News Reports

Polaris Bank offers its Salary Advance product to non-Customers

admin — Mon, 05 Oct 2020 10:50:02 +0000

Polaris Bank offers its Salary Advance product to non-Customers admin Mon, 10/05/2020 - 10:50

Monday, October 5, 2020

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Polaris Bank offers its Salary Advance product to non-Customers

Polaris Bank has re-launched its popular Salary Advance with an added capability of enabling non-account holders to access quick funds with same speed and ease as the Bank’s customers.

According to the Bank’s Group Head, Products & Markets Development, Bimpe Ihekuna, “The phenomenal success and testimonials from beneficiaries of the initial offering, informed the need to extend the opportunity to more Nigerians to enjoy the benefits.”

She explained that “this added feature has made Polaris Salary Advance, a readily available, convenient, and accessible solution to customers’ immediate financial needs, as well as serving identified new markets,”

Salary Advance is a small, short-term unsecured loan that relies on the borrower having previous payroll and employment records. As a Salary Advance beneficiary, you repay it either out of your next paycheck or over an agreed time span.

Polaris Salary Advance has enabled Nigerians across board, meet pressing needs and some unexpected expenses with less difficulty which explains the high adoption rate and patronage it has enjoyed across the country.

Scores of workers in private employment, corporate Nigeria, civil servants in state and federal employment have accessed easily and benefitted immensely from the facility extended from the Bank, long before they receive their salary.

As an instantly available, no-collateral facility, which customers can access anytime, anywhere, Polaris Salary Advance is available to all salary earners (both Polaris account holders and non-account holders).

The product can be accessed via *833*12# USSD Smartcode platform.

Polaris Bank is a future-determining Bank committed to delivering industry-defining products, and services, across all the sectors of the Nigerian economy.

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NCC alerts Nigerians on internet fraud

admin — Tue, 15 Sep 2020 15:50:01 +0000

NCC alerts Nigerians on internet fraud admin Tue, 09/15/2020 - 15:50

Tuesday, September 15, 2020

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Business – Premium Times Nigeria

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NCC alerts Nigerians on internet fraud

It warned consumers to be wary of the activities of fraudsters and other unscrupulous persons in order not to fall victim to their antics.

The post NCC alerts Nigerians on internet fraud appeared first on Premium Times Nigeria.

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How Tourism, AfCFTA can boost Nigeria’s economy – Minister

admin — Sun, 04 Jun 2023 13:00:01 +0000

How Tourism, AfCFTA can boost Nigeria’s economy – Minister

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Thursday, May 25, 2023

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How Tourism, AfCFTA can boost Nigeria’s economy – Minister

The African Continental Free Trade Area (AfCFTA) is a significant development for the African continent and presents a tremendous opportunity for Nigeria to increase its trade volume, encourage tourism and boost its economy, Adeniyi Adebayo, Minister of Industry, Trade and Investment, has said.

Mr Adebayo disclosed this while delivering his speech during the National Tourism Transportation Summit (NTTS) and Expo recently held in Abuja.

The NTTS is a foremost tourism and transportation industries event anchored by the Institute for Tourism Professionals of Nigeria.

Speaking at the event, the minister said the African Union Assembly of Heads of State and Government has declared the year 2023 as the year for the Acceleration of AfCFTA Implementation.

“Therefore, Nigeria must seize the immense opportunities presented by the AfCFTA to drive economic growth and development.

“By harnessing its tourism potential, advancing aviation and transportation, promoting trade export, and fostering domestic industrialization, Nigeria can position itself as a key player in intra-African trade.

“Collaboration, both domestically and across the continent, will be crucial in overcoming the barriers and challenges that lie ahead,” he said.

Outlining Nigeria’s strategic approach to playing and winning in the AfCFTA, Mr Adebayo said Nigeria must invest in enhancing its tourist infrastructure, including accommodations and transportation networks, to attract both domestic and international visitors.

