News
NNPC May Hike Petrol Price
Apparently looking for a desperate window to further increase the price of Premium Motor Spirit (PMS), the management of the Nigerian National Petroleum Corporation (NNPC), has mobilised its former group managing directors (GMDs) to canvass for a new price regime, arguing that the petrol price capped at N145 per litre was no longer justifiable.
In their words, the petrol price ceiling is not congruent with the current foreign exchange liberalization policy.
The NNPC Group General Manager, Group Public Affairs Division, Alhaji Garba Deen Muhammad, made this known in a statement in Abuja, at the weekend.
Garba Deen said that the former GMDs advised for the review of the price cap at a one-day meeting of the Group Managing Director of the NNPC, Dr. Maikanti Baru, and the former GMDs of the corporation.
The former GMDs at the meeting were Chief Edmund Daukoru, Chief Odoliyi Lolomar, Dr Thomas John, Mr Lawrence Amu, Dr. Jackson Gaius-Obaseki, Mr Funsho Moses Kupolokun, Dr Abubakar Lawal, among others.
The former oil chiefs commended NNPC for resolving the fuel supply crisis, and urged the corporation to emplace measures that will ensure sustenance of seamless supply of petroleum products nationwide.
“The PMS price cap of N145/litre is not congruent with the liberalization policy, especially with the Foreign Exchange rate and other price determining components such as crude cost, Nigerian Ports Authority (NPA) charges,” it said.
PMS price was among 11 challenges identified by the former bosses of the corporation which they suggested ways forward.
Other challenges examined include insecurity, corporation reputation, state of the refineries, petroleum product supply, funding of the joint ventures and frontier exploration services, National Petroleum Investment and Management services (NAPIMS), relationship with stakeholders, NNPC revenue base, debt profile and Pension deficit.
On insecurity, the former NNPC chiefs said that there was urgent need for government and security agencies to refocus as well as engage the various host communities.
They suggested the establishment of social and traditional structures to develop an actionable partnership framework toward finding a lasting solution to the present unrest.
The GMDs were concerned about the increasing negative perception of the Corporation by Nigerians especially in terms of opaqueness and accountability.
“They, therefore, called on the Corporation to educate Nigerians on NNPC activities as a commercial entity managing the nation’s assets in trust,” Garba Deen added
On the refineries, they advised that the refineries be rejuvenated using the Original Equipment Manufacturers (OEMs).
“Also, the refineries must be restructured to operate as an Incorporated Joint venture (IJV) similar to the Nigerian Liquefied Natural Gas (NLNG) model with credible partners having requisite technical and financial capabilities,” it said.
The GMDs advised that funding of Joint Venture Operations should be the first line charge to oil revenue to ensure sustainable production and reserve growth.
They endorsed the presidential order to ensure exploration in the Chad basin and Benue Trough and urged Baru to focus more on the Chad basin that had recorded more prospects.
GMDs expressed concern on the level of NNPC debt profile and advised it should establish the true state of its current financial status and decide most appropriate capitalisation model.
They called for a review of the NNPC pensions and advised that NNPC should explore avenues to close the pension funding gap including the restructuring of the current model.
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
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