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January 10, 2023 Fuel is Still Being Sold at a Loss -Sylva
IFMUYONEWS

Fuel is Still Being Sold at a Loss -Sylva

The Minister of State for Petroleum Resources, Chief Timipre Sylva, said on Monday that Nigerian National Petroleum Company Limited is selling Premium Motor Spirit, popularly called petrol, at a loss because of its mandate from the Federal Government as regards Subsidy.

The Minister addressed the issue as oil marketers stated that the supply hitches in the downstream oil sector that often leads to fuel scarcity, might persist till June, based on the government’s plan to end petrol subsidy in that month.

The petroleum minister spoke in Abuja at the resumption of the scorecard series (2015-2023) of President Muhammadu Buhari.

Last week, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the Federal Government had budgeted about N3.6tn for fuel subsidy till June 2023.

Sylva, while speaking in Abuja on Monday, insisted that subsidy had been a burden, but stressed that it was a mandate on NNPC which had made the oil firm to continue selling PMS at a loss.

He said, “The management of the supply situation under this subsidy regime is not easy. We must all agree that so much money is being burnt in our cars, but somehow we have to put funds to continue to keep the country wet.

“Sometimes if you really think deeply you begin to wonder what magic we are doing to be able to keep this country wet consistently. Considering that you buy something, let’s say for N10, and you are to sell it at a loss.

“And then you are expected to go back to buy the same thing, and come back again to sell it at a loss. So at every point in time you are looking for more money to continue to buy it, because you’re mandated to sell it at a loss.”

Sylva added, “So if you are a businessman, look at it from this perspective, that you are now in the business where you are mandated to sell at a loss to the public. That is not an easy job, I must tell you.”

Respond in to a question on how he would feel when buying petrol at N300/litre, Sylva said he would not feel bad about it.

“If you ask me how I will feel as a private citizen to buy petrol at N300/litre, sadly, I will say I won’t feel bad, knowing the actual situation. And if you compare Nigeria to other countries, you will understand,” he stated.

The minister added, “When you convert the N300/litre that you are talking about to other currencies, then you will understand. A lot of you travel to the United Kingdom or the United States, how much do you buy petroleum products there? Even in Arab communities that produce crude oil.”

He said the cost of the commodity in Nigeria was not as high as what was obtained in other countries, but stressed that the current national consensus was that subsidy on petrol was no longer sustainable.

“Unfortunately we are still in a subsidised regime, which all of us know. As a country, I think it is a national consensus now that subsidy is not sustainable, but together we will get there,” Sylva stated.

He said until the cost of petroleum products were market driven, investors would continue to shy away from investing in the downstream oil sector.

“Under a subsidised regime, who is going to invest? If you build a refinery, how is your refinery going to make profit under a subsidised regime? But if you have a market-driven situation, you’ll see that a lot of investors will come.

“And the more refineries we have, this problem of access to petroleum products will be a thing of the past,” Sylva stated.

January 10, 2023 Wike Vows to Expose Corruption in NDDC
IFMUYONEWS

Wike Vows to Expose Corruption in NDDC

Rivers state governor, NYESOM WIKE has vowed to expose corruption in the Niger Delta Development Commission (NDDC).

 The governor said the NDDC has become a cash cow for politicians, adding that it is a shame that the NDDC superintends over the underdevelopment of the Niger Delta area and her people.

 Flagging-off construction of Elele internal roads in Ikwerre Local Government Area of the state, WIKE stressed that the people of the region have not felt any positive impact of the huge funds disbursed for the development of the area.

Governor WIKE challenged the new NDDC Chairman, LAURETTA ONOCHIE to judiciously utilise the new budget of the commission for the good of the people of the Niger Delta.

January 9, 2023 Akpabio Makes Final Cut, as INEC Releases Presidential and National Assembly Canditates List
IFMUYONEWS

Akpabio Makes Final Cut, as INEC Releases Presidential and National Assembly Canditates List

The Independent National Electoral Commission (INEC) has released the final list of presidential and National Assembly candidates of all political parties contesting the February 25 Presidential and National assembly elections.

The final list of candidates for national elections (presidential, senatorial and federal constituencies) was pursuant to section 32(1) of the Electoral Act 2022 and item 8 of the Timetable and Schedule of Activities for the 2023 General Election.
The publication of the full names and addresses of all nominated candidates followed the conduct of primaries and completion of the nomination exercise by political parties’.

INEC National Commissioner in charge of Information and Chairman, Voter Education, Festus Okoye, had earlier said validly nominated candidates had the opportunity to voluntarily withdraw their candidature by notice in writing and personally deliver such notices to the political parties that nominated them for the election.

The list contained the names of Senator Godswill Akoabio from Akwa Ibom state, Senator Peter Nwaobishi of Delta State as well as Bashir Machina, who replaced the senate president, Ahmed Lawan.

January 7, 2023 CBN Stops Banks from Over-The-Counter Withdrawal of New Notes, Orders Banks to Load ATMs.
IFMUYONEWS

CBN Stops Banks from Over-The-Counter Withdrawal of New Notes, Orders Banks to Load ATMs.

The Central Bank of Nigeria has directed banks to load their Automated Teller Machines with only new notes to ensure that the currency circulates across the nation ahead of the January 31, 2023, deadline when the old notes will no longer be legal tender.

CBN also ordered Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes again.

This was contained in a memo issued to all the branch managers to enforce the CBN order, which takes effect immediately.

The memo, which was titled., ‘Urgent update on currency redesign’ and signed by the Group Head, Retail Operation, stated, “The CBN has mandated that we immediately stop the Over-the-Counter payment of the new N200, N500 and N,1000 currency. Instead, all new notes should be loaded into the ATMs for customer withdrawals.

“This is effective immediately please,”

It was learnt that as of Friday, the banks had not been able to comply with the directive as they complained of inadequate supply of the new notes, prompting them to load their ATMs with the old notes.

Bankers have complained that the new notes were in short supply, hence hence the decision to load a mixture of the old and new N1,000 and N500 notes in the ATMs for customers to withdraw.

However, sources in the CBN, confirmed that the apex bank indeed issued the directive to the banks.

He explained, “From this weekend, new notes will be available for disbursement to bank customers. We are pushing the N1,000 and N500 notes through the ATMs for now. The N200 will be available later.

“The aim is to check inflation and currency abuse. A research was conducted and it showed that the demand for the N1,000 and N500 is higher, hence the decision to start with them.”

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