FG TO PRIORITIZE RESOURCE ALLOCATION IN THE FACE OF LOW OIL PRICES. (PHOTO). #PRESS RELEASE

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 PRESS RELEASE  FG TO PRIORITIZE  RESOURCE ALLOCATION IN THE FACE OF LOW OIL PRICES The Federal Government of Nigeria will pursue diversification of its revenues and adopt greater prudent resource allocation measures to mitigate the impact of low oil prices should it continue, according to Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. Speaking at a meeting with investors during the ongoing IMF/World Bank Spring Meetings in Washington DC yesterday, Mr Wale Edun emphasized that with the recent reforms embarked upon by the present administration, Nigeria is better positioned to deal with global economic uncertainties. The meeting was also attended by the Chairman, Senate Committee on Finance, Senator Mohammed Sani Musa; the Deputy Chairman of the House of Representatives Committee for Finance, Hon. Saidu Musa Abdullahi; the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso; the Permanent Secretary of the Federal Ministry of Finan...
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PETROL SCARCITY HITS FCT AS NARTO STOPS LIFTING PRODUCTS. (PHOTO).

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 Petrol scarcity hits FCT as NARTO stops lifting products


Long queues resurfaced on Monday, February 19, at Premium Motor Spirit (PMS) petrol stations in the Federal Capital Territory (FCT) as the Nigerian Association of Road Transport Owners (NARTO) halted tanker operations, citing unsustainable high costs.

The association has notified the Federal Government and Major Energy Marketers Association of Nigeria of its plan to suspend operations. 

Monitoring the petrol market on Monday morning, The Nation observed that most petrol stations have shutdown.

The few Independent marketers who opened to customers dispensed the product for between N648 to N670 per litre.

The few Nigerian National Petroleum Company Limited (NNPCL) retail outlets that were opened sold the product for N617 per litre amid endless queues.

Besides, black marketers sold 10 litres for N850 in plastic containers.

Meanwhile, the NARTO President, Alhaji Yusuf Lawal Othman, who spoke with the Nation on phone confirmed that the enforcement of the suspension of operation has just begun.

He said it will culminate in complete stoppage of the haulage of the product.

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