News
$1.04bn Spent On Fuel Imports In 2021, CBN Admits
The quantity of foreign exchange used for the importation of petroleum products into Nigeria fell to $1.04billion last year from $1.32billion in 2020, data obtained from the Central Bank of Nigeria (CBN) has confirmed.
As the country’s refineries continue to sit idle, fuel imports remain a major user of foreign exchange, even as many businesses still lament the inability to access forex at the official rate.
The nation’s forex reserves have been on a downward trend in recent months, falling to a low of $39.77billion on February 15, 2022 from $40.54billion at the end of last year.
The CBN’s data on sectoral utilisation for transactions valid for forex revealed that $45.76million was utilised in January, 2021 for fuel imports; $64.67million in February, and $142.31million in March.
Forex for fuel import transactions fell to $77.96million in April and $85.64million in May but rose to $86.42million in June.
The country utilised $83.73million in July and $103.70million in August for petroleum products importation.
The apex bank said $66.66million was used for fuel imports in September, $74.01million in October, $82.65million in November and $131.25million in December.
Last month, the Monetary Policy Committee noted the need to encourage the take-off of private refineries across the country to provide alternative competitive local supply source and reduce the need for government intervention to manage fuel prices for domestic consumption.
It said, “Members noted the dwindling proceeds from oil sale, despite rising crude oil prices. They further noted the need to address the persistent reduction in remittance of oil revenue to the Consolidated Revenue Fund and urged the NNPC to urgently address this anomaly.
“The improved foreign exchange supply will thus support the bank’s demand management strategy in the foreign exchange market and consolidate macroeconomic performance, especially those that promote export, reduce dependence on import and reduce foreign exchange demand pressure.”
The Nigerian National Petroleum Corporation is the major supplier of petroleum products in the country and has been the sole importer of petrol for more than four years as the market realities forced private marketers to stop the importation of the product.
“The corporation has continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the nation,” the NNPC said in its latest monthly report.
Buoyed by the rally in global oil prices, the cost of Premium Motor Spirit, also known as petrol, imported into Nigeria from January to September last year surged by 55.56per cent to N2.52trillion from the N1.62trillion spent in the same period of 2020, according to the National Bureau of Statistics.
The NBS data also showed that petrol topped the list of products imported into the country in Q3, accounting for 12.52per cent of the total amount spent on imported products, up from 11.26per cent in the previous quarter.
By December 23, the NNPC had spent a total of N1.16trillion on petrol subsidy from January to November, according to data from the corporation.
The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged at N162-N165 per litre despite the increase in oil prices.
The Federal Government had in March, 2020 removed petrol subsidy after reducing the pump price of the product to N125 per litre from N145 following the crash in oil prices.
News
NDLEA Alerts Parents After Uncovering Drugs In Cookies, Gummies
The National Drug Law Enforcement Agency (NDLEA) has cautioned parents to closely monitor their children’s craving for cookies and gummies, warning that some of the products may contain illicit substances being smuggled into the country.
In a statement posted yesterday, NDLEA’s Director of Media and Advocacy, Femi Babafemi, said recent seizures by the agency’s officers had revealed attempts by criminal elements to introduce prohibited substances under the guise of everyday snacks.
“As parents, if your kids and young ones always crave for cookies and gummies, you may have to pay a little more attention. There may be more to it than ordinary cookies and gummies,” Babafemi wrote, sharing images of seized packages.
The photos showed colourful pouches of “Cookies Delta 8 Gummies” in flavours such as Hawaiian Rain Pineapple Guava and Thai Mango, labelled as vegan and hemp-derived, alongside the actual gummy products.
The warning comes amid a major interception by the Nigeria Customs Service at the Tin Can Island Port in Lagos.
Officers seized two 40-foot containers containing large quantities of cannabis-infused products concealed among legitimate imports such as used vehicles, generators, batteries and fabrics.
The consignment included thousands of Delta-8 cannabis pre-roll cookies, packs of cannabis-infused gummies and other cannabis-infused cookies, with a combined estimated street value of about ?373.8m.
The items were subsequently handed over to the NDLEA.
NDLEA officials described the products, which originated from the United States and were packaged to resemble ordinary vegan snacks with appealing flavours, as an emerging public health threat.
They noted that the attractive packaging could appeal especially to children, students and young people, raising the risk of accidental consumption of concentrated cannabis.
News
RIWAMA, PCRC Join Forces To Curb Illegal Waste Dumping In Rivers
The Rivers State Waste Management Agency (RIWAMA) has announced plans to partner with the Police Community Relations Committee (PCRC) to strengthen efforts at combating illegal waste dumping and improving environmental sanitation across the state.
