President Bola Tinubu says the oil sector will experience stability with the implementation of naira-for-crude transactions.

Tinubu spoke during a review meeting at the State House in Abuja on Tuesday. 

On October 5, the federal government officially announced the commencement of the sale of crude oil and refined petroleum products in naira.

Three weeks later, Dangote Petroleum Refinery received four cargoes of crude oil from the Nigerian National Petroleum Company (NNPC) Limited under the naira-for-crude sale agreement.

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,” Tinubu said.

“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.”

Tinubu also commended the implementation committee on the crude oil and refined products sale in naira and asked the members to resolve any teething problems.

He urged the various players in the oil sector, including the NNPC and the Dangote refinery, to collaborate to improve the economy and 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.

Tinubu said it would enable the channelling of foreign exchange into the development of the real sector.

‘USE AFREXIMBANK TO RESOLVE NAIRA PRICING’

Tinubu also advised stakeholders to use the African Export-Import Bank (Afreximbank), being the financial adviser on the deal, as a settlement bank to resolve the naira pricing for crude and refined products.

“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,” he said.

“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.”

At the meeting, Wale Edun, 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.

Aliko Dangote, president and chairman of Dangote Group, told Tinubu that Dangote refinery had more than 500 million litres of petrol in reserve.

Dangote said the refinery could collaborate with the other refineries managed by NNPC to meet an estimated 32 million litres of local petrol needs.

Those who created the T-Pain label for President Bola Ahmed Tinubu must be grinning from ear-to-ear for the phenomenal success they have recorded! Not that they said anything new or that Nigerians were not familiar with the phenomenon they graphically painted but because the Tinubu government allowed it to get under its skin. When you respond to certain attacks, you give it traction. There are occasions when silence is golden!

Besides, grandma taught me that if you begin to remove the twigs and leaves on your head and clothes before you finally exit a bush, you have one more clean-up to do when eventually you hit the road. Failure is an orphan but success has many fathers. President Tinubu's administration is at the moment marooned at the dreary juncture of failure. Except the situation improves, and quickly too, nothing he says will interest anyone. Is there pain in the land? Of course, there is!

Have things been this bad before? Of course, not! Has anyone seen the light at the end of the tunnel that Tinubu and his men console and comfort us with? Not really! So, until he succeeds, no one will believe him. What he needs to do right now is put his head down and work his arse out to achieve the success he envisions. Otherwise...! He has to learn from the late sage, Chief Obafemi Awolowo, who said he stoically took all insults and wore them like badges of honour. Apostle Paul on his own said he counted all adversity as gain. May Tinubu not fail!

There was a point in my life when I was at that juncture. I left secondary school with one of the four best results in my class; for lack of mentoring, I rejected a scholarship offer to study in the then Soviet Union by my school principal, the inimitable Pa Michael Adekunle Ajasin, who later became governor of old Ondo State and NADECO leader. From my wide reading even as a secondary school student, I had become aware of the Black Rights Movement in the United States of America and of notable Black American activists and the school that produced many of them - Howard University (founded on 2 March, 1867); so, it was Howard or nothing! Dad was financially capable but wouldn't allow his only son leave (two had died in quick succession) but he wouldn't say so clearly. He kept posting me, as they say, using unfavourable financial climate as a smokescreen.

Up to a point I believed him because he had recently lost a hefty sum to robbery that everyone suspected was an insider's job. But as time wore out, I made my own plans. I joined up with a friend who owned a pools betting house and, for years, I "permed two from four", "permed three from five", "napped three, four or five" and even played "treble chance" hoping after hope to hit the jackpot and win enough money to send myself to Howard University, USA. I pored over pools forecast books - Willy Akinlude, Ehi Obiyan and many others! I had a notebook that contained up to a hundred "formulas" that were meant to produce "banker draws". As if by providence or bad luck, formulas that worked before I knew them failed once I knew the secret!

So did I waste years - and the pocket money Mama gave to sustain me. Everything I had went into pools staking such that I literally became destitute. At a point, I had only a pair of trousers and two shirts. My only sandals were torn all over and I had to drag them on the floor when I walked. When Yakubu Gowon wasted Nigeria's oil money on the extravaganza called Udoji award in 1974 and my mates reaped thrice the usual salary for auxiliary teachers, I spent day and night at Sammy Pools House opposite Oja Ojomo (Ojomo's market) in Owo. One day my uncle advised my Mom to bundle me into a vehicle and deposit me at Aro (mental hospital, Abeokuta), reckoning that I must have run mad. My mother wept and wept!

