Business
NNPC Moves To End Fuel Scarcity
The Nigeria National Petroleum Corporation (NNPC) said on
Tuesday that it has released additional four million litres of petrol to
marketers to ease current fuel scarcity in parts of the country.
A statement signed by Mr Fidel Pepple, NNPC Group General
Manager, Public Affairs, said Mr Andrew Yakubu, Group Managing Director of the
corporation disclosed this at a meeting with the Senate Committee on Petroleum
Downstream.
Yakubu, represented by Dr Peter Nmadu, Executive Director,
Corporate Services, said the additional supply was sourced from Kaduna
Refinery.
He said that the NNPC had also supplied products to some
private depots in Lagos to bridge supply gap following the vandalism of System
2B Pipeline at Arepo in Ogun which carries one third of the nation’s fuel daily
needs.
“In order to alleviate the hardship being inflicted on
Nigerians by the product thieves, the Kaduna Refining and Petrochemical Company
is supplying additional four million litres of fuel to bridge the gap and ease
the hiccup.
“With the on-going efforts, we are optimistic that the
queues will fizzle out,’’ the GMD said.
He also told the committee that some of the NNPC trucks
conveying fuel to the north were trapped in Lokoja due to flood.
Yakubu decried the activities of pipeline vandals and said
three NNPC staff were still missing while others were receiving treatment from
injuries sustained while trying to repair the ruptured pipeline.
The GMD assured that the issue of the missing personnel was
unlikely to cause any strike by the in-house unions.
The statement quoted the Chairman of the committee, Mr
Magnus Abe as assuring the NNPC of its support in rescuing the missing
officers.
He said the committee would continue to work with relevant
stakeholders to resolve the fuel crises.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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