The partnership was unveiled during a meeting between officials of RIWAMA and the leadership of the Rivers State chapter of the PCRC in Port Harcourt, recently, where both organisations pledged to work together to restore the Garden City status of the state capital.
In his speech, the Supervisor of Market and Community Sanitation in RIWAMA, Mr. Omereji Ukoha, said the collaboration was in line with the vision of the agency’s Managing Director, Dr. Ibimina Wokoma, and the Board Chairman, Dr. Samuel Nwanosike, to promote a cleaner and healthier environment.
Ukoha described the PCRC as a strategic grassroots partner capable of mobilising communities and driving behavioural change through sustained public enlightenment on proper waste disposal.
He expressed concern over the increasing rate of indiscriminate refuse dumping in parts of Port Harcourt, particularly in New GRA, where blocked drainage channels and illegal shanties have continued to contribute to flooding and environmental degradation.
According to him, the agency is determined to intensify enforcement against environmental offenders, warning that unregistered cart pushers and residents who patronise them would be prosecuted in accordance with the provisions of the RIWAMA Act, 2014.
The RIWAMA official urged residents to embrace proper waste disposal practices and patronise only government-approved waste operators in order to safeguard public health and protect the environment.
Responding, the Chairman of the Police Community Relations Committee in Rivers State, Dr. Voke Emore, commended RIWAMA for seeking collaboration with the committee in addressing environmental challenges confronting the state.
Emore said the PCRC would deploy its community-based structures across the state to support public sensitisation and encourage residents to comply with environmental sanitation regulations.
He also called on local government councils to play more active roles in waste management, noting that they collect sanitation levies and should complement the efforts of the state government in maintaining a clean environment.
The PCRC chairman described indiscriminate refuse disposal as a serious environmental and public health concern, stressing that sustained collaboration among government agencies, community leaders and residents remained critical to achieving lasting sanitation goals.
Both organisations expressed optimism that the partnership would promote cleaner communities, reduce environmental hazards and strengthen public participation in efforts to ensure a healthier and more sustainable environment for the people of Rivers State.
King Onunwor
News
Police Nab Kidnap Syndicate, Arrest Five In Rivers
The Rivers State Police Command has arrested five suspected members of a kidnapping syndicate allegedly terrorising communities in Oyigbo Local Government Area of the State.
The State Police Command disclosed this in a statement by its Public Relations Officer, ASP Blessing Agabe, in Port Harcourt, recently.
The suspects were arrested during a coordinated operation at Oyigbo, following directives by the Commissioner of Police, Rivers State Command, CP Olugbenga Adewole Adepoju.
Those arrested were Ezekiel Emmanuel, 44, from Benue State; Chukwuma Mbanefor, 51, from Anambra State; Nicholas Diala, 65, from Imo State; Ndubuisi Uwakwe, 49, from Abia State; and Ifeanyi Nwakwo, 51, from Imo State.
The Command said the arrest represented another significant operational success in its ongoing efforts to dismantle criminal networks operating in the State.
According to the Police, preliminary investigation indicated that the suspects were allegedly involved in kidnapping operations within Rivers State.
The suspects, during interrogation, allegedly confessed to their involvement in kidnapping and further admitted participating in several operations carried out in Kom-Kom, Railway, Obeama and Afam communities.
The Command said investigation was ongoing, with efforts intensified to identify and apprehend other members of the suspected syndicate who may be connected with the criminal activities.
The Police boss said the operation reflected the implementation of operational directives and the intelligence-driven policing strategy of the Inspector-General of Police, IGP Olatunji Rilwan Disu, psc, NPM.
Adepoju reaffirmed the Command’s determination to sustain aggressive intelligence-led operations against kidnapping, cultism, armed robbery and other violent crimes across Rivers State.
He warned kidnappers and other criminal elements operating in the State that there would be no safe haven for them, stressing that the Command would relentlessly pursue, arrest and ensure that those found culpable were brought to justice.
The Commissioner further assured residents of the Command’s commitment to protecting lives and property, urging members of the public to remain vigilant and cooperate with security agencies in the fight against crime.
He appealed to residents to provide the Police with credible and timely information capable of assisting security operatives in preventing criminal activities and apprehending suspected criminals.
The Command urged members of the public who may have useful information on the activities of the suspected kidnapping syndicate or other criminal elements to contact the Police through its emergency lines, assuring that such information would assist ongoing investigations.
King Onunwor
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