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‘FG Spends $12bn Importing Petroleum Products’ …CBN Says Federation Receipts Grew By 7%
Amid the endless fuel scarcity which has been affecting socio-economic activities across the country, the Central Bank of Nigeria (CBN) has revealed that Nigeria spent a total of $12.44billion on the importation of petroleum products between January and October 2022.
The CBN also stated that the country’s gross federation receipts which stood at N1,178.64billion at the period under review exceeded the level in September 2022 by 7.0percent, but below the target of N1,580.34billion by 25.4per cent.
This is contained in the apex bank’s October 2022 Economic Report posted on its website.
The report revealed that petroleum products import gulped $1.24billion in October and $3.73billion and $3.26billion in Q3 2022 and Q2 2022, respectively.
A look at the bank’s economic report for the first quarter (Q1) of 2022, showed that $4.21billion was spent on petroleum products import.
This means that the country spent a total of $12.44billion on oil imports in the first 10 months of 2022.
Analysts who spoke to newsmen, said although Nigeria was one of Africa’s largest crude oil producers, its inability to revitalise its four refineries with a combined capacity of 445,000 barrels per day (bpd), and efficiently process oil, meant that the country will continue to import petroleum products.
Thus, the figure is very connected to the fact that the country heavily depended on petroleum products import within the period under review.
During the last Monetary Policy Committee meeting in 2022, CBN Governor, Godwin Emefiele, had revealed that the Russia’s invasion of Ukraine on February 24, led to a significant increase in oil prices, with Nigeria being unable to fully benefit from the situation as it spends huge amounts on imported petroleum products annually.
The bank’s 2022 economic report said; “Higher import bills, particularly, for petroleum products, coupled with rising global prices, pushed merchandise import northward.
Consequently, aggregate import increased by 34.9per cent to $4.64billion, from $3.44billion in the preceding month.
The increase in imports was driven by the rise in the import of petroleum products to $1.24billion, from $0.12billion in September 2022, to bridge domestic supply gap.
Similarly, non-oil import rose by 2.5per cent to $3.41billion, from $3.32billion in the preceding month.
In terms of share, non-oil imports accounted for 73.4per cent, while oil constituted the balance of 26.6per cent of the total.
Provisional data revealed that merchandise imports fell by 8.9per cent to $11.36billion in 2022 Q3, relative to $12.48billion in the preceding quarter.
The development was observed, majorly, in the importation of non-oil products, which declined by 17.3per cent to $7.63billion, from $9.22billion.
Conversely, import of petroleum products increased by 14.6per cent to $3.73billion from $3.26billion.
The increase in petroleum products import was to cover domestic supply shortages in the period.
The share of non-oil import remained dominant, accounting for 67.2per cent of the total, while petroleum products constituted the balance of 32.9per cent.”
News
Fubara Seeks Full Resolution Of Bille Gas Leakage …Pledges Upgrade Of Community Health Centre
Rivers State Governor, Sir Siminalayi Fubara, has demanded quick and full resolution to the challenges arising from the gas leakage that occurred in Bille, Degema Local Government Area of the State.
The governor has also pledged to upgrade the Primary Healthcare Centre (PHC) in Bille with a view to addressing the health challenges confronting the community.
Fubara made the pledge on Wednesday at the Government House, Port Harcourt during an enlarged meeting of key stakeholders, comprising representatives of the Federal Government, the state government and leaders of the community.
The meeting was held to review the situation in the community and explore available opportunities to save the people from the adverse impacts of environmental pollution.
Addressing the journalists at the end of the meeting, the governor acknowledged the determination of the Federal Government and its agencies to get to the root cause of the problem in Bille and ensure that it is resolved permanently.
“The meeting is in respect of the situation in Bille. You’re aware that there is a case of gas leakage somewhere in Bille and the people have been making some requests that the government should come to their rescue to resolve the situation.
“As a state, we have gone to see the situation in the community, not alone but in conjunction with the industry operators and officials of the Federal Ministry of Petroleum Resources. What we are doing today is an enlarged meeting where all the parties are sitting together to look at the cause of the issue and the most possible way to get the problem resolved,” he said.
Fubara described the outcome of the meeting as successful, stressing that more action would be taken in the next couple of weeks to ensure that the issue is fully resolved.
The Minister of State, Petroleum Resources (Gas), Hon Ekperikpe Ekpo, who led the Federal Government’s delegation to the meeting, expressed appreciation to the governor for his warm hospitality and efforts to address the challenge in Bille community.
