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February 12, 2025 Dangote Refinery Drops Diesel Price to N1,020
IFMUYONEWS

Dangote Refinery Drops Diesel Price to N1,020

The Dangote Petroleum Refinery and Petrochemicals has announced a N55 reduction in the price of it’s diesel, lowering it from N1,075 to N1,020 per litre at the gantry price.

In a statement issued on Tuesday, the company said the price adjustment was aimed at serving its customers better and supporting Nigerians amid economic challenges.

Since it commenced diesel production in January 2024, the Dangote refinery has consistently reduced its prices. The product, which initially sold at N1,700 per litre, was previously slashed to N1,000, demonstrating the company’s commitment to market stability and affordability, subject to market forces

Similarly, the refinery recently lowered the ex-depot price of petrol from N950 to N890 per litre, prompting marketers to adjust pump prices, with MRS selling petrol at N925 per litre in some parts of the Country.

A Development Economist and Public Policy Analyst, Prof. Ken Ife, noted that the refinery sacrificed over N10 billion to ensure uniform petrol pricing across the country during the Yuletide season.

Speaking on national television, Ife highlighted the role of the now-defunct equalisation fund in stabilizing fuel prices across Nigeria. He also revealed that the government owes marketers over N80 billion in equalisation fund payments.

Prof. Ife emphasized that Dangote Refinery is shifting Nigeria’s focus from Premium Motor Spirit (PMS) dependency to a more diversified petroleum-based export economy.

He further noted that major international companies, including Saudi Aramco, are now purchasing refined products from Nigeria, positioning the country as an emerging powerhouse in the global petroleum market.

The latest price reduction reaffirms Dangote Refinery’s growing influence in stabilizing fuel prices and reshaping Nigeria’s energy sector.

February 3, 2025 Akwa Ibom State Government Urged to Regulate Solid Mineral Mining in the State
IFMUYONEWS

Akwa Ibom State Government Urged to Regulate Solid Mineral Mining in the State

The Akwa Ibom State government has been urged to establish a regulatory agency to oversee the mining activities of artisanal miners in the state.

According to a mining expert Engineer, PIUS EBONG, who appeared on Talk Radio with Adebayo Samuel, an Inspiration FM’s News and Current Affairs Programme, the state’s solid mineral resources, including silicon clay, limestone, lignite, and kaolin, remain largely under-explored and underutilized.

EBONG decried the situation where foreigners engage in illegal mining in the state and other parts of the country, attributing this to the indifference of the local population and the government.

He emphasized the need for the government’s policy trust to focus on solid mineral exploration, which could generate revenue and create employment opportunities for the local population.

EBONG argued that the establishment of a regulatory agency would help to ensure that mining activities are conducted in a responsible and sustainable manner.

The call for a regulatory agency comes as the state government seeks to diversify its economy and tap into the potential of its natural resources under Governor UMO ENO’S ARISE Agenda.

January 29, 2025 CBN To Pay All Pending FX Backlogs
IFMUYONEWS

CBN To Pay All Pending FX Backlogs

The Governor of the Central Bank, OLAYEMI CARDOSO has announced that forensic verification to clear all pending foreign exchange backlogs is now completed and payments will commence soon.

 

Speaking during the launch of the foreign exchange code, CARDOSO lamented how it took the bank over twelve months to clear the $7 billion foreign exchange backlog in 2024.

 

In March last year, the CBN announced clearance of the backlog, effectively eliminating a legacy burden.

 

The apex bank boss said the era of multiple exchange rates which accorded privileges to a select few is gone, adding that all deposit money banks that flout the ethics of the foreign exchange code will face sanctions.

January 27, 2025 SERAP Sues Federal Government Over Rise in Telecom Tariffs
IFMUYONEWS

SERAP Sues Federal Government Over Rise in Telecom Tariffs

The Socio-Economic Rights and Accountability Project; SERAP has filed a lawsuit against the administration of President BOLA TINUBU and the Nigerian Communications Commission over what it described as the “arbitrary and unreasonable” fifty per cent increase in telecom tariffs.

Our Tech Industry monitor; ADEBAYO SAMUEL confirmed that The NCC recently approved the tariff hike, which raised the cost of a one-minute call from N11 to N16.5, the price of 1GB of data from N287.5 to N431.25, and SMS charges from N4 to N6.

The hike has sparked widespread criticism, with SERAP leading legal opposition to the decision.

In the suit filed at the Federal High Court, Abuja, SERAP contends that the tariff hike infringes on citizens’ rights to freedom of expression and access to information as enshrined in the Nigerian Constitution and international treaties.

A statement issued by SERAP argued that the decision disregards the principle of legality, which requires fairness, reasonableness, and adherence to due process in the exercise of statutory powers.

It added that the increase comes amidst Nigeria’s economic challenges, with a recent report by the National Bureau of Statistics revealing that 133 million Nigerians are multidimensionally poor.

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