Many thanks to my elder sister who pressured me to change location from Owo, first to Ede (to reside with her and her husband) and later to Osogbo after my in-law had helped me secure a teaching job at Osogbo Grammar school as an auxiliary teacher. From there, I proceeded to llesa Grammar School for my Higher School Certificate. It was while there that I wrote the first JAMB and got admitted to the then University of Ife in 1978. When I went home to relay the good news with my letter of admission and ID card as incontrovertible evidence, my uncle was the first to eat the humble pie. He called me and said: "Ojo, I did not know you knew what you were doing!"

To God be the glory! I am also grateful to my elder sister and her husband. Listen to wise counsel! If I hadn't listened, my story would have been different today - possibly for the worse. Few people believe in you when you are yet to arrive at the port of success. Trying to convince anyone with mere words is like pouring water on a rock. Try as they may, there are very few people Tinubu and his spokespersons will convince today that he is not as they have labeled him because, truth be told, there is pain in the land like never before. Only those who spend government or company money may not know this for a fact.

A wise counsel which Tinubu needs is that himself, his family members, close aides and top government functionaries must feel the pain of the people - not just in words but also in action for, as they say, action speaks louder than words. Those of them in government cannot live large while preaching to hapless citizenry to "f'okan ba'le". They will not!

It irks me these days when people who know the truth pretend otherwise just to score cheap political points. All they seem interested in is calling a dog a bad name to hang it - the dog may not be totally blameless, though! I also feel offended when the people who are the grandmasters of the turmoil we go through have the temerity to come to the open to justify their ruinous rule and even try to shift blame! Such audacity!

Did you hear the World Bank say all the gains of 18 years spanning three presidents (Olusegun Obasanjo, Umaru Yar'Adua and Goodluck Jonathan) were wiped off by Muhammadu Buhari's eight-year ruinous rule? That was where the rains began to beat us heavily. The eight years of Buhari were years of the locusts. You expect such a person, if he will not be brought to book, to at least leave us alone; not that he, together with his second-in-command, Professor Yemi Osinbajo, will start to run their mouths in public. That is tantamount to rubbing salt on our injury!

But if anyone thinks this country can survive where there is no consequence for bad behaviour, such a person lives in a fool’s paradise.
Must we always leap before we look?
I hope the concern expressed by top military chiefs at a recent security summit will be treated as patriotism and not as high treason or insubordination. This is how a news medium reported it:
"Service chiefs have expressed concern over security challenges linked to the construction of the Lagos-Calabar Coastal Highway at a recent dialogue. A new dimension was added to the controversy trailing the construction of the Lagos-Calabar Coastal Highway... when service chiefs raised concern that Nigeria might be open to new security challenges when the road is completed and (becomes) operational".

What were the concerns raised? One: "That there is no consideration for security architecture to protect this 700-kilometre stretch of road. But what we see is that when this project goes live, there will be attendant security challenges that would not have been catered for throughout the whole project. I think that as a nation we need to address this. When projects that have significant bearing on national security are being conceptualized, it is important to bring security agencies on board from the beginning... This road (coastal highway)... will also provide access to miscreants and other people that we do not intend to have access into our country" Two: That "both in its conceptualization and ongoing implementation, the military were not involved"! They did not say, 'don't have the road'; they only said, 'make it safe' - which makes sense!

Excluding military experts must have been an oversight. So, quickly involve them. As they say, better late than never! Let the "security experts bring in their own input so that we will have that road and it wil be secure for business". I agree! Why spend so much money on a road only to end up creating additional security problems for ourselves? Our plate is more than full already!

Says 174 cases in NAF alone, unacceptable

…Blocks arrest of petitioner by NAF officers

The Senate, on Tuesday, berated the Military over the delay in payment of insurance benefits to dead and retired personnel.

The Senate Committee on Code of Conduct, Ethics and Public Petitions, while considering a petition before it on the matter, specifically declared that 174 families facing the brunt of such delays in the Nigerian Airforce (NAF) alone, was unacceptable.

This is even as it prevented NAF officers led by Wing Commander Mohammed Saleh, from arresting Master Warrant Rukayat Ajoke Ishola, who petitioned the Senate on non-payment of her husband’s insurance benefits and alleged maltreatment subjected to, by the Airforce authorities since the demise of her husband, Warrant Officer Daramola Taiwo in April 2016.

