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After multiple delays, the Port Harcourt Refinery is finally set to start production.
Checks revealed that the Port Harcourt Refinery has missed seven deadlines for commencing production as of October 2024.
The Nigerian National Petroleum Company Limited (NNPCL) had set multiple dates for the refinery’s operational start, including promises made in March, August, and September 2024, all of which passed without fulfillment.
However, in a message from an impeccable source, seen by LEADERSHIP, the NNPC said: “Today (Tuesday) marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation.
“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”
Rehabilitation of the Port Harcourt Refinery began in 2021. The contractor overseeing the project, Maire Tecnimont SpA, had been working on the facility since a $1.5 billion contract was signed in April 2021.
Despite announcements of mechanical completion in December 2023, the refinery did not start production due to what the NNPCL called “ongoing safety checks and delays in the final stages of rehabilitation.”
Details Later…
Ondo State Attorney General Urges Illegal Lottery and Gaming Operators and Agents to Regularise Their Activities
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The Attorney General of Ondo State, Dr Kayode Ajulo SAN OON, has urged all illegal and unlicensed lottery and gaming operators and agents in the State to regularise their operations immediately or face legal consequences. He said "This directive is a confirmation of the government’s unwavering commitment to upholding the law and protecting the interests of its citizens"
The Attorney General made this comment on Monday in Akure, while reacting to the Supreme Court ruling that annulled the National Lottery Act. He lauded the Supreme Court for reaffirming the constitutional authority of state governments to regulate lottery and gaming activities within their respective states.
“The landmark judgement, delivered in Suit No. SC/1/2008 between the Attorney General of Lagos State & Ors and the Attorney General of the Federation represents a watershed victory for constitutionalism, federalism and the rule of law." Ajulo stated.
He further said "This Supreme Court decision is a monumental affirmation that the regulation of lotteries and gaming is a residual matter, firmly within the jurisdiction of State governments. It reinforces the principles of true federalism, empowering States to effectively manage their affairs.”
The AG emphasized the significance of this ruling in strengthening Ondo State's regulatory framework for the gaming sector. “This judgement validates our enduring belief in our ability to govern our resources and safeguard our citizens."
He commended the leadership of Governor Lucky Aiyedatiwa for his dedication to upholding the rule of law and championing the rights of the people of Ondo State, saying "his unwavering support has been instrumental in achieving numerous positive outcomes for the State."
Ajulo further stated that the Ondo State Government remains committed to creating a safe and regulated environment for all gaming activities, ensuring transparency and accountability for the benefit of all citizens. He said the activities of the Ondo State Lotteries Regulatory Commission would be reviewed and geared up in line with the Supreme Court judgment.
The Nigerian National Petroleum Company Limited has requested an additional subsidy refund of N1.19 trillion for July 2024, citing exchange rate differentials on Premium Motor Spirit importation and joint venture taxes, according to findings by The PUNCH.
But state governments tackled the national oil company over the latest request, as they raised concerns over NNPCL’s accounting practices.
These findings were based on the Federation Account Allocation Committee Postmortem Sub-Committee report for September 2024, which was obtained by The PUNCH on Monday.
The report revealed that exchange rate differentials stood at N4.56tn as of June 2024 (due to under-recovery on petrol imports between August 2023 and June 2024), but this figure increased to N5.31tn by July 2024.
The NNPCL attributed the rise to fluctuations in foreign exchange rates and unresolved subsidy payments from previous months.
The total figure adds to concerns over the fiscal impact of subsidy payments on the Federation Account.
Exchange rate fluctuations and the rising cost of importing PMS have continued to strain government revenues, raising questions about the sustainability of the partial subsidy framework.
Committee raises concerns
The FAAC Sub-Committee raised concerns over NNPCL’s accounting practices, noting discrepancies in the figures submitted.
The NNPCL’s report included N1.19tn as a balance brought forward, contributing to the overall claim of N5.31tn.
However, the Sub-Committee noted that this amount had not been included in earlier FAAC reports and was therefore not recognised in its deliberations.
The report read, “As of June 2024, the Exchange Rate Differentials stood at N4,558,597,379,030.6. This amount increased to N5,309,418,715,637.13 as of the July 2024 Federation Account.
“Note that NNPCL’s request for the application of Weighted Average Rate covers the period August to June 2024. Also, recall that all outstanding payments against NNPCL as of May 2024 were referred to the Presidential Alignment Committee for reconciliation.
“However, the Sub-Committee observed that NNPCL in their report included the sum of N1,186,540,693,485.36 as an amount brought forward totalling N5,309,418,715,637.13 in their ledger. FAAC Postmortem did not recognize the Balance Brought Forward because it was not included in the FAAC report earlier submitted.”