He explained that Nigeria’s rich cultural heritage and diverse traditions should be showcased through targeted marketing campaigns and the creation of cultural festivals, thereby increasing tourism traffic and revenue.

“By promoting its unique destinations, including historical sites, national parks, and natural wonders. Nigeria should also partner with other African countries to promote cross-border tourism, promote intra-African travel and establish a single visa regime for the continent.

“Nigeria’s natural wonders, national parks, and wildlife reserves present excellent opportunities for ecotourism and adventure tourism, which can significantly boost tourism revenue and create employment opportunities,” he said.

Air Travel

The minister added that Nigeria should prioritize the improvement of air connectivity by investing in modern airports, air traffic control systems, and airlines, which will facilitate travel within Africa and beyond.

“Developing and upgrading road, rail, and water transport networks will enhance connectivity within Nigeria and foster regional trade and transportation links, thereby leveraging the benefits of the AfCFTA.

“Streamlining customs procedures, reducing bureaucratic bottlenecks, and investing in efficient logistics systems will enhance Nigeria’s role as a transportation hub, attracting businesses and fostering trade across the continent,” he said.

Mr Adebayo said Nigeria must also focus on diversifying its export products beyond oil, exploring opportunities in agriculture, manufacturing, and services, to tap into the growing demand within the AfCFTA market.

READ ALSO: AfDB to spend $2bn on AfCFTA infrastructure projects

“Meeting international quality standards and complying with trade regulations will enhance Nigeria’s competitiveness and allow its industries to thrive within the AfCFTA.

“Encouraging innovation and investing in research and development will drive domestic industrialization, leading to the production of higher value-added goods and services for export,” he said.

He added that in 2019, the African tourism market was worth an estimated $169 billion and supported 24 million jobs.

He said while this is laudable, domestic, and regional contribution only accounts for 55 per cent. Covid-19 has shown that markets must develop internal resilience, and so for the African tourism sector, intra-African tourism must improve, he said.

“Under the AfCFTA some progress is being made, for example, since January 1st, 2023, Kenyans can now live in and enjoy South Africa without a visa for three months a year at most.

“However, we must note that Nigeria is somewhat leading the front, as citizens of all African countries can access Nigeria’s visa-on-arrival service. While this is laudable, Nigeria must move from visa on arrival to no visa for African business persons,” Mr Adebayo said.

In his address, Olusegun Awolowo, executive secretary of the National Action Committee on AfCFTA, said the Nigerian government is committed to leveraging the opportunities presented by the AfCFTA to attract investment, foster cross-border trade, develop tourism sector, and promote inclusive economic growth that addresses the issues of unemployment, underemployment, and multidimensional poverty in the country.

He explained that the recent discovery to unlock Nigeria potentials is evident in the Nigeria – DRC Trade and Investment opportunity intiative.

“In 2021, trade between Nigeria and Democratic Republic of the Congo (DRC) represented less than 0.1 per cent of the total trade of each country. There are 12 major products imported to the DRC from Europe, South America and a few African countries,” he said.

He said DRC imports over $200 million worth of poultry meat from North America and Europe.

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African operations contribute 50% to UBA’s earnings – CEO

admin — Sun, 04 Jun 2023 12:00:01 +0000

African operations contribute 50% to UBA’s earnings – CEO

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admin Sun, 06/04/2023 - 12:00

Friday, May 26, 2023

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African operations contribute 50% to UBA’s earnings – CEO

The United Bank for Africa (UBA) Plc on Thursday announced that all its African subsidiaries are now on firm footing as they have been contributing maximally to the group’s profit margin.

The bank said its African operations, specifically, have contributed close to 50 per cent of the group’s earnings, leveraging on digital offerings and products across the board to gain large market shares across the different regions of operations in Africa.

The Executive Director/Chief Executive Officer of UBA Africa, Abiola Bawuah, disclosed this while addressing journalists from across Africa during a hybrid media parley on Thursday.

