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Petroleum Imports Gulp N2.2trn In Nine Months, NBS Confirms

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The Federal Government spent N2.17trillion in the first nine months of 2020 on importation of petroleum products into the country.

The petroleum products, according to the latest data obtained from the National Bureau of Statistics (NBS), consists of mineral fuels like Natural gas, oil, Bituminous coal, amongst others.

A breakdown of the nation’s spending on the importation of these products shows that a total of N1.25trillion was spent in the first quarter of the year, Q1’20, represented by N662.2billion, N290.6billion and N299.8billion in January, February and March.

Apparently, due to the outbreak of the Covid-19 pandemic which led to a nationwide lockdown, the spending on the importation of petroleum products declined significantly in the second quarter of the year (April to June) to N221.3billion.

The nation’s petroleum import for Q2’20 shows an 821% decline when compared to the first quarter import statistics.

However, in the third quarter of the year, the country recorded another sharp increase in spending on petroleum products importation at N700.4billion, at the time the government relaxed the lockdown.

Europe topped Nigeria’s highest source of the imports, as a total of N593.3billion was spent in sourcing the products from the continent, while Asia came second with N61.4billion, followed by America N37.2billion.

Surprisingly Nigeria also imported petrol from African countries spending a total of N8.6billion.

Meanwhile, stakeholders across the nation have continued to lament on the state of the nation’s petroleum industry.

Available statistics show that Nigeria holds 37 billion barrels of proven oil reserves as of 2016, ranking 10th in the world and accounting for about 2.2 per cent of the world’s total oil reserves of 1.65 trillion barrels.

Nigeria has proven reserves equivalent to 237.3 times its annual consumption.

This means that, without Net Exports, there would be about 237 years of oil left (at current consumption levels and excluding unproven reserves).

Globally, Nigeria stood at 37th in oil consumption, accounting for about 0.4 percent of the world’s total consumption of 97 million barrels per day.

Nigeria consumes 0.10 gallons of oil per capita per day or 35 gallons per capita per year.   Refineries operations Nigeria also have four refineries situated at Kaduna, Warri and two in Port Harcourt, but they are all in a series of challenges plaguing the fate of its productivity, as they have failed to produce any petroleum product in the past three years.

Despite this abundance the nation’s four refineries processed no crude and combined yield efficiency is zero percent in the first nine months of 2020.

Though industry authorities have claimed that this flat output was, due, largely to on-going rehabilitation works in the refineries, records show that the output position has been less than 10 percent of installed capacity in the last 10 years.

However, the authorities are of the view that despite the deplorable operational state attributable to the ongoing revamping of the refineries, the efforts are expected to further enhance capacity utilization once completed. In its latest operational report, the Nigeria National Petroleum Corporation (NNPC), stated that, “The Corporation has been adopting a Merchant Plant Refineries Business Model since January 2017. The model takes cognizance of the Products Worth and Crude Costs.”

A cumulative of the combined value of output by the four refineries (at Import Parity Price), along with the operational expenses in the first eight month of 2020 amounted to an operating deficit of N74.8billion.

This shows a decline of 28 percent when compared to the corresponding period of 2019 which recorded N104billion.

It was gathered that there was no associated crude plus freight cost for the refineries since there was no production.

The Petroleum Product Marketing Company (PPMC), a subsidiary of NNPC, sold a total of 9.86 billion litres of petroleum products between January and August, 2020.

This is a decrease of 30 percent when compared to 14.108 billion litres sold in the corresponding period of 2019.

The decrease, according to the corporation, is as a result of low operational activities due to the outbreak of Covid-19 pandemic.

The Department of Petroleum Resources (DPR), has assured Nigerians of petroleum products’ availability and stable fuel supply in the country at all times on the strength of its import dependency.

The DPR also cautioned oil marketers against engaging in sharp practices that are capable of distorting products supply.

The DPR stated that there are sufficient petroleum products nationwide, while it also advised petroleum products marketers against hoarding and creating artificial scarcity of the commodity.

The apex petroleum industry regulator promised to intensify its monitoring and surveillance of petroleum products outlets to ensure compliance with quality, quantity and safety of operations in line with its regulatory mandate.

It also advised consumers to report any infraction, such as under dispensing of petroleum products at any filling station to any DPR office nationwide.

The DPR restated its commitment to safety and advised consumers to observe all necessary safety protocols in the handling of petroleum products especially at this season of harmattan.

It further assured Nigerians that it would continue to initiate appropriate initiatives to enable business and create opportunities for investors and stakeholders in the oil and gas industry in Nigeria.

In another development, the NNPC has advised against the precipitous relocation of tank farms from their current locations along Ijegun, Kirikiri areas in Lagos and other parts of the country, in order to avoid dislocation in the supply and distribution chain of petroleum products across the country.