During the September meeting with agencies, the NNPCL informed the FAAC Postmortem Sub-Committee that the N1.19tn figure was an actual under-recovery amount, which included adjustments for June and July 2024.
This amount, the NNPCL said, was used as the opening balance in its report.
In response, the Sub-Committee recommended that the NNPCL re-submit the figure for consideration at the next plenary.
The report noted, “During the monthly reconditioning meeting with Agencies, NNPCL informed the meeting that the amount submitted to the Presidential Alignment Committee for under-recovery was estimated. The actual under-recovery of N1,186,540,693,485.36, including June and July 2024, resulted in the opening balance in the NNPCL report.
“The Sub-Committee resolved that since NNPCL’s earlier report to FAAC did not include the sum of N1,186,540,693,485.36 brought forward, NNPCL should re-submit the amount for FAAC Plenary noting.”
Missing documentation
Further scrutiny of the NNPCL’s claims revealed additional issues. Minutes of a previous FAAC meeting indicated that as of June 2024, the NNPCL had reported an outstanding claim of N4.34tn against the Federation.
The claim, which was tied to exchange rate differentials, lacked essential details, including the volume of PMS imported, pricing, and sales values.
The Federal Commissioner of the Revenue Mobilisation, Allocation, and Fiscal Commission stated that the omission of these details made it difficult for the Sub-Committee to justify the figures submitted.
Consequently, the sub-committee directed the NNPCL to provide all relevant information to enable further assessment of its claims.
The FAAC Postmortem Sub-Committee has emphasised the need for transparency and accountability in subsidy-related reporting.
It noted that the discrepancies in the NNPCL’s submissions had delayed the reconciliation process, which had already been referred to the Presidential Alignment Committee.
The sub-committee also urged the NNPCL to ensure the inclusion of all outstanding amounts and a comprehensive breakdown of its PMS importation records in future reports.
The minutes for one of the FAAC meetings, which was seen by The PUNCH, noted, “The Federal Commissioner, RMAFC, informed the meeting that NNPC Limited reported to the Sub-committee that it had an outstanding claim of N4,344,519,176,167.32 against the Federation as a result of exchange rate differentials as at June 2024.
“He stated that the Sub-committee observed that the details of the PMS volume, price, and sales value were not provided in the June 2024 Report of NNPC Limited to justify the exchange rate differentials recorded. He concluded that the Sub-committee had resolved to request NNPC Ltd to provide the relevant information for further consideration.”
The PUNCH earlier reported that Nigerian National Petroleum Company Limited demanded a refund of N4.71tn from the Federal Government to settle outstanding debts used to import Premium Motor Spirit, popularly called petrol, into the country.
However, the NNPCL clarified that the N4.71tn was just an estimate, and the actual figure was N4.34tn, which increased to N5.31tn by July 2024.
This development means that the government has been supporting fuel imports by covering the difference between the projected rate and the actual expenses incurred by the NNPCL for importing petroleum products into the country.
This difference in cost, which ordinarily should be reflected in the retail price of the product and borne by final consumers, contradicts the government’s claims that subsidies have been eliminated.
This revelation also comes amid challenges faced by the petroleum company to ensure the adequate supply of PMS to marketers for distribution nationwide.
On May 29, 2023, during his inauguration, President Bola Tinubu publicly declared that “subsidy is gone,” signalling the end of barriers that had been restricting the nation’s economic growth.
However, this claim has been contested by the International Monetary Fund, the World Bank, and other authoritative figures, who argue that the government had quietly reintroduced fuel subsidies.
In June, a proposed economic stabilisation plan document stated that the government planned to spend about N5.4tn on fuel subsidies.
The N5.31tn demanded by the NNPCL for petrol under-recovery is about 98.33% of what the Federal Government had planned to spend on fuel subsidies this year.
Between January and June 2023, the Federal Government spent about N3.6tn on fuel subsidy, which was far more than the N2tn spent for the entire year of 2022.
In the approved Medium-Term Expenditure Framework, the Federal Government admitted that the petrol subsidies have remained a major challenge.
It noted that the final 2023 dividend for the Federal Government from the NNPCL was withheld to settle fuel subsidies.
The MTEF document noted, “Despite recent reforms, petrol subsidies continue to have a significant adverse impact on oil revenues. Recently, the 2023 final dividend due to the federation was withheld for payment of fuel subsidies.”
Amidst the increasing cost burden on the government for petrol under-recovery, and despite promising to bring down the price of petrol during his campaign, President Bola Tinubu has repeatedly increased petrol price by about 505.71 per cent – from N175 in May 2023 to N1,060 in October 2024 – inflicting more pains on the already impoverished Nigerians.
About N3.87 trillion has been allocated for recurrent expenditure across 13 Nigerian states in their proposed budgets for the 2025 fiscal year.
The governors of these states have presented budgets that prioritise administrative costs, including salaries and overheads, while also allocating significant funds for capital projects aimed at boosting infrastructure development.