She also highlighted the impact of devaluation and double digit inflation in Nigeria and a number of other African countries where the bank operates, adding that the subsidiaries have been performing well, contributing significantly to the growth and development of trade, infrastructure and finance on the continent.

“As of last month, none of our African subsidiaries is making a loss. They have all been turning in profits, this is a testament to the fact that they have navigated successfully and have all found their footing.

“And this extends to each and every one of them, even the ones in war-torn countries. Of course, we are aware that there is always room for improvement, but for now, we are glad that our 19 subsidiaries are out of the red zone,” Mrs Bawuah said.

Infrastructure Financing

In the area of infrastructure financing, she noted that the bank has been bullish in financing projects across Africa, which according to her is based on the conviction that the continent needs to bridge the infrastructural gap necessary for economic growth.

“UBA has proven expertise and capacity in key sectors of economies across Africa, especially in oil and gas, infrastructure finance, agriculture and commodity/export, and these have positioned it as a preferred partner for structured solutions to key governments and corporates operating in/into Africa,” she said.

She noted that in the last few years, the bank has invested heavily and supported key governments of various African countries with over $1 billion in infrastructural development, especially in roads, hospitals, health, power and other critical sectors.

READ ALSO: Reps summon NNPC subsidiaries over auditor general report

According to her, the bank has contributed massively in promoting trade in Africa and has partnered with the African Continental Free Trade Area (AfCFTA).

“At UBA, we believe that our customers should be able to trade conveniently among themselves, and so we have been partnering with them in this area.

“We have made it easy for our customers across countries to trade easily within themselves, without having to bother about all the hassles that have to do with forex,” she said.

Earlier in the year, Mrs Bawuah, a Ghanaian national, was appointed as the first female CEO of UBA Africa.

Her appointment, according to the bank, further demonstrates UBA’s commitment to diversity. The UBA Group Board now includes eight female Directors.

Before her appointment, Mrs Bawuah was Regional CEO, West Africa, supervising the Group’s operations in nine subsidiaries, including Benin, Burkina Faso, Côte d’Ivoire, Ghana, Guinea, Liberia, Mali, Senegal, and Sierra Leone.

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NUPRC issues new laws to regulate Nigeria’s oil sector

admin — Sun, 04 Jun 2023 08:00:01 +0000

NUPRC issues new laws to regulate Nigeria’s oil sector

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admin Sun, 06/04/2023 - 08:00

Friday, May 26, 2023

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NUPRC issues new laws to regulate Nigeria’s oil sector

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it has issued seven new regulations aimed at providing a regulatory environment that assures efficiency, predictability, clarity and effectiveness to the Nigerian oil and gas sector.

NUPRC Chief Executive Gbenga Komolafe disclosed this in a statement on Thursday.

Mr Komolafe said the new regulations were signed and issued at the commission’s headquarters in a ceremony witnessed by Ogonnaya Orji, the Executive Secretary of the Nigerian Extractive Industry Transparency Initiative (NEITI) on Thursday.

He said these bring to twelve (12) the number of regulations so far concluded and issued by the commission in line with its mandate as prescribed by the Petroleum Industry Act (PIA), 2021.

“All the 12 regulations and others to be finalized soon would serve as the key regulatory tools to be deployed by the commission in the discharge of its statutory functions under the PIA regime.

“Eighteen regulations were initially identified as a priority. Issuing the regulations represents a significant milestone achievement for the commission in its continued stride towards the attainment of the goals of the PIA and the reformation of the upstream petroleum sector,” he said.

He listed the seven new regulations to include, the Nigeria Upstream Petroleum measurement regulations 2023, Production Curtailment and domestic crude oil supply obligation regulations 2023, Frontier basins exploration fund administration regulations 2023, and the Nigeria Upstream Decommissioning and abandonment regulations 2023.

Others are Significant crude oil and Gas discovery regulations 2023, Gas flaring, Venting and methane emission (Prevention of Waste and Pollution) regulations 2023 and the Nigeria Upstream Petroleum Unitization regulations, 2023.

