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September 2, 2024 NNPCL Acknowledges Debt to Petrol Suppliers Causing Fuel Queues

NNPCL Acknowledges Debt to Petrol Suppliers Causing Fuel Queues

The Nigerian National Petroleum Company Limited (NNPCL) has finally acknowledged its “significant debt to petrol suppliers,” stating that this financial burden threatens the stability of fuel supply in the country. Reports suggest that the $6 billion debt owed by NNPCL to petrol suppliers has exacerbated the persistent fuel scarcity in Nigeria, an issue that has plagued the nation since early 2024.

While NNPCL has previously attributed the fuel shortages to various factors such as logistics challenges and flooding, the company’s spokesman, Olufemi Soneye, confirmed in a statement on Sunday that the financial strain is a major concern. He noted, "This financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply."

Soneye further emphasized that, in accordance with the Petroleum Industry Act (PIA), NNPCL remains committed to its role as the supplier of last resort, ensuring national energy security. The company is working closely with government agencies and other stakeholders to maintain a steady supply of petroleum products across the nation.

Nigeria, the most populous country in Africa, faces significant energy challenges, with all its state-owned refineries currently non-operational. As a result, the country heavily relies on imported refined petroleum products, with NNPCL being the primary importer. Fuel queues have become a common sight, and the price of petrol has tripled since the removal of the subsidy in May 2023, rising from around ₦200 per litre to approximately ₦800 per litre. This price hike has added to the struggles of citizens who depend on petrol for their vehicles and generators due to the country’s longstanding unreliable electricity supply.

The government’s recent decision to unify forex windows has further strained the economy, causing the value of the naira to plummet from ₦700 per dollar to over ₦1600 per dollar in the parallel market. This currency devaluation has led to a sharp increase in the prices of food and basic commodities, leaving Nigerians to grapple with rising inflation.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) recently stated that the high landing cost of petrol has made it difficult for marketers to import the product, leaving NNPCL as the sole importer. According to IPMAN’s National Operations Controller, Zarama Mustapha, the landing cost of Premium Motor Spirit (PMS) currently exceeds ₦1,200 per litre, excluding marketers’ margins, transportation, and other logistics costs. He highlighted that NNPCL sells to marketers at around ₦565 per litre, indicating an implicit subsidy of nearly ₦600 to₦700 per litre.

In December, Africa’s leading industrialist, Aliko Dangote, began operations at his $20 billion refinery in Lagos, which has a capacity of 350,000 barrels per day. The refinery, which has faced regulatory challenges, aims to reach its full capacity of 650,000 barrels per day by the end of the year. It has already started supplying diesel and aviation fuel to marketers in Nigeria, with petrol supply expected to commence soon.

August 30, 2024 Taskforce raids, arrests 25 suspected miscreants, traffic robbers along Lekki-Epe Expressway

Taskforce raids, arrests 25 suspected miscreants, traffic robbers along Lekki-Epe Expressway

At least 25 suspected criminals, including traffic armed robbers who have been frightening drivers and residents along the state’s Lekki-Epe Expressway, have been taken into custody by men of the Lagos State Taskforce.
The extensive operation’s goal was to eradicate criminal activity and miscreants from the Lekki-Epe Expressway and its surroundings.
The operation, which occurred at several important sites like the Elegushi, Marwa Bus Stop, Ikate, and Chisco roundabouts, was reportedly the result of several complaints made by worried citizens and drivers via the agency’s feedback systems.

Concerned locals have reported a startling increase in criminal activity, especially around rush hour, when thugs would set up ambush at discrete locations along the freeway to prey on unwary drivers and pedestrians.

Under special instructions from the Lagos State Commissioner of Police, CP Adegoke Fayoade, the Chairman of the Lagos State Taskforce, Chuef Superintendent of Police, CSP, Adetayo Akerele, spoke about the operation on Friday and emphasized the agency’s commitment to ensuring the safety and security of all Lagos residents.

“During the sting operation, we arrested at least 25 suspected criminals. They will be prosecuted accordingly.

“We cannot allow these criminal elements to hold our people hostage in their own communities.

“The State Government, remains steadfast in its resolve to protect lives and property. This operation is a testament to our unwavering dedication to this cause,” the Chairman stated.

Residents, while applauding the renewed exercise, the State taskforce, stressed that it’s part of a mandate as enshrined in the THEMES’ PLUS Agenda of the State to restore law and order along the Lekki-Epe Expressway and across the Metropolis.