The total proposed budget across the 13 states for 2025 stands at N9.07tn. Of this total budget, N3.87tn is allocated for recurrent expenditure, which covers the ongoing costs of running the government and providing essential services.
The remaining N5.845tn is directed towards capital expenditure, reflecting the states’ focus on long-term projects.
The figures provided in this report were derived from details of the budget submitted by the state governors to their respective State Houses of Assembly. The reports were posted on each state’s official website.
Recurrent expenditure refers to the regular and ongoing costs that a government or organisation incurs in the day-to-day running of its activities.
Capital expenditure, on the other hand, refers to the funds used by the government or an organisation for the acquisition or construction of long-term assets that will contribute to future growth and development.
In Lagos State, Governor Babajide Sanwo-Olu proposed a budget of N3.005tn, with N1.24tn allocated for recurrent expenditure, representing a portion of the total budget. The state also earmarked N1.76tn for capital expenditure, highlighting its focus on infrastructural development.
Bauchi State Governor, Bala Mohammed, presented a N465.09bn budget, with N182.74bn allocated for recurrent expenditure, which makes up 39.3 per cent of the total budget. The remaining N282.34bn is set aside for capital expenditure, underscoring the state’s commitment to development.
In Bayelsa State, Governor Douye Diri proposed a N689.4bn budget with N263.38bn earmarked for recurrent expenditure, accounting for 38.2 per cent of the total budget. A larger portion, N404.76bn, was allocated for capital expenditure.
Osun State Governor, Ademola Adeleke, presented a N390.03bn budget, allocating N245.8bn (62.9 per cent) for recurrent expenditure, with N144.23bn dedicated to capital expenditure.
Oyo State’s budget, presented by Governor Seyi Makinde, is N678.09bn, with N325.57bn allocated for recurrent expenditure. This represents 49.41 per cent of the total budget. The state has also proposed N349.29bn for capital expenditure.
Anambra State Governor, Charles Soludo, presented a N606.9bn budget with N139.5bn allocated for recurrent expenditure, representing 23 per cent of the total. A larger share of N467.5bn is dedicated to capital expenditure, though the state faces a projected deficit of N148.3bn.
In Gombe State, Governor Muhammadu Yahaya proposed a N320.11bn budget, allocating N111.09bn for recurrent expenditure and N209.02bn for capital expenditure.
Ekiti State Governor, Biodun Oyebanji, presented a N375.7bn budget, with N192.3bn (51 per cent) allocated for recurrent expenditure and N183.4bn (49 per cent) for capital expenditure.
Additionally, Cross River State Governor, Bassey Otu, presented a N498bn budget, with N170bn allocated for recurrent expenditure, representing 34 per cent of the total. The bulk of the budget, N328bn, is focused on capital expenditure, aimed at supporting infrastructure growth.
In Akwa Ibom, the state’s executive council approved a N955bn budget, with N300bn set aside for recurrent expenditure and N655bn for capital projects. This was disclosed in a statement issued by the state Commissioner of Information, Ini Ememobong after the council’s meeting presided over by Governor Umo Eno, on Wednesday.
Delta State Governor, Sheriff Oborevwori, presented a N936bn budget, allocating N348bn for recurrent expenditure and N587bn for capital expenditure.
Governor Caleb Mutfwang of Plateau State presented a budget estimate of about N471.1bn to the State House of Assembly for the 2025 fiscal year on Monday. In Plateau State, Governor Mutfwang proposed a N471.1bn budget, with N201.5bn allocated for recurrent expenditure, representing 43.46 per cent of the total budget. The capital budget estimate is N258.8bn, representing 56.54 per cent of the total budget.
Governor Dikko Radda of Katsina State on Monday presented the State’s 2025 Budget Proposal to the state House of Assembly. Katsina’s recurrent expenditure stands at N157.97bn, representing 23.15 per cent of the total budget, while capital expenditure is N524.27bn, representing 76.85 per cent of the budget.
Commenting, the Chief Executive Officer of Cowry Treasurers Limited, Charles Sanni, shared his insights, “The huge budgeted recurrent expenditures speak to the fact that little is available for capital projects. This will lead to capital investment rationing. A low capital expenditure budget simply tells us that not much growth and contribution to GDP will be expected because only significant capital budgets will promote economic, human, and social investments.”
He further suggested two primary options for improving the financial health of the states: “Cost optimisation—stop leakages, adopt strict budget control measures, and cut down on the size or cost of personnel, particularly political aides—and increasing internally generated revenue through more public-private partnership deals, multilateral organizations’ direct budget financing support, and diaspora engagement for special projects funding.”
An economist and investment specialist, Vincent Nwani, also weighed in, by stating that “the budget is small; some Nigerian universities’ annual budgets are even larger. It is too small for any significant development, and for infrastructure, it is still a small amount.