Gazetted Regulations

Mr Komolafe noted that five regulations were successfully gazetted into law between June and October 2022.

“All the regulations are revolutionary and aimed at providing a regulatory environment that assures efficiency, predictability, clarity, and effectiveness to the industry in the discharge of the commission’s mandate.

“The PIA 2021 empowers the Commission to make regulations which will give meaning and intent to the spirit of the Act. Consequently, the Commission, in fulfilment of this mandate, swung into action with the drafting of regulations of which five were initially gazette and published,” he said.

He noted that gazetting the twelve regulations demonstrates the commission’s commitment towards providing a business-enabling environment in the Nigerian upstream oil and gas industry space.

READ ALSO: Buhari approves review of grazing reserves in 25 states

“Our drive to promote clarity, trust and predictability in the industry has remained un-flinching as evident in the efforts deployed towards ensuring that regulations and key policies necessitated by the PIA are developed and gazetted expeditiously to enable alignment with the provisions of the PIA.

“The seven regulations signed today are part of the thirteen draft regulations that were presented for discussion during the first, second and third phases of our consultations with stakeholders between 2022 and 2023.

“It is worthy of note that inputs of stakeholders from the various engagements were considered in the drafting of the regulations.

“The drafts were subsequently forwarded to the Attorney general of the federation and minister of Justice for vetting, legislative standardization, and approval.

“It is pertinent to note that the process of formulating the above regulations has been a rigorous and strenuous exercise characterised by several challenges at different stages of the regulation-making process,” he said.

Nevertheless, he said, the outcome of the process is a result of critical thinking, vigorous engagements with the industry stakeholders, careful evaluation, and hard work by the commission’s regulation development team, whose efforts are a testament to the commission’s continually strive towards excellence in the discharge of its functions.

“I also charge them to re-double their ongoing efforts to speedily conclude work on the other regulations that they are currently working on as well as the others that have been identified and are being developed.

“The commission assures the industry of its continued dedication to develop and issue policies that will create an enabling environment for growth and more investments in the Nigerian upstream oil and gas sector,” he said.

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Price of 5kg cooking gas up 22.15% in one year – NBS

admin — Sun, 04 Jun 2023 05:00:01 +0000

Price of 5kg cooking gas up 22.15% in one year – NBS

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admin Sun, 06/04/2023 - 05:00

Friday, May 26, 2023

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Price of 5kg cooking gas up 22.15% in one year – NBS

The average price of refilling a five-kilogramme cylinder of cooking gas rose by 22.15 per cent year on year in April, the National Bureau of Statistics (NBS) has said.

The bureau said this in its “Liquefied Petroleum Gas (Cooking Gas) Price Watch” for April 2023 released on Friday.

The NBS said the average retail price for refilling a 5 kg cylinder of cooking gas increased by 0.69 per cent on a month-on-month basis from N4,610.48 recorded in March 2023 to N4,642.27 in April 2023.

But the price rose by 22.15 per cent from N3,800.47 in April 2022, the bureau said.

The report said Kwara recorded the highest average price for refilling a 5 kg cooking gas at N5,000.00, followed by Abuja at N4,965.15, and Kaduna at N4,960.80.

It added that Rivers recorded the lowest price at N4,250.00, followed by Enugu and Anambra at N4,252.51 and N4,256.14 respectively.

The report said the North-Central recorded the highest average retail price for refilling a 5 kg cylinder of cooking gas at N4,893.67, followed by the North-West at N4,693.76, while the South-East recorded the lowest at N4,461.65.

12.5-kilogram size

The report also showed that the average retail price for refilling a 12.5kg cooking gas increased by 0.59 per cent on a month-on-month basis from N10,262.56 in March 2023 to N10,323.33 in April 2023.

On a year-on-year basis, the bureau said this rose by 26.44 per cent from N8,164.37 in April 2022.

