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April 17, 2024 Dangote Refinery Announces Reduction In Price Of Diesel

Dangote Refinery Announces Reduction In Price Of Diesel

On Tuesday, Dangote Refinery announced a significant price cut for diesel, reducing it from N1,200 to N1,000 per liter. This adjustment is projected to benefit all economic sectors and contribute to lowering the country's high inflation rate.

The refinery emphasized that this price drop represents a substantial decrease from the previous market rate of approximately N1,600 per liter, which was already over 30% lower due to the refinery's efforts.

The Dangote Petroleum Refinery, which had started producing diesel and aviation fuel earlier in January, had received its first six million barrels of crude oil through its two Single Point Moorings (SPMs) located 25 kilometers offshore. The initial crude shipment arrived on December 12, 2023, from the Agbami field operated by Shell International Trading and Shipping Company Limited (STASCO), which handles over 8 million barrels of oil daily.

Following this, the refinery processed an additional one million barrels of Bonny Light crude from the Nigeria National Petroleum Company (NNPC Ltd), with the delivery facilitated by the tanker MT Otis from Trafigura.

This move to ramp up production and reduce prices is part of Dangote's strategy to commence local distribution of refined petroleum products, aiming to influence both economic growth and inflation positively.

April 17, 2024 NCAA Halts Operations of Three Private Jet Companies for Conducting Commercial Flights

NCAA Halts Operations of Three Private Jet Companies for Conducting Commercial Flights

The Nigerian Civil Aviation Authority (NCAA) has suspended the operating permits of three private jet operators for conducting commercial flights, as stated in an official notice on the NCAA's website on Tuesday, signed by Acting Director General, Captain Chris Najomo.

This action follows a stern warning issued by Minister of Aviation and Aerospace Development, Festus Keyamo, on Monday, cautioning unlicensed private jet operators against engaging in commercial services, citing significant revenue losses to the Federal Government. Keyamo emphasized the need to enforce regulations and ensure passenger safety during an interview on a monitored programme, Newsnight.

In response to the minister's directive, the acting DG of the NCAA swiftly suspended the permits of three jet operators found culpable of conducting commercial flights despite prior warnings. Despite previous cautionary measures, these operators persisted in violating regulations, leading to their suspension.

Najomo emphasized that the decision to suspend the jet operators aligns with the NCAA's commitment to zero tolerance for regulatory violations. He further directed a re-evaluation of all Permit for Non-Commercial Flights (PNCF) holders by April 19, 2024, to ensure compliance with regulatory standards.

Additionally, the statement mandated all PNCF holders to submit relevant documents to the Authority within 72 hours. It also addressed existing Air Operator Certificate (AOC) holders, stressing that only aircraft listed in the AOC operation specifications are authorized for commercial charter operations. Any AOC holder intending to use aircraft for charter services must seek approval from the NCAA.

The NCAA urged the traveling public to avoid patronizing charter operators lacking a valid Air Operators Certificate and encouraged legitimate industry players to promptly report any unauthorized activities for appropriate action.

 

April 16, 2024 FG Begins Disbursement Of N200bn Palliative Loans

FG Begins Disbursement Of N200bn Palliative Loans

The Ministry of Industry, Trade, and Investment has initiated the distribution of the Presidential Conditional Grant Scheme to eligible applicants following a rigorous selection process. The government, in collaboration with the Bank of Industry, had announced plans to allocate three categories of funding totaling N200 billion to support manufacturers and businesses nationwide.

In a progress update shared on the X (formerly Twitter) platform on Tuesday, Minister of Industry, Trade, and Investment Doris Aniete, revealed that an undisclosed number of beneficiaries had already received their grants. Additionally, she announced that a significant disbursement to a considerable number of verified applicants is scheduled for Friday, April 19, 2024.

Aniete stated, "We are pleased to announce that the distribution process for the Presidential Conditional Grant Program has officially commenced. Some beneficiaries have received their grants, marking the beginning of our phased disbursement approach. By Friday, April 19, 2024, a substantial disbursement will be made to verified applicants. It's important to note that distributions are ongoing, and not all applicants will receive their grants initially. However, all verified applicants can expect to receive their grants in subsequent phases."

This development comes more than eight months after President Bola Tinubu's announcement of the grant for manufacturers and small businesses, and two weeks after applicants were instructed to submit their national identification numbers as part of the grant acquisition requirements aimed at alleviating the impact of recent economic reforms on businesses in the country.

 

April 16, 2024 Federal Government Issues Warning: 148 Local Government Areas at High Risk of Flooding

Federal Government Issues Warning: 148 Local Government Areas at High Risk of Flooding

The Federal Government has issued a warning indicating that 148 local government areas across 31 states in the country are situated in high flood-risk zones. This announcement was made in Abuja by the Minister of Water Resources, Prof. Joseph Utsev, during the presentation of the key points from the 2024 Annual Flood Outlook prepared by the Nigeria Hydrological Services Agency on Tuesday.

Utsev outlined the states with high flood-risk areas, including Adamawa, Akwa-Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Imo, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kofi, Kwara, Lagos, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Plateau, Rivers, Sokoto, Taraba, and Yobe. These areas are expected to be susceptible to floods between April and November 2024.

Furthermore, the minister noted that a portion of the 249 LGAs spread across 36 states and the Federal Capital Territory (FCT) fall within moderate flood risk zones, although specific locations were not disclosed.

While Nigeria typically experiences seasonal flooding, the floods of 2022 were particularly severe, marking the worst since the 2012 floods. The 2022 flooding impacted 33 out of Nigeria's 36 states, resulting in the displacement of over two million people.

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