Vice President Kashim Shettima, on Wednesday, departed Abuja for Abidjan, Côte d’Ivoire to attend the opening of the International Exhibition of Extractive and Energy Resources 2024 conference.

The event holds from November 27 to December 2, 2024, at the Abidjan Exhibition Centre.

Shettima’s visit is “At the invitation of Côte d’Ivoire’s Vice President Tiémoko Meyliet Koné,” Senior Special Assistant to the Vice President on Media and Communication, Mr. Stanley Nkwocha, said in a statement on Wednesday.

The statement is titled ‘VP Shettima Leaves For Abidjan, To Attend SIREXE 2024 Opening Ceremony.’

SIREXE conference is an international event organised by the Government of Côte d’Ivoire that focuses on “Policies and Strategy for the Sustainable Development of the Extractive and Energy Industries”.

“The VP will utilise the event to share Nigeria’s experience in the hydrocarbon exploration and production sectors,” said Nkwocha.

The Vice President is expected to return to Abuja later today (Wednesday).

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country’s foreign reserves rose to $40.88 billion as of November 21.

Cardoso spoke on Tuesday at a press conference after the monetary policy committee’s 298th meeting in Abuja.

He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.

The amount represents an increase of $82 million or 2.05 percent in 21 days.

“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.

However, checks on the apex bank’s website showed that Nigeria’s foreign reserves stood at $40.27 billion on November 22 – less than what Cardoso presented.

Further speaking at the event, Cardoso said “the process of getting us where we are in terms of reserves has been a long one”.

“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.

“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.

“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary.

“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”

Cardoso also said the bank will continue to intensify efforts to stabilise the currency and prices.

According to the CBN governor, “the currency has been stable compared to what it was in June”.

But he said for the value of the country’s currency to be stable, there needs to be increased exports and diversification of the economy.

Cardoso said diaspora remittance has increased due to policies that have been put in place.

He commended those in the diaspora for helping the country accomplish over $600 million in remittances.

Zacch Adedeji, chairman of the Federal Inland Revenue Service (FIRS) says the proposed tax reform bills will increase the number of eligible taxpayers — not create new taxes.

Adedeji spoke on Tuesday during the second edition of the annual national dialogue organised by Nigeria Politics Online (NPO).

Adedeji, represented by Umar Idris, director of intergovernmental relations at the FIRS, said the proposed tax laws already at the national assembly are in the spirit of reforming the tax system so that the country can generate more without necessarily burdening the citizens.

“We don’t need new taxes; what we need is new taxpayers,“ he said.

“We want to simplify tax payments with the hope of maximising revenue. 

“We are committed to fair tax administration, responsive and accessible service to optimise revenue for national development.”

Adedeji disclosed that all the revenue-collecting agencies have posted good results so far this year, exceeding their targets from January to October.

According to the taxman, the signs are good that the agencies will exceed their targets for the year.

The FIRS boss said taxation cannot happen without cooperation between the tax agency and the taxpayers.

“So we are moving from voluntary compliance to cooperative compliance,” he said.

“Let’s sit and have a discussion on how best we can improve our revenue through taxation.”

On how revenue can be generated by the government, Adedeji said collaboration with private sector investors can address funding constraints.

He said the partnership would provide innovative solutions to public service delivery and infrastructural development. 

“In this regard, encouraging private sector investment can foster a business-friendly environment, offer incentives, and promote public-private partnerships,” the FIRS chairman said.

Adedeji also highlighted asset optimisation, digitalisation, value-added tax (VAT), privatisation, encouraging private-sector investment and implementing cost-cutting measures as revenue options for the government.

He said it is also important to make tax payments convenient and accessible, adding that his administration is working hard to ensure people can pay taxes easily.

‘GOVERNMENT RAISING FUNDS FROM PEOPLE WHO ARE ECONOMICALLY DRAINED’

In his welcome address, Semiu Okanlaawon, publisher of NPO Reports, said the topic of the lecture was inspired by the dilemma Nigeria is currently facing: trying to raise revenue from people who are economically drained and can barely feed.

