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Petrol subsidy entirely removed: NNPC denies dispute with marketers

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The Nigerian National Petroleum Company (NNPC) Limited has denied that it had a dispute with independent petrol marketers over an alleged subsidy on Premium Motor Spirit (PMS).

 

There were reports that fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria clashed with the NNPC over whether the government was still paying subsidy.

 

However, in a terse statement on Wednesday, NNPC spokesman, Olufemi Soneye, said subsidy has been entirely removed on petrol.

 

“NNPC Ltd emphasises it has not clashed with any party,” Soneye said, adding that the publication’s headline (not Channels Television) was unfortunate.

 

“The publication sought confirmation on alleged subsidy reduction, to which NNPC responded that subsidy has been entirely removed.”

 

In his inaugural speech on May 29, 2023, President Bola Tinubu declared that the subsidy era is gone.

 

He said the 2023 budget made no provision for fuel subsidy, and subsidy payment was no longer justifiable.

READ  JUST IN: FG to meet NLC today over fuel subsidy removal

 

The declaration saw petrol per litre jumping from around N184 to over N600 in several parts of the country. The removal of fuel subsidy also came with attendant economic crises with food inflation jumping to an all-time high. Oil marketers had also threatened to raise the price per litre of petrol over fluctuating and scarce foreign exchange used to secure the essential commodity.

 

However, the implementation of subsidy removal has been subject to controversies with the World Bank saying that the NNPC was not transparent about the financial gains from fuel subsidy removal and that subsidy was not entirely gone.

 

The Bretton Woods institution had argued that gains in net oil revenue of the federation were lower than what they should have been but NNPC boss, Mele Kyari had defended the government, saying the company was recovering the full cost from imported products.

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Good Morning! Here Are Some Major News Headlines In The Newspapers Today: Military commander killed in ambush by bandits in Katsina

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1. Military commander of an army camp located at Sabon Garin Dan’Ali, in Danmusa local government area of Katsina state has been killed in an ambush. Sources said the incident happened Thursday evening and the corpse of the deceased, a major in the army, was deposited at a hospital in Katsina.

 

2. Movement would be restricted for the duration of today’s local government election in Oyo State, the State Government announced on Friday evening. The restriction will help officials of the Oyo State Independent Electoral Commission, OYSIEC, to conduct the poll without hindrance.

 

3. Senate President Godswill Akpabio, the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas and the Deputy President of the Senate, Senator Barau Jibrin, were among the dignitaries who attended the wedding fatiha of the children of emirs of Kano and Bichi, Alhaji Aminu Ado Bayero and Alhaji Nasiru Ado Bayero, on Saturday.

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4. President Bola Tinubu has approved the appointment of Mr. Jim Ovia, renowned banker and businessman, as the Chairman of the Board of the Nigerian Education Loan Fund, NELFUND. This is contained in a statement issued by Ajuri Ngelale, Special Adviser to the President on Media & Publicity, on Friday.

 

5. Governor Hyacinth Alia of Benue State, on Friday, urged his predecessors including Chief Samuel Ortom, to refrain from interfering in his administration, warning that he would not allow anyone to destabilise his government. Alia while briefing journalists on his return from the USA, Friday morning, said the past governors have had their own term.

 

6. The National Chairman of the ruling All Progressives Congress, APC, Dr Abdullahi Ganduje, has said the New Nigeria People’s Party, NNPP, led government in Kano State is behind the various protests against him in Abuja. Ganduje in a statement by his aide, Comrade Okpokwu Ogenyi, alleged that the Kano government had been hiring protesters from the streets, mostly Kwankwasiyya members, some of whom are from the North Central geo-political zone to demand his resignation.

READ  Subsidy Removal: NLC two-day warning strike begins September 5

 

7. The American International School of Abuja has paid $760,910.84 to the Economic and Financial Crimes Commission, EFCC, from the $845,852 school fees allegedly deposited by former Kogi State governor, Yahaya Bello in respect of five of his children in the school.

 

8. Bandits have attacked the palace of the Emir of Zurmi, Alhaji Bello Muhammad Bunu, killing three people and abducting some residents of the town. The bandits, who stormed the town around 10pm on Wednesday, according to locals, also attacked the residence of the former Military Administrator of Nasarawa State, Colonel Bala Muhammad Mande (rtd).

 

9. The Nigeria Correctional Service has stepped up efforts to track down and recapture escaped inmates of the Suleja Medium Security Custodial Centre, Niger State. The Minister of Interior, Olubunmi Tunji-Ojo, on Thursday, said the government would relocate a lot of correctional centres to create better infrastructure and security.

 

10. Men of the Economic and Financial Crimes Commission, assigned to tackle currency mutilation, dollarisation of the economy, and forex malpractice, have arrested 34 suspected currency speculators accused of foreign exchange fraud. This was made known in a statement shared on the commission’s website on Friday.

READ  American school writes EFCC, seeks to refund $760k of Yahaya Bello’s children fees

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UPDATED: Tinubu appoints Jim Ovia as chairman of education loan fund

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President Bola Tinubu has appointed Jim Ovia as the chairman of the Nigerian Education Loan Fund (NELFUND).

 

Ajuri Ngelale, presidential spokesperson, announced the appointment of Ovia, chairman of Zenith Bank, in a statement on Friday.

 

Ngelale said Tinubu believes that Ovia will bring his immense wealth of experience to ensure that no Nigerian student suffers a paucity of funds in the quest for tertiary education.

 

On April 3, Tinubu signed the student loans amendment bill into law to provide Nigerians with quality and accessible education.

 

The law will allow Nigerian students in tertiary institutions to access low-interest loans for tuition and other academic needs.

 

Subsequently, the president appointed Akintunde Sawyerr as the managing director and chief executive officer (CEO) of the fund.

 

Tinubu also appointed Frederick Oluwafemi Akinfala as the executive director of finance and administration, while Mustapha Iyal will serve as the executive director of operations of NELFUND.

READ  NLC reacts to petrol price hike, says Nigerians are being punished unnecessarily

 

 

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JUST IN: Tinubu appoints Jim Ovia as chairman of education loan fund

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President Bola Tinubu has appointed Jim Ovia as the chairman of the Nigerian Education Loan Fund (NELFUND).

 

Ajuri Ngelale, presidential spokesperson, announced the appointment of Ovia, chairman of Zenith Bank, in a statement on Friday.

More to follow…

 

READ  Security operatives set ablaze seized vessel with stolen crude oil
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