“What’s worse is that a large portion of the capital is being used for non-productive purposes, such as buying cars, instead of funding long-term projects that can drive economic growth. There are issues of corruption and a lack of transparency that need to be addressed. The states need to start generating more income to meet their obligations, as they have borrowed before and need to repay.”
The PUNCH reports that economic stakeholders have projected that the 2025 proposed budget of N47.9tn may underperform due to its bullish assumptions.
'You Have Become A Failed Institution' – Labour Slams NBS Over Drop In Unemployment Rate Report
AFOLABI
The Nigerian Labour Congress (NLC) has stated that the latest report by the National Bureau of Statistics on the country’s unemployment rate does not reflect economic realities.
NBS in its latest report stated that Nigeria’s unemployment rate declined to 4.3 per cent in the second quarter of 2024, signalling improved labour market conditions.
According to the report, this marks a decrease from the 5.3 per cent recorded in Q1 2024 and reflects a gradual recovery from the 5.0 per cent in Q3 2023.
Reacting to the development while speaking to Punch, the National Assistant General Secretary of the NLC, Chris Onyeka, labelled the report as a “voodoo document” that fails to reflect the stark realities Nigerians face daily.
Onyeka dismissed the claim that unemployment is decreasing, calling it a “fabrication designed to mislead the public.”
He argued that it was impossible for employment to be coming down while factories were closing.
He said, “Unemployment cannot be coming down in Nigeria when factories are closing shops.
“It cannot be coming down when there is increasing inventory and reduced consumer spending. If anything, unemployment is increasing.”
He further questioned the methodology behind the NBS report, describing it as a “figment of imagination concocted by people who want to manipulate figures.”
According to Onyeka, the lack of alignment between the data and visible realities on the ground undermines the credibility of the statistics agency.
“Once data does not reflect reality, it loses relevance. Unfortunately, the NBS has lost credibility as a result of the data they continue spewing out,” he stated.
Onyeka challenged the NBS to substantiate its claims by identifying the sectors supposedly generating jobs. “Where are the jobs coming from? Is it from employers who are complaining of consumer resistance and slowing economic activities? It doesn’t add up,” he remarked.
He likened the situation to what he described as “INEC-style manipulation,” a term he used to draw parallels between perceived shortcomings in Nigeria’s election management and the NBS figures.
“Nigerians can go to court if they don’t like the figures. But the truth remains: the NBS has become a failed institution, much like INEC in the eyes of the public,” Onyeka concluded.
Nigeria’s unemployment rate declined to 4.3 per cent in the second quarter of 2024, signalling improved labour market conditions.
According to the latest report released on Monday, by the National Bureau of Statistics, this marked a decrease from the 5.3 per cent recorded in Q1 2024 and reflected a gradual recovery from the 5.0 per cent in Q3 2023.
The Labour Force Participation Rate rose to 79.5 per cent, up from 77.3 per cent in the previous quarter, highlighting increased workforce engagement.
The Employment-to-Population Ratio also showed significant improvement, climbing to 76.1 per cent in Q2 2024 from 73.2 per cent in Q1 2024.
This indicates that a higher proportion of the working-age population was gainfully employed during the period.
Also, self-employment remained dominant, accounting for 85.6 per cent of total employment, an increase from 84 per cent in the preceding quarter.
Informal employment also rose slightly to 93.0 per cent, highlighting the economy’s reliance on informal jobs.
Urban unemployment stood at 5.2 per cent, a reduction from 6.0 per cent in Q1 2024.
However, rural areas recorded an even lower unemployment rate of 2.8 per cent, compared to 4.3 per cent in the previous quarter.
This disparity highlights the continued role of agriculture and informal activities in rural employment, contrasting with the urban dependence on formal and service-driven jobs.
The youth unemployment rate (ages 15–24) dropped significantly to 6.5 per cent, compared to 8.4 per cent in Q1 2024.
The report further revealed gender disparities, with the unemployment rate for females at 5.1 per cent, compared to 3.4 per cent for males.
This suggests a need for targeted gender-inclusive policies to bridge the employment gap.
The report read, “The unemployment rate is defined as the share of the labour force not employed but actively searching for and available for work.
“Unemployment is one of the components of labour underutilisation. The unemployment rate for Q2 2024 was 4.3 per cent, showing an increase of 0.1 percentage point compared to the same period last year.
“The unemployment rate among males was 3.4 per cent and 5.1 per cent among females.
“By place of residence, the unemployment rate was 5.2 per cent in urban areas and 2.8 per cent in rural areas. Youth unemployment rate was 6.5 per cent in Q2 2024, showing a decrease from 8.4 per cent in Q1 2024.”