In state profile analysis, Jigawa recorded the highest average retail price for the refilling of a 12.5kg cylinder of cooking gas at N11,312.50, followed by Cross River at N10,907.15 and Akwa Ibom at N10,900.00.

The lowest average price was recorded in Ebonyi at N9,600.25, followed by Yobe and Gombe at N9,800.00 and N9,801.47 respectively.

The NBS said the South-South recorded the highest average retail price for refilling a 12.5kg cylinder of cooking gas at N10,595.96, followed by the North-West at N10,409.16, while the North-East recorded the lowest price at N9,921.94.

Kerosene

In its National Household Kerosene Price Watch report for April 2023, the NBS said the average retail price per litre of Kerosene paid by consumers in April 2023 was N1,160.67, indicating an increase of 1.59 per cent compared to N1,142.46 recorded in March 2023.

On a year-on-year basis, the bureau said the average retail price per litre of the product rose by 96.79 per cent from N589.82 in April 2022.

The bureau said the highest average price per litre of Kerosene in April 2023 was recorded in Adamawa at N1,600.00, followed by Abuja at N1,382.10 and Bauchi at N1,320.50.

ALSO READ: Prices of 5kg cooking gas up 27% in December – NBS

It said the lowest price was recorded in Jigawa at N925.25, followed by Kaduna at N950.50 and Edo at N965.85.

The NBS noted that the North-East recorded the highest average retail price per litre of Kerosene at N1,273.53, followed by the South-East at N1,265.71 while North-West recorded the lowest at N1,014.19.

Price per gallon

The report noted that the average retail price per gallon of Kerosene paid by consumers in April 2023 was N4,166.94, showing an increase of 1.50 per cent from N4,105.25 in March 2023.

“On a year-on-year basis, this increased by 95.03 per cent from N2,136.52 in April 2022.

“Lagos recorded the highest average retail price per gallon of Kerosene at N4,990.25, followed by Katsina at N4,925.00 and Zamfara at N4,883.20,” it said.

Delta recorded the lowest price at N2,500.15, followed by Rivers and Bayelsa at N3,000.00 and N3,208.34 respectively.

The report noted that the North West recorded the highest average retail price per gallon of Kerosene at N4,580.50 followed by the North East at N4534.61 while the South-South recorded the lowest at N3,249.59.

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Tinubu to grow Nigeria’s GDP by 6%, unify multiple exchange rates

admin — Sat, 03 Jun 2023 17:00:01 +0000

Tinubu to grow Nigeria’s GDP by 6%, unify multiple exchange rates

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Monday, May 29, 2023

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Tinubu to grow Nigeria’s GDP by 6%, unify multiple exchange rates

President Bola Tinubu, who on Monday was sworn in as Nigeria’s president, has said his administration is aiming to expand the country’s gross domestic product (GDP) by “not less than 6 per cent”.

The president also unveiled a plan to harmonise the nation’s multiple exchange rates as part of the broad plan to transform Africa’s largest economy.

The target growth rate is almost two times that of last year, put at 3.1 per cent by the statistics office.

The World Bank expects the Nigerian economy to grow by 2.8 per cent this year, while the International Monetary Fund’s has projected it will enlarge by 3.2 per cent.

President Tinubu said during his inauguration speech in Abuja he is counting on budgetary reforms and a raft of other policies to achieve that objective.

“First, budgetary reform stimulating the economy without engendering inflation will be instituted,” he stated while presenting the key highlights of his programme, which he said his team will be providing more details for in the days and weeks ahead.

At 22.2 per cent, the new administration is inheriting an inflation rate fast approaching its peak level in 18 years and a fiscal crisis in which virtually all of the government’s revenue goes to servicing debt.

READ ALSO: Nigeria’s unemployment rate projected to hit 37% – NESG

The administration also faces a debt burden, now about N70 trillion, that raises concerns about fiscal sustainability.

“Industrial policy will utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency,” the president added.

