Connect with us

News

Petrol may sell for N340 per litre next year – NNPC GMD

Published

on

 

Nigerians may be in for harder times if the words of Nigerian National Petroleum Company Limited (NNPCL) Group Managing Director/ Chief Executive Officer (GMD/CEO) Mele Kyari, that petrol will sell for between N320 and N340 per liter from February, next year come true.

Kyayi, who said Nigeria would be out of the subsidy regime in the first quarter of 2022, explained that subsidy would have been eliminated this year, but for certain factors that prevented it.

However, the Federal Government is planning to give N5,000 each to 40 million Nigerians, representing 40 per cent of the country’s 200 million population, next year to coincide with the take off of the subsidy removal.

The NNPCL boss spoke in Abuja at the presentation of the November edition of the World Bank Nigeria Development Update, titled: “Time for Business Unusual.”

But, the Trade Union Congress (TUC) cautioned the Federal Government against unilateral removal or stoppage of petrol subsidy regime.

The organised labour warned that removing subsidy without meeting labour’s demands will be met with stiff resistance.

READ  Petrol price may come down soon as NNPCL, marketers fuel vessels arrive next week – IPMAN

Kyari said: “There will be no provision for it legally in our system, but I am also sure you will appreciate that government has a bigger social responsibility to cater for the ordinary and therefore engage in a process that will ensure that we exit in the most subtle and easy manner.”

He assured that fuel subsidy removal would definitely be achieved in 2022 as it was now fully backed by law, adding that the price of the product may range between N320 and N340 per liter.

Kaduna State Governor Nasir El-Rufai assured of governors readiness to back the plan to eliminate the subsidy regime.

El-Rufai gave the assurance as a panelist, who joined the World Bank presentation virtually, said that if the regime of fuel subsidy was not eliminated, 35 out of the 36 states of the federation may not be able to pay salaries next year.

According to him, kerosene which matters most to the masses had been regulated without any hitches, while diesel which was most important to transporters had also been regulated for a long time.

READ  Good morning! Here Are Some Major News Headlines In The Newspapers Today: Fuel subsidy removal: Petrol price jumps to N600 per litre from N195

He said: “This hullabaloo about petrol is something that we must as a country have a conversation and agree that it has to end. We cannot continue to provide petroleum to our neighbouring countries, which is what we are doing.

“Why are we doing this? For whom are we doing it? Who is the beneficiary? Which is the cabal that is the beneficiary of this and why should they hold this country to ransom and bankrupt the Nigerian economy?

“Right now, we are losing N250 billion a month and this has to end. State governments are committed to supporting the Federal Government on this.

“We do our bit, engage stakeholders and put the facts on the table so that everyone understands the danger the country is in if the subsidy continues, as well as the benefits that will accrue.

“Not only to the budgets of the states and their capacity to deliver social services, but also what will go directly to the pockets of the poorest Nigerians that will bear the brunt of any withdrawal of subsidy.

READ  BBNaija: Dorathy reveals intimate moments with Brighto

“This is the position of the state governments and we met just a few days ago to take this position.”

According to him, governors saw the dangers in continuing on the path of petroleum subsidy and support policy measures needed to improve the fiscal situation, such as price stability.

This, he said, was by ensuring that there was alignment of the exchange rate and good coordination between fiscal and monetary policy.

However, the Trade Union Congress yesterday warned the Federal Government against ‘unilateral removal of petrol subsidy next year without organised Labour’s input.

The Congress warned that such action, if taken without meeting labour’s demand, would be met with resistance.

The TUC president said: “First a big surprise that government is thinking of removal of fuel subsidy when there is a tripartite committee of labour employers on-going and its work has not been concluded.

“There are condition precedent that have been discussed which have not been met by government. Any unilateral removal of subsidy without meeting labour demand will be resisted.”

 

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

PHOTOS: Lagos commuters stranded as fares spike by 50% amid petrol scarcity

Published

on

By

 

Commuters in many parts of Lagos were on Monday left stranded at different bus stops in the metropolis, amid the lingering petrol scarcity.

 

Fares were hiked by 50 percent as motorists filled up dispensing stations for the scarce commodity.

 

Some filling stations were shuttered, while others still selling petrol were encircled by long queues.

 

Some motorists said they bought petrol at N700 and N800 per litre at filling stations. Roadside dealers now sell the product for N1000 and N1200 per litre.

 

The petrol scarcity triggered a 50 percent increase in fares across Lagos.

From Abule Egba roundabout to Agege, commuters were asked to pay N300, which was previously N150 or N200. From Agege to Alausa in Ikeja is now N400, which cost N300 last week.

 

From Berger to Ikeja, commuters pay as high as N1000 in fares.