Speaking during the panel session, Mojid Jamiu, executive editor of Upshot Media, said there should be a correlation between the increase in Nigeria’s revenue, external reserves, and the livelihood or purchasing power of an average Nigerian.

“The government should improve on providing a conducive environment that can assist people to improve the value chain and increase local productivity,” he said.

He also said the government should look into subsidising basic amenities for Nigerians to mitigate the impact of ongoing reforms.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says there is no going back on the fight against inflation.

Speaking on Tuesday at a press briefing after the 298th monetary policy committee (MPC) meeting in Abuja, Cardoso said the bank would continue to deploy all available tools to tame inflation.

“Let me first say that the central bank is resolute and committed to continuing to fight the war against inflation. There is no going back on that,” Cardoso said.

“We are going to deploy everything in our arsenal to ensure that we are able to tame it, and of course, this entails the return to orthodox monetary policies.

 

“So, I think it is important to state that upfront, there’s no going back on that.”

 Cardoso said the effects of monetary policies take time to yield results, “with a lag period of six to nine months, or even up to a year, depending on the measures implemented”.

The CBN governor projected that the impact of recent policy tightening would become more evident by the first quarter of 2025.

“We expect to see greater results in the first quarter of 2025, and you can do the math from the time we started tightening so we expect to see this in the first quarter of 2025,” he said.

‘CBN WORKING WITH AGENCIES TO ADDRESS CHALLENGES AFFECTING INFLATION’

Cardoso also said the apex bank is working with relevant agencies to address structural challenges affecting inflation, such as supply disruptions and infrastructure deficits.

He added that the CBN is also working to eliminate distortions in the foreign exchange (FX) market to ensure it reflects the true value of the naira.

“We are doing what we can within the limits of markets, and in particular, the foreign exchange market and by that, I refer to the fact that we appreciate that many times, some distortionary elements come into a market, and that is why we as regulators, that’s what we are there for,” the CBN governor said.

“We are ensuring that we are on top of the game and that the foreign exchange market operates at its most optimal manner, and so it will reflect the true value of the currency and of course, you have price discovery.”

Cardoso stressed that Nigeria is on the right path and must stay the course as far as inflation and FX management is concerned — noting that other countries face similar issues.

He expressed optimism that the sacrifices made by Nigerians amid monetary tightening would yield significant benefits in the future, stating the need for patience and commitment to the country’s economic reforms.

The All Progressives Congress (APC) governorship candidate for Rivers State in the 2023 elections, Tonye Cole, has explained why Nigerian refineries cannot sell Premium Motor Spirit (PMS) for ₦700 or less, citing foreign exchange and importation costs as key factors.

Speaking on Channels Television on Tuesday, Cole highlighted the complexities affecting pricing shortly after the Nigerian National Petroleum Company Limited (NNPCL) announced the resumption of operations at the Port Harcourt Refinery.

The refinery, currently operating at 60% capacity and refining 60,000 barrels of crude oil daily, is expected to complement production from the soon-to-be operational Warri Refinery.

Cole noted that while the restart of local refining is significant, imported machinery and foreign exchange costs continue to impact pricing.

He said, “The price being sold in Nigeria is lower than what an imported cargo would land at. As a result of that, most people are not bothered to import.

“So, Nigerians are already benefiting from that. Secondly, the volume of consumption in Nigeria has dropped, as a result of that, the pressure you used to have on foreign exchange has gone down because we’re no longer importing that much.

“What you’re selling is in naira, naira is what you use in buying crude, so we’re already feeling the impact of that.”

On why the product cannot be sold below ₦700, Cole remarked, “I don’t think we’ll get it [₦700].

“There are certain things you still need to deal with. There are many components you’re still bringing in.

“All the things that were refurbished at the refinery were refurbished with products and machineries brought in from outside the country.