Senate expressed serious disappointment with the delay in payment of Insurance benefits by the military to its dead or retired personnel, following consideration of petition filed against NAF by Master Warrant Officer Rukayat Ishola.

Rukayat Ishola in the petition, alleged that payment of Insurance benefits of her late husband was deliberately delayed by NAF and that her Child was denied from enjoying payment of School fees by NAF like other children of late men and officers of the military.

She added that maltreatment allegedly meted to her by some officers after the demise of her husband in April 2016, made her abandon her duty post as a a way of saving her life.

She said: I was forced and traumatized to go on away without leave ( AWOL), because my late husband’s insurance benefits, were deliberately not paid, my child was denied school fees payment by NAF in line with military tradition and unwarranted persecutions from some officers and life-threatening posting”.

The attempt made by her to tender recorded telephone conversations she had with the alleged officers persecuting her, was rebuffed by the Committee as it called on an NAF representative to defend the allegations.

Defending the allegations on behalf of NAF, its Director of Legal Services, Wing Commander Mohammed Saleh said the insurance benefits of late Warrant Officer Daramola Taiwo were not deliberately delayed as there about 174 families in the Airforce experiencing such delays in payment.

“I want to Inform this committee that the petitioner lied in all the allegations laid as delay in payment of insurance benefits does not affect her late husband alone but about 174 different families.

“Her Child is not entitled to enjoy school fees payment by NAF since the husband of the petitioner did not die in active service, just as allegation made on alleged maltreatment or persecution, is unfounded”, he said.

But when asked by the Committee Chaired by Senator Neda Imasuen to define what he meant by active service, he said, those who died at the battlefront or field are categorised as dying in active service while those who died naturally are not considered as such prior to amendment of the regulation in 2021.

Irked by his submission, the Chairman and members of the Committee descended on the Air Officer by declaring that it was unacceptable for insurance benefits of dead personnel not paid for close to nine years.

Consequently, the Committee, told the Air officer that a strong letter would be forwarded to the Chief of Air Staff, Air Marshall Hassan Abubakar, “to without further delay, facilitate payment of insurance benefits of husband of the petitioner.

“Incorporate the child of the deceased as a beneficiary of School fees payment by NAF and open window for the honourable exit of the petitioner from NAF with attendant retirement benefits”.

[newtelegraphng]

In Nigeria, where power often speaks louder than the law, the phrase “Do you know who I am?” has become an all-too-familiar refrain. And this time, it has caught the public eye in an unsettling way. Hon. Alex Ikwechegh, a member of Nigeria’s House of Representatives representing Aba North and Aba South, is now at the center of controversy, facing allegations that underscore the potential pitfalls of unchecked political privilege.

The incident occurred on October 27, 2024, at Ikwechegh’s residence in the upscale Maitama district of Abuja. According to Stephen Abuwatseya, a Bolt driver who had arrived to deliver a package, what should have been a straightforward transaction rapidly escalated into a violent encounter. Abuwatseya claims that Ikwechegh not only physically assaulted him but also threatened him with disturbing words: he could “make the driver disappear” without any repercussions. This alleged abuse of power has stirred significant public outcry, with Nigerians turning to social media to demand accountability.

As the news of this incident spread across social platforms, it raised larger questions about the conduct of elected officials and the dangerous potential for abuse when power is unchecked. The phrase “Do you know who I am?” often serves as a weapon wielded by those who believe themselves untouchable, a way to remind others of their influence and control. But when such rhetoric allegedly escalates to threats of violence, it becomes not just a matter of arrogance, but a possible breach of both law and public trust.

The public reaction has been swift and intense. Nigerians are demanding that the House of Representatives take these allegations seriously and set an example. Social media posts highlight a rising frustration among citizens who feel they are increasingly at the mercy of those meant to represent them. Many are calling for immediate investigation and stern action to show that no one is above the law, regardless of their political position.

Hon. Ikwechegh has stated that he intends to provide a comprehensive response to these accusations, promising to clarify his actions and defend himself. He is expected to make his statement on Tuesday, a moment many see as critical in either mending or further damaging his reputation. The outcome of his response and any subsequent actions taken by the House of Representatives will be pivotal in either quelling public outrage or adding fuel to the fire.

Acknowledging the gravity of the situation, the House of Representatives has emphasized its commitment to upholding ethical standards. They have released a statement expressing their concern and are reportedly monitoring the case closely to ensure that the allegations are treated with due diligence. This is a critical step, as their response will not only impact Ikwechegh’s political career but also set a precedent for how similar cases are handled moving forward.

