https://www.youtube.com/watch?v=Y8W2PTQi7Qg
“NNPC GMD MUST GO” – Protests Rock Abuja Over Fuel Scarcity; Protesters Demand sack of Mele Kyari.
“Mele Kyari: NNPC GMD Must Go” – Protests Rock Abuja Over Fuel Scarcity
https://www.youtube.com/watch?v=Y8W2PTQi7Qg
“NNPC GMD MUST GO” – Protests Rock Abuja Over Fuel Scarcity; Protesters Demand sack of Mele Kyari.
FEC Will Determine Price Of Our Petrol, Says Dangote
Aliko Dangote, chairman of Dangote Industries Limited, says the price of petrol from his refinery will be determined by the federal executive council (FEC).
Dangote spoke on Tuesday after a press conference in Lagos.
The billionaire’s response follows the official announcement of the commencement of petrol production.
“On pricing, it is an arrangement which is designed and approved by the federal executive council (FEC) led by His Excellency, President Bola Ahmed Tinubu,” he said.
“As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”
Also, Dangote said the petrol from the plant, in terms of quality, can compete with products from other refineries across the world.
Regarding the timeframe for the petrol supply, the billionaire said an announcement would be made after meeting with the NNPC today or Wednesday.
According to Dangote, as soon as this is finalised, “our products will start going to the market”.
“Our gasoline can be in filling stations in the next 48 hours depending on NNPC,” he said.
Following the commencement of petrol production in Dangote refinery, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the refinery is expected to supply 25 million litres of petrol daily in September and will subsequently increase this amount to 30 million litres daily from October.
The 650,000 bpd capacity refinery began operations in January with the production of diesel and aviation fuel.
Nigeria Becomes 3rd Largest IDA Debtor, Secures $2.2bn Under Tinubu
Nigeria has become the third largest debtor to the World Bank’s International Development Association (IDA) as of June 30, 2024, marking a significant increase in the country’s borrowing from the institution.
This development has reflected a substantial shift in Nigeria’s financial landscape under the administration of President Bola Tinubu.
According to the World Bank’s latest financial statements, Nigeria’s exposure to the IDA has surged by 14.4%, rising from $14.3 billion in the fiscal year (FY) 2023 to $16.5 billion in FY2024.
This $2.2 billion increase in borrowing has propelled Nigeria into the top three IDA debtors for the first time, moving up from its previous position as the fourth-largest borrower in 2023.
The fiscal year 2024 spans from July 2023 to June 2024, during which Nigeria received at least $2.2 billion from the World Bank.
This period aligns with President Tinubu’s administration, underscoring the growing reliance on international financial support amid domestic economic challenges.
Notably, this debt pertains exclusively to the IDA and is separate from any outstanding loans Nigeria has with the World Bank’s International Bank for Reconstruction and Development (IBRD).
In comparison to other top IDA debtors, Bangladesh retains its position as the largest borrower, with its exposure increasing from $19.3 billion in 2023 to $20.5 billion in 2024.
Pakistan follows on the second position with a stable exposure of $17.9 billion over the same period. Meanwhile, India, previously the third-largest borrower with $17.9 billion in 2023, saw its IDA exposure decrease to $15.9 billion in 2024, allowing Nigeria to surpass it.
Other notable IDA borrowers include Ethiopia, whose exposure grew from $11.6 billion in 2023 to $12.2 billion in 2024.
Kenya and Vietnam both hold exposures of $12.0 billion. Alongside Tanzania, Ghana, and Uganda, these countries round out the top ten IDA debtors, collectively accounting for 63% of the IDA’s total exposure as of June 30, 2024.
The IDA, a crucial arm of the World Bank, focuses on providing concessional loans and grants to the world’s poorest countries. These loans feature low interest rates and extended repayment periods, aiming to foster economic growth, reduce inequalities, and improve living conditions in developing regions.
According to reports, Nigeria secured a total of $4.95 billion in loans from the World Bank under Tinubu’s administration, amid growing concerns over the country’s escalating external debt servicing costs.
However, only about 16 per cent of these new loans have been received so far. The World Bank may approve an additional four loan projects for Nigeria this year, potentially totaling $2 billion.
Furthermore, data from the external debt stock report of the Debt Management Office (DMO) indicates that Nigeria’s total debt to the World Bank stood at $15.59 billion as of March 31, 2024.
Fuel Scarcity: Handover Warri Refinery To Reputable Indigenous Company- IYC Tells Tinubu
……Advocates Establishment of Modular Refineries as quick win
The Ijaw Youth Council (IYC) called on the federal government under President Bola Tinubu to as part of efforts to curb incessant fuel scarcity across the country, hand over the management of Warri oil and Gas Refineries and others, to any reputable Indigenous Companies within the oil rich Niger Delta Region for optimal productions.