He gave his word that the threat was no longer present because all of their operations had been stopped.

As a result, Akerele asked citizens and drivers to exercise caution and report any suspicious activity to the appropriate law enforcement agency.

“We will continue to conduct sting operations and surveillance to protect the lives and property of drivers and residents along this axis and beyond. We are still on high alert,” he said.

 

August 30, 2024 Amaka Patience Sunnberger: Tribalism has no place in the Nigeria of our dream – Obi

Amaka Patience Sunnberger: Tribalism has no place in the Nigeria of our dream – Obi

The Labour Party’s (LP) presidential candidate for 2023, Peter Obi, has denounced the anti-Yoruba remarks made by an Igbo woman in Canada, calling them an example of intolerance gone too far.

Such polarizing remarks, according to Obi, have no place in our society and need to be disapproved of by all.
This was said by the LP standard bearer on Friday in a string of tweets on his X handle.

Obi responded to a voice that was spreading online, that of Amaka Patience Sunnberger, a Nigerian-Canadian living in Canada, who made threats to use drugs to hurt other Nigerians who were Yoruba or Bini.

Obi said, “I utterly condemn the reported hateful statement and actions attributed to a purported Igbo woman living in Canada against Yoruba or Benin people. Such divisive comments or behaviour have no place in our society.

“As Nigerians, we should unite and focus on addressing our shared challenges, rather than allowing tribalism and hatred to tear us apart.

“What does tribal bigotry achieve? Does it lift people out of poverty? Does it reduce the cost of bread, rice, garri or yam, in the market? Does it improve our transportation system or enhance the electricity supply? Does it ensure good governance? The answer is a resounding NO!!

“Our priority should be to move Nigeria forward, regardless of tribe or ethnicity. We need leaders who have the competence and capability to move the country forward in the right direction, and better life for all citizens.

“We don’t care about the tribe of the plane’s pilot or the bus driver; all we need is competent leadership that delivers results.

August 30, 2024 Polio ‘stops’ Israel and Gaza war

Polio ‘stops’ Israel and Gaza war

The battle Israel is conducting in the Gaza Strip has been briefly halted by the necessity to vaccinate about 640,000 children under the age of ten against polio.

In order to enable health officials to vaccinate youngsters in Gaza against polio, Israel consented to a series of three-day “humanitarian pauses.” This was stated yesterday by the World Health Organization, or WHO.

“The way we discussed and agreed, the campaign will start on the first of September, in central Gaza, for three days. And there will be a humanitarian pause during the vaccination,” said Rik Peeperkorn, the agency’s representative for Palestinian territories.

Both northern and southern Gaza will be included in the immunization campaign. Each will receive a three-day break, Peeperkorn informed the media. He further mentioned that Israel had promised to give one more day if needed.

The goal of the immunization program is to immunize nearly 640,000 youngsters less than ten.

“We stress the critical importance for all parties to adhere to the commitments that have been made,” Michael Ryan, WHO deputy director-general, told the UN Security Council.

“At least 90 percent of coverage is needed during each round of the campaign to stop the outbreak and prevent the international spread of polio,” he added.

He reported that 1.26 million doses of the NoPV2 vaccination had been sent to Gaza and that 400,000 more were on their way.

Oral administration of the vaccination involves two drops. To finish the immunization, medical personnel must come back in four weeks to give each youngster two more drops.

Still, there hasn’t been any public debate about scheduling another ceasefire.

Oren Marmorstein, Israel’s foreign affairs spokesman, said on X that his government “has coordinated a large-scale operation with WHO and UNICEF to vaccinate children in the Gaza Strip against polio.”

Claiming support for the “UN humanitarian truce,” Hamas

Deputy US ambassador to the UN Robert Wood stated that it is “crucial that this campaign be implemented without delay.”

“Ensure periods of calm and refrain from military operations during vaccination campaign periods,” he said of Israel, as well as “facilitate access for agencies carrying out the vaccination campaign.”

The polio outbreak in Gaza has alarmed both the US and the EU. Their worries stemmed from the fact that a 10-month-old baby who had not had any vaccinations this month had the first case in 25 years.

The poliovirus is extremely contagious and primarily spreads by tainted water and sewage.

In Gaza, where Israel has destroyed most of the infrastructure in the region during its war with Hamas, poor hygiene is becoming a more widespread issue.

Children under the age of five are primarily affected by the condition. It is potentially lethal and can result in malformations and paralysis.

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