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NNPC Posts 34% Increase In Trading Surplus …Records N337.63bn Products Sales

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The Nigerian National Petroleum Corporation (NNPC), has announced an increased trading surplus of ¦ 5.28billion in its December, 2019, operations compared to the ¦ 3.95billion surplus posted in November, last year.
A release yesterday in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that details of the surplus were captured in the December, 2019, edition of NNPC’s Monthly Financial and Operations Report (MFOR), which, among others, showed that the 34 per cent increase for the period resulted from improved performances by some of its entities both in the Upstream and Downstream sectors.
The release listed NNPC’s subsidiaries with notable improved positions to include: Integrated Data Services Limited (IDSL), Nigeria Gas Marketing Company (NGMC), Nigerian Pipeline and Storage Company (NPSC) and Duke Oil Incorporated.
It explained that in general terms, the performance was impacted positively by the reduced deficit posted by NNPC Corporate Headquarters during the period under review; adjustments to previously understated revenues by IDSL and Duke Oil; and reduction in the costs of pipeline repairs/Right of Way maintenance and gas purchases by NPSC and NGMC, respectively.
In the gas sector, out of the 239.29billion Cubic Feet (BCF) of gas supplied in December, 2019, a total of 148.32BCF of gas was commercialized, consisting of 34.78BCF and 113.54BCF for the domestic and export market, respectively.
According to the report, this translated to a supply of 1,121.77million Standard Cubic Feet per day (mmscfd) of gas to the domestic market and 3,662.70mmscfd of gas supplied to the export market for the month.
The corporation noted that 62.22 per cent of the average daily gas produced was commercialized, while the balance of 37.78 per cent was re-injected, used as Upstream fuel gas or flared, adding that gas flare rate was 7.78 per cent for the month under review i.e. 598.03mmscfd, compared with the average gas flare rate of 8.56 per cent i.e. 678.02mmscfd for the period December, 2018 to December, 2019.
The report stated that gas supply for the period December, 2018 to December, 2019 stood at 3,105.48BCF out of which 466.00BCF and 1,369.90BCF were commercialized for the domestic and export market, respectively, explaining that gas re–injected, fuel gas and gas flared, stood at 1,269.59BCF.
In the Downstream Sector, Petroleum Products Marketing Company (PPMC), NNPC’s Downstream entity in charge of bulk supply and distribution of petroleum products, distributed and sold 2.775billion litres of white products in December, 2019 compared with 0.841billion litres in November, same year.
This comprised 2.762billion litres of Premium Motor Spirit (PMS) otherwise called petrol, 0.013billion litres of Automotive Gas Oil (AGO) or diesel, and 0.000billion litres of Dual Purpose Kerosene (DPK) as well as sale of special product of 0.003billion litres of Low Pure Fuel Oil (LPFO) in the month under review.
The MFOR indicated that sale of white products for the period December, 2018 to December, 2019 stood at 21.861billion litres, with PMS accounting for 21.514billion litres or 98.41 per cent.
In terms of value, ¦ 337.63billion was made on the sale of white products by PPMC in December, 2019, compared to ¦ 105.62billion sales in November, 2019.
The report said revenues generated from the sales of white products for the period December, 2018 to December, 2019 stood at ¦ 2,705.76billion, with PMS contributing about 97.56 per cent of the sales with a value of ¦ 2,639.68billion.
The 53rd edition of the MFOR reported 40 vandalized pipeline points, representing about 41 per cent decrease from the 68 points vandalized in November, 2019.
The report said that out of the vandalized points, 10 failed to be welded, while none was ruptured.
Atlas Cove-Mosimi and Mosimi-Ibadan axis accounted for 35 per cent and 30 per cent of the breaks respectively, while other routes accounted for the remaining 35 per cent.
NNPC explained in the release that it had stepped up collaboration with the local communities and other stakeholders to stem pipeline vandalism menace.

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Fubara Dissolves Rivers Executive Council

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Rivers State Governor, Sir Siminialayi Fubara, has dissolved the State Executive Council.

The governor announced the cabinet dissolution yesterday in a statement titled ‘Government Special Announcement’, signed by his new Chief Press Secretary, Onwuka Nzeshi.

Governor Fubara directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.

He thanked the outgoing members of the State Executive Council for their service and wished them the best in their future endeavours.

The three-paragraph special announcement read, “His Excellency, Sir Siminalayi Fubara, GSSRS, Governor of Rivers State, has dissolved the State Executive Council.

“His Excellency, the Governor, has therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or  the most Senior officers in their Ministries with immediate effect.

“His Excellency further expresses his deepest appreciation to the outgoing members of the Executive Council wishing them the best in their future endeavours.”

 

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INEC Proposes N873.78bn For 2027 Elections, N171bn For 2026 Operations

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The Independent National Electoral Commission (INEC) yesterday told the National Assembly that it requires N873.78bn to conduct the 2027 general elections, even as it seeks N171bn to fund its operations in the 2026 fiscal year.

INEC Chairman, Prof Joash Amupitan, made the disclosure while presenting the commission’s 2026 budget proposal and the projected cost for the 2027 general elections before the National Assembly Joint Committee on Electoral Matters in Abuja.