For a public deeply frustrated by the seeming immunity of its leaders, this incident has become a rallying point. Many Nigerians are calling for reforms that would hold lawmakers to higher standards, ensuring they carry out their duties with integrity. While elected officials should naturally benefit from the respect that comes with their office, this respect must not translate into carte blanche to disregard the rule of law or the rights of citizens.

Without resort to taking side, the allegations against Hon. Ikwechegh underscore the importance of transparency and accountability in government. Citizens want assurances that power will not shield leaders from consequences.

It is against the backdrop of the foregoing that Ikwechegh’s upcoming statement will be a decisive moment, potentially shaping the public’s view of his character and commitment to ethical standards.

In fact, the incident emphasizes the need for rigorous standards of conduct for lawmakers, reminding them that their duty is to serve, not intimidate, the public.

As we wait to hear Ikwechegh’s side of the story, the broader implications for Nigerian governance hang in the balance. Will this incident serve as a wake-up call, reminding elected officials that they are accountable to the people? Or will it reinforce the perception that in Nigeria, power too often means impunity?

In a society that values equality and justice, no individual should ever feel entitled to operate above the law. Yet in Nigeria, the culture of impunity among certain political elites has long threatened the principle that every citizen is bound by the same set of rules. “Do you know who I am?” is a common refrain that, more often than not, reveals a deeper disregard for public accountability and a desire to evade consequences based on status. Such attitudes undermine the nation’s legal framework, setting dangerous precedents and fueling mistrust between the public and those in power.

Political leaders, by virtue of their roles, represent the people’s interests and ideals. As such, they are held to a higher standard of conduct both domestically and on the global stage. Their actions are mirrors for the nation’s character and values, shaping how Nigeria is perceived around the world. Leaders who treat laws as optional and act disrespectfully in public project an image of a country where rules are merely suggestions, damaging the faith that citizens place in their government and institutions.

If Nigeria is to progress toward a future of true democratic accountability, every leader must lead by example. By honoring the laws they enact and serving with integrity, political figures can rebuild the public’s faith in governance. Ultimately, it is in the nation’s best interest for everyone, from the highest-ranking official to the ordinary citizen, to acknowledge that their position or influence grants no exemption from the law. Given the foregoing, when next anyone ask you, “Do you know who I am?”,  tell him, “Yes, You Are A Nigerian”.

Famous Nigerian musician, Tiwatope Omolara Savage, better known as Tiwa Savage, has stated that she is more talented musically than the ‘Big 3’ – Davido, Wizkid and Burna Boy.

Naija News reports that Wizkid, Davido, and Burna Boy are commonly acknowledged as the leading trio of Nigerian artists, collectively known as the “Big 3.”

However, there is ongoing discussion about the possibility of including a fourth artist in this esteemed group, with names such as Tiwa Savage, Rema, Asake, and others being considered.

Commenting on the discourse in the Nigerian music scene, Tiwa Savage, during a recent interview with The Beat 99.9 FM in Lagos, expressed her views on her potential inclusion in this elite category.

She confidently asserted that her talent surpasses that of Wizkid, Davido, and Burna Boy, who are predominantly recognized within this group.

The host asked, “Do you feel like you’ve to be part of the ‘Big 3’ or even ‘Big 4’ conversation? How do you feel about that?”

Responding, Tiwa Savage said: “Don’t get me started. If we are to go talent for talent, mic for mic, I am the big 1. If you take off the numbers [streams], and whatever you want to judge the big whatever with, you can’t see me on the mic. But again, it [the ranking] is not based on that [musical talent].”

[NaijaNews]

Chairman of Dangote Group, Aliko Dangote, has disclosed that his refinery has more than enough fuel in reserve to meet Nigeria’s demand and that marketers should collect the available supply to alleviate the current scarcity.

He disclosed this to State House correspondents after President Bola Tinubu met with crude oil and refined product sales members in the local currency implementation committee.
The committee was led by the minister of finance and coordinating minister of the economy, Mr Wale Edun.

“We are more than ready to supply the market with 30 million litres daily,” Dangote assured, adding that his refinery holds 500 million litres of fuel in reserve.

“This is enough to sustain the country for over 12 days without new imports or production,” he added.
Dangote emphasised that his role is strictly that of a producer and bulk supplier, not a retail distributor, and urged marketers to take responsibility for distribution to filling stations.

“We are not in the retail business. I have a refinery, not filling stations,” he clarified. “If marketers come forward to collect, there will be no queues.”

