Connect with us

News

Deregulate Totally, Oil Marketers Tell FG

Published

on

Oil marketers have urged the Federal Government to fully deregulate the downstream subsector of the oil and gas industry to preserve the country’s dwindling foreign reserves and enhance economic growth.
The marketers said in separate interviews in Lagos last Wednesday that the most pressing reform in the oil and gas sector was total deregulation of its downstream segment.
The marketers said the immediate removal of the fuel subsidy remained the best option to grow the oil sector, saying that over N1.3 trillion was paid on subsidy with little or no benefits to the most vulnerable members of society.
Mr Olufemi Adewole, the Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA) urged the government to effect a total deregulation of the downstream sub-sector to attract investments and boost economic growth.
Adewole also urged the government to implement the policy (deregulation); stop the subsidies and ensure sufficient petroleum products and address transportation bottlenecks.
He said all these would address inflation, better the economy and ameliorate the economic uncertainty that characterised the polity.
He urged the government to make consultations on the subject and decide on the ideal approach to achieve deregulation.
He added that oil marketers were very willing to offer expertise and suggest methods that would better the lives of Nigerians, the industry, and the economy at large.
According to him, currently there is partial deregulation of the sub-sector such that government, through the Nigeria National Petroleum Corporation (NNPC), is the sole importer of petrol.
“NNPC imports petrol at a landing cost of N171 per litre and sells at N145 per litre at filling stations.
“Importation of diesel was deregulated and this has created avenues for marketers to import and sell at competitive prices,” he said.
The DAPPMA scribe emphasised that total deregulation of the downstream of the oil and gas subsector remained the best option to address the lingering fuel scarcity and attract new investors into the industry.
“We have to be ready to accept the reality of total deregulation of the downstream sector. I am sure most of the people truly understand the concept of deregulation.
“If we embark on deregulation today, petrol prices will be different across the country; the price may be significantly high at the early stages, but it will reduce gradually as we move on.
“Petrol prices will fluctuate throughout the year, for example, in December and January prices tend to be a lot higher. This is the case in most countries around the world.
“Why is it that refineries are not working in Africa? It is because governments tend to regulate prices.
“If government embraces full deregulation, the private sector and small scale refineries will work effectively to attract investors and patronage within and outside the country,” Adewole said.
He said full deregulation would also encourage people to build businesses along the value chains.
“You can see that most tank farms are having challenges of non-performing loans with Nigerian banks. A lot of that will change because deregulation will bring in some stability to the downstream sector.
“Deregulation will create opportunities for cost reflective tariffs and attract investors because there will be returns on investments. There are no guarantees that you will get your returns on investments with the current downstream operations,” he said.
Alhaji Debo Ahmed, the chairman, Western Zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) also urged the government to consider full deregulation of the value chains of the nation’s petroleum sector.
Ahmed said it was high time Nigeria embraced deregulation in full.
According to him, Nigeria can no longer afford to stifle the growth of the oil sector through regulation, adding that the sector should be opened up for active participation of investors, both local and foreign.

Continue Reading

News

Tinubu Orders Fresh Push To Crash Food Prices

Published

on

President Bola Tinubu has ordered a Federal Executive Council committee to move swiftly on measures to further reduce food prices across the country.

 

The Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, disclosed this in Abuja, on Wednesday.

 

According to him, the directive focuses on ensuring safe passage of farm produce across transport routes to cut logistics costs.

 

“The President has given a matching order with a Federal Executive Council committee already handling it on how we are going to promote safe passage of agricultural foods and commodities across our various routes in the country,” Abdullahi said at a capacity-building workshop for Senate correspondents.

 

0:0

 

Nigeria, Africa’s most populous nation, has faced worsening food insecurity since the removal of fuel subsidy, high transport costs, and insecurity on major highways disrupted the movement of goods.

 

Despite government interventions, food remains largely unaffordable for millions.

 

The minister said the plan is tied to Tinubu’s broader vision of food sovereignty—beyond availability to ensure affordability, accessibility, and nutrition on a sustainable basis.

 

To back this up, he revealed that government is set to roll out a Farmer Soil Health Scheme to boost productivity and a revamped cooperative reform initiative to mobilise resources and empower rural farmers.

 

“Mr. President has shown tremendous interest in the cooperative sector as a veritable tool for resource mobilisation, for economic activity generation, and to improve the livelihood of members,” Abdullahi added.

 

The event, with the theme, “Parliamentary Reporting: Issues, Challenges and Responsibilities,” also featured Senate Media Committee Chairman, Senator Yemi Adaramodu; ex-presidential aide, Senator Ita Solomon Enang; and NILDS DG, Prof. Abubakar Sulaiman.

 

 

Continue Reading

News

Umahi Threatens Defaulting Contractors With EFCC Arrest

Published

on

The Federal Government has warned contractors, including foreign firms, that any breach of regulations in road projects awarded to them may lead to arrest by the Economic and Financial Crimes Commission  and the Independent Corrupt Practices and Other Related Offences Commission.