“So we still have a huge foreign exchange component we have to deal with.”

Cole concluded by emphasizing that while progress has been made, achieving a drastic reduction in fuel prices would require resolving these structural issues in the petroleum sector.

Edo State chapter of the Peoples Democratic Party, PDP, has accused the Governor Monday Okpebholo-led government of squandering over N30 billion left in the state’s coffer by the immediate past government of Godwin Obaseki, two weeks after he was sworn-in as governor.

DAILY POST reports that the caretaker committee chairman of the party in the State Dr Anthony Aziegbemi made the allegation at a press conference titled, “State of the Nation Address”.

Aziegbemi alleged that the money was spent by the governor to compensate “godfathers” who worked for him during the September 21, 2024, governorship election

The PDP caretaker committee chairman, who accused the APC-led government of not paying the state’s civil and public workers the November monthly salary, noted that the development was contrary to the record set by the former PDP-led government under the Governor Godwin Obaseki where the state’s workers received monthly salary on or before 26th of every month.

He also alleged that the APC-led government in the state had within two weeks in office procured over N5 billion worth of vehicles without a proper procurement process.

Aziegbemi, who further alleged that Governor Monday Okpebholo’s government was desperately looking for ways to pass entries for over N2 billion as inauguration costs, opined that the Edo State Procurement Act was at risk.

According to him, “for 8 years the PDP-led administration paid salaries on or before the 25th of every month, and as of today, they have not been able to pay November salaries even though the Obaseki-led PDP administration left over N30bn in the state coffers.

“What have they done with that money? They have filtered the money away and shared it with their godfathers for the roles they played in circumventing the will of the people

“We are aware that as we speak, nobody in the state has received any credit alert for the payment of November 2024 salary. The government of Godwin Obaseki paid salary 26th of every month

“Governor Okpebholo has procured over N5bn worth of vehicles without proper procurement process which has created a crisis to the extent that the Permanent Secretary Governor’s office is threatening civil servants in Central administration for refusing to accept vehicles due to improper documentation, while desperately looking for ways to pass entries for over N2bn of inauguration costs.”

Responding to the allegations, the Edo State Government said Governor Monday Okpebholo would expose PDP’s eight-year rot in the state.

A statement by Fred Itua, the Chief Press Secretary to the Governor, noted that no amount of blackmail would stop the Okpebholo-led administration from recovering the commonwealth of the people from a few dubious men.

Itua posited that the 14-day government of Monday Okpebholo was in a hurry to develop Edo State and had remained undaunted in living up to the people’s expectations.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over the pricing of Premium Motor Spirit (PMS) produced by the recently reopened Port Harcourt Refinery.

PETROAN revealed that the Port Harcourt Refinery sells its petrol ₦75 per litre higher than the price offered by the Dangote Refinery.

Dr. Joseph Obele, the association’s Public Relations Officer, highlighted this during the refinery’s reopening ceremony on Tuesday.

The Port Harcourt Refinery, now operating at 60,000 barrels per day, marks a significant step in revitalising Nigeria’s local petroleum production.

Dr. Obele, a former chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at the Port Harcourt Depot, commended the federal government for the refinery’s restoration but noted a critical pricing issue.

He explained that while Dangote Refinery supplies petrol at ₦970 per litre, the Nigerian National Petroleum Company Limited (NNPCL) sets its price at ₦1,045 per litre, creating a ₦75 disparity.

According to Obele, this price difference poses a significant challenge for petroleum marketers, as profitability in the sector relies heavily on competitive pricing.

Despite this concern, he acknowledged that the refinery’s restoration is a crucial milestone in reducing Nigeria’s dependence on imported fuel.

Obele also disclosed that NNPCL’s Group Chief Executive Officer, Mele Kyari, has assured stakeholders of plans to harmonise prices to minimise the impact on marketers and consumers.

The reopening of the Port Harcourt Refinery is expected to boost local refining capacity and reduce import reliance.