Dangote also expressed his commitment to the government’s fuel supply goals, stating, “I’m putting my name on the line by assuring Mr President that we will supply a minimum of 30 million litres per day, ramping up as needed to stabilise the market.”

He also highlighted the financial impact of holding such a massive fuel reserve, explaining that it incurs daily costs, particularly with high interest rates.

“Every day, it costs me to maintain 500 million litres in our tanks. If I could recoup this investment, I could be charging 32% interest,” he noted, underscoring the urgency for marketers to act.
Dangote urged fuel marketers to prioritise local collection over imports.

“If marketers have been managing 55 million litres daily through imports, I see no reason they shouldn’t come and collect our supply and distribute it locally.”

He reaffirmed his refinery’s readiness to keep a steady supply. “We have what they need. As they collect, I will continue pumping. Our tanks are full, and we are ready to keep Nigeria’s fuel supply flowing smoothly if the marketers do their part.”

He also underscored the significance of Afreximbank’s role as a settlement bank between Dangote and the NNPCL, the aim of which is to streamline transactions within the crude oil market.

Pump Price Adjustment Reaction To Market Dynamics – Marketers

Petroleum products marketers have described the fresh pump adjustment of Premium Motor Spirit (PMS) at some retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) as a reaction to market dynamics.

The new price was observed on Tuesday at NNPC filling stations in some parts of the country.
About three weeks ago, NNPC also hiked fuel prices to about N1,030 per litre in Abuja and N998 in Lagos.

The adjustment may see motorists paying about N1060 in Abuja and N1025 in Lagos.

The president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr Billy Gills-Harry, told LEADERSHIP that Nigerians should always expect to see prices going up and down.
He said this is expected in a deregulated market and should not be seen as NNPCL arbitrarily raising the pump price.

According to him, prices can change depending on import parity, which is essentially expected in a free market operation.

Our Correspondent reports that earlier this month, the federal government explained the recent increase in petrol prices by the NNPCL, attributing it to global energy market conditions.

The minister of information and national orientation, Mohammed Idris, clarified that the NNPCL’s decision was influenced by market forces, not government directives, in line with the Petroleum Industry Act (PIA).
Meanwhile, the Finance Minister Wale Edun also shared insights from the meeting with President Tinubu on a new initiative enabling local refiners to purchase crude oil in Naira, a project fully backed by the Federal Executive Council.

Edun credited the Dangote Group’s substantial investment in its 650,000-barrel-per-day refinery as a crucial project enabler and emphasised collaboration with regulatory bodies like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigeria National Petroleum Company Ltd (NNPCL).

“What we have achieved is the establishment of market pricing for petroleum products,” he explained.

“This, coupled with market pricing for foreign exchange, sets our economy on a path toward industrialisation.”

He further highlighted the initiative’s broad economic impact, noting it would provide essential raw materials for various industries, from agriculture to chemicals and textiles.

“This is part of Mr President’s strategy to create favourable conditions for private sector investment, job creation, and economic growth,” Edun said.

Edun also stated that the new pricing structure is expected to strengthen NNPC’s financial position, enabling it to better support federal, state, and local governments.

“This will allow them to meet their obligations, including salary payments and infrastructure development,” he added.

While acknowledging the remaining challenges, Edun expressed optimism about Nigeria’s industrial development trajectory.

“Although it’s early days and much work remains, we now see a clear path toward modernising our economy,” he remarked, assuring stakeholders of the government’s commitment to overcoming initial hurdles linked to local crude sales in Naira.

“There is determination from the top downwards for this initiative to succeed,” he affirmed.
The meeting was attended by top officials, including the group chief executive officer of NNPCL, Mele Kyari; chairman of the Federal Inland Revenue Service, Zacch Adedeji; governor of the Central Bank of Nigeria, Yemi Cardoso; chief executive of NMDPRA, Farouk Ahmed, and the chief executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe.

It is recalled that President Tinubu had , on July 29, directed NNPCL to commence crude sales to the Dangote Refinery and other local refiners, with Afreximbank appointed as the pilot settlement bank to oversee transactions.

Ghana Eyes Fuel Imports From Dangote Refinery

Ghana could buy petroleum products from Nigeria’s Dangote Petroleum Refinery once the facility is operating at total capacity, cutting more expensive European exports, the head of the country’s oil regulator said on Monday.

According to a Reuters report, the chairman of the National Petroleum Authority, Ghana Mustapha Abdul-Hamid, said this could end monthly fuel imports of $400m from Europe.