He vowed to review the complaints by both local and foreign investors on multiple taxations and “various anti-investment inhibitions.”

Monetary policies

President Tinubu affirmed that the Central Bank of Nigeria (CBN) under him will aim at harmonising Nigeria’s multiple exchange rates. He also expects the monetary policy structure to undergo “housecleaning.”

Pursuing a single exchange rate, he disclosed, will help divert funds away from arbitrage into productive endeavours such as investment in plant, equipment and job creation.

He is nursing the ambition of cutting interest rates to drive investment in ways that will foster economic growth.

The president took a swipe at the recent botched currency swap, which he noted as being hastily executed by the CBN.

“The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender,” he said.

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Fuel queues hit Abuja, other cities as Tinubu announces subsidy removal

admin — Sat, 03 Jun 2023 15:00:01 +0000

Fuel queues hit Abuja, other cities as Tinubu announces subsidy removal

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Monday, May 29, 2023

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Fuel queues hit Abuja, other cities as Tinubu announces subsidy removal

Fuel queues returned to Nigerian cities Monday as many motorists scrambled to get petroleum products hours after President Bola Tinubu announced that the government will put an end to the fuel subsidy regime.

Mr Tinubu on Monday in his inaugural address at Eagle Square, Abuja, declared that there would no longer be a petroleum subsidy regime as it was not sustainable.

He said the current 2023 budget only has provision for the fuel subsidy till June, adding that the funds meant for subsidies will be diverted to creation of public infrastructure, education, health care and jobs.

“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.

“We shall, instead, re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions,” Mr Tinubu said.

But hours after the declaration, fuel queues resurfaced in major cities across the country amid uncertainty over the effect of the new policy.

Queues

A PREMIUM TIMES correspondent who visited petrol stations around Abuja metropolis Monday evening found that queues have yet again resurfaced in the city.

Across the nation’s capital city, some filling stations were under lock and key while some were besieged by motorcyclists, tricycle owners, as well as private and commercial drivers.

Many filling stations in the Lugbe area of Abuja sold petrol at prices ranging between N194 and N198. Outside Abuja, residents said fuel stations sold petrol for N230.

On Monday evening, a long queue of motorists was observed at the NNPC filling station along Airport Road, Lugbe.

Shafa, Fynefield and NNPC fuel stations at Apo sold petrol to motorists at prices ranging between N194 and N198, while Mobil, MRS and Ashafa along Lugbe Airport Road were also open to customers.

Some other filling stations were, however, shut against motorists and tricycle riders.

A car owner, Nwekefero Munachi, at the NNPC filling station along Airport Road, Lugbe, said: “As I was driving down from town, I saw a queue at the filling station but I don’t know what the cause may be. So as I approached Lugbe, I noticed another queue. I can’t place my hand on what the queue is all about. But all I know is that there are queues in filling stations.”

The same trend was witnessed in Lagos, Ogun, and Ado-Ekiti, the capital of Ekiti State Lagos, Ogun

In Lagos, Nigeria’s commercial nerve centre, fuel queues surfaced around the Ojodu and Berger axis Monday evening as motorists scrambled to get fuel ahead of resumption of work Tuesday.

A commercial motorcyclist, Ibrahim Adeleke, said he noticed the queues about two days ago but things got worse Monday after Mr Tinubu said the subsidy regime has ended.

“People don’t know what will happen and petrol station owners too are not certain of what the new government will do,” he said.

In Akute area of Ogun State, PREMIUM TIMES learnt that some of the popular fuel stations were shut Monday evening.

Ekiti

In Ekiti, there were long queues at some of the major fuel stations visited. The filling stations were seen dispensing petrol at N230 while many remained shut.

At the Furasat filling station Okebareke, in Ido Ekiti, Tunde Ajayi, a motorist at the station, attributed the fuel queue to subsidy removal.

“This is surprising, people have started panic buying just with the announcement of subsidy removal.