Time-related underemployment, which measures workers seeking additional hours, dropped to 9.2 per cent in Q2 2024 from 10.6 per cent in Q1.
Labour underutilisation metrics also improved, with LU2 (unemployment and time-related underemployment) decreasing to 13.0 per cent from 15.3 per cent in the previous quarter.
LU3 and LU4 metrics, which include potential labour force participation, also recorded declines to 5.9 per cent and 14.5 per cent, respectively.
The Independent National Electoral Commission, INEC, has responded to allegations from Peoples Democratic Party (PDP) governors regarding manipulation of the 2024 Edo State governorship election.
During a recent two-day meeting in Jos, Plateau State, the PDP governors claimed that electoral irregularities prevented the party’s candidate, Asue Ighodalo, from winning in Edo.
They PDP governors also accused INEC of rigging in the recent Ondo election.
They alleged that INEC altered results to benefit the APC and urged the judiciary and lawmakers to enhance electoral laws to combat what they referred to as “institutional sabotage of the will of the people”.
In response, Rotimi Oyekanmi, Chief Press Secretary to the INEC Chairman, called the allegations “unfortunate and inappropriate,” emphasizing that INEC, as a law-abiding body, cannot comment on ongoing court matters.
Oyekanmi criticized the PDP governors for engaging in a “media trial”, encouraging them to present their evidence in court instead of making unsubstantiated claims publicly.
He pointed out that the PDP has filed a petition at the tribunal to contest the Edo State governorship election results, suggesting they should provide their evidence there.
Regarding the Ondo State election, Oyekanmi defended INEC’s performance, labeling it one of the best elections conducted by the Commission.
He urged political parties to adopt a spirit of sportsmanship, stating, “It is not healthy to accept the outcome of an election only when you win.”
DAILY POST recalls that the electoral body had declared Monday Okpebholo of the All Progressives Congress (APC) winner of the Edo election with 291,667 votes, with the PDP candidate, Dr. Asue Ighodalo, securing 247,274 votes. Labour Party’s Olumide Akpata came third with 22,761 votes.
Similarly, in Ondo, INEC declared Lucky Aiyedatiwa as the winner of the governorship election that was held on Nov 14 defeating the Peoples Democratic Party, PDP, candidate Agboola Ajayi, and Olorunfemi Festus of the Labour Party.
Governor Caleb Mutfwang, on Monday, submitted the 2025 Appropriation Bill, titled “Budget of Consolidation and Sustainability,” along with the Medium-Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) for the period 2025–2027, to the Plateau State House of Assembly.
Naija News reports that the Governor highlighted that the MTEF/FSP delineates his administration’s fiscal strategy aimed at achieving significant economic development objectives, which include fostering economic diversification, reforming public institutions, enhancing human capital, addressing infrastructure shortfalls, and advancing urban renewal and sustainable housing initiatives.
During the presentation, Governor Mutfwang said, “The MTEF/FSP establishes a three-year fiscal plan and serves as the basis for the formulation of the 2025 budget. It details the macroeconomic and fiscal framework for the years 2025–2027. This document adheres to Section 16(1) and (2) of the Plateau State Fiscal Responsibility Law of 2014.
“It guarantees that resources are allocated effectively to priority sectors, representing a conscious effort to enhance transparency and accountability in accordance with global best practices.”
The Governor revealed that the proposed budget for 2025 amounts to ₦471,134,093,541.00, reflecting an increase of ₦156,278,944,988.00 compared to the approved budget for 2024.
“The 2025 Appropriation Bill reflects our commitment to solidify past achievements and ensure the continued growth and development of Plateau State,” he said.
“The implementation of the budget will be guided by the Plateau Strategic Development Framework (PSDF) 2023–2027, which is encapsulated in three pillar policies: Peace, Security, and Good Governance; Sustainable Economic Rebirth; and Physical Infrastructure Development. The budget will be people-oriented, positively impacting the lives of the citizens of our state.”
Governor Mutfwang urged the Assembly to expedite the passage of the bill, emphasizing, “A swift approval will enable us to initiate the implementation of these vital projects without delay.”
In response, Speaker of the House, Gabriel Dewan, assured the Governor of the Assembly’s commitment to acting in the best interest of Plateau State.
The Nigerian Financial Intelligence Unit (NFIU) has said the country’s effort in combating money laundering, terrorism and arms proliferation financing has been recognized by the Financial Action Task Force (FATF).
NFIU said FATF approved three additional grades in its anti-money laundering and counter-terrorism financing quest, making it the fifth progress report.
FATF, a global body established in 1995 to lead global action against money laundering, terrorism, and arms proliferation financing, grey-listed Nigeria in February 2023.
The organization grey-listed Nigeria due to a rise in capital inflows and deficiencies in combating money laundering, terrorism, and arms financing.