He spoke at the OTL Africa Downstream oil conference in Lagos.

The $20bn Lekki-based Dangote refinery began releasing Premium Motor Spirit, popularly called petrol, into the Nigerian market on September 15, 2024.

However, despite this, marketers of the product in Nigeria have since commenced importing PMS in hundreds of millions of litres following the federal government’s total deregulation of the downstream oil sector in Nigeria.

However, at the function in Lagos on Monday, the Ghanaian petroleum authority official stated that his country might start importing fuel from the Nigerian refinery.

“If the refinery reaches 650,000 bpd a day capacity, all that volume cannot be consumed by Nigeria alone; so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria, and I believe that will bring down our prices,” Hamid said.

The Dangote refinery, built by billionaire Aliko Dangote, is expected to operate near total capacity by the end of the year, and analysts believe it could be fully operational in the first quarter of 2025.

Allow Market To Determine Profit, Loss In Oil Sector- Tinubu

…Urges oil stakeholders to end reliance on import

President Bola Tinubu, speaking Tuesday in Abuja, commended the Implementation Committee on selling Naira-based crude oil and refined products and asked the members to resolve any teething problems.

In a review meeting at the State House, the President, in a statement by his spokesman, Bayo Onanuga, said that 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.

President Tinubu said the various players in the oil sector, including the Nigerian National Petroleum Corporation Ltd and the Dangote Refinery, should work to improve the economy and the livelihood of Nigerians.

The President urged stakeholders to look inward, consider supplying enough petrol and petroleum products for local consumption, and 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,’’ he added.

“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.

Minister of finance and coordinating minister of the economy, Wale Edun, said the administration’s groundbreaking steps to sell crude in Naira would not be reversed, and the government would not be involved in determining the rate of exchange for the oil sector.

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 NNPC Ltd to meet an estimated 32 million litres of local petrol needs.

At the meeting, the Federal Inland Revenue Service chairman, Zach Adedeji, who chairs the technical committee, said importing refined products should end once Nigeria can produce enough to meet domestic needs.

“The vision of Mr President is to turn Nigeria into a hub for refined products to export to the world.”Other stakeholders at the meeting included Prof. Benedict Oramah, the president and chairman of the Board of Afrexim Bank, and Sen. Abubakar Atiku Bagudu, the minister of budget and national planning and group managing director of NNPC Limited, Mele Kyari.

The president’s special adviser on energy, Olu Verheijen, and the CEOs of NIMASA and Nigerian Ports Authority also attended, along with Engineer Gbenga Komolafe, head of Upstream Regulator, and Farouk Ahmed, head of Midstream and Downstream Regulator, NMDPRA.

Marketers Say Pump Price Adjustment At NNPCL Stations, Reaction To Market Dynamics

Petroleum products marketers have described the fresh pump adjustment of Premium Motor Spirit (PMS) at some retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) as a reaction to market dynamics.

The new price was observed on Tuesday at NNPC filling stations in some parts of the country.

About three weeks ago, NNPC also hiked fuel prices to about N1,030 per litre in Abuja and N998 in Lagos.

The adjustment may see motorists paying about N1060 in Abuja and N1025 in Lagos.

The president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr Billy Gills-Harry, told LEADERSHIP that Nigerians should always expect to see prices going up and down.

He said this is expected in a deregulated market and should not be seen as NNPCL arbitrarily raising the pump price.

According to him, prices can change depending on import parity, which is essentially expected in a free market operation.

Our Correspondent reports that earlier this month, the federal government explained the recent increase in petrol prices by the NNPCL, attributing it to global energy market conditions.

The minister of information and national orientation, Mohammed Idris, clarified that the NNPCL’s decision was influenced by market forces, not government directives, in line with the Petroleum Industry Act (PIA).

[Leadership]

Governor of Nasarawa State, Abdullahi Sule, has said that the 19 governors under the Northern Governors Forum (NGF) are against the VAT bill because it will be unfair to the region. 

The governor stated this during an interview on Channels TV’s Politics Today.

Arising from a meeting on Sunday, the NGF chaired by Governor Inuwa Yahaya of Gombe State, had rejected the derivation-based model for Value Added Tax (VAT) distribution in the new tax bill currently in the National Assembly for deliberation.

Sule said that the governors were not against President Bola Ahmed Tinubu, saying they brought him into power.