“We used to buy it for N230 per litre before and now it is still the same price but people already believe that with the president’s announcement fuel price might go up,” Mr Ajayi said.

“I’m here to buy and store so I can manage it before the filling station starts increasing their litre price,” he added.

Kenneth Onyebuchi, a civil servant said: “I’m not sure this is because of the subsidy removal announcement, I think this is because of the long holiday. You know tomorrow is work so I just think people are just coming out to fill their cars.

“If it’s because of what the president said we will know within the week,” he said.

A car owner, John-wisdom Nwali, said “As I was driving towards my house, I observed a queue in the filling stations and I decided to stop and refill my tank. Another round of fuel scarcity should not be encouraged in this regime because we have suffered a lot in Buhari’s tenure because of scarcity.

“I heard that this recent queue is caused by the government announcement of removing fuel subsidies but I don’t know how true it is,” he said.

Fuel subsidy

The Nigerian government has, for decades, subsidised fuel and fixed retail prices of petroleum products. The payment has, however, threatened the nation’s fiscal position and impacted the government’s ability to fund developmental projects across the nation.

In November 2021, the federal government announced its plan to remove the fuel subsidy and replace it with a monthly N5,000 transport grant for poor Nigerians.

NNPC speaks on subsidy removal, cautions against panic buying

admin — Sat, 03 Jun 2023 13:00:01 +0000

NNPC speaks on subsidy removal, cautions against panic buying

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admin Sat, 06/03/2023 - 13:00

Tuesday, May 30, 2023

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NNPC speaks on subsidy removal, cautions against panic buying

The Nigerian National Petroleum Company Limited (NNPC Ltd) says the decision to remove subsidy on petrol, popularly called fuel, by President Bola Tinubu is a welcome development.

The Group Chief Executive Officer (GCEO), NNPC Ltd, Mele Kyari, made this known at the NNPC Ltd. Towers in Abuja while briefing journalists late Monday night after the pronouncement by the president.

The News Agency of Nigeria (NAN) reports that Mr Tinubu, at his inauguration as the President of the Federal Republic of Nigeria on Monday, said the subsidy regime will end with the commencement of his administration.

Mr Kyari, while addressing journalists said the removal of the subsidy which had been a burden on NNPC’s cash flow, would free up funds to enable optimal operations in the company.

“Subsidy has been a major challenge for NNPC’s continuous operations. We believe that this will free up resources to enable us continue to do great work and function as a commercial entity, we welcome this development,’’ he said.

Reacting to queues and scarcity already being experienced, the GCO assured Nigerians of a sufficient supply of products particularly petrol, adding that the company has over 30 days of petrol storage and supply.

“There is no reason to panic, we understand that people will be scared of potential changes in price of petrol, that is not enough for people to rush to buy more than they need,’’ he added.

He however appealed to Nigerians not to be scared or indulge in panic buying.

He added that the company as the supplier of last resort as mandated by the Petroleum Industry Act (PIA) would continue to ensure the availability of petrol and other petroleum products.

According to him, NNPC Ltd. is also monitoring all its distribution networks to ensure compliance.

READ ALSO: Nigerian govt mulls national summit on removal of petroleum subsidy

“The NNPC Ltd. is in discussion with the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to develop framework for the implementation of the removal of the PMS subsidy as announced by the president.

NAN reports that former President Muhammadu Buhari set June 2023 as the date for the removal of fuel subsidy.

The federal government had explained that if it continues to service the subsidy, the country will spend N6.4 trillion annually.

Mr Buhari’s new deadline for removing fuel subsidy will be a month after he hands over to his successor in May 2023, leaving the new leader to deal with any backlash and commotion that may follow the decision.

The government said the Medium Term Expenditure Framework was that if the nation holds on to fuel subsidy as it is designed now, we will be incurring from January to December a subsidy cost of N6.4 trillion.

