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Nigeria Saves N15.4 billion Monthly From Fuel Subsidy Removal

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Vice-President Yemi Osinbajo says the fuel subsidy removal has removed a burden of not less than N15.4 billion monthly from the Federal Government.

Mr. Osinbajo said this in Abuja on Thursday at the 2016 presentation of scorecard of the Ministry of Petroleum Resources and Agreements Signing ceremony for Joint Venture Cash Calls (JVC) exit.

Represented by the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, Mr. Osinbajo said that $15 billion would be injected into the sector.

“I am pleased to be the special guest of honour at the agreements signing ceremony for Joint Venture Cash Call exit and the announcement of $15 billion investments to be done in the sector.

“The oil and gas sector remains very critical to the stability and growth of our economy as it accounts for about 90 per cent of earnings.

“Amongst others, the downstream sector has been deregulated with the elimination of petroleum subsidy.

“This policy has removed from government, a burden of not less than N15.4 billion monthly,” he said.

The vice-president said that government had taken steps to raise the domestic refining capacity for petroleum products by repairing the existing refineries.

“We have also licensed modular refineries and support the development of private refineries one of which is a 650,000 barrel per day capacity,” he said.

According to him, one of the refineries is nearing completion, adding that when completed, it will restore “our pipeline to facilitate crude and products transportation.”

He said that the Federal Executive Council (FEC) had approved new measures aimed at eliminating the burden of JVC and easing future payments in the upstream sector.

Mr Osinbajo commended the World Bank on the global initiative to secure the environment by ending and commercialising gas flares.

”It will boost the discharge of international obligations by Nigeria on climate change and contribute to our national power generation capacity”.

He urged other ministries to come up with score cards of their performances in the last year.

Also speaking, the Minister of State for Petroleum, Ibe Kachikwu, said that when he took over the leadership of the ministry, oil sector was losing N1.2 trillion every year and fuel scarcity was common.

”Today, we have a situation where refined petroleum consumption has gone down from an all-time high of 40 million litres a day to about 28 million litres a day.

”On cash call, the issue was how long the upstream was going to continue to bleed as investments were drying up and activities grinding to a halt.

”For the first time in 2017, you are going to see the Ministry driving an effort with the Department of Petroleum Resources to find leakage areas, essential to cover the gap in the 2017 budget.

”In the Niger Delta, we have brought the all-time low production of 1.3 million barrels per day (mbpd) to 1.8mbpd but for some minor incidents it would be closer to 2.1mbpd or 2.2mbpd.

”We set a zero militancy target in 2017 and we want anything that needs to be done should be done,’’ he said.

On Organisation of Petroleum Exporting Countries, OPEC, he said that he was thrust into the chairmanship of the organisation immediately he was appointed.

He added that he said he had to convince four countries to serve as engine rooms of finding solutions and not bringing the national problems to OPEC.

In her address of welcome, DJamila Shua’ra, said that ”the year started with refineries producing below capacity, high demand for petroleum products and insufficient supplies at depots, forex shortages.

”However, President Muhammadu Buhari believed in our team and our collective ability to find solutions.

”Although, it is not Uhuru yet, there are many more rivers to cross. As we speak, aviation fuel remains a challenge.

”We are yet to pick maximum capacity in our refineries and there is need for more investors to fund massive infrastructural development in the sector”.

The News Agency of Nigeria reports that awards were presented to an outstanding staff each from subsidiaries of the ministry.

Source: NAN

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“Passport secured” – Nigerian man flaunts Canadian lover (Video)

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“Passport secured” – Nigerian man flaunts Canadian lover (Video)

A Nigerian man has taken to social media to flaunt his Canadian lover amid violence and protest in the country.

The man, simply identified as Bimbo, expressed that he is happy to be with his lover, a foreigner.

 

 

In a video that has since gone viral, Bimbo could be seen flaunting his older Canadian lover at a time some Nigerians are making plans to travel abroad considering the situation of things in the country.

In the video shared via his handle, @Bimbotwits, the young man could be seen teaching his Canadian lover some Nigerian slangs as she made attempts to pronounce them correctly.

“They say love is blind, but i seebit in your eyes. Canadian passport secured,” he captioned the video.

See below:

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Lekki Toll Plaza should be renamed Lekki Memorial: Actor Alex Ekubo

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Lekki Toll Plaza should be renamed Lekki Memorial: Alex Ekubo

Alex Ekubo, popular Nigerian actor, has suggested that the famous Lekki toll gate be renamed in memory of protesters who lost their lives during the protest.

Ekubo added that the dead protesters paid the ultimate price while trying to put an end to police brutaity.

 

According to the thespian, Lekki Toll Plaza should be renamed ‘Lekki Memorial’ in what he described would be in memory to those who died for the cause.

The actor also suggested that it should be made toll-free.

He wrote on Twitter ;

Lekki Toll Plaza, should be renamed Lekki Memorial Way… & be made Toll Free… in Honor of our fallen comrades…

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Buhari has ordered probe into Lekki shootings: Minister

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Buhari has ordered probe into Lekki shootings: Minister

Sunday Dare, Minister of Youths and Sport says Nigeria’s President Muhammadu Buhari has ordered probe into shooting of end SARS protesters in Lekki area of Lagos.

The minister made this known in an interview on Arise TV on Friday.

About 53 protesters were killed, and many left wounded after soldiers opened live ammunition on the #EndSARS protesters Tuesday night.

When the minister was asked about the silence of the president on Lekki shootings in his #EndSARS address, Dare said Buhari would speak after the outcome of a probe he had ordered.

He said; “For sure the president has ordered an investigation, he had a national security meeting yesterday.

“I can tell you that this is already ongoing because the president wants to have all the facts which will absolutely be made public.

“It is important to get all the facts right before we go forward, in this case, it’s going to be difficult to hide these facts because we live in a multimedia world and we have pieces of evidence and corroboration and I think it is important to get the facts right.

“I think that’s the path the president has towed and I am sure that when the facts are made available, this president – because he has integrity – will level with the Nigerian people about what happened on Tuesday in Lekki.

“Previously, we just had lip service that SARS scrapped. For the first time, you have a presidential pronouncement that SARS has been dissolved followed by the inspector-general and then we saw quick steps thereafter.

“And I think when you look at what has happened in the past and the level of responsiveness and concrete steps, the whole five demands of the youth were wholeheartedly accepted by the president and he set up a process.”

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