The Minister of Works, David Umahi, issued the warning during an inspection of the ongoing dualisation of the East-West Road (Section IIIA) from Eleme Junction to Onne Port Junction in Rivers State.

The section is being executed by Reynolds Construction Company (Nigeria) Limited.

Responding to questions from journalists, Umahi commended the quality of work on the project but expressed displeasure over the slow pace, stressing that the December completion deadline remains sacrosanct.

On the project, he said:“The quality of the work is excellent, but the pace of work is totally unacceptable. Let me make it very clear to the contractor that this project will neither be reviewed nor varied in price or claims.

“I’m sure we have issued over 10 warning letters to them. If they fail to comply with the completion deadline of December 15, we will not extend it.”

He added that the ministry had already put measures in place to enforce compliance

“The comptroller has negative certificates to issue, and I will recover the money from any of their other projects. All those letters are on record, and when the time comes, they will be invoked. Any contractor who refuses to abide by regulations will have the EFCC and ICPC to contend with,” he said.

Umahi further disclosed that the Federal Government had directed that road projects valued below N20bn would no longer be awarded to expatriate companies, in line with its “Nigeria First” policy aimed at strengthening indigenous capacity in the construction sector.

“This is part of the Nigeria First policy of the Federal Government. Henceforth, no expatriate firm will be awarded any project valued below N20bn. Such projects must go to indigenous companies, while expatriates focus on higher-value projects requiring more technical capacity,” he said.

The minister also noted that the Federal Ministry of Works had adopted a funding prioritisation framework to sustain road projects initially financed by the Nigerian National Petroleum Company Limited under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

He stressed that President Bola Tinubu had directed that none of such projects should be abandoned, adding that priority would be given to critical economic corridors.

Umahi also decried the indiscriminate parking of heavy-duty vehicles on highways, saying it was damaging the pavements of completed sections of the road.

He said letters would be sent to state governors and the Inspector-General of Police to enforce punitive measures against defaulters.

Earlier, the Federal Controller of Works in Rivers State, Mrs Enwereama Tarilade, said RCC had completed 15km of the right carriageway and commenced work on the left carriageway, with one kilometre already laid in Continuously Reinforced Concrete Pavement.

Continue Reading

News

We’ll Support Federal University Environment And Technology – Ibas

Published

on

The Rivers State Government says it will  ensure the smooth and successful takeoff of the newly established Federal University of Environment and Technology (FUET), in  Ogoniland.

This commitment was made yesterday by the Administrator of Rivers State, Retired Admiral Ibok-Ete Ibas (Rtd), during a courtesy visit by the university’s Governing Council and Management team at the Government House, in Port Harcourt.

The high-level delegation was led by the Pro-Chancellor and Chairman of the Council, Professor Don Baridam and  the Vice-Chancellor, Professor Chinedu Mmom.

In his address, Administrator Ibas warmly congratulated the pioneer council and management on their appointments, describing their task as both a recognition of individual accomplishment and a historic call to duty.

“This is not just a recognition of your personal achievements but also a call to history to shape an institution that will have a profound impact on Rivers State, the Niger Delta, and indeed our country,” he stated.

The Administrator commended President Bola Ahmed Tinubu for the establishment of the specialized university in Ogoniland, describing the initiative as “timely and strategic.”

He emphasized that the university’s presence offers a critical opportunity to drive research, innovation, and community-focused solutions to the region’s pressing environmental and developmental challenges.

He further noted that the university’s core focus aligns perfectly with the priorities of his administration.“We consider this university not merely as another institution of higher learning but as a strategic partner in our collective effort to rebuild Rivers State under the ongoing state of emergency and beyond,” he affirmed.

Responding to specific requests presented by the delegation, Administrator Ibas assured the university of immediate support in critical areas essential for the its commencement.

These include the provision of operational vehicles, key facilities, and the completion of the access road to the campus, adding that other vital needs, such as perimeter fencing, refuse disposal, and the issuance of a Certificate of Occupancy, would be addressed within the framework of the state’s broader infrastructure and support programmes.

To ensure swift action, the Administrator directed the Secretary to the State Government (SSG) to work closely with the university’s Governing Council to prioritize the sequence of requests, particularly those tied to the commencement of academic activities in September 2025.

“Let me assure you that Rivers State Government will stand as a dependable partner to the Federal University of Environment and Technology. We see this university as part of our long-term investment in knowledge, innovation, and the future of our youths,” he emphasized.

In his remarks, the Pro-Chancellor and Chairman of the Governing Council, Professor Don Baridam, reaffirmed the university’s commitment to academic excellence, innovation, and community development.

He disclosed that the Federal Government has directed the institution to formally commence its academic session in September 2025, adding that preparations are in full swing to ensure a smooth take-off with adequate infrastructure and resources in place.

“Today’s meeting marks the beginning of a strategic partnership between the Rivers State Government and FUET, envisioned to establish the university as a premier hub for research, innovation, and sustainable development in the Niger Delta”, he said.

Continue Reading

Trending