In a statement, on Sunday, by the NIFU’s Strategic Communications Office in Abuja, the organization explained that “FATF gave the approval at a meeting of Group Against Money Laundering in West Africa (GIABA) technical commission which took place between November 17 and 23, 2024 in Freetown, the Republic of Sierra Leone.
“Statutorily, as it stands today, the country is compliant (C) or largely compliant (LC) in 37 out of the 40 recommendations, leaving it with three to scale.
“Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, who doubles as Nigeria’s National Correspondent (NC) for the ECOWAS’ GIABA, led the country’s delegation.”
Included in the team were representatives from the Economic and Financial Crimes Commission (EFCC), Special Control Unit against Money Laundering (SCUML), Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Federal Ministry of Justice (FMOJ), Corporate Affairs Commission (CAC) and Nigeria Export Processing Zones Authority (NEPZA)
The Presidency has rejected claims by the Catholic Bishop of Sokoto Diocese, Matthew Kukah, that President Bola Tinubu is an accidental leader, insisting that the president was well-prepared for the position.
Reacting to Bishop Kukah’s remarks, the Presidency described Tinubu as a reformer whose leadership is already impacting various sectors of the country.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, in his reaction, said, “He (Tinubu) is not an accidental leader, he is doing his best to ensure that we have a turn around in this country.
“Does he look like one at all? What I am saying is that, the man is not an accidental leader, he was prepared for this office. He even said it himself that he prepared for it and that he is doing his best to ensure that this country is lifted higher than he met it, he is doing his best.
“Because he prepared himself for the office, he is doing a lot of reform, he is touching every area and he is trying to make sure that this country is being turn-around.
“For those who said that the President is an accidental leader, that is the reason he is struggling.
“Tinubu has shown that he is a reformer and reforms are not done in quick fixes, it takes time for you to turn things around and he is doing it.
“He is doing reforms and he is the first to acknowledge that people will be affected and he is doing everything possible to ensure that those who are affected are also helped so that they will not be left behind.
“He is reforming a lot of things in Nigeria, you are talking about taxation, you are talking about the oil sector, so many reforms the man is carrying out.”
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A former Chief of Staff to Ex-President Muhammadu Buhari, Professor Ibrahim Gambari, has advocated for further decentralization of power between the federal and state governments.
The diplomat argued that the concentration of power with the federal government is too much, adding that the current situation is a result of prolonged years of military rule.
According to him, with the democratic dispensation in full swing, there is a need to consider matters that are on the exclusive and concurrent lists so state governments can assume greater responsibilities and local governments can also be strengthened.
Naija News reports he made the submission while speaking as a guest on the Sunday edition of Inside Sources with Laolu Akande, on Channels Television.
The elder statesman said, “We have to decentralise power. The power of the central government is become so much. We have to find a way of decentralisation; it’s not necessarily by creating 50 more states or 200 more local governments but those things that could be done competently like education, agriculture, and others, let the state take charge.
“It’s not by accident that power has become so concentrated at the centre; it is the prolonged military rule. They (heads of state) nominate governors and so on. But now, we are in a democracy, and I sincerely believe that we have to take a second look at that so that matters that don’t need to be on the exclusive or concurrent lists are not there.
“We must strengthen local government authorities. The local government autonomy is a good step but it is not just about money because if you don’t strengthen the capacities of the local governments and also the process as to which people become chairmen of local governments, you can throw money there, and it goes down the drain.”
The diplomat said the progress and development of Africa relies on Nigeria, and the country must, therefore, pull its weight accordingly.
“The future of Africa depends on Nigeria. Because according to the United Nations, Nigeria will become the most populous country in the world by 2050, we are already the not populous in Africa.
“It’s not late. The country, by God’s grace, is going to survive because I believe that the Almighty has a purpose for putting that much number of people in this place, and to an extent, we cannot be ignored in the world,” he said.
The Senate has stated that President Bola Tinubu will likely president the 2025 budget this week.
According to the Senate spokesperson, Yemi Adaramodu ( APC, Ekiti South), the Finance Committee will meet with the Ministries, Departments, and Agencies on Monday.
He said, “The President would likely present the 2025 budget this week or in earnest.
“The Senate Committee on Finance is already working on the Medium Term Expenditure Framework and would be meeting with the MDAs tomorrow (Monday).
“The MDAs are expected to defend their 2024 expenditure and also project their 2025 budget.”
Tinubu submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025–2027 to both the Senate and the House of Representatives last Tuesday.
Akpabio directed the Senate Committee on Finance, National Planning, and Economic Affairs to consider the MTEF/FSP documents and report within one week.
Key parameters in the MTEF/FSP include a $75 oil price benchmark per barrel, daily oil production of 2.06 million barrels, an exchange rate of N1,400 to $1, and a targeted GDP growth rate of 6.4%.
These figures form the basis for consideration and approval of the proposed N47.9tn 2025 budget.