The corporation made the submission at a hearing by the House of Representatives’ Ad-hoc Committee on Relocation of Tank Farms in Residential Areas of Ijegun, Kirikiri.

While presenting the position of NNPC at the hearing, Group Managing Director, Mallam Mele Kyari, stated that NNPC was not averse to the relocation of petroleum products tank farms and depots sited in residential areas but would rather that it be carried out in a planned manner so as not to cause disruption in the fuel supply and distribution chain.

According to Kyari, “Tank farms and depots were a major artery for receiving and distributing imported petroleum products to all parts of the country and that their abrupt relocation could trigger a crisis not only in the downstream sector but also in the nation’s economy in general”.

 

 

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EFCC Holds Stakeholders Engagement Party With Media, CSOs

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The Economic and Financial Crime Commission (EFCC) Port Harcourt zonal command has held a one-day capacity workshop with some selected media organisations and civil society organisations in the state

The one-day capacity workshop was aimed at strengthening existing relationships among the media and the civil society organisations in the state with a view to improving the existing relationships among the graft agency and the media.

Speaking at the event the zonal commander of EFCC, MR. HASSAN SAIDU, said the
initiative is part of the Commission’s ongoing commitment to strengthening collaboration with key stakeholders, particularly the media and civil society, in our collective fight against economic and financial crimes , adding that the decision to organize this workshop underscores the strategic importance the EFCC places on the roles of the media and the CSOs as watchdogs of the society.

According to him,all over the world, the partnership between anti-corruption agencies, the media, and civil society has been instrumental in promoting transparency, accountability, and good governance, noting that the collaboration is even more imperative in Nigeria given the scale and sophistication of economic crimes we contend with.

“Let me take this opportunity to acknowledge and appreciate the invaluable support you have given to the EFCC over the years.

Your consistent focus on our work through reporting, advocacy, and public engagement has helped to sustain the momentum of our preventive and enforcement efforts.”

The EFCC’s mandate is both engaging and arduous. I say this because the landscape of economic crime is dynamic and your duty to report and interpret these developments requires diligence, patriotism and integrity.”

He posted that It is in recognition of these challenges that the Commission introduced a Specialized Workshop Series on Economic and Financial Crimes Reporting for journalists, adding that the commission has expanded this initiative to include civil society organizations to further demonstrate their belief in an inclusive and collaborative anti-corruption framework.

“As you are aware, Port Harcourt remains Nigeria’s treasure base of the Nation and a fertile ground for various forms of economic and financial crimes, ranging from pipeline vandalism, foreign exchange scams and business email compromise to investment and property fraud, and crude oil theft.”

The EFCC zonal commander averred that the 2025 edition of the workshop is Understanding Cryptocurrency Fraud and other Emerging Financial Crimes and Prosecution of Financial Crimes: Issues, Challenges and Way Forward , adding that
It is imperative for us to note that the surge of Cryptocurrency Fraud and other related offences in the Nigeria’s Cyberspace is becoming alarming hence, as part of the efforts of the EFCC to nip this menace and eradicate these crimes from Nigeria Cyberspace there is need for synergy with relevant Stakeholders, that is the reason why the Commission has chosen these topics to educate, create awareness and discuss arising issues that will yield more significant results as the EFCC tackles the spate of these crimes.

 

“We must work together to intensify public sensitization. Your platforms- print, broadcast, digital, and community-based- are essential in equipping Nigerians with the knowledge to make informed decisions and avoid falling prey to scammers. ”

He reiterated that the fight against economic and financial crimes is not the sole responsibility of the EFCC or other anti-corruption agencies. It is a collective national duty, meaning all hands must be on deck , stressing that
We owe it to our country and, indeed, the global community to expose and confront corrupt practices wherever they exist.

“The media must continue to hold public institutions accountable, while civil society must deepen civic engagement and promote transparency at all levels.
The EFCC remains committed to building a stronger and more effective partnership with all stakeholders in the fight against corruption. he stated.

Earlier In his presentation on cryptocurrency-related crimes, CSE Coker Oyegunle, Head of Advanced Fee Fraud, explained that digital assets are increasingly being used for money laundering, identity theft, phishing, malware attacks, and ransomware, most of which involve untraceable crypto payments.

He noted that Nigeria now has a coordinated regulatory framework involving multiple agencies. The Securities and Exchange Commission (SEC) serves as the lead regulator under the Investment and Securities Act 2025, defining digital assets as securities and licensing virtual asset service providers.

Our correspondent reports that other topics presented during the workshop include prosecuting Financial crimes: Issues, challenges and the way forward and the role of CSOs and media in driving a preventive frame work.

