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FG has no plan to increase fuel price – Ibe Kaichukwu

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The rumors making the round that the Federal Government intends to increase the price of fuel has been debunked by the minister of State for Petroleum, Dr Ibe Kachikwu.

The Director of Press in the ministry, Idang Alibi, in a statement on Thursday night, clarified the minister’s submission made to the joint committee of the National Assembly on Petroleum Downstream.

“The Ministry of Petroleum Resources would like to categorically state that the Minister never mentioned nor insinuated the need or plans by the Federal Government to increase the current pump price of Premium Motor Spirit”, Alibi said.

Alibi restated that Kachikwu had told the hearing, shown live on NTA, that the Presidency had set up a special committee to identify the immediate and remote causes of the fuel scarcity with a view to finding both immediate and long-lasting solutions to the challenge.

“The Committee has been in rounds of deliberations in the past few days and these discussions are still ongoing. The final decisions and recommendations from the Committee would be passed on to the President and Commander-In-Chief for approval”, said Alibi.

Alibi urged the public and stakeholders in the Oil and Gas sector to disregard any such report of a price increase.

Kachikwu told the public hearing at the National Assembly on Thursday that the NNPC had incurred a cumulative loss of N85.5 billion in importing petrol and selling at the current retail price of N145 per litre, since October 2017.

Kachikwu said the price was fixed in the first quarter of 2016 when crude oil was selling for $49 and expressed fears that with the crude price rising to 67 dollars a barrel, the pump price, may no longer be sustainable.

According to him, the landing cost of PMS which was N133.28 per litre in 2016, is now N171 per litre and this has resulted in the stoppage of importation of the product by independent marketers.

This, he said had made the Nigeria National Petroleum Corporation be the 100 per cent importer of the product.

The minister disclosed further that as a result of the N26 difference per litre between the current landing cost of the product (N171) and pump price of N145, NNPC which had been singularly importing the product at the volume of 25 million litres per day since October last year, has been incurring a daily loss of about N800-N900m, cumulatively reaching N85.5n today, in just three months.

According to him, the government has mandated him and a committee set up, to find ways out of the problem until the local refineries become functional in 18 months time.

He said three solutions are being considered.

“One is for the Central bank of Nigeria to allow the marketers access forex at the rate of N204 to a dollar as against the official rate of N305 to keep the pump price of fuel per litre at N145.

“Two, to give room for modulated deregulation where NNPC would be allowed to continue selling at N145 per litre in all its mega stations across the country while the independent marketers should be allowed to sell at whatever price is profitable to them in all their outlets.

“Three, to look at the direction of blanket subsidy for all the importers in bridging the gap which would be like going back to a problem that had earlier been solved”, he said.

He, however, stressed that the final solution to the problem was for the nation to put her refineries in good shape in a way that 80 per cent of local consumption of the product should be provided for locally.

Source : (NAN)

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Court Okays Suit Compelling Emefiele To Account For COVID-19 Donations

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Court Okays Suit Compelling Emefiele To Account For COVID-19 Donations

CBN Governor – Godwin Emefiele

The Federal High Court, Abuja, on Monday, granted a suit, seeking to apply for judicial review and order of mandamus to compel the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, to provide details of financial donations received by the country in relation to the coronavirus pandemic.

Justice Inyang Ekwo gave the ruling in a suit filed by Socio-Economic Rights and Accountability Project (SERAP) and Heda Resource Centre as 1st and 2nd applicants respectively.

Mandamus is a judicial writ issued as a command to an inferior court or ordering a person to perform a public or statutory duty.

Also Read: Nigeria’s Economy May Emerge From Recession In 2021 Q1, Says Emefiele

According to reports, the group, in an ex-parte motion marked: FHC/ABJ/CS/1456/2020, listed the CBN governor as sole respondent.

Ekwo also granted their plea to seek an order declaring that the failure of the CBN to provide the plaintiff with information on the sources of the donations, how they are being applied, among others, amounted to a violation of the applicant’s rights under the Freedom of Information Act and the African Charter on Human and People’s Rights.

He ordered the applicant to file, within seven days, a formal application for the orders sought, which must be served on the respondent within seven days.

The judge also ordered the respondent to, upon being served, file its response within 30 days.

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Lawan Leads FG’s Delegation On Condolence Visit To Borno

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Lawan Leads FG’s Delegation On Condolence Visit To Borno

Ahmad Lawan

Senate President, Ahmad Lawan, on Monday, led a federal government delegation to Borno State on a condolence visit following the killing of farmers on Saturday by members of the Boko Haram sect.

Members of the delegation include the Chief of Staff to the President, Professor Ibrahim Gambari, Ministers of the Federal Capital Territory, Mohammed Bello, Communications and Digital Economy, Ali Pantami, and the Minister of State for Agriculture, Mustapha Baba Shehuri.

Also Read: Boko Haram: ‘Be Hurt In Your Pursuit Of Justice For The Dead’, Ezekwesili Tells Buhari

Other members are the National Security Adviser, Major General Babagana Monguno (rtd), and Senior Special Assistant( Media and Publicity) to the President, Mallam Garba Shehu.

The delegation was reportedly received on arrival at the Airport by the Borno State Deputy Governor, Usman Umar Gadafu.

The delegation is in Borno, on behalf of President Muhammadu Buhari and the Federal Government, to commiserate and identify with the family of the victims, the Government, and the people of Borno State over the incident.

 

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43 Farmers Killed By Boko Haram Didn’t Have Clearance To Farm — Buhari’s aide

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President Buhari's Spokesperson 'Blames' Farmers Murdered By Terrorists In Borno

Garba Shehu

Garba Shehu, the Senior Special Assistant to President Muhammadu Buhari on Media and Publicity has disclosed that the farmers slaughtered by Boko Haram terrorists on Saturday didn’t have military clearance to be on the farm.

This he stated on Monday during an interview with the BBC where he spoke about the unfortunate incident in which terrorists on Saturday, mercilessly killed not less than 43 farmers in the Zabarmari area of Borno State, about 20km away from Maiduguri the state capital.

Shehu in a reaction to the sad incident noted that while most of the area has been liberated from the insurgents, the military needs to give clearance/approval before farmers can return to their farms or locals resettle in the area.

Also Read: Donald Duke: Security Operatives Selling Weapons To Boko Haram

He, however, pointed out that the farmers killed on Saturday didn’t have military clearance to be on the farms.

Asked if it was not a case of blaming the farmers for their own death, the presidential spokesperson said the victims are not been blamed but the truth must be said.

He added that before the people can return to such places, lots of military clearance needs to be done to make it habitable again for civilians.

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