Economy

NNPC Dismisses Price Hike Rumour, Admits Hitches in Depots

Published

3 years ago

November 3, 2021

Eric

The Nigerian National Petroleum Corporation has admitted that there are pricing issues at some petrol depots in the country but ruled out any hike in the pump price of the product.

Fuel queues reportedly resurfaced on Monday in the Federal Capital Territory, and some parts of Nasarawa and Niger states.

Retailers had claimed that the ex-depot price of the product had been increased by private tank farm owners from the recommended N148-N149.5/litre to between N153 and N155/litre.

The Group Managing Director, NNPC, Mele Kyari, while delivering a presentation at a conference organised by energy correspondents in Lagos on Tuesday, said the corporation had adequate stock of Premium Motor Spirit (petrol).

He said, “As we speak now, there is speculation of fuel scarcity within the media, but we have over 1.7 billion litres of Premium Motor Spirit in the country. We have another 2.3 billion litres coming in; so there is no shortage in supply as being speculated.

“Of course, there are issues about pricing at some depots but government has no plan to revise the pricing structure.”

According to Kyari, NNPC’s objective is to provide energy security for Nigeria and ensure availability of petroleum products in the country.

Speaking on ‘Petroleum Industry Act: Energy transition and the future of Nigeria’s oil and gas,’ he explained why Nigeria was demanding energy justice at the ongoing United Nations Climate Change Conference (COP26) in Glasgow, Scotland amid the global push for energy transition.

Kyari noted that the COP26 again highlighted the challenges faced by Nigeria and other African countries in the global energy transition.

He noted that the President, Major General Muhammadu Buhari (retd.), in his speech before the world leaders, had demanded energy justice for Africa and highlighted the need to exploit the available resources as a pathway to attain the net-zero carbon objective by 2050.

According to Kyari, although Africa accounts for only about three per cent of the global carbon emission, the continent still has the responsibility to join the world in combating climate change.

He said Nigeria had identified its abundant gas resources as its fuel for energy transition, citing the declaration of the year 2021 to 2030 as the ‘Decade of Gas’ by the government.

The NNPC boss said, “We are making good progress in terms of the implementation of the PIA which is clearly creating the path for transition.

“There is no way we can achieve this feat without adequate infrastructure to transport the resources to where it will be used, and that is why we are investing in massive gas infrastructure.”

Economy

My Policy on Fuel Subsidy Removal Yielding Results, Says Tinubu

Published

5 days ago

March 11, 2025

Eric

President Bola Tinubu has declared that his fuel subsidy removal policy is yielding the desired results, pointing out that prices are gradually declining.

The President also asserted that investors are increasingly showing interest in the Nigerian economy, a development he attributed to the removal of fuel subsidies, a policy introduced on 29th May 2023.

Tinubu made these remarks on Monday while inaugurating the National Youth Council at the Presidential Villa, Abuja.

Addressing the youths, Tinubu emphasised that while politicians will always be politicians, true leadership is about fostering development that benefits future generations.

He urged Nigerian youths to take advantage of the opportunities being created by the government, particularly in the ICT sector, to contribute to national development.

Tinubu said: “I have listened to you. Today is not for long speeches. I just want to reassure you that you are the hope of this country. Everything rests on your shoulders. Every decision I have taken is about you and the future.

“When we removed the fuel subsidy, we were securing a future for generations yet unborn. Where is the investment? Where is the infrastructure? When you hear many professionals say they want to ‘JAPA’, it is because prosperity is not widespread at home. If we create opportunities and empower our people, they will have no reason to leave.

“This is your country to develop, build, and prosper in. The government is fully committed to you. Take this seriously. You can criticise politicians all you want, but ultimately, politics is about development and securing a future for the next generation.

“At the beginning, it seemed uncertain, difficult, and even hopeless. It felt like drawing water from a dry well. But today, the economy is turning a corner. Prices are falling, confidence in our economy is improving, and investors are showing interest. Technology is advancing, and you have opportunities before you.”

The President reminded the youths that they have a crucial role in advancing the nation’s development.

“It is all in your hands. My role is to help navigate, push, and implement key programmes to clear the path for you. But it is up to you to seize the moment. Look me in the eye and tell me what you think—whether it is right or wrong—and offer suggestions. We will consider them as long as they contribute to the prosperity of this country.

“I assure you that we will do everything possible to make Nigeria a better place for you, but we cannot do it alone. You represent over 60 per cent of our population. You are the heartbeat of our nation, and I hope you take this opportunity very seriously,” he said.

Economy

Naira Gains over Dollar for Three Straight Days in Parallel FX Market

Published

4 weeks ago

February 15, 2025

Eric

The Naira recorded three consecutive days of appreciation against the dollar in the parallel foreign exchange market, ending the week on a high note on Friday.

According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the Naira strengthened to N1,565 per dollar on Friday, up from N1,570 on Thursday.

On a day-to-day basis, the Naira gained N5 against the dollar compared to the N1,570 traded on Thursday.

In the last three days, the Naira has gained N15 against the dollar in the black market.

In contrast, in the official market, the Naira continued to depreciate as of Thursday, according to data from the Central Bank of Nigeria.

The apex bank’s exchange rate data showed that the Naira fell to N1,507.88 per dollar on Thursday from N1,504.30 on Wednesday.

Overall, exchange rate movements across FX markets showed that the Naira ended the week with mixed sentiments of losses and gains against other foreign currencies.

Economy

NASS Passes Tinubu’s N54.99tr 2025 Budget Proposal

Published

1 month ago

February 13, 2025

Eric

The National Assembly, on Thursday passed, the N54.99trillion 2025 Appropriation Bill.

The bill was passed separately by the Senate and the House of Representatives.

A breakdown of the budget showed N3.645trillion for statutory transfers, N14.317trillion for debt servicing, N13.64trillion for recurrent expenditure and N23.963trillion capital expenditure (development fund), with fiscal deficit put at N13.08trn.

The Deficit-to-Gross domestic product (GDP) Ratio was put at 1.52%.

Last Week, President Bola Tinubu increased the 2025 fiscal year budget from an initial N49.7trillion to N54.2trillion, seeking approval from the Senate and the House of Representatives.

Chairman of the House Committee on Appropriations, Abubakar Bichi, while presenting the bill for consideration, stated that the committee met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.

According to him, the 2025 Appropriation Bill was presented late, compared to that of 2024.

He urged the executive to present subsequent budgets to the National Assembly not later than three months before the next financial year, to maintain the January to December budget cycle.