That the relative peace in the Niger Delta which has led to increase in the production of daily crude oil is a positive testimony that the region has embraced real peace deal and should be applauded by all Nigerians.
This was contained in a statement signed by Comrade Bedford Berefa Benjamin, Spokesman for the Ijaw Youth Council Worldwide, from the National Headquarters,Yenagoa, Bayelsa State, South South, Nigeria on
Tuesday.
According to the statement, the IYC re-emphansized that the overbearing crisis rocking the oil sector was not as a result of crude oil deficit but the inability of management saddled with the responsibilities of the nation’s mono-economy soaked with corruption tendencies at the different oil refineries.
The Ijaw Youth singled out Tantita Security outfit and others with positive intentions to grow the nation’s national assets for their patriotism,saying “with Tantita Security outfit, the issue of complacency and unpatrotic tendencies of previous handlers of the Petroleum sector in the Niger Delta region have been put on checks.
This has led to increase in the daily production outputs of crude oil in Nigeria, a testament that any reputable Indigenous Niger Delta Companies can handle the management of Warri and even Porthacourt refineries for optimal output.
”The rythorical failed timelime given by the management of Port Harcourt refinery to function has clearly shown that the NNPC and other players are playing politics with national growth and development.
”We therefore, recommend that establishment of modular refineries as quick and prompt solutions to the Petroleum crises and Indigenous private players should be given a license to operate such refinery, based on their capacities and tracked patriotic tendencies that will lead to increasing daily crude oil production in the country.
”In conclusion, we affirmed that the Warri refinery should be handed over to either Tantita Group or any other reputable Indigenous Niger Delta Companies to curb fuel deficit and Scarcity across the country.
”We commend President Tinubu’s administration in his Renewed efforts to write the wrongs and stabilise the economy, especially in the oil sector” the statement reads.
CBN: $6.96 Billion Current Account Surplus Coming In 12 Months
Nigeria’s Current Account position is projected to record a higher surplus of $6.96 billion this year, a macroeconomic report by the Central Bank of Nigeria (CBN) research department has shown.
The current account balance of payments is a record of Nigeria’s international transactions with the rest of the world.
This year’s current account position will be higher than $5.31 billion recorded last year. The surge in current account balances will be driven by sustained trade surplus from robust export performance and increased diaspora remittances.
According to the report, the OPEC+ crude oil supply cuts, ongoing Middle East tensions, and anticipated rise in domestic crude oil and gas production, are likely to boost export earnings.
Additionally, the commencement of the Dangote Refinery is expected to increase export receipts and reduce petroleum product imports.
“Import in 2024 is expected to decrease to $46.11 billion from $49.68 billion in 2023, primarily, due to a decline in oil imports. The continued implementation of the Petroleum Industry Act 2021 (PIA), and operations of the Dangote and Port Harcourt refineries, are anticipated to reduce oil imports. However, a slight increase in non-oil imports is expected, due to anticipated improvement in global and domestic economic conditions,” the apex bank said.
According to the report, export is projected to rise to $55.21 billion in 2024, from $54.53 billion in 2023, arising from the sustained growth in oil and non-oil exports.
“Anticipated increase in domestic crude oil production owing to enhanced security of oil installations, is expected to boost export receipts. The improvement in export would be reinforced by the operations of the Dangote refinery and potential oil price increase amid geo-political tensions and OPEC+ supply cuts,” it added.
In the non-oil sector, high global commodity prices and government initiatives (such as the “Export 774” Programme) to diversify the export base, will further enhance total export.
Also, higher receipts from the export of key commodities, including urea, fertiliser, sesame seeds, cocoa beans, hibiscus flower, and cashew nuts, are expected to drive non-oil export.
The deficit in the services account is expected to narrow, slightly, to $12.85 billion from $12.92 billion, as higher cost and weaker naira could suppress spending, especially on business, transportation, and travel services.
The report said that in the primary income account, the deficit is projected to widen to US$9.36 billion from US$8.46 billion in 2023. This outcome is based on the anticipated increase in repatriation returns on investment by foreign investors.
Additionally, the outlook for diaspora remittances indicates a marginal increase to $19.42 billion from $19.17 billion in 2023.
This is on account of expected improvement in global economic conditions and reforms in the foreign exchange market that allow International Money Transfer Operators (IMTOs) to pay beneficiaries at market determined exchange rates.
Similarly, the ongoing efforts by the Bank to improve efficiency, transparency and confidence in the foreign exchange market is expected to boost remittances through formal channels.
The financial account is expected to maintain a higher net borrowing position at $6.41 billion, compared with $6.39 billion in 2023. This projection is based on a higher net incurrence of financial liabilities, totaling $13.08 billion, from $5.14 billion in 2023.