He said. “We can’t bring in President Tinubu and then oppose him. If you look at the composition of the meeting you will see that there are people from the APC and the PDP. Some don’t even have a political party. We sat down and took the decision together.

“Some are traditional rulers. If you look at the law, it will be unfair to the north. By the time you say you are going to take something out of the sharing of the FAC and then say you are going to share something similar to something like that because that is the understanding we have based on the proposal. It’s going to be another 13% derivation.

“So, the states that have almost no VAT at the moment will end up actually with the shorter area of the stick. And you know, the 19 states of the north are generating very little when it comes to VAT at the moment.

“It’s very clear. I worked for some of these multi-national. I know how VAT is paid. When we were importing raw material at Dangote at Apapa port. We paid VAT first and then the finished product had VAT added to it,” he added.

[Dailytrust]

The Minister of State for Police Affairs, Imaan Sulaiman-Ibrahim, has promised to draft the authors of a book, titled: Cybercrime, Digital Forensic Readiness, and Financial Crime Investigation in Nigeria, Dr. Tombari Sibe and Prof. Christian Kaunert, into Federal Government’s Committee on National Policing Policy.

Sibe, a lecturer in the Department of Computer Engineering at the Rivers State University, Diobu (Mile III) in Port Harcourt, is a Cybersecurity/Digital Forensic expert with over two decades of professional experience in Information Technology Consulting, while Kaunert is Professor of International Security in the School of Law and Government at the Dublin City University in Ireland.

Sulaiman-Ibrahim noted that experts like Sibe and Kaunert were needed in the committee she said was being put together.

She said the authors would provide inputs on cybersecurity frameworks for the Nigeria Police Force (NPF).

The minister, who was represented by her Senior Technical Adviser on Policy and Strategy, Mike Imafidor, spoke during the book launch in Port Harcourt, the Rivers State capital.

She said the ministry was focused on driving police reforms through the integration of advanced technologies.

Sulaiman-Ibrahim said: “Another significant element is the development of a national policing policy with the committee currently being formed.

“We will extend an invitation to Dr. Sibe and Professor Kaunert to join the committee, particularly in the section focusing on cybersecurity and technology adoption within the NPF.

“The aim is to establish a framework for technology integration, avoiding isolated systems that are difficult to connect and ensuring smooth inter-operability. The goal is to create a policy that guarantees the sustainability of these technological efforts.”

[TheNation]

The meddlesome World Bank says that “By August 2024, the Ethiopian birr, the Nigerian naira, and Sundanese pound were among the worst (performing currencies) in the (African) region,” and added that “The naira continued losing value, with a year-to-date depreciation of about 43 per cent as of end-August.”

The acknowledgement by banker Chika Mbonu that the naira got weaker than the currency of many African countries has a counterpoise in the World Bank’s converse report that the Kenyan shilling got stronger by more than 21 per cent during the same period.

Bloomberg ranks the naira among the world’s 10 weakest currencies, three of which –Zambian kwacha, Angolan kwanza, and Nigeria’s naira– are from Africa. Their weakness is attributed to unstable commodity prices, inflationary pressures, and lack of dollar liquidity, a point of view that enables Euro-American metropolitan economies to prey on Third World economies.

But the weak naira needn’t be a disadvantage if President Bola Tinubu’s economic managers can flip things around, and take advantage of economies of large-scale production by getting the real sector, especially, to produce, for export, goods for which Nigeria has a comparative advantage. Investment banker, Dr. Nnaemeka Obiaraeri, says Nigeria has no currency problem but lacks productivity.

After the Naira gains strength from the accumulated foreign reserve therefrom, it should be further devalued– to maintain the weak regime that should earn even more convertible currency to finance the importation, and acquisition of more infrastructural and industrial production capacity that will eventually strengthen the naira.

But strengthening the naira will not be the only intent of this strategy, but is to reverse the current import-oriented trend of the Nigerian economy and tap the ready market for Nigeria’s manufactures in richer economies.

Nigeria’s fiscal, monetary, and macroeconomic policymakers should consider this unorthodox opportunity to strengthen Nigeria’s economy which is suffering from inappropriate economic policies that are imposed by Breton Woods institutions on an unwary political class.

Even non-economists know that consumers from other countries prefer to buy cheaper goods from economies whose currencies are relatively weaker than their own. America and China, countries with the world’s two biggest economies, are masters of this highly profitable game.

One obvious “low-hanging-fruit” place to start to take advantage of the tanking Naira is to encourage the export of petroleum products from the refineries of Dangote, Nigeria National Petroleum Company Limited, and others, to countries with stronger currencies than the naira.