In most of the bus stops visited by TheCable on Monday morning, survival of the fittest was the prevailing philosophy as hordes of commuters were seen running after a few commercial buses

READ  Ex-appeal court judge Ahmad Belgore dies aged 70

 

Continue Reading

News

Good morning! Here Are Some Major News Headlines In The Newspapers Today: VGC chairman found dead inside his car in Lagos

Published

on

By

 

1. A Lagos-based man, Gihan Mbelu, has reportedly died in his vehicle in the Victoria Garden City area of Lagos State on Friday. It was gathered on Sunday that 42-year-old Mbelu had reportedly parked his car, a Mercedes C300 4Matic, running for several hours while he sat motionless in the car.

 

2. In response to the devastating tanker fire incident in Rivers State, President Bola Tinubu has directed federal agencies to continue providing support to the state government in addressing the aftermath of the tragedy. President Tinubu’s message, contained in a statement issued on Sunday by his Special Adviser on Media and Publicity, Ajuri Ngelale, also extended his heartfelt condolences to the families of the victims of the fire incident.

 

3. As the demolition of properties along the right of way for the construction of the Lagos-Calabar coastal highway begins, the federal government has promised to conduct the process with sensitivity, aiming to minimize disruptions to the lives of those affected.

READ  Petrol price should be more than N280/litre – NNPC GMD

 

4. The National Drug Law Enforcement Agency, NDLEA, says two notorious drug kingpins: Uwaezuoke Ikenna Christian and Agbo Chidike Prince have been sentenced to life imprisonment for dealing in cocaine. Director, Media and Advocacy NDLEA, Femi Babafemi, who disclosed this in a statement on Sunday, said this brings to an end to their years of criminal enterprise of exporting cocaine across continents.

 

5. No fewer than 40 observers have been deployed by the Economic Community of West African States, ECOWAS, to Togo, ahead of the parliamentary and regional election. The elections have been scheduled for April 29, 2024. This was revealed in a statement by the regional body.

 

6. Osun State governor, Ademola Adeleke, on Sunday, April 28, warned petrol stations against hoarding of fuel as scarcity hit the state. Adeleke through his chief of staff, Kazeem Akinleye, who is also the chairman, Petroleum Monitoring Taskforce, warned against creating artificial scarcity.

READ  Aseyin: Yoruba has lost an illustrious son - Gani Adams

 

7. Former Governor of Jigawa State, Sule Lamido, has tackled Northern governors over their recent trip to the United States. In a Facebook post, he said the trip exposed the governors’ ignorance of the country’s constitution. According to him, security is solely the responsibility of the federal government because it is on the exclusive list.

 

8. The naira has demonstrated signs of strengthening against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend. The new rate represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday.

 

9. The immediate-past governor of Benue State, Samuel Ortom, on Sunday, asked his counterpart in Kogi State, Yahaya Bello, to come out of his hiding and answer his case with the Economic and Financial Crimes Commission. Speaking at a Redeemed Christian Church of God in Makurdi, Benue State during the thanksgiving service organised by his aides for his 63rd birthday celebration, Ortom advised Bello to come out of hiding.

READ  Petrol price may come down soon as NNPCL, marketers fuel vessels arrive next week – IPMAN

 

10.
The campaign coordinator of Governor Lucky Aiyedatiwa in Supare, Akoko South West Local Government Area of Ondo State, Alaba Abbey, has been shot dead. Late Abbey was shot dead on Saturday evening at his residence in Supare.

 

Continue Reading

News

I’ll not govern Rivers on my knees, says Fubara

Published

on

By

 

Siminalayi Fubara, governor of Rivers, says he will not govern the state from a position of subservience or weakness.

Fubara made the remarks on Saturday, during a condolence visit to the Ubima, Ikwerre LGA country home of Celestine Omehia, a former governor of the state.

 

Omehia was laying Cecilia Omehia, his mother, to rest.

 

“I have come here with very few respected elders of the state, to come and support you and say to you that we sorrow with you,” Fubara said.

 

“The most important thing is to show our concern and love. Any human being who shows enmity to death, that person is not even normal.

“We also rejoice with you for a life lived well to fulfilment by Mama. We wish Mama a safe journey. Let her stay well where she has gone.”

 

He said politics of bitterness will impede the development of the state and that “it is only in unity that we can move our state forward”.

READ  FG orders fleeing Oyo prison inmates to return or face consequence

 

“Anybody who claims to love this state should not be party to anything, directly or indirectly that will bring us backwards. We will continue to support every course that will advance the interests of our dear Rivers state,” he added.

“And I am happy to say, and I’ve said it over and again, it doesn’t matter the number of people that are standing with me, I will stand on that side of truth.

“I will not, I repeat, I will not govern our dear state on my knees. If that was the purpose, I will not do that.”

 

Fubara has been locked in a battle for the control of the political structure of Rivers with Nyesom Wike, his predecessor and minister of the federal capital territory (FCT).

 

The governor recently redeployed some members of his cabinet who are loyal to Wike.

Continue Reading

Trending News