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RSU Blames Poor Funding for Failure to Meet Academic Targets as 1,356 Set for Combined Convocation on Saturday”

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The management of Rivers State University (RSU), Port Harcourt, has stated that poor funding has hindered the institution’s ability to meet its expected academic targets.

The Vice-Chancellor of the university, Prof. Isaac Zeb-Obipi, made this statement during a press briefing held at the institution on Monday in Port Harcourt, ahead of the week-long 37th and 38th combined convocation ceremony scheduled for Friday and Saturday this week.

Prof. Zeb-Obipi emphasized that poor funding continues to be a major challenge limiting the institution’s ability to meet its targets, adding that they trust the state governor, Sir Fubara Siminalaye, who is the visitor to the university, will continue to strengthen and support them.

He noted that the state governor has demonstrated his commitment to supporting the university, recently approving N700m for the ongoing NUC accreditation.

The Vice-Chancellor stated that the university faces deficits in classrooms, staff accommodation, and student hostels, with the infrastructure gap widening, and existing lecture halls and laboratories requiring renovation.

“We are prioritizing phased upgrades based on program needs,

He added that the university is short-staffed, having lost staff to retirement, death, and changes in job or place of work, and that new programs, departments, and faculties have been created to meet the contemporary needs of society.

Mean while,a total of 13,242 students are set to graduate in the combined convocation, with 10,648 undergraduates, 1,356 Master’s degree students, 700 postgraduate diplomas, and 538 Doctors of Philosophy.

The Vice-Chancellor also used the opportunity to list some achievements of his administration, including the creation of new directorates, completion of abandoned laboratories, and upgrades in the faculty of sciences, made possible with support from the Tertiary Education Technology Fund (TETFund).

He expressed appreciation to the governor and visitor to the university, Sir Siminalaye Fubara, for approving his appointment and promised to justify the confidence placed in him.

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MOSIEND Calls For RSG, NDDC, Stakeholders’ Intervention In Obolo Nation

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The Movement for the Survival of the Izon Ethnic Nationality in the Niger Delta (MOSIEND) has decried the neglect of communities in Obolo Nation and others in the Niger Delta Region

MOSIEND also called on the stakeholders to empower the youths in skill acquisition and other meaningful ventures to better their lives

This call was on Rhythm 93.7 FM Port Harcourt, Radio program, Talk of the Town, by MOSIEND Eastern Zonal Coordinator of MOSIEND Half Hour Comrade Tammy Bruce Longjohn, alongside Asarama Clan Chairman, Comrade Amos Zebedee Udu, and Unyeada Clan Chairman Comrade Owen Wilson Ngere monitored by our correspondent

The spokepersons underscores the urgent need for government agencies and development partners to respond decisively to the dire state of basic amenities in the area.

MOSIEND leaders in Obolo Nation lamented the absence of potable water, electricity, access roads, and other functional public infrastructures in the clans

“What is troubling is that these complaints continue to echo without corresponding action from the Rivers State Government, the Niger Delta Development Commission, and the oil companies operating in and around the area”.

According to the MOSIEND leaders, the situation has reached a point where community members, particularly youths and women, require deliberate intervention to rebuild livelihoods and restore hope.

They also emphasised the need for empowerment programmes, vocational training, and investments in local economies that depend heavily on fishing and trade.

The Clan leaders call for provision of small engine boats for fishermen and the construction of proper market spaces for the communities

Asarama Clan Chairman, Comrade Udu noted that the community participates fully in electoral processes yet continues to live without clean water or electricity.

He insisted that the clan is not benefiting as they ought to from any MoU with oil companies nor from NDDC projects, raises concerns about the fairness and inclusiveness of development planning in the state.

Equally troubling is the account from Unyeada Clan Chairman, Comrade Owen Wilson Ngere, who highlighted the alarming state of Unyeada Primary School, where children are forced to learn on bare floors without desks, chairs, or basic sanitation facilities.

” For a region that hosts oil and gas activities, such conditions are unacceptable and should concern all stakeholders”.

The Unyeada Clan Commended NDDC for the installation of solar lights in the communities, noting that the project is not enough for the entire community as they
appeal for more of the solar project in the area

While the leaders expressed appreciation to Governor Siminalayi Fubara for the ongoing construction of roads in the area, and to the local council Chairman for the provision of potable water in some communities, .

“Obolo Nation has shown remarkable restraint and continues to maintain peace, as noted by the MOSIEND Coordinator”.

“The issues highlighted are not demands for luxury,but are basic necessities that every community in the Niger Delta deserves.

“The time for promises has passed; what Obolo communities need now is visible, sustained, and inclusive development.

 

Chinedu Wosu

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