Our correspondent also observed that there is work ongoing in the chamber to fix some minor issues ahead of the President’s visit.
The Dangote Petroleum Refinery says it has reduced the price of its Premium Motor Spirit from N990 per litre to N970/litre.
The PUNCH reports that this is the amount marketers would buy the product from the refinery.
In a statement released on Sunday, the Group Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina, said the reduction was to appreciate Nigerians as the year ends.
“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a dream come true. In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement read.
Chiejina said the refinery would not compromise on the quality of its petroleum products while assuring Nigerians of the best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply,” the statement concluded.
Our correspondent recalls that the Major Energies Marketers Association of Nigeria said on Friday that the landing cost of imported petrol is now N971/litre.
Recently, both independent and major marketers confirmed that the pump prices of petrol have started reducing in many parts of Nigeria due to the competition that the deregulation of the downstream sector has caused.
The spokesman of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the agreement between IPMAN and Dangote is gradually pushing down the price of PMS.
“By just the announcement that IPMAN and Dangote have met and are ready to transact business, the prices of products have crashed. You would have noticed the drop in prices by N10, N15, or so, and this is due to competition.
“Independent marketers are no longer buying from middlemen. We are going to be buying directly from the producer. So, the competition is setting in. I also want to tell you that before the end of this year, the price will not be as high as what you see now.
“You can see how our meeting with Dangote has significantly removed about N10 from the prices of refined petroleum products. It is a good development. We have not even started. Remember I once told you that prices would drop once IPMAN started lifting from Dangote,” Ukadike stated.
Also confirming the drop in prices, a major oil marketer stated that this was due to the deregulation of the downstream oil sector.
“People are not noticing that prices are going down, primarily because there are no big announcements. Deregulation is in full swing and competition is the order of the day,” the major oil marketer, who spoke in confidence due to lack of authorisation to speak on the matter, stated.
When told that the cost of petrol was still above N1,000/litre and was N1,070/litre in filling stations operated by his company, the dealer replied, “Last week it was N1,080 (in some filling stations) if you were observant.
“You may not see N900; that is below cost. Just stop expecting a permanent fixed price. It can come down and it can go up.”
More price reduction
Reacting to the price reduction, marketers described the gesture as a welcome development.
According to IPMAN, the decision by Dangote may be connected with the drop of fuel prices at the international market.
“It is a welcome development. This is the beauty of deregulation. What Nigeria has to do now is to ensure that all refineries are working to ensure total competition, so that fuel prices would be determined by market forces of demand and supply.
“Marketers will also tune down price. Since last week, prices have been coming down to N1,100, N1,040. As the prices are going down from the producers, Independent marketers will just add a little margin to sell to customers. That’s the most important thing,“ IPMAN spokesman, Ukadike, told The PUNCH.
Recall that a few weeks ago, the President of the Dangote Group, Alhaji Aliko Dangote, and petroleum marketers went up in arms after the former accused them of not patronising his refinery.
The businessman said he had over 500 million litres of petrol but the marketers were not coming to buy it due to their penchant for importing substandard petroleum products.
Reacting, the marketers recalled how many times they made attempts to lift petrol from the refinery without any positive response.
Both IPMAN and PETROAN stated that it was cheaper to import than to buy from Dangote refinery.
PETROAN categorically told our correspondent that it had reached an agreement with international traders to import petrol and sell at prices lower than that of Dangote and the Nigerian National Petroleum Company Limited.
However, the marketers made a U-turn and jettisoned the plan to import fuel into the country having agreed with the 650,000-capacity refinery.
28m litres supply
The Federal Government and the Nigerian National Petroleum Company Limited may have sealed a deal with the Dangote refinery for the supply of 28 million litres of the product to the local market daily.
According to a statement by the Petroleum Products Retail Outlets Owners Association of Nigeria, this was based on resolutions reached by operators.
The PUNCH learned that the agreement was finalised with stakeholders in the downstream sector on November 13.
With the resolution, it was learned that the NNPC, marketers, and other traders like depot owners will patronise the Dangote refinery by lifting the 28 million litres of petrol that it reportedly agreed to supply to the Nigerian market.
If implemented, experts said this means the $20bn refinery would prioritise the Nigerian market before exporting its product out of the country. It also means that marketers would consider the Dangote refinery before any form of fuel importation.
In the statement on Sunday, the leadership of the PETROAN disclosed that a resolution was held by stakeholders in the downstream sector, including the NNPC, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the President of Dangote Dangote Group, Alhaji Aliko Dangote and marketers.
According to PETROAN, it was agreed that marketers can now lift all of Dangote’s petroleum products.
