Politics |

November 24, 2023

November 24, 2023November 24, 2023 IFMNEWS

NNPC: Nigeria to end petrol importation by December 2024

The Nigerian National Petroleum Company Limited declared on Thursday that it will stop importing refined petroleum products by December 2024 since all of the nation’s refineries will be running by then.

Additionally, it predicted that NNPCL-managed Port Harcourt Refining Company will be fully operational by December 2023, allowing the national oil company to raise its income to N4.5 trillion by the end of 2023.

When he escorted company representatives to a meeting with Speaker of the House of Representatives Tajudeen Abbas, who advocated for the privatization of Nigeria’s refineries, NNPCL Group Chief Officer Mele Kyari revealed this.

Then, Kyari said that the reason Nigeria’s refineries weren’t operating was because of the petroleum subsidy, adding that the industry had seen a large influx of private sector capital once the subsidy was eliminated.

Furthermore, on Thursday, oil marketers confirmed that the Port Harcourt refinery was ready, claiming that the refinery’s operations, which might begin in January 2024, will cause the price of refined petroleum products to drop significantly.

During the meeting, Kyari said that Nigeria is expected to cease importing petroleum products by 2024, making it a net exporter of refined petroleum products by then.

He also clarified the commencement dates of operations for the refineries in Warri, Kaduna, and Port Harcourt.

In addition, Kyari predicted that all refineries would be fully operational by the end of 2024 and that the nation would profit from the export of petroleum products.

“I can assure you that the Port Harcourt refinery will begin operations by the end of December of this year; the Warri refinery will begin operations early in the first quarter of 2024; and the Kaduna refinery will begin operations by the end of 2024,” he stated.

We are making this commitment today, and you may hold us responsible for it. Nigeria will be a net exporter of petroleum products in 2024 thanks to a number of initiatives, such as the renovation of our refineries, the work of local refineries, and the planned Dangote refinery.

November 23, 2023

November 23, 2023November 23, 2023 IFMNEWS

CBN Governor Yemi Cardoso To Address Nation On Monetary Policy, Naira Fall

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, is scheduled to make a national address tomorrow, November 24, 2023, at 7 pm, according to a reliable source close to the CBN governor who chose to remain anonymous.

This forthcoming address holds significant importance for Governor Cardoso, marking his inaugural public engagement since assuming the position of CBN Governor over two months ago, following his appointment by President Bola Tinubu.

Governor Cardoso's speech is anticipated to delve into a comprehensive explanation of the CBN's monetary policy and strategic plans, focusing on addressing the challenges facing the national currency, the Naira. Given the economic uncertainties, this communication aims to offer transparency and reassurance to the public.

The announcement follows President Bola Tinubu's nomination of Cardoso as CBN Governor on September 15, a decision prompted by the suspension of the former Governor, Godwin Emefiele, on June 9. Four deputy governors were appointed alongside Cardoso, including Emem Usoro, Muhammad Dattijo, Philip Ikeazor, and Bala M. Bello.

However, since assuming office, Governor Cardoso has been criticised for not convening the bi-monthly Monetary Policy Committee (MPC) meeting, the apex bank's highest policy-making committee. The last MPC meeting took place on July 25. The MPC is instrumental in reviewing economic and financial conditions, determining short to medium-term policy stances, regularly evaluating the CBN monetary policy framework, and effectively communicating policy decisions to the public.

November 23, 2023

November 23, 2023November 23, 2023 IFMNEWS

Senate Asks Wike To Revisit CCTV Project In Abuja

The Senate has urged the Federal Capital Territory (FCT) Minister, Nyesom Wike, to reexamine the Abuja closed-circuit television (CCTV) project, which faced a setback when a N500 million contract for installing cameras within and outside the Federal Capital Territory did not materialize.

This decision follows a motion presented by Senator Ned Nwoko, representing Delta North, who raised concerns about the increasing incidence of kidnappings in the FCT. Senator Nwoko specifically highlighted the recent abduction of his senior legislative aide, Chris Agidy, and 18 others from their residences in the Galadimawa area of Abuja.

According to Senator Nwoko, reliable police sources have confirmed that out of the 19 individuals abducted, 12 have tragically lost their lives, while seven remain in the custody of the kidnappers. In response to this alarming situation, the Senate has called for a collaborative operation involving the Army to intensify search efforts for the kidnapped victims.

Furthermore, the Senate has directed the Inspector General of Police, Kayode Egbetokun, to oversee the implementation of CCTV installation in and around the FCT. This measure aims to enhance security and deter future kidnappings, reflecting the Senate's commitment to addressing the pressing issue of insecurity within the nation's capital.

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