks the price of diesel hovered between N1,600 and N1,700/litre.

“But in many locations across the federation, the prices are beginning to drop due to the emergence of products from that refinery and as the products are being dispatched since last Wednesday. Now you can get AGO (diesel) in some stations at N1,400/litre.

“Some are even doing N1,350/litre now and I want to believe that in a couple of weeks to come, we should see more reduction in the price of the product as more products from the plant hit the market and spread very well across the country.”

On whether the company informed dealers when it would start releasing petrol into the market, Arokoyo replied in the affirmative.

“They (Dangote refinery) said it (petrol) will be available between now and May, which is next month. We are optimistic about this, because PMS is largely used by Nigerians,” the oil marketer stated.

A senior official at Dangote refinery confirmed the sale of diesel to marketers, as the source noted that Premium Motor Spirit, popularly called petrol, would soon be released to the market.

“The product (diesel) is everywhere and they (marketers) are accessing it with ease. The product has been on sale to marketers since last week and the transactions have been better.

“The price of the product in various locations of the country will come down, and it is already coming down in many parts of Lagos since we started releasing products to marketers,” the official, who spoke on condition of anonymity due to lack of authorisation to speak on the matter, stated.

The Dangote refinery has faced a series of hurdles as it strives to release refined products into the market after it was officially inaugurated by former President Muhammadu Buhari in May last year.

Recall that on February 8, 2024, indications emerged that lingering regulatory approvals stalled Dangote Petrochemical Refinery’s plan to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market in January.

The report had stated that weeks after the January 31 timeline set by the management of Africa’s largest refinery to begin sale of its petroleum product in the local market, the refinery was still battling to cross the hurdles of the several layers of regulatory approvals.

It stated that the development came after the refinery began the production of refined petroleum products at the expansive facility.

On January 12, 2024, Dangote refinery announced that it had commenced the production of Automotive Gas Oil, popularly called diesel, and aviation fuel or JetA1.

Aliko Dangote, in a statement issued by his firm at the time, thanked President Bola Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of the project.

Dangote also thanked the Nigerian National Petroleum Company Limited, Nigerian Upstream Petroleum Regulatory Commission, NMDPRA and Nigerians for their support and belief in the historic project, as he revealed that the facility would pump out diesel and aviation fuel in January, subject to regulatory approvals.

He said, “We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to details.

“His intervention at various stages cleared all impediments thereby accelerating the actualisation of the project. We also thank the NNPC, NUPRC and NMDPRA for their support. These organisations have been our dependable partners in this historic journey.

“We also thank Nigerians for their belief and support in this project. We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals.”

The refinery, Africa’s largest with a nameplate capacity of 650,000 barrels per day, was built on a peninsula on the outskirts of the commercial capital Lagos.

Nigeria has for years relied on expensive imports for nearly all the fuel it consumes but the $20bn refinery is set to turn it into a net exporter of fuel to other West African countries, in a huge potential shift of power and profit dynamics in the industry.

Meanwhile, the National Vice Chairman of IPMAN, Hammed Fashola, also confirmed that Dangote refinery had commenced the sale of diesel to marketers.

However, Fashola said IPMAN had yet to start receiving diesel from the private oil refining company.

“Yes, it is correct (that Dangote has started selling diesel), but not yet to IPMAN. Some marketers are already getting allocation, we are still waiting for our own. We’ve put in our request, and I am very sure that at the appropriate time, they will call us,” Fashola stated.

On the current price of diesel, he said, “In filling stations now, diesel ranges from N1450, N1500 to N1600, depending on the location”.

Fashola noted that Dangote’s diesel would have a positive effect on the price of the product, saying “at least there would be a difference from the imported one”.

While saying there was no financial commitments made yet, he expressed confidence that the independent marketers would fuel from Dangote this month.

“No financial commitments made yet, but we’ve put in our papers to make known our intentions and our requests. When they issue allocation, then we can talk of financial commitments,” he stated.

Meanwhile, a diesel distributor in Ogbomoso, Oyo State, Kayode Lawal, said the pump price of diesel is now between N1420 and N1500 as of Tuesday.

Also, an attendant in Badagry Lagos State, Bose Opeyemi, told our correspondent that the product now sells at the rate of N1,395 in some parts of Badagry, Lagos State, while some sell at N1,450.

In Abeokuta, the Ogun State capital, Saheed Babalola, who is a quarry agent, also said he got a litre of AGO at the rate of N1,45O

Bassirou Diomaye Faye has been sworn in as the fifth Senegalese President.

The 44-year-old Faye becomes Senegal’s youngest President.

DAILY POST reports that he took over from Macky Sall on Tuesday, April 2 in an event witnessed by African leaders in the new town of Diamniadio, near the capital Dakar.

“Before God and the Senegalese nation, I swear to faithfully fulfil the office of President of the Republic of Senegal,” Faye said before the gathered officials.

He also vowed to “scrupulously observe the provisions of the Constitution and the laws” and to defend “the integrity of the territory and national independence, and to spare no effort to achieve African unity”.

The formal handover of power with outgoing President Macky Sall will take place at the presidential palace in Dakar.

Napoli might look into the Super Eagles squad, as they look for a replacement for Victor Osimhen.

Osimhen is all but set to leave the Italian champions this summer.

However, the Serie A side are now looking at the 23-year-old’s compatriot, Victor Boniface to replace him.

Boniface, who plays for Bayer Leverkusen in Germany, has scored 10 goals and provided eight assists in just 15 starts.

His impressive displays have seen him win the Rookie of the Month award four times consecutively.

However, he suffered an adductor injury, which has sidelined him for most of the Rückrunde while Leverkusen continued their pursuit of silverware on multiple fronts.

Italian transfer expert, Niccolò Ceccarini, has shed light on Napoli’s transfer plans, mentioning Boniface among the strikers on their radar.

Ceccarini stated, as reported by Calcio Mercato, “In addition to him, there is also Benjamin Sesko. Also in this case the evaluation is the same as Gimenez, Leverkusen’s Boniface.”

Former Sports Minister, Solomon Dalung, has taken to his 'X' page to query Bayo Onanuga, Reno Omokri, Daniel Bwala and Bashir Ahmad for always launching attacks against the 2023 Presidential candidate of the Labour Party, LP, Peter Obi.

In a post, Dalung asked if Peter Obi was only one who challenged Tinubu in the 2023 elections.

He queried if there was something that they were trying to cover up with the frequent attacks.

He wrote;

‘’I have been praying to God to reveal to me why @aonanuga1956, @renoomokri, @BwalaDaniel, @BashirAhmaad only chose to attack @PeterObi, was he the only person who challenged @officialABAT in the 2023 elections? Or is there something they are trying to cover up? Something is amiss''