“The higher liabilities are attributed to expected increase in external borrowings, through euro bonds and multilateral loans, and higher portfolio inflows. On the asset side, residents are likely to increase investments abroad leading to a rise in the acquisition of financial assets,” it said.
Petrol Hits ₦1,200/Litre In Kano, Sells For ₦902 At NNPC Stations
The price of Premium Motor Spirit (PMS) in Kano has jacked up to N1,200 across some filling stations as the Nigerian National Petroleum Company Limited (NNPCL) outlets adjusted pump price to N904 per litre.
Daily Trust reports that the NNPC outlets are currently inundated by long queues as the price of the commodity skyrocketed.
An NNPCL official at one of the outlets, who prefer anonymity, said they were waiting for directives to begin sales at the new price.
“We just came this morning (Tuesday) and turned on our machines only to see the adjustment. You can see it for yourself. We are here now waiting for directives to start selling,” he said.
Motorists in queue expressed concerns over the development.
Isah Muhammad said, “Where are we heading to in this country? How do we survive now? It’s very unfortunate we are witnessing this.”
Another motorist, Ibrahim Saleh, said, “I can recall when I used to sell petrol (black market). It was then N95. One day during the late President Shehu Musa Yar’adua regime, we went to buy fuel and they halted the process.
“We all thought it was going to be increased but they adjusted the litre to N65. It was something that I would never forget in my life. When things go up, they never come down in Nigeria and since then it has been like that.”
Dangote Petrol: Days Of Bowing To Foreign Powers Over – Otedola
Billionaire businessman and Chairman of Geregu Power PLC, Mr. Femi Otedola, has hailed his friend and President of the Dangote Group, Alhaji Aliko Dangote, for rolling out petroleum product from his refinery.
Otedola said by building the 650,000 barrel per day refinery, Dangote has liberated Nigeria from the chain of economic dependence.
In a post on his verified handle, Otedola recalled that the journey started 25 years ago.
He also hailed President Bola Tinubu for his “his unwavering support and belief in actualizing this monumental achievement under his administration.”
Otedola said, “This day belongs to every Nigerian who has dared to dream of a better future. Congratulations to our great nation—today, we all stand a little taller.
“Aliko, it feels like just yesterday, but it has been 25 long years since we first set our sights on transforming Nigeria’s energy landscape. I remember vividly when we set up the Blue Star Consortium to acquire stakes in the Kaduna and Port Harcourt refineries—20% for me and 51% for you.
“We were ready to change the game, but fate had other plans. The government of the day, in an act I can only describe as utterly obnoxious, canceled our stakes and thwarted our vision.
“But, as always, you refused to be deterred. You never gave up on the dream we shared. You carried the torch forward, igniting a spark that has today become a roaring flame. And now, 25 years later, here we stand on the precipice of history, with the first fuel shipment from the Dangote Refinery—a feat that is nothing short of miraculous.
“While the Kaduna and Port Harcourt refineries have remained dormant, their promise unfulfilled despite billions of dollars spent on so-called turn-around maintenance, you have achieved what many said was impossible. You have beaten all the skeptics, silenced the naysayers, and proved wrong those who doubted your resolve, even those who never wanted this project to succeed.
“You have not just built a refinery; you have liberated us from the chains of economic dependence that have held this nation back for far too long. The days of bowing to foreign powers for our fuel needs are over, thanks to your vision and determination.
“You have dealt a death blow to the so-called local cabals who have fattened themselves for years, feeding off our nation’s economic slavery. These cabals, who have grown rich by keeping Nigeria in a perpetual state of dependence, must now face the reality that their era of easy gains is coming to an end. I am reminded of the time you revolutionized the cement industry in Nigeria.
“Ships that once brought in cement turned into rusting relics, scraps of a bygone era. Now, with your refinery in full swing, I foresee a similar fate for fuel imports. The depot owners should take heed—it’s time to dismantle those depots and sell them as scraps while the market is still high. The world has changed, and those who do not adapt will be left behind.
“When I ventured into the depot business with Zenon, it was in response to the inefficiencies of the NNPC. Zenon pioneered the diesel business in Nigeria and quickly became the largest in the country, filling the gaps left by our inefficient system. But today, your refinery stands as a beacon of what is possible when one has the audacity to dream and the tenacity to see it through.
“Aliko, you have my deepest admiration and respect. Congratulations to you and the entire board, management and staff of Dangote Refinery on this monumental achievement. This is not just a victory for you but for every Nigerian who dares to dream. May this be just the beginning of even greater things to come.”
NNPC Retail MD, Huub Stokman, Denies Authorizing Price Hike Message
A False Alarm: NNPC Retail MD, Huub Stokman, Denies Authorizing Price Hike Message
In a swift response to the widespread news of a fuel price hike, the Managing Director of NNPC Retail, Huub Stokman, has denied authorizing the message announcing the increase.