(NAN)

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Fuel Queues: Nigerian regulatory agency warns against panic buying

admin — Sat, 03 Jun 2023 12:00:01 +0000

Fuel Queues: Nigerian regulatory agency warns against panic buying

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admin Sat, 06/03/2023 - 12:00

Tuesday, May 30, 2023

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Fuel Queues: Nigerian regulatory agency warns against panic buying

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has cautioned Nigerians not to panic over subsidy removal, saying it has enough petroleum products to meet the country’s demand.

The NMDPRA said this in a statement on Tuesday by its General Manager, Corporate Communications, Kimchi Apollo.

The statement was issued against the backdrop of the government’s declaration that it will put an end to the fuel subsidy regime.

President Bola Tinubu on Monday in his inaugural address at Eagle Square, Abuja, declared that there would no longer be a petroleum subsidy regime as it was not sustainable.

He said the current 2023 budget only has provision for the fuel subsidy till June, adding that the funds meant for subsidies will be diverted to the creation of public infrastructure, education, health care and jobs.

In its statement on Tuesday, the NMDPRA said contrary to speculations and concerns, the announcement is in line with the Petroleum Industry Act (2021) which provides for total deregulation of the petroleum downstream sector to drive investment and growth.

“The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) wishes to address concerns regarding the announcement of the removal of subsidy on Premium Motor Spirit (PMS) by President Bola Ahmed Tinubu.

“Contrary to speculations and concerns, the announcement is in line with the Petroleum Industry Act (2021) which provides for total deregulation of the petroleum downstream sector to drive investment and growth.

“We are working closely with NNPC Limited and other key stakeholders to guarantee a smooth transition, avoid any disruptions in supply as well as ensure that consumers are not short-changed in any form,” the agency said.

READ ALSO: NLC rejects fuel price increase, wants state of emergency in downstream sector

The NMDPRA, however, assured that there is an ample supply of PMS to meet demand.

“We have taken necessary steps to ensure distribution channels remain uninterrupted and fuel is readily available at all filling stations across the country,” the statement said.

“We, therefore, call on Nigerians to remain calm and resist the urge to stockpile as it poses a significant safety hazard.”

The agency noted that the removal of subsidy on petrol is a step towards building a more sustainable and prosperous future for Nigeria.

“We will continue to monitor activities and implement necessary measures to enhance transparency and accountability in the petroleum downstream sector,” it said.

Queues

Fuel queues returned to Nigerian cities Monday as many motorists scrambled to get petroleum products hours after Mr Tinubu announced that the government will put an end to fuel subsidy.

A PREMIUM TIMES correspondent who visited petrol stations across the nation’s capital city Monday evening found that some filling stations were under lock and key while some were besieged by motorcyclists, tricycle owners, as well as private and commercial drivers.

The same trend was witnessed in Lagos, Ogun, and Ado-Ekiti, the capital of Ekiti State Lagos, Ogun.

Many filling stations in the Lugbe area of Abuja sold petrol at prices ranging between N194 and N198. Outside Abuja, residents said fuel stations sold petrol for N230.

Fuel subsidy

The Nigerian government has subsidised fuel and fixed retail prices of petroleum products for decades. But the payment has threatened the nation’s fiscal position and impacted the government’s ability to fund developmental projects across the nation.

In November 2021, the federal government announced its plan to remove the fuel subsidy and replace it with a monthly N5,000 transport grant for poor Nigerians.

But the government later suspended the plan after the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) threatened to embark on mass protests.

The Minister of Finance, Zainab Ahmed, in January last year said the government had realised the timing of its planned removal of petrol subsidy is “problematic”, and will worsen the suffering of Nigerians.

In the first quarter of 2023, Mrs Ahmed said that it will be more appropriate for the government to begin the implementation of its fuel subsidy policy in the second quarter of the year.

But in April, the National Economic Council (NEC) suspended the planned removal of subsidy on petroleum products by the end of President Muhammadu Buhari’s administration.

The new government led by Mr Tinubu on Monday reinforced its decision to end the subsidy regime because it is not sustainable.

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