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.
2023: I’m Only PDP Presidential Aspirant To Defeat APC–Wike
Rivers State Governor and leading presidential aspirant on the platform of the Peoples Democratic Party (PDP), Chief Nyesom Wike,has said that he remained the only PDP aspirant that could win election against the ruling All Progressives Congress (APC).
Wike, in company of some PDP chieftains, made this remark when he met national delegates of the Lagos chapter of PDP in Ikeja, last Saturday.
The aspirant, who noted that he was not running to be vice president to anybody, said that if elected, peace, security of lives and property would be prioritised to strengthen the nation’s sustainable infrastructure, food security, prosperity and economic turnaround.
He said the nation needed a strong and courageous leader like him now, adding that with a courageous leader, difficult decisions would be taken to tackle the nation’s challenges.
“The issue now is who can win election for PDP. Who has the capacity to face the APC? Who will win election for PDP? That is me here.
“I will face APC squarely. If you give me this ticket on May 28 and May 29, go home and sleep with your two eyes closed,” Wike said.
The governor said that PDP must do everything possible not to lose the 2023 presidential election.
“If we lose the presidential election in 2023, we can as well forget PDP.
“I have been tested in terms of performance. Mine is ‘talk and do’,” he added.
Wike, who promised to replicate his outstanding performance in Rivers State across Nigeria, said that he would provide a leadership every Nigerian would be proud of, home and abroad.
The aspirant pleaded with the Lagos delegates and leaders to be united and work for his emergence at the primaries.
“I know APC very well, allow me to face them. I am begging you, delegates, allow me. Support me to take the power from APC and bring back to PDP.
“I depend on the South-West, if the South-West gives me the votes, I have won the election. Donate all your votes to me,” he said.”
The PDP chieftain lamented that some party leaders aspiring to contest for PDP presidential ticket now, were the ones that threw the former ruling party into being opposition when they left the party in 2015.
Wike, who noted that he had been with PDP since 1998, said: “I will never leave this party. Whatever I am today, by the grace of God, God used PDP for me”.
He, however, said that he would never leave PDP even if he did not win the primaries, pledging to support whoever won.
The governor, who appealed to the Lagos PDP to end all infighting and division, said that if the party was not united, it would not win in the state.
In his remark, former Governor of Gombe State, Dr Ibrahim Dankwambo, who led Wike’s delegation, described the presidential aspirant as a fearless and courageous leader, with strong capacity to drive Nigeria forward.
Army Bombs B’Haram Commander’s Convoy, Kills Scores, Destroys Gun Trucks
Troops of the Nigerian Army under the auspices of Operation Hadin Kai have bombed a convoy of a Commander of Boko Haram in Sambisa forest, Abubakar Sarki, killing scores of terrorists who were with him.
Sources said the offensive was coordinated by the General Officer Commanding 7 Division, Nigerian Army and Commander Sector 1 North East Operation Hadin Kai (OPHK), Maj-Gen Waidi Shaibu on Saturday, May 14, 2022, at Yuwe location, within the Konduga Local Government Area of Borno State.
The Army was said to have deployed a massive artillery gun after sighting eight moving convoys conveying Abubakar Sarki and unconfirmed numbers of fighters in devastating hits.
The source said that based on intelligence information, Abubakar Sarki and his team were heading toward Abu-Ubaida’s camp to engage its rival fighters from the Islamic State of the West African Province (ISWAP), in a battle of supremacy.
Counter Intelligence expert with knowledge of terrorists activities in Lake Chad, Zagazola Makama confirmed the artillery bombing of the BH Commander’s convoy.
“A ground assessment confirmed that three guntrucks with all its occupants were completely destroyed, while the remaining five vehicles, including Abubakar Sarki escaped” the source said.
The source added that the terrorists, however, aborted the mission and evacuated the dead and wounded fighters towards the axis between Pulka and Banki.
The sources said that the troops were mandated to go after the fleeing terrorists and eliminate them completely.
The infighting between the two terrorists groups had intensified with the ISWAP hunting Boko Haram during the day time while the Boko Haram are coordinating reprisal attacks at night because of their knowledge of the terrain.
NDDC Fund, Account For Alleged N700b, Inaugurate Board, Monarch Tasks FG
Barely three days after some ministers resigned, including Minister of the Niger Delta Affairs, Sen. Godswill Akpabio, the Paramount Ruler of Idjerhe Kingdom of Delta State, King Obukowho Monday Whiskey, yesterday, called for urgent inauguration of the already screened and confirmed board of the Niger Delta Development Commission (NDDC) just as he called on the Federal Government to the over N700billion he alleged has been allocated to investigate the commission in the last three years.
He said these steps by the government would help resuscitate the agency and rekindle hope of the people whose regional resources, he alleged, were criminally plundered by the leadership of Federal Ministry of Niger Delta Affairs.
In a press statement personally issued by the monarch and made available to journalists in Benin City, Whiskey said, “Having voluntarily resigned as Minister of the Niger Delta Affairs, our beloved son, Obong Godswill Obot Akpabio, should come out clean to explain to fellow Niger Deltans the whereabouts of the three years running budgetary allocations of the NDDC which inside sources claimed were more than N700billion.
“For presiding over the ongoing illegality in NDDC, Akpabio is not fit to be president.
“The Federal Government and Akpabio, who held the region perpetually captive and denied her of her developmental agenda because of an inglorious forensic audit that never brought out anything should now explain to our people of our collective regional wealth.
“The father of the nation, Mr. President must have seen now that those he entrusted with the developmental agenda of the oil and gas bearing communities of Nigeria had their own nefarious intentions to swindle and cause more havoc and deny the people their collective dreams of development.
“It is instructive to note, Mr. President, that three options are still available to the Federal Government of Nigeria. The first being the immediate inauguration of the screened and confirmed board of the NDDC under the Chairmanship of Dr. Pius Egberavwe Odubu, and Olorogun Bernard Okumagba as managing director. Secondly, immediate dissolution of the illegally constituted sole administrator that is alien to the NDDC Act 2000, and thirdly, every of the allocation to the NDDC from 2019 to 2022 except for those used for staff salaries and sundry expenses, every other monies of the over N700billion be recovered from whoever were part of the Macabre dance of shame in the past four years.”
The traditional ruler stressed that the inauguration of the already screened and confirmed board would rekindle hope and restore the Federal Government’s integrity before Nigerians and the international community.
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