The message, which circulated widely on social media and among fuel station owners, claimed that the pump price of Premium Motor Spirit (PMS) had been increased from N617/liter to N897/liter, effective immediately.
However, in a short message to Journalists, Stokman clarified that the message was not sent by the company and should be disregarded.
“This message was not sent by us,” the statement read. “The Corporate Communications team will lead any messages as usual. Please disregard any information suggesting a price hike.”
The NNPC Retail Corporate Communications team has urged the public to rely only on official channels for information regarding fuel prices and other important updates.
Politicians Use Tracker To Monitor Enemies, Mistresses Instead Of Kidnappers
‘Politicians used IRT’s tracker to monitor enemies, mistresses instead of kidnappers’
A senior police officer, now retired, has said that the real-time tracking technological platform that once helped the Intelligence Response Team, IRT, to crack many criminal cases ended up being used by politicians to monitor “enemies and mistresses”.
The officer said this while responding to Vanguard’s question on what went wrong with the system put in place to monitor the locations of kidnappers and interception of calls for prompt arrest and rescue of abducted victims.
The Police launched intelligence-led policing in 2015 with the installation of a tracking device that was installed by the then-Inspector-General of Police office, Solomon Arase.
There was also the operation unit code-named Intelligence Response Team, IRT, (still in operation). The team monitored the kidnappers’ movements in real-time, with the information from the device, thereby helping them stay one step ahead.
This device also helped investigators analyze the locations and patterns of calls made by the kidnappers, the routes, and potential safe houses.
In addition, the device provided valuable evidence, such as call records, location data and communication patterns, to build a strong case against the kidnappers.
One such case was the arrest of five kidnappers of former Secretary to the Government of the Federation, Chief Olu Falae. He was taken captive by the herdsmen on September 21, 2015, during his 77th birthday.
In this case, five of the kidnappers came to pick up the N5 million ransom in Suleja, Niger State.
An officer’s eyewitness account
One of the senior police officers who effected the breakthrough told Vanguard “Immediately the kidnappers removed the SIM card used to negotiate, we knew where they were and intercepted them at the last bridge to Minna.
“The ransom money they collected was still in the boot and the SIM card. Five of them were arrested. The motorcycle they used to convey Chief Olu Falae was retrieved.
“The N5 million ransom was marked by the bank. They removed only N100,000 from it. The kidnappers were sentenced to life imprisonment.”
Asked what went wrong with the system put in place to monitor the locations of kidnappers and interception of calls for prompt arrest and rescue of abducted victims, the retired senior officer attributed it to the priority of successive Inspectors General of Police.
His words: “The priority of successive IGPs was quite different. Solomon Arase set up the platform when he was the IGP. It was a technical platform to track calls.
“It was mounted in the IGP’s office then and only one officer, who is now an AIG, had access to the technical platform.
“The Intelligence Response Team, IRT was supposed to be the operational wing that would work with the technical platform. When the technical team got information, it would pass it to IRT to go to the location and make an arrest. Drones and vehicles were bought for the operation.
“But successive IGPs who were analogues didn’t know what to do. They merged the technical platform and IRT. Instead of the platform being used for crime prevention, it became political.
“People in the National Assembly and Villa got hold of the platform and used it to track their enemies and mistresses.
“For such a platform, you don’t give both the technical and the operational units to just one person who would be compromised by politicians. That was the beginning of the collapse of the platform. It requires someone with power and intelligence; someone of a strategic level who is keen on that line.
“This platform was supposed to be renewed and hooked up with the service provider. But that was never the priority of successive IGPs.
“They had money to pay for the accumulated subscription but they refused to pay. When you leave such a system for more than one year, it requires recalibration. This technology keeps evolving.
“You can’t say something you set up today will be used the same way for 10 years without being upgraded. Before long, the system broke down, and the functionality of the Police tracking equipment began to diminish and subsequently went comatose.
The tracker, particularly, became non-functional due to non-subscription as well as failure to engage the relevant company to carry out required system upgrades.
“Due to the failure to pay subscription fees for about three years, and after a grace period had expired, the company overseeing its maintenance and upgrade decided to withdraw its services. This made it difficult to track bandits, kidnappers, and other forms of violent crimes.”
However, Saturday Vanguard gathered that the present IGP, Kayode Egbetokun, reactivated the tracking device.
However, despite its reactivation, in addition to the tracking devices of the DSS and Office of the National Security Adviser, ONSA, kidnappers are still having their way without being tracked in many parts of the country.
Victor Osimhen: Galatasaray Reach Loan deal agreement With Napoli
🚨🟡🔴 Galatasaray have reached an agreement in principle with Napoli over loan deal for Victor Osimhen!
One year loan, salary covered as Napoli have accepted these conditions.
Gala’s delegation to meet with Osimhen in Napoli in next hours for final green light to the move.