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September 3, 2024 Hunger Protest Shakes FG as Wanted Briton Speaks from UK
IFMNEWS

Hunger Protest Shakes FG as Wanted Briton Speaks from UK

The British national, Andrew Wynne, recently declared wanted by the Nigeria Police for allegedly plotting to overthrow President Bola Tinubu's government, has denied the accusation. Speaking from the UK on a monitored program, Wynne said he was unaware of being labeled a fugitive. This denial came shortly after the police announced a N20 million bounty on him and his alleged accomplice, Lucky Obiyan.

Force spokesperson Muyiwa Adejobi accused Wynne of creating sleeper cells to destabilize the government, but Wynne insisted he couldn’t be plotting against a country he has frequented for 25 years. He expressed willingness to cooperate with authorities via Zoom or in person in London.

Wynne’s wife also dismissed the allegations, calling them a witchhunt driven by a personal dispute. Earlier, the police accused Wynne of using a bookshop and school in Abuja as fronts for his activities and declared him and Obiyan wanted. The police have activated INTERPOL tools to locate the suspects, assuring the public of their commitment to national security.

RELATED: Police Issue Wanted Notice for Briton and Nigerian Over Alleged Plot to Overthrow Tinubu

September 3, 2024 Dangote Refinery Unveils First Petrol Sample, Promises Supply for Nigerians and Africans
IFMNEWS

Dangote Refinery Unveils First Petrol Sample, Promises Supply for Nigerians and Africans

Aliko Dangote, President of the Dangote Group, has unveiled the first sample of Premium Motor Spirit (petrol) produced at his refinery. The announcement was made on Tuesday during a broadcast from the refinery located in the Ibeju-Lekki area of Lagos State.

The refinery, with a capacity of 650,000 barrels per day, successfully conducted a test run of the product.

In his speech, Dangote expressed his appreciation to the people of Nigeria and praised President Bola Tinubu's administration for providing a platform for growth and development. He also commended the introduction of the "Naira for Crude" initiative, which he believes will contribute to the stability of the Naira.

"As this refinery becomes operational, it will provide a clear picture of Nigeria's actual consumption, allowing us to track every truck and ship loaded with fuel," Dangote said.

He further emphasized that the refinery's production will meet the fuel needs of not only Nigeria but also sub-Saharan Africa.

September 3, 2024 Concerns Mount as Petrol Pump Price Approaches N1,405 per Litre
IFMNEWS

Concerns Mount as Petrol Pump Price Approaches N1,405 per Litre

Nigeria’s downstream petroleum industry is in turmoil as signs emerge that the Federal Government may no longer be able to sustain the cost of under-recovery, commonly known as subsidy, due to the rising costs of petrol imports.

Industry insiders revealed that an official increase in pump prices is likely imminent, as the government, through the Nigerian National Petroleum Company Limited (NNPCL), needs to raise enough revenue to pay off its outstanding debts to international suppliers who have been providing fuel on credit. There is speculation that the pump price could soon reach N1,000 per litre or more, although some sources estimate the landing cost of petrol at approximately N1,200 per litre, excluding delivery costs to fuel stations.

Currently, NNPCL is struggling to secure adequate supplies to meet the country’s fuel demands, leading to severe shortages over the past week. This scarcity has significantly impacted the transportation sector and the general public. The supply shortfall is attributed to some suppliers' reluctance to continue providing fuel on credit and the increased smuggling of products out of the country.

Recent transactional analysis shows that the landing cost of petrol, including the product cost, financing, freight, port charges, insurance, storage, and fees from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), stands at N1,205.52 per litre. When transportation costs, marketers’ margins, and other dues are factored in, the estimated official pump price rises to N1,405 per litre.

This suggests that even at a proposed price of N1,000 per litre, the government would still be covering a substantial portion of the costs, placing it in a difficult position. The government now faces the challenge of deciding whether to fully eliminate the subsidy, achieving complete cost recovery, or opt for a compromise by splitting the cost between the government and consumers, resulting in a pump price of N1,000 per litre.

September 3, 2024 Food Crisis May Worsen As Floods Devastate Over 115,000 Hectares Of Farmland In Nigeria
IFMNEWS

Food Crisis May Worsen As Floods Devastate Over 115,000 Hectares Of Farmland In Nigeria

Nigeria is still grappling with a worsening food crisis, as newly released data from the National Emergency Operations Center (NEOC) reveals that rising floodwaters have affected at least 115,265 hectares of farmland across the country. A detailed breakdown shows that Bauchi is the most affected, with 50,343 hectares of farmland submerged, followed by Taraba with 22,182 hectares, Jigawa with 9,919 hectares, Niger with 9,488 hectares, and Sokoto with 8,676 hectares.

Other states hit by the floods include Adamawa (3,392 hectares), Bayelsa (170 hectares), Borno (313 hectares), Ebonyi (100 hectares), Enugu (953 hectares), Gombe (1,311 hectares), Kaduna (120 hectares), Kano (3,072 hectares), Katsina (37 hectares), Kebbi (3,382 hectares), Yobe (223 hectares), and Zamfara (1,584 hectares).

The NEOC's 2024 flood report also highlights that 29 states, 154 local government areas, and 611,201 individuals have been affected by this year's flooding. So far, 225,169 people have been displaced, 83,457 households impacted, 201 lives lost, and 2,119 injuries recorded.

This alarming flood data comes amid ongoing food shortages and a food inflation rate exceeding 40%, according to the National Bureau of Statistics (NBS). Compounding the situation, a recent Central Bank of Nigeria (CBN) survey released on Monday indicates that rising inflation will force Nigerian households to allocate most of their earnings to food over the next six months.

The CBN’s Household Expectation Survey, conducted from July 22 to 26, 2024, with a 99.7% response rate from a sample of 1,665 households across all 36 states and the Federal Capital Territory, reveals that many Nigerians plan to cut back on non-essential items in the coming months. The survey indicates that households intend to spend 54.9% of their income on food during the next six months.

The survey also shows that in the next six months, consumers expect to allocate a significant portion of their income to food and other household items (54.9%), education (35.4%), transportation (30.2%), electricity (20.0%), and medical expenses (12.2%). Conversely, they do not plan to spend much on big-ticket items like purchasing a house, car, or household appliances, nor do they intend to invest in properties or other investments. Additionally, there is little intention to save, as the survey suggests that many will rely on their savings or incur debt to manage their finances.

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