'CONFERENCE HALL'- SENATORS COMPLAIN OVER POOR QUALITY OF RECONSTRUCTED SENATE CHAMBER. (PHOTO).

-
Image
 ‘Conference Hall’ – Senators complain over poor quality of reconstructed Senate Chamber Senators on Tuesday expressed anger over the condition of the reconstructed Chamber, which they described as a ‘mere conference room’. Controversy has trailed the refurbished Senate Chambers since plenary resumed in the facility last week. Last Tuesday’s plenary was trailed by confusion as some Senators quarreled over sitting arrangements in the renovated chamber. During plenary on Tuesday, complaints over the standard of the Chambers led to a rowdy session which lasted for about 15 minutes and eventually forced the Senate into executive session. The Chief Whip of the Senate and lawmaker representing Borno South, Ali Ndume, who raised the issues through Order 42 of the Senate Standing Rules, said, “What is supposed to be a Chamber, has been turned into a Conference Hall”, a development which he said is not acceptable. “Mr President, I rise to make disturbing observations on this supposedly renovate
Post a Comment

TINUBU INSTRUCT NNPC TO DISCONTINUE CRUDE SWAP,TARGETS CASH PAYMENT FOR PETROL IMPORTS SAYS NNPC BOSS KYARI. (PHOTO).

-



Tinubu Instruct NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports says NNPC Boss Kyari

With the removal of subsidy on petrol in the country, the Nigerian National Petroleum Company Limited (NNPC) is set to discontinue crude oil swap in favour of cash payments for petrol imports.

To this effect, the company is is winding down crude oil swap contracts with traders and will pay cash for petrol imports as private companies could begin importing petrol as soon as this month, Reuters reports.

This means that NNPC is in the process of ending crude swap contracts with traders. Instead of exchanging crude oil for refined petroleum products, the state-oil company will now make cash payments for petrol imports.

The move is part of President Bola Tinubu’s plans to deregulate the petrol market and reduce the burden on government finances, the statement said.

President Bola Tinubu on Monday during his inauguration announced that “subsidy is gone” sending the market into a tailspin as those who had the products quickly shut their pumps and long queues emerged across the nation.

NNPC has been importing petrol from consortiums of foreign and local trading firms and repaying them with crude oil via what is known as Direct Sale Direct Purchase (DSDP) contracts since 2016 because it does not have enough cash to pay for the purchases, the statement said.
 
“In the last four months, we practically terminated all DSDP contracts. And we now have an arm’s-length process where we can pay cash for the imports,” Mele Kyari, group chief executive officer, NNPC told Reuters in an interview late on Saturday.

“This is the first time NNPC has said it is terminating crude swap contracts. By importing less gasoline as private companies import the bulk, NNPC will be able to pay for its purchases in cash.”

Nigeria is Africa’s biggest crude producer but imports most of its refined products after running down its refineries. Nigeria’s petrol import bill hit N5.2 trillion in 2022, the highest in six years, as the quest by the country to wean itself off imported fuel drags.

A significant drop in oil production last year coupled with high global fuel prices due to the war in Ukraine pushed NNPC’s debt to traders higher. It owed the consortiums about $2 billion, a September 2022 NNPC report to the Federation Account Allocation Committee shows, the statement said.

“An industry source with direct knowledge of the matter said NNPC was still allocating crude for fuel swaps for July loading, though less than in previous months. In its report detailing March crude oil loadings, NNPC also allocated crude to the swap contracts held by the consortiums,” Reuters said.

Kyari told Reuters that NNPC’s monopoly on petrol supplies was ending and private firms could start importing as early as this month.

“Nigeria’s total crude and condensate output was at 1.56 million barrels a day (bpd) as of Friday. Nigeria has struggled to meet its Organization of Petroleum Exporting Countries (OPEC) oil quota of 1.742 million bpd due to grand oil theft and illegal refining,” Kyari said.

That has raised doubts on whether Nigeria can meet supplies for the 650,000-bpd newly commissioned Dangote Refinery. NNPC has a contract to supply 300,000 bpd to the refinery.

 

Comments

Post a Comment

Popular posts from this blog

ACTOR BABA IJESHA APPEALS FIVE-YEAR JAIL SENTENCE FOR SEXUAL ASSAULT. (PHOTO).

-
Image
 Actor Baba Ijesha appeals five-year jail sentence for sexual assault Nollywood actor Olanrewaju James, known as Baba Ijesha, has filed an appeal against his conviction for the sexual assault of a minor. He has requested the Court of Appeal, Lagos Division, to overturn the ruling of the Lagos State High Court, which sentenced him to five years in prison. The conviction was handed down by Justice Oluwatoyin Taiwo (retd.) of the Ikeja Domestic Violence and Sexual Offences Court on July 14, 2022 to Baba Ijesha. Baba Ijesha through his counsel Kayode Olabiran on Tuesday, told the appeal court that his client was set up and that he acted according to a script that he was invited to act on by his colleague. “The Appellant was set up. The Appellant is an actor. He acted in a script that he was invited to act by his colleague (PW1), Damilola Adekoya,” he said. The Director of Public Prosecution, Dr Babajide Martins, urged the court to dismiss the appeal for lacking in merit and also a misconce
Read more

INNOSON GIVES OUT BRAND NEW IVM G5 AND SALARY FOR LIFE TO THE MAN WHO PROPHESIED ABOUT HIS VEHICLE MANUFACTURING IN 1979.(PHOTO).

-
Image
Innoson Gives Out Brand New IVM G5 and Salary For Life To The Man Who Prophesied About His Vehicle Manufacturing In 1979.  Last Saturday, July 22nd the Chairman of Innoson Vehicle Manufacturing Company Ltd, Chief Dr Innocent Ifediaso Chukwuma OFR gave out a brand new Innoson IVM G5 to Mr Ikechukwu Osakwe popularly known as Osabros who prophesied to him in 1979 that he would be the first man in Africa to manufacture vehicles and sell to different African countries.  The prophecy was given at the period the then Innocent Chukwuma could not boast of a car, talk less of manufacturing one. According to Dr Chukwuma during the presentation of the car, he recalled on how Mr Ikechukwu Osakwe all the way from Kano blocked him at the front of his house early in the morning and told him he has a message for him.  Mr Osakwe went on to narrate a dream he had about him, how he saw in the said dream his vehicle manufacturing company known as CAP PLC. "He told me that CAP means Chukwuma Automobil
Read more

PUNISH MY ABUSERS WITHIN 48 HOURS OR FACE LAWSUIT- STUDENT BULLIED BY HER CLASSMATES THREATEN SCHOOL AUTHORITIES. (PHOTO).

-
Image
 Punish my abusers within 48 hours or face lawsuit - Student bullied by her classmates threaten school authorities The bullied student of British Lead International School, Miss. Namtira Bwala has threatened to file a lawsuit against the school authorities if her abusers are not punished within 48 hours. In a letter drafted by her lawyers, Deji Adeyanju and Co, Namtira asked the school authorities to immediately investigate and pronounce the stiffest punishments in the student’s rule book on Ms.Maryam Hassan, Miss Faliya, and nine other students who bullied her. Namtira said if the school authorities fail to sanction the student bullies within 48 hours of the receipt of the letter, she would seek immediate and severe legal redress against the school. The letter reads “We are Solicitors to Miss. Namtira Bwala (acting through her next friend), hereinafter referred to as our client, on whose instruction we act. Our client and several other parents in Lead British International School have
Read more