Business
DRP Urges Oil Workers To End Strike
The Department of Petroleum Resources has appealed to the two unions in the oil and gas sector to shield their swords by calling off the ongoing industrial action to end the sufferings of motorists.
Speaking to newsmen on Wednesday in Makurdi, the Controller of DPR in Makurdi, Mr Abdullahi Isah, observed that the ongoing strike had already taken its toll on motorists in the state.
Isah said more than 100 trucks loaded with petroleum products at the NNPC Apir depot in the outskirts of Makurdi had been trapped owing to the strike by the two unions.
He expressed regret that the bulk of the workforce in the DPR office were members of the unions since the trucks could not be cleared at the depot to reduce the plight of motorists.
Both PENGASSAN and NUPENG had embarked on a nation wide strike to compel government to carry out the Turn Around Maintenance of the refineries.
Meanwhile, black marketers in Makurdi have taken advantage of the strike to hike fuel prices.
Mr Terfa Chia, petrol hawker, said the cost of sourcing the product within service stations in Makurdi was high while the profits accruable from such sales were small.
According to him, the cost of the product at the black market was N150 per liter while some service stations sold at N130 as against the regulated price of N97.
A cross section of bus drivers said they had to increase the transport fares to cope with the cost of fuel.
Mr Michael Denen, a bus driver, said transport fares for commuter buses within Makurdi town had increased from N50 to N70.
Denen said bus drivers were losing their customers to motorcycle operators owing to the increase in transport fares.
But a motorcycle rider, Mr Linus Atime, said “we also increased our fares by 30 per cent; we jumped from N70 to N100 per drop.
NAN reports that some commuters preferred to trek over short distances to avoid the exorbitant fares.
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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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