According to Amupitan, the N873.78bn election budget covers the full conduct of national polls in 2027.

An additional N171bn is needed to support INEC’s routine activities in 2026, including bye-elections and off-season elections, the commission stated.

The INEC boss said the proposed election budget does not include a fresh request from the National Youth Service Corps seeking increased allowances for corps members engaged as ad-hoc staff during elections.

He explained that, although the details of specific line items were not exhaustively presented, the almost N1tn election budget is structured across five major components.

“N379.75bn is for operational costs, N92.32bn for administrative costs, N209.21bn for technological costs, N154.91bn for election capital costs and N42.61bn for miscellaneous expenses,” Amupitan said.

The INEC chief noted that the budget was prepared “in line with Section 3(3) of the Electoral Act 2022, which mandates the Commission to prepare its election budget at least one year before the general election.”

On the 2026 fiscal year, Amupitan disclosed that the Ministry of Finance provided an envelope of N140bn, stressing, however, that “INEC is proposing a total expenditure of N171bn.”

The breakdown includes N109bn for personnel costs, N18.7bn for overheads, N42.63bn for election-related activities and N1.4bn for capital expenditure.

He argued that the envelope budgeting system is not suitable for the Commission’s operations, noting that INEC’s activities often require urgent and flexible funding.

Amupitan also identified the lack of a dedicated communications network as a major operational challenge, adding that if the commission develops its own network infrastructure, Nigerians would be in a better position to hold it accountable for any technical glitches.

Speaking at the session, Senator Adams Oshiomhole (APC, Edo North) said external agencies should not dictate the budgeting framework for INEC, given the unique and sensitive nature of its mandate.

He advocated that the envelope budgeting model should be set aside.

He urged the National Assembly to work with INEC’s financial proposal to avoid future instances of possible underfunding.

In the same vein, a member of the House of Representatives from Edo State, Billy Osawaru, called for INEC’s budget to be placed on first-line charge as provided in the Constitution, with funds released in full and on time to enable the Commission to plan early enough for the 2027 general election.

The Joint Committee approved a motion recommending the one-time release of the Commission’s annual budget.

The committee also said it would consider the NYSC’s request for about N32bn to increase allowances for corps members to N125,000 each when engaged for election duties.

The Chairman of the Senate Committee on INEC, Senator Simon Along, assured that the National Assembly would work closely with the Commission to ensure it receives the necessary support for the successful conduct of the 2027 general elections.

Similarly, the Chairman of the House Committee on Electoral Matters, Bayo Balogun, also pledged legislative support, warning INEC to be careful about promises it might be unable to keep.

He recalled that during the 2023 general election, INEC made strong assurances about uploading results to the INEC Result Viewing portal, creating the impression that results could be monitored in real time.

“iREV was not even in the Electoral Act; it was only in INEC regulations. So, be careful how you make promises,” Balogun warned.

The N873.78bn proposed by INEC for next year’s general election is a significant increase from the N313.4bn released to the Commission by the Federal Government for the conduct of the 2023 general election.

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Tinubu Mourns Literary Icon, Biodun Jeyifo

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President Bola Tinubu yesterday expressed grief over the death of a former President of the Academic Staff Union of Universities and one of Africa’s foremost literary scholars, Professor Emeritus Biodun Jeyifo.

Jeyifo passed away on Wednesday, drawing tributes from across Nigeria and the global academic community.

In a condolence message to the family, friends, and associates of the late scholar, Tinubu in a statement by his spokesperson, Bayo Onanuga,  described Jeyifo as a towering intellectual whose contributions to African literature, postcolonial studies, and cultural theory left an enduring legacy.

He noted that the late professor would be sorely missed for his incisive criticism and masterful interpretations of the works of Nobel laureate, Professor Wole Soyinka.

The President also recalled Jeyifo’s leadership of ASUU, praising the temperance, foresight, and wisdom he brought to the union over the years.

Tinubu said Jeyifo played a key role in shaping negotiation frameworks with the government aimed at improving working conditions for university staff and enhancing the learning environment in Nigerian universities.

According to the President, Professor Jeyifo’s longstanding advocacy for academic freedom and social justice will continue to inspire generations.

He added that the late scholar’s influence extended beyond academia into political and cultural journalism, where he served as a mentor to numerous scholars, writers, and activists.

Tinubu condoled with ASUU, the Nigerian Academy of Letters, the Wole Soyinka Centre for Investigative Journalism, the University of Ibadan, Obafemi Awolowo University, Oberlin University, Cornell University, and Harvard University—institutions where Jeyifo studied, taught, or made significant scholarly contributions.

“Nigeria and the global academic community have lost a towering figure and outstanding global citizen,” the President said.

“Professor Biodun Jeyifo was an intellectual giant who dedicated his entire life to knowledge production and the promotion of human dignity. I share a strong personal relationship with him. His contributions to literary and cultural advancement and to society at large will be missed.”

Jeyifo was widely regarded as one of Africa’s most influential literary critics and public intellectuals. Among several honours, he received the prestigious W.E.B. Du Bois Medal in 2019.

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