“PETROAN praises the management of the NMDPRA under the leadership of Engr Farouk Ahmed; the Group Chief Executive Officer of NNPC, Mele Kyari; the President of the Dangote Refinery Alhaji Aliko Dangote; the leadership of MEMAN and DAPPMAN, PETROAN as well as IPMAN for reaching a resolution for oil marketing companies to buy all Dangote refinery products.
“The resolution includes Dangote refinery guaranteeing to sell an average of 28,000,000 litres of PMS daily for the next six months to oil marketers for domestic consumption in the Nigerian market,” the statement signed by the PETROAN spokesman, Joseph Obele, said.
According to Obele, the National President of PETROAN, Billy Harry, while speaking about the meeting, expressed optimism that the resolutions would bring succour to the downstream sector and improve the Nigerian economy.
The PETROAN national president had said the new deal was part of a resolution reached by stakeholders on the absorption of domestic petroleum product production by Nigerian oil marketing companies, including the NNPC.
Harry was quoted as stating that “the resolution will attract so many benefits which includes stability of petroleum products, control of price fluctuations, maintaining transparent communication, addressing conflicts proactively, and fostering collaboration among key stakeholders players.
On his part, Obele said those who signed the resolution include NMDPRA, NNPCL, Edo Refinery, Dangote Refinery, Waltersmith Refinery, Aradel Refinery, IPMAN, and PETROAN.
“The document indicates the availability of Aviation Turbine Kerosene and diesel from all domestic refineries would be provided to the NMDPRA for the same period of six months and must be subject to consideration for import as may be required,” Obele stated.
He said the meeting resolved that the NMDPRA must establish the basis for allocating import volumes to oil marketing companies on the assumptions of the aggregate of domestic refinery capacity with the understanding to cover shortfalls for respective marketers.
Obele stressed that according to the resolution, domestic refineries would provide fixed quantities and delivery windows, which must be a period of two months preceding the month of delivery to the customer and NMDPRA.
He added that individual oil marketing companies are to enter direct commercial agreements with domestic refineries on a willing-buyer, willing-seller basis.
A document sighted by our correspondent and titled, ‘Resolution on the absorption of Domestic Petroleum product production by Nigerian Oil Marketing Companies (OMCs), including NNPC Limited’, said:
“Further to the engagement between NNPCL, MEMAN and DAPPMAN of 13th November 2024 and subsequent revisions with the NMDPRA and other stakeholders, the following framework shall be executed:
“Dangote Refinery is to guarantee an average of 28,000,000 litres of PMS daily for the next six months subject to review as necessary. Availability of ATK and AGO from all domestic refineries shall be provided to the NMDPRA for the same period and be subject to consideration for import as may be required.
“NMDPRA to establish the basis for allocating import volumes to OMCS on the assumptions of the aggregate of domestic refinery capacity with understanding to cover shortfalls for respective marketers based on validated needs by the company and current national depots evacuation.”
The resolution added, “The domestic refineries are to provide fixed quantities and delivery windows two months preceding the month of delivery (M-2) to the customer and NMDPRA.
“Individual OMCs enter direct commercial agreements with domestic refineries on a willing buyer willing seller basis. AII NMDPRA fees (including MDGIF) to be included in every sales invoice issued by domestic refineries.”
NNPC denies deal
However, the NNPC has denied the resolution as presented by PETROAN.
In a chat with our correspondent on Sunday, the NNPC Chief Communications Officer, Olufemi Soneye, described the resolution as untrue
When asked if it was true that stakeholders met and agreed that Dangote should supply 28 million litres of petrol daily in the next six months, Soneye replied, “Not true”.
Similarly, the spokesperson of the Dangote Group, Anthony Chiejina, denied knowledge of the 28 million litres per day resolution.
“I don’t know. The PETROAN guy should do his job and stop chasing the media for publicity,” Chiejina replied.
Nevertheless, the PETROAN spokesman insisted that his claims were factual.
“Did they deny the document? It is real and factual,“ he stressed.
The South South's apex socio-political body Pan Niger delta Forum (PANDEF) has commended the President Bola Ahmed led federal governmen for not withholding statutory allocation due to Rivers state. In a media chat with news men at Uyo airport on Saturday, 23rd November, 2024, the new National Chairman of the body, AMBASSADOR GODKNOWS IGALI expressed delight that Mr PRESIDENT took such a statemanly decision which is a relief not only to the people of Rivers State but all of Nigeria.
He stated further that this decision will ensure that the ensure that the innocent citizens of RIVERS State will not suffer vicariously from the family feud between some of the political leaders of the state. He further expressed the hope that this decision will also aid 6 efforts by Obong Victor Attah led High level Peace and Reconciliation Committee recently constituted by PANDEF. The PANDEF leader again called on all political actors and leaders in Rivers State as well as youth and women groups to sheath the sword and follow the step taken by the federal government in de-escalating tension while the reconciliation effort by the elders of the region is ongoing.