Though subsidy has been removed, the depreciation of the naira still makes smuggling of Nigeria’s petrol and other petroleum products relatively profitable in West and Central African countries. Nigeria should take advantage of this ready market and redeem the N132 trillion revenue that the World Bank claims Nigeria lost to the subsidy.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, who was with Governor Yemi Cardoso of Central Bank of Nigeria, at the Group of 20 Economies meeting hosted by the World Bank and International Monetary Fund in Washington, DC., gave a rather simplistic submission that all Nigeria needs to do to strengthen its currency is to increase petroleum production.

That is true, but it’s not good enough, for an economy with the capacity to add value to primary commodities. It only feeds the concerns of foreign investors whose interest is how to easily remit their earnings back home. That is why Muhamad Sani Abdullahi, CBN’s Deputy Governor for Economic Policies, cockily disclosed that “Nigeria now has $40.2 billion external reserve.”

Abdullahi boasts that ramping up the foreign reserves is “a significant move, up from a year ago when (Nigeria had) less than $34 billion… to cover at least 14.3 months of import for goods and services, and 15 months for goods only,” neglects the productive capacity of Nigeria’s economy.

Abdullahi should have addressed Arise News TV Rotus Odirri’s inquiry about

plans by the government, if any, to return Nigeria Incorporated to work again. The real sector is key to strengthening the currency of any country.

Invisible Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), should expand the production of Liquified Petroleum Gas, used for cooking, instead of halting the export. His counterpart in the Ministry of Petroleum Resources, Heineken Lokpobiri, plans to raise daily petroleum production by one million for export.

Nigeria’s Federal and state governments can jointly nudge the private sector to invest in the country’s agriculture and agro-allied sector to cultivate more agricultural produce and as well as turn the commodities into industrial manufactures for export.

If, for instance, Southern Nigerians can turn agricultural crops into industrial raw materials for the pharmaceutical and textile industries, and Northern Nigerians can revive the hides & skins trade, for export, Nigeria can turn the pitiable foreign exchange table around.

Governor Lucky Aiyedatiwa of Ondo State has already given an undertaken that if he is re-elected in the November 2024 off-season gubernatorial election, he will promote agriculture and food security. He may just be able to motivate his constituents to supply cheaper food crops to Americans who are currently concerned about the high cost of foodstuffs.

To attract foreign students and their convertible currency to the Nigerian economy, as they used to do in the 1960s and 1970s, the Federal and state governments should invest in the quantum improvement of tertiary educational institutions.

An ancillary to that is to also improve the medical infrastructure to reverse the medical tourism that Nigerians make to other countries and attract patients from countries that hitherto provide medical treatment for Nigeria’s money-miss-road elite.

The revelation by Sule Abdulaziz, Chief Executive Officer of Transmission Company that “(Nigeria supplies) Togo, we supply Benin (Republic) and Niger (Republic)… they get power from Nigeria on a 24-hour basis and they are paying,” is enough motivation for Nigeria to expand the capacity of its electricity sector to be able to further expand supply to the western and central African markets.

The Federal, state, and local governments can agree to divert funds from Excess Crude Account, or from savings made from the removal of petrol subsidy, to invest in electricity, probably the most foundational infrastructure for the success of Nigeria’s industrialisation strategy.

(By the way, the argument by Minister of Power, Adebayo Adelabu, that increased funding from charging premium tariffs for Band A market of the electricity sector will lead to facility upgrades and expansion doesn’t seem to be adding up).

Dr. Jumoke Oduwole, incoming Minister of Industry, Trade and Investment, should join hands with Abubakar Atiku Bagudu, Minister of Budget and Economic Planning and Edun, and begin to think about how to urgently create conducive conditions to revive the comatose real sector of the Nigerian economy.

If all this works, all CBN Governor Cardoso needs to do is to keep looking for creative ways to devalue the naira further, which will be getting stronger, to make Nigeria’s farm produce and industrial manufactures affordable for consumers in foreign countries with stronger currencies.

But also, Finance Minister Edun and the National Salaries and Wages Commission must regularly review salaries and wages to reflect the cost of living that would rise after every devaluation of the Naira. After all, there is a law that mandates regular salary adjustments.

If well executed, this strategy should feed Edun’s ambition to optimize foreign remittances to Nigeria, conveniently pay for Nigeria’s imports, and provide jobs for Nigeria’s army of unemployed youths.

X@lekansote1, lekansote.com