However, the pricing disparity highlights the need for further reforms to stabilise the downstream petroleum sector and ensure a level playing field for industry stakeholders.

In line with his five-point agenda to address the high cost of living faced by residents, the Edo State Government has approved free bus services for the people of the state through the State-owned Edo City Transport Service (ECTS).

The State Governor, Monday Okpebholo approved the free bus services at a function on Monday in Benin City.

A statement by Fred Itua, the Chief Press Secretary to the Governor and made available to newsmen in Benin City, said the initiative was part of Governor Okpebholo’s administration’s drive to entrench his policy direction.

Governor Okpebholo said the free bus service which covers Benin metropolis and the three Senatorial districts of Edo State (Intra and Inter-city routes), was part of his administration’s commitment to enhance the welfare of all Edo people.

According to him, “the bus services will ease transportation stress. Our people who plan to move around within the Benin metropolis and out will be able to do that without any extra financial burdens.

“Edo Central like Ekpoma, Iruekpen, Irrua, Uromi, and other places are also part of the routes the free transportation services will cover.”

“Edo North is fully captured. Agbede, Auchi, Okpella, Fugar, and other parts of Edo North are covered in the free transportation scheme of this administration”, he said.

The former presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi, has called on the federal government to provide clarity and accountability regarding the management of the nation’s vital oil resources.

The former Anambra State governor said this while reacting to the commencement of oil production at the Port Harcourt Refinery.

In a statement on his X handle on Wednesday, Peter Obi commended the Nigerian National Petroleum Corporation (NNPC) for revamping the old refinery.

He, however, noted that Nigerians now await the corresponding impact and benefits on pump prices and the overall economy.

Peter Obi wrote: “I wish to congratulate the Nigerian National Petroleum Corporation (NNPC) for fulfilling the long-standing promise of revamping the old Port Harcourt refinery.

“The refinery, which comes on stream today boasts an installed production capacity of 60,000 barrels of crude oil per day. Approximately 200 trucks are expected to load products daily from the refinery.

“Nigerians now await the corresponding impact and benefits on pump prices and the overall economy.

“Additionally, news of the Kaduna refinery’s revival is promising, as it is expected to boost productivity, improve transportation, and alleviate economic burdens across the country.

“While we acknowledge these achievements as a step in the right direction, it is crucial to emphasize the importance of transparency in the operations of the NNPC.

“Nigerians deserve clarity and accountability regarding the management of the nation’s vital oil resources, ensuring that the benefits of increased refining capacity reach every Nigerian and that the gains are used to support long-term development.”

The Board and Management of the Nigerian National Petroleum Company Limited (NNPCL) have confirmed the resumption of operations at the Port Harcourt Refinery, marking a key milestone in Nigeria’s bid for self-sufficiency in petroleum refining.

In a statement released on Tuesday, NNPCL expressed gratitude to Nigerians for their support, describing the successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery as a “significant milestone.”

However, speaking on the development in a chat with Daily Trust, the Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, revealed that only NNPCL trucks are currently loading products from the refinery.

He said, “We are excited about the development but we have not been invited as of this time. We are currently getting products from the Dangote refinery.

“We currently have no information about pricing, but we will get a clearer indication as we monitor the prices at the NNPCL retail stations.”

Meanwhile, marketers have speculated that the resumption of operations at the refinery will bring about competition which may lead to a reduction in the price of petrol.

The National Public Relations Officer of IPMAN, Olanrewaju Okanlawon, said while the price of PMS had not changed, the development would eventually bring about price reduction.

He said, “They (NNPCL) have not come up with any price but that is the beauty of deregulation and that means competition is already here.

“The implication of it is that the major issue about the economy is demand and supply and when there is surplus of supply, it will reduce the price. When there is excess supply, it will definitely crash the price. The NNPCL is producing, Dangote is producing, the price will come down and it would be to the benefit of Nigeria.”