Ekpo explained that contrary to the perception in certain quarters, the Federal Government has not been silent over the “gas seepage” but has been working tirelessly towards finding a sustainable solution.
The minister explained that as soon as the incident was reported, the Federal Government deployed experts to the area to understudy the cause of the problem.
According to him, it was difficult at first to understand the cause of the problem since there were no oil or gas infrastructure within the vicinity of the incident, hence the need to conduct a more detailed investigation.
“The investigation is still going but we decided to do a follow-up visit to the area to talk to the people of Bille Community that we need collaboration on their part so that we would be able to arrive at a lasting solution.
“The safety of the people is paramount. We can understand their anxiety, the worry and the danger that this thing poses within the area, but the Federal Government is committed to finding a lasting solution to the problem. The primary responsibility of government is to take care of the welfare and security of the people and that is exactly why we are here to go and see things for ourselves,” he said.
The Chief Executive Officer (CEO), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, also explained that as the regulatory agency at the centre of the issue, no effort will be spared in the task of resolving the issue.
Eyesan pledged that the NUPRC and operators in the industry were prepared to address the requests of the impacted people in terms of the provision of potable water and fire trucks to the community.
The Public Relations Officer, Council of Chiefs, Bille Kingdom, Chief Rena Dappa, had during the meeting, presented the challenges facing the community and pleaded for government’s support to save the lives and livelihoods of the people.
News
Tinubu Unveils Training Programme For 5,000 Metre Installers
President Bola Tinubu has announced the launch of a training programme for 5,000 young Nigerians as meter installers and technicians under the Presidential Metering Initiative.
The President stated that the scheme is aimed at creating jobs, closing the country’s metering gap and improving electricity supply.
The President disclosed this in a statement on his verified X handle yesterday, describing the initiative, tagged “The Power Force,” as part of his administration’s Renewed Hope Agenda to expand employment opportunities for young people.
According to Tinubu, the programme will equip participants with practical technical skills and connect them to employment opportunities in Nigeria’s power sector.
“Through the Presidential Metering Initiative (PMI), which I established to close Nigeria’s metering gap, end estimated billing, protect consumers and strengthen the electricity market, we are opening a new pathway for 5,000 young Nigerians to be trained as meter installers and technicians under The Power Force. This programme is about jobs, skills and dignity,” he said.
Tinubu said the training would be open to eligible Nigerians who have completed their secondary school education, with a dedicated quota reserved for members of the National Youth Service Corps.
He noted that expanding electricity metering was critical to improving service delivery and promoting transparency in the power sector.
“When homes and businesses are properly metered, Nigerians can pay for what they actually use. When electricity distribution companies collect revenues more transparently and fairly, they are better able to reduce losses, maintain infrastructure, expand connections and invest in better service.
“This is how we build a power sector that is fairer to consumers, stronger for investors and better able to deliver reliable electricity to the Nigerian people,” the President said.
Tinubu said he had directed the Presidential Metering Initiative to work with the Federal Ministry of Youth Development, the National Power Training Institute of Nigeria, and other relevant stakeholders to commence the programme within the next 30 days.
He encouraged qualified young Nigerians to apply, saying the initiative would provide them with marketable skills while supporting efforts to eliminate estimated billing and improve electricity access nationwide.
“I encourage eligible young Nigerians to apply. Join The Power Force. Learn a skill. Earn with dignity. Help us end estimated billing and be part of the work to light up Nigeria,” he added.
News
Xenophobia: Third Evacuation Flight From S’Africa Arrives Today -FG
The Federal Government has announced that the third evacuation flight for Nigerians voluntarily returning from South Africa will arrive Lagos today having departed Johannesburg at midnight yesterday with 271 returnees on board.
The Ministry of Foreign Affairs disclosed this in a statement issued yesterday by its spokesperson, Mr Kimiebi Imomotimi Ebienfa.
According to the ministry, the Air Peace-operated flight is expected to arrive at the Murtala Muhammed International Airport, Lagos, at about 5:30 a.m. on Friday, July 3, 2026.
It said the evacuation is part of the Federal Government’s ongoing efforts to facilitate the voluntary return of Nigerians from South Africa.
“The third evacuation flight operated by Air Peace will depart Johannesburg today by 12 midnight with 271 returnees. The estimated time of arrival in Lagos is 5:30 a.m. on Friday, July 3, 2026,” the statement read.
The latest batch of returnees follows earlier evacuation flights that brought hundreds of Nigerians back to the country under the Federal Government